Venture Capital and Tech Briefing - October 8, 2024
Top News:

Google Ordered to Open Android App Store: A federal judge ruled that Google must allow third-party app stores on Android devices for three years, potentially shaking up the mobile app landscape. (Source: CNBC)
DOJ Challenges Fisker's EV Repair Cost Plan: The Department of Justice is investigating Fisker's practice of passing electric vehicle repair costs onto customers, alleging illegal practices. (Source: TechCrunch)
FTX Creditors to Profit: A federal bankruptcy judge ruled that FTX creditors will likely profit from their investments in the failed crypto exchange, which had held assets including Bitcoin and Anthropic shares. (Source: CNBC)

Venture Capital & Startups:

General Catalyst Prepares $1 Billion Continuation Fund: Silicon Valley giant General Catalyst is creating a continuation fund to manage stakes in portfolio companies like Stripe, Gusto, and Circle, reflecting a broader trend of VCs utilizing the secondary market amidst a slowing IPO landscape. (Source: StrictlyVC)
Massive Funding Rounds: Judo Bio, an RNA therapy startup, secured $100 million in combined seed and Series A funding. Kobold Metals, an AI-powered mineral exploration company, raised $491 million towards a $527 million target at a $2 billion valuation. (Source: StrictlyVC, TechCrunch)
Dave Duffield Aims for Third IPO with Ridgeline: PeopleSoft and WorkDay co-founder Dave Duffield is taking his latest venture, HR tech company Ridgeline, public at the age of 84. (Source: Bloomberg)
NFX Lays Off Employees, Shifts Focus to Investing: Venture capital firm NFX laid off four employees, redirecting resources from software and product towards its core investing activities. (Source: TechCrunch)
US Investment in European Defense Tech Surges: American investors are pouring capital into European defense technology startups, marking a significant trend in the sector. (Source: Financial Times)

Tech and AI:

Eric Schmidt Prioritizes AI Over Climate Goals: Former Google CEO Eric Schmidt argues that AI, not environmental regulations, holds the key to solving climate change, sparking controversy with his stance. (Source: Mashable)
Mark Zuckerberg Designs a Porsche Minivan: In a surprising move, Meta CEO Mark Zuckerberg revealed he commissioned the design of a Porsche minivan, showcasing his eccentric side. (Source: Robb Report)

Other Notable Developments:

Indian Edtech Giant Byju's Faces Insolvency: Once valued at $22 billion, Indian education technology startup Byju’s is now struggling to avoid insolvency, highlighting the volatility of the sector. (Source: Financial Times)
Big Tech's Growing Interest in Nuclear Power: Tech giants are increasingly looking at nuclear power as a solution for the energy demands of their data centers, signaling a potential shift in the energy landscape. (Source: The Verge)

This briefing summarizes key takeaways from the provided StrictlyVC newsletter, supplementing context and additional information from the linked sources.

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