Morning VC Brief丨2025.07.01

Week27 Highlights丨Mandolin, Wispr Flow, OpenRouter, Crosby, Skyramp, Eventual, Owl AI, Kalshi, Extend AI, Campfire

Author

eric gu
July 01, 2025

Morning VC Brief is an expert daily curation of tech and venture news. Feel free to forward; the sign-up is here

Table of Contents

01. Venture News

1/ Healthcare AI Startup Mandolin raised 40M Series A & Seed

  • Product: Uses AI agents to automate insurance verification for specialty medications, reducing approval time from 30 days to 3 days

  • Highlight: Serves 700+ U.S. clinics since January 2024; cuts denial rates and bad debt for providers

  • Investor: Greylock(Lead), SignalFire, SV Angel

  • Source

2/ AI Voice Interface Startup Wispr Flow raised $30M Series A

  • Product: A voice-powered keyboard replacement that understands natural speech patterns and converts thoughts into structured text across 70+ apps

  • Highlight: Processes 100M+ words weekly with 72% user adoption rate; 80% retention after 6 months

  • Investor: Menlo Ventures(Lead), NEA, 8VC

  • Source

3/ AI Model Aggregation Platform OpenRouter raised $40M Series A

  • Product: Unified API providing centralized access to 400+ AI models across 60+ providers, optimizing cost/latency/performance tradeoffs

  • Highlight: Processes 100T+ tokens/year (10x growth), powers apps like Cline/VSCode; exclusive launch partner for OpenAI’s GPT 4.1. Public LLM leaderboard endorsed by AI pioneer Andrej Karpathy

  • Investor: Menlo Ventures(Lead), a16z(Lead), Sequoia Capital

  • Source

4/ AI Hybrid Law Firm Crosby raised $5.8M Seed

  • Product: Combines AI speed with lawyer oversight to review contracts (e.g., MSAs, NDAs) in under 1 hour, dubbed the "API for human agreement."

  • Highlight: Served 1,000+ contracts since January 2024; median review time of 58 minutes helps clients close deals 80% faster. Clients include Cursor and UnifyGTM

  • Investor: Sequoia Capital(Lead), Bain Capital Ventures

  • Source

5/ Vibe Testing Platform Skyramp raised $10M Seed

  • Product: AI-powered autonomous QA platform that generates reliable functional tests for software development

  • Highlight: Solves critical pain point: 67% of devs spend more time debugging AI-generated code

  • Investor: Sequoia Capital(Lead)

  • Source

6/ Multimodal Data Processing Startup Eventual raised $30M Series A

  • Product: Purpose-built engine for processing multimodal AI data (text/images/video) with open-source Daft engine already handling petabytes daily at Amazon, CloudKitchens, etc.

  • Highlight: Processes mission-critical workloads for autonomous vehicles and AI training

  • Investor: Felicis(Lead), M12, CRV

  • Source

7/ AI Sports Tech Startup Owl AI raised $11M Seed

  • Product: AI-powered officiating/judging platform for sports, enhancing fairness and viewer engagement with real-time analysis and multilingual commentary

  • Highlight: Already deployed at X Games; aims to replace human judges in multiple sports (like tennis’ Cyclops system)

  • Investor: S32 (Lead), Susa Ventures, Menlo Ventures

  • Source

8/ Prediction Market Platform Kalshi raised $185M Series C

  • Product: Blockchain-based prediction markets allowing bets on events from politics to pop culture

  • Highlight: Outpaces rival Polymarket ($200M at $1B valuation) which faces US regulatory bans

  • Investor: Paradigm(Lead), Sequoia Capital, Multicoin Capital

  • Source

9/ Document Processing Platform Extend AI raised $17M Series A&Seed

  • Product: Full-stack cloud infrastructure for processing unstructured documents (PDFs, images) with high accuracy, enabling enterprises to transform raw files into actionable data in days

  • Highlight: Cash-flow positive with multi-million ARR; clients include Square, Checkr, and Fortune 500 firms

  • Investor: Innovation Endeavors(Lead), Homebrew, Y Combinator

  • Source

10/ AI ERP Platform Campfire raised $35M Series A

  • Product: Modern, AI-native ERP platform for finance teams to automate workflows and enhance decision-making

  • Highlight: 10x revenue growth; clients include Replit, Coder, Solv

  • Investor: Accel(Lead), Foundation Capital, Y Combinator

  • Source