Morning VC Brief丨2024.08.07

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00. TL;DR

1/ Figure’s new humanoid robot Figure 02 launched

2/ Reddit tests AI-powered search result page

3/ Email Security startup Abnormal Security raises 250M Series D @ 5.1B

4/ Content compensation startup Prorata AI raises 25M Series A

5/ Advanced electric motors developer H3X raises 20M Series A

6/ Reroofing Service Marketplace Remi raises 21M Series A

7/ Restaurant marketing tool Boostly raises 5.6M Seed Round

01. Tech News

1/ Figure’s new humanoid robot Figure 02 launched

Figure has unveiled its latest humanoid robot, the Figure 02. The upgrades include six RGB cameras, coupled with an onboard visual language model, improved CPU/GPU computing and improved hands, with 16 degrees of freedom. Figure notes that the 02 robot has already paid a visit to the BMW’s Spartanburg, South Carolina, facility for training and data collection purposes. Link

2/ Reddit tests AI-powered search result page

Reddit users will soon see AI-generated summaries at the top of search results. Steve Huffman noted this will help users “dive deeper” into content and discover new Reddit communities. Reddit will use a combination of first-party and third-party technology to power the feature.

For the second quarter, Reddit reported 342.3 million weekly active users, a 57% jump from the year prior. Revenue increased to $281.2 million, higher than Wall Street estimates of $253.8 million.

02. Venture News

1/ Email Security startup Abnormal Security raises 250M Series D @ 5.1B

Abnormal Security is leveraging behavioral AI to provide superior protection against the socially-engineered attacks targeting human behavior. Abnormal remains the second fastest-growing cybersecurity company with $200M in ARR. This round was led by Wellington Management with participation from Insight Partners, Greylock and Menlo Ventures, valuing the company at $5.1B. Link

2/ Content compensation startup Prorata AI raises 25M Series A

ProRata builds technology that enables generative AIs to properly attribute contributing content and share revenues on a per-use basis. Media partners hope ProRata's business model will pave the way for a new AI economy that honors the value of premium content. Supporting publishers include: Universal Music Group, Financial Times, The Atlantic, Axel Springer and Fortune. This round was invested by Mayfield, Revolution Ventures, Prime Movers Lab and Idealab Studio, a tech incubator run by longtime tech entrepreneur Bill Gross. Link

3/ Advanced electric motors developer H3X raises 20M Series A

H3X is developing the most advanced electric motors in the world to enable sustainable aviation and decarbonize the marine and industrial sectors. It’s the middle part of the equation, turning electricity into mechanical force, usually a spinning driveshaft. This round was led by Infinite Capital with participation from Hanwha AM, Cubit Capital, Origin Ventures, Industrious Ventures, Lockheed Martin Ventures, Metaplanet and Liquid 2 Ventures. Link

4/ Reroofing Service Marketplace Remi raises 21M Series A

Remi is modernizing the reroofing industry and fixing the broken bidding system by creating a marketplace. With instant quotes, guaranteed quality, and fast timelines, Remi is good for both homeowners and contractors. This round was led by Pelion Venture Partners with participation from Cervin Ventures, Todd Pedersen and Y Combinator. Link

5/ Restaurant marketing tool Boostly raises 5.6M Seed Round

Boostly provides text marketing & feedback tools to restaurants that work seamlessly with their POS & online ordering. Thousands of restaurants across the US and Canada have used Boostly to drive more orders and revenue, contributing to over $50 million in restaurant sales since inception. This round was led by Trestle Partners with participation from Relish Works, Singularity Capital, and Y Combinator. Link