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Messaging App Scandals and Climate Tech Unicorns
A Company of 20 million Bot Users??
KillerStartups
June 26, 2023
KillerStartups weekly newsletter is off to the races! Welcome and thanks for the support as we grow this massive startup community. Our goal is to connect startup founders around the globe!
As always, please support the newest Featured Startups as many are looking for feedback and launching new features/products.
The Lineup:
News Picks!!!
Tweet of the Week
Meme of the Week
Weekly Poll
Featured Startups
Notes from The Staff
Other Newsletter Recommendations!
News Picks of the Week
Pick #1
Messaging Startup With a User Base of Bots - Yahoo Finance
IRL, a messaging app startup that once boasted a $1.2 billion valuation, is shutting down after revelations that the majority of its users were automated or from bots. The company had claimed to have 20 million monthly active users, but an investigation by the board of directors found that 95% of the users were not genuine.
Earlier this year, a former employee raised concerns about the prevalence of bots on the platform, and the Securities and Exchange Commission had already initiated an investigation into the company's business performance and potential securities law violations.
The downfall of IRL serves as a cautionary tale, with leaders from other startups emphasizing the importance of building a real business without fraud. Despite its ambitions, IRL's aspirations of becoming a global messaging giant like WeChat now seem unlikely.
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Pick #2
Generative AI Hype Causes a MASSIVE Acquisition - TechCrunch
Finance automation company Ramp has acquired Cohere.io, an AI-powered customer support tool startup. Cohere.io, which raised $3.1 million in seed funding, offers automation products using generative AI and LLMs (large language models) to automate customer support and resolve up to 60% of tickets.
Ramp plans to adapt Cohere.io's technology to help its customers automate workflows and analyze spend data. The acquisition will enable Ramp to leverage Cohere.io's expertise in generating content for infrequent and complex questions. The founders of Cohere.io chose Ramp over other suitors due to Ramp's access to customer data and its rapid growth.
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Pick #3
Anduril Industries, one of California's earliest tech startups, is acquiring rocket-engine business Adranos to supply rocket motors used in missiles. The acquisition will strengthen Anduril's presence in the military market, particularly as demand for rocket motors increases following Russia's invasion of Ukraine. The consolidation in the industry has left only two major providers, and Anduril aims to bring greater competition to the solid rocket motor market.
Adranos, based in Indiana, offers a unique solid rocket motor technology with a higher range. Anduril's acquisition spree has allowed it to expand into new areas such as drones and surveillance equipment, supported by its proprietary software.
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Pick #4
Virtual Power Plant for YOUR HOME - TheNextWeb
Hamburg-based startup 1KOMMA5° has become a climate tech unicorn after securing €430 million in funding. The company's flagship product is Heartbeat, an IoT device that optimizes the energy system in homes by connecting solar panels with other energy infrastructure such as storage, car chargers, and heat pumps.
By intelligently linking these devices, 1KOMMA5° aims to decarbonize the energy grid, save money for homeowners, and improve overall efficiency. Heartbeat includes features like automatically purchasing cheap power and selling excess power back to the grid.
The funding round, led by G2VP, will be used to expand compatibility with existing energy devices and establish an R&D site in Berlin.
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Tweet of the Week
Startup success requires as many of these as possible:
real problem
great product
low cost of customer acquisition
high retention
high lifetime value.You almost never get all five, and when you do, it's magic.
— Garry Tan 陈嘉兴 🛡️ (@garrytan)
Jun 25, 2023
Meme of the Week
Weekly Poll Question
Is AI a GIFT or a CURSE? |
Featured Startups
KillerStartups Mission: is to help entrepreneurs achieve the next big thing. Our role is to connect you with founders that you can help, and founders that can help you!
When we featured Uber back in 2010, Founder Travis Kalanick might have still been your driver.
Uber went on to raise their first $1.6MM 3 months after we featured them. $4.9B later, we are still proud to have discovered them.
Our question to you is: How can YOU help these companies?
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Interesting in advertising to a large audience of startup founders and entrepreneurs? 🚀
Contact [email protected] for more details!
Notes From KillerStartups Staff 👀
Our team is proud to see KillerStartups growing into a large startup community. We plan to bring new resources, groups, and more as we continue to grow into our mission. Thank you all for your continued support.
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