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The world of startups is characterized by constant change, with new companies emerging and others ceasing operations. This week was no exception, and it also highlighted that unicorn rounds are still very much alive.

Top Startup Stories of the Week

This week has been marked by a mix of new beginnings and endings in the startup ecosystem.

Intelligent Developments: Thinking Machines Lab, founded by former OpenAI CTO Mira Murati, has emerged from stealth mode, although the amount raised from venture capitalists was not disclosed. Meanwhile, Ilya Sutskever’s startup, Safe Superintelligence, is reportedly nearing a $1 billion funding round.

Humane’s Outcome: Humane, the company behind the AI Pin, announced that its assets have been acquired by HP for $116 million.

Money-Back Guarantee: Future Family, a San Francisco-based startup, introduced an IVF insurance product in the United States, offering a refund if treatment is unsuccessful after two rounds.

Low Power: Nikola Corp., a hydrogen electric trucking startup and former Silicon Valley favorite, filed for bankruptcy after failing to secure additional funding or find a buyer.

Notable VC and Funding News

Contrary to expectations, unicorn rounds continue to thrive. This week saw significant developments in legal AI and the emergence of a new biotech venture fund amidst looming budget cuts.

Quadricorn: Saronic, an Austin-based defense startup, raised $600 million in a Series C round, quadrupling its valuation to $4 billion.

New Unicorn: AI coding startup Codeium is in discussions to raise a new round led by Kleiner Perkins at a $2.85 billion valuation, just six months after its $150 million Series C at a $1.25 billion post-money valuation.

Joining the Ranks: Hightouch, a startup offering AI-powered marketing tools, closed an $80 million Series C round at a $1.2 billion valuation.

Augury, which uses AI to detect factory machine malfunctions, secured $75 million in equity funding as part of its ongoing Series F round, valuing the company at over $1 billion.

Post-Unicorn Funding: After raising $1 billion since 2015, fintech Varo closed $29 million out of its targeted $55 million Series G. Its founder and CEO, Colin Walsh, also announced his departure.

Halfway Mark: Sanas, which leverages AI to alter call center workers’ accents in real-time, raised $65 million, valuing the company at over $500 million.

Legal AI: Luminance, an AI-powered legal tech startup, raised $75 million in a Series C funding round, reflecting the growing interest in legal AI solutions.

New Fund: Altitude Lab’s Pre-seed Venture Fund aims to invest $100,000 to $250,000 in biotech startups that qualify for Small Business Innovation Research (SBIR) grants from the National Institutes of Health (NIH), addressing funding uncertainty.

Final Notes

Marc Andreessen, co-founder of Andreessen Horowitz, expressed his desire to build the firm into a lasting company, rather than rushing to take it public, in a recent podcast appearance.