Lume Weekly Private Market News & Notes 6.5.2022

Covers news about startups, private deals, technology, and innovation in the private market

📊 Stats of the Week 📊

According to PitchBook, median pre-money valuations for early-stage rounds of generative AI companies have jumped by 16% so far this year. Meanwhile, prices for all other startups raising a Series A or Series B have dropped by nearly 24%.

💰 Fundraising 💰

Accounting software firm Tipalti lands $150m growth financing (May 16)

• Fintech Tipalti has raised $150M in incremental growth financing from JP Morgan Chase and Hercules Capital. The financing comes after the firm raised a $270M Series F in 2021 which brought its total funding to more than $550M and valued the firm at $8.3B.

Restaurant365 raises $135M (May 19)

• Restaurant365, which develops all-in-one restaurant management software, announced $135 million in new funding. The company has surpassed $100M in revenue and is used in more than 40,000 restaurant locations.

OpenFin secures $35M in Series D investment (May 23)

• OpenFin, the operating system (OS) of enterprise productivity, announced that it has secured $35M in Series D round led by Bank of America. The company says, it’s now used by more than 3,800 banks and wealth and asset management firms in 60+ countries.

Banking technology innovator Nymbus raises $70 (May 25)

• Nymbus, a startup that partners with banks to migrate their legacy stack and launch neobanks to attract new customers, announced that it raised $70M in a Series D round led by Insight Partners.

Magic announces $52M round led by PayPal Ventures (May 31)

• Magic, a Web3 wallet as a service provider, announced that it raised $52M in a strategic funding round led by PayPal Ventures. Founded in 2018, Magic provides enterprise-grade solutions that can help companies bring customers into Web3 in a safe, easy way.

Cloud startup CoreWeave raises another $200M (May 31)

• An AI cloud infrastructure company, CoreWeave, which rents graphics processing units, the specialized computers needed to run AI software, raised another $200 from Magnetar Capital in an extension funding round. The financing comes one month after CoreWeave raised $221M in a round led by Magnetar, with participation from chipmaker Nvidia and others. The round values CoreWeave at $2B pre-money.

🗞 Others 🗞

Elon Musk's Neuralink wins FDA approval for human study of brain implants (May 23)

• Elon Musk's Neuralink received U.S. Food and Drug Administration (FDA) clearance for its first-in-human clinical trial, a critical milestone for the brain-implant startup.

Stripe acquires Okay (May 31)

• Fintech giant Stripe has acquired Okay, a startup that developed low-code analytics software to help engineers better understand how their teams are performing. Financial terms of the deal were not disclosed. Okay raise a total of $6.6M.

Fidelity has cut Reddit valuation by 41% since 2021 investment (Jun 1)

• Fidelity, the lead investor in Reddit's most recent funding round in 2021, has slashed the estimated worth of its equity stake in the popular social media platform by 41% since the investment.

Stripe is getting into the credit game (Jun 1)

• Stripe announced a new charge card program from Stripe Issuing.

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