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Good morning 👋

And happy Tuesday.

12 months ago, every VC was making bold claims about generative AI. Fast forward to today, and the sentiment has changed pretty dramatically.

Pitchbook goes into more depth on gen AI funding along with more stories in this week’s piece.

Let’s get into it.

In partnership with

TL;DR:

HEADLINES
Generative AI seed funding falls off a cliff 📉

Source

  • Generative AI seed funding drops 76% as investors take wait-and-see approach (Pitchbook)

  • Greylock Hires Partner to Invest in Israeli Startups (The Information)

  • VC-backed challenger bank Monzo swings to profitability (Pitchbook)

  • Instagram confirms test of ‘unskippable’ ads (TechCrunch)

  • Spotify to increase premium pricing in the US to $11.99 per month (TechCrunch)

  • Anthropic’s Claude AI now autonomously interacts with external data and tools (Venturebeat)

  • Bessemer promotes Li to VP (Venture Capital Journal)

  • Private capital has raised more money than it has returned (Financial Times)

  • AMD Unveils Latest AI Chips, Accelerated Chip Update Timeline (WSJ)

LINKS

💪 How to Take Bigger, Bolder Product Bets: Lessons from Slack’s Chief Product Officer

🎗️Your Startup is a Movement: How founders should think about marketing

🥇 Why Winners Keep Winning: How those who start with an advantage relative to others can retain that advantage over long periods of time

👨‍💻 Technological shifts often enable new entrants to displace incumbents: So whether we like it or not, our default assumption should be that this is the new order of things.

📏 Why Consumer Product Metrics are all Terrible: I’ve never met an entrepreneur who’s happy with their metrics.

🤝 How to Become Insanely Well-Connected: Here's how the long-time First Round Partner, Chris Fralic, has methodically built bonds spanning years and careers.

👂 The Art of Listening to Customers: A guide to help founders understand how to conduct customer discovery.

🧭 Confluence.VC Navigator: Our internal navigator tool to help readers find what they’re looking for

TWEET

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FUNDS

Fund Finder: Find investing roles before the crowd

Find funds + contact data before they start marketing roles they are hiring for.

Name

Fund Size

Fund Number

Eevolve

$403m

I

TCV

$3b

XII

Ardian

$574.3m

III

Energy Capital Partners

$6.7b

V

Clean Energy Ventures

$305m

II

Solamere Capital

$900m

IV

P.S. 👉 If you’re looking to get a new VC job …

We’ve found the best way to do that is to find the jobs before they become available. In our opinion, the best way to do that is to a) find who is raising funds and b) find who is the right person to contact at each of those funds.

Lucky for you, we’ve already collected all of that information for you.

Here’s how to see all the information we have on funds (plus contact info)

RECS

Big Desk Energy

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- Clay

RESULTS

Here are the results from our poll question in last week’s piece:

What is your investment appetite towards AI SPV deals?

🟨🟨🟨🟨🟨⬜️ Send them my way - I'm actively writing checks (13)

🟨🟨🟨🟨⬜️⬜️ I've seen a lot and will still invest in a few (10)

🟩🟩🟩🟩🟩🟩 It's a bubble - I'm not touching anything (15)

38 Votes

Reply

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