Happy Monday from beautiful and sunny San Francisco!

Here are a few great things to read/watch this week:

• 🔥 Race Capital June Event Series - To celebrate our San Francisco pop-up office this summer, my partners and I are hosting a series of events including:

  • June 5 - The Venture Mindset Fireside Chat with Ilya Strebulaev, Professor of Private Equity at Stanford Graduate School of Business. Apply to attend (women investors, founders, and operators will receive priority admission)

  • June 5 - 6 - Confidential Computing Summit Hosted by Opaque Systems ($100 Off with Promo Code Mom)

  • June 12 - How to Build and Scale Your Developer Community with Google Cloud and Race Capital

• 🐢 The Exodus of China’s Wealthy to Japan & Businesses to the Middle East - 13,500 high-net-worth Chinese people migrated overseas in 2023. Meanwhile, Meituan, Alibaba, and Tencent are working to expand in Saudi Arabia and the UAE, where they would face less political scrutiny.

• 💸 RIP Jim Simons, Founder of Renaissance Technologies Dies at 86. Between 1988 and 2018, Renaissance’s flagship Medallion Fund produced gains of more than $100 billion and average annual returns of 66% before the firm’s unusually hefty investor fees. The annual gains were 39% after those fees, a performance that topped those of Buffett, Soros, Peter Lynch and other investors during that period. Read more on WSJ

• 💪 Tech of Year 2024 is Not AI, It’s GLP-1s. - I really enjoyed watching Scott Galloway’s Predictions for 2024 at OMR24. I didn’t agree with his opinion against TikTok, but I do agree with his thoughts on:

  • TikTok will come for Netflix and Spotify. It is amazing to see that Bytedance is growing so much faster than Meta and Google. 

  • AI is not a venture business. It’s corporate venture. Microsoft added $1 Trillion in market cap because of AI. 

  • Tech of Year: GLP-1s. Lilly and Novo Nordisk’s GLP-1 revenue is 10X of OpenAI and Anthropic’s.

• 🎮 LinkedIn Launches New Games! - Pinpoint, Crossclimb, and Queens are all quite fun! Let’s play.

This week a total of 16 startups raised $627.2M in funding, 0 M&As:

• $83.1M goes to 5 Enterprise startups

• $15M goes to 2 FinTech startups

• $2.6M goes to 1 Web3 startup

• $5M goes to 1 Gaming startup

• $182.5M goes to 4 Healthcare startups

• $287M goes to 2 BioTech startups

• $52M goes to 1 FoodTech startup

If you love this newsletter, forward it to your best friend to subscribe.

Edith
X, LinkedIn

Funding (300 miles radius from Silicon Valley)

Enterprise

• DatologyAI (automated data curation) raised $46M Series A led by Felicis Ventures

• Anetac (dynamic identity and security platform) raised $16M Seed led by Liberty Global

• ChangeEngine (marketing and people design platform) raised $10M Series A led by Threshold Ventures

• Sagetap (marketplace for enterprise software) raised $6.8M Seed led by NFX

• Composabl (no-code UI platform for industrial agents) raised $4.3M Seed led by Momenta

FinTech

• Numeric (AI accounting automation platform) raised $10M Seed led by Long Journey Ventures

• Plenty (wealth-building platform for couples) raised $5M Seed led by Inovia Capital

Web3

• Hemera (decentralized programmable indexing network) raised $2.6M Seed led by Nomad Capital

Gaming

• Yellow (genAI-powered 3D modeling tool) raised $5M Seed led by Andreessen Horowitz

Healthcare

• R3 Vascular (medical device for peripheral arterial disease) raised $87M Series B led by Deerfield Management

• Rad AI (radiology AI solution) raised $50M Series B led by Khosla Ventures

• Averto Medical (medical device for gastrointestinal care) raised $30.5M Series A led by Cormorant Asset Management

• Triomics (oncology workflow automation) raised $15M Series A

BioTech

• Bluejay Therapeutics (therapeutics for viral and liver diseases) raised $182M Series C led by Frazier Life Sciences

• Attovia Therapeutics (therapeutics for immune-mediated diseases and oncology) raised $105M Series B led by Goldman Sachs Asset Management

FoodTech

• Voyage Foods (allergen-free foods) raised $52M Series A led by Horizons Ventures, Level One Fund

IPO & M&A (300 miles radius from Silicon Valley)  

• N/A