Klarity, an accounting startup based in San Francisco, raised $70 million in a Series B funding round led by Nat Friedman and Daniel Gross, with additional support from Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital, and Y Combinator. The raised funds will be used to expand Klarity's workforce, tripling it to 390 employees within the year. Klarity employs AI to process data in contracts and internal records, eliminating the need for manual work. This trend of significant funding is also observed in other accounting tech firms like Ageras, FloQast, and DataSnipper, which have also secured substantial investment to automate accounting tasks using AI. AI-driven startups in other sectors, such as legal tech, are also attracting significant investment.

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Alt meat startups experience decreased investor enthusiasm, resulting in harder-to-secure funding. Companies like Upside Foods, Believer Meats, and Good Meat previously attracted over $1.6 billion from 2021 to 2022, while plant-based firms like Impossible Foods and Beyond Meat also saw significant investments. Currently, large financing rounds for cellular meat and plant-based firms have declined in both frequency and size. The largest recent round, $100 million, went to Meati, which produces mycelium-based products, while Heura Foods, This, and Tender Food received smaller investments for various plant-based meats. No major funding rounds targeted lab-grown meat, likely due to technical, consumer, and regulatory challenges. Many alt protein startups may struggle and close, especially in the cultivated meat segment, due to difficult economics, but consumers still have ample plant-based meat options.

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The European Union has charged Apple with antitrust violations, focusing on its restrictive App Store policies that allegedly harm competition. The charges might lead to significant changes for app developers, potentially resulting in more freedom to use alternative payment systems and increased competition among app stores. The outcome of this case could influence how app stores worldwide operate, affecting both developers and consumers. Apple faces potential fines if found guilty, and the developments in this case will continue to impact the technology and app development sectors.

https://greyjournal.net/news/apple-faces-eu-antitrust-charges-and-the-potential-effects-on-app-developers/

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The IRS will deny billions of dollars in claims for the Employee Retention Credit (ERC), a pandemic-era tax break for small businesses. The IRS found that 10% to 20% of the over 1 million claims totaling $86 billion were high-risk and will be rejected, while 60% to 70% of claims will undergo further examination. IRS Commissioner Danny Werfel emphasized denying improper claims while ensuring legitimate taxpayers receive their dues. The IRS processed 28,000 claims worth $2.2 billion and disallowed over 14,000 claims worth $1 billion. More than $2 billion in erroneous claims have been addressed, but 1.4 million unprocessed claims remain, many flagged as questionable. Taxpayers with pending claims can withdraw without penalties or interest.

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Over 1100 STEM students boycott Google and Amazon due to concerns over these companies' contracts with U.S. government agencies, particularly those related to law enforcement and immigration. The students claim the projects contribute to unethical surveillance practices and support controversial policies. They demand that both companies terminate these contracts and redirect resources towards more ethical initiatives. The boycott receives attention from various academic institutions, leading to discussions about corporate ethics and the role of technology in society. These actions aim to influence tech giants' future policies, encouraging responsible and ethical business practices.

https://greyjournal.net/news/why-over-1100-stem-students-are-boycotting-tech-giants-google-and-amazon/

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Harvey, an AI company specializing in legal tech, seeks $600 million in funding, potentially valuing the startup at $2 billion. This move underscores the rising influence of AI in the legal industry. Harvey's platform helps with legal document research and analysis, reducing repetitive tasks for lawyers. Despite a decrease in legal tech startup funding this year—from $871 million to $356 million—Harvey's funding could reverse this trend. Other notable AI-related legal tech fundings this year include Robin AI ($26.7 million), DraftWise ($20 million), and Spellbook ($19.6 million). Investor interest in AI for legal tech has been growing since last year, indicating a shift in the traditionally slow-to-adopt legal sector.

https://greyjournal.net/news/legal-tech-funding-poised-for-major-shift-with-ai/

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Elon Musk proposes a significant compensation package, contingent on Tesla achieving ambitious milestones in market capitalization, revenue, and profit. The package spans over a decade, with Musk receiving substantial stock options if the targets get met. Tesla shareholders must vote on this historic payout plan. Analysts outline potential impacts on Tesla's growth, stock performance, and Musk's role within the company.

https://greyjournal.net/news/elon-musks-high-stakes-gambit-will-tesla-shareholders-agree-to-the-historic-payout/

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Edtech funding in 2024 is experiencing a significant decline, with startups attracting just over $1 billion, the lowest in years. Annual investment and deal counts since 2019 indicate no rebound in the education space. U.S. investment mirrors this downward trend, and exit opportunities remain scarce with no notable IPOs or major acquisitions recently. Despite rising global enrollment and projected growth in edtech spending, investment success stories have been rare since 2021. That year saw IPOs of companies like Duolingo, Coursera, and Udemy, but only Duolingo performed well. Notably, India's BYJU’s, once highly valued, now faces significant issues and a steep valuation drop. Other unicorns like Unacademy and Guild also struggle for funding, though Vienna-based GoStudent has achieved profitability. Several startups secured over $20 million in 2024, indicating potential for a rebound driven by advancing AI capabilities and persistent educational challenges, but overall edtech investment levels remain low.

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The U.S. Small Business Administration (SBA) plans to unveil new government-backed credit lines of up to $5 million for small businesses. This pilot program aims to provide more attractive working capital options than current SBA offerings, addressing ongoing challenges small businesses face in securing funds for infrastructure or expanding operations. The SBA’s broader efforts include guarantees through the 7(a) loan program, which backed over 57,000 loans worth $27.5 billion last year, though uptake on revolving credit lines has been lower than expected. The new product simplifies access to working capital with an annual fee, interest rates based on the prime rate plus 3% to 6.5%, and a 75% guaranty for loans over $150,000, and an 85% guaranty for smaller loans.

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In 2023, the proportion of U.S. venture capital funding directed to startups with at least one female founder increased to 25%, totaling $34.7 billion, up from 15% in 2022. This notable rise was driven by significant investments in AI startups, with prominent examples including OpenAI, which raised $10 billion, and Anthropic, which secured over $6.5 billion across multiple rounds. The AI sector received over half of its U.S. investments, amounting to $21 billion, in companies with female founders, although this figure was influenced by a few large deals. Among other AI unicorns receiving significant funding were Adept AI, Replit, and Imbue, all led by female founders. Steady progress has been made, and early-stage and seed funding rounds show higher participation of female founders. Despite the positive trend, female-only founded companies have remained flat at 3% in funding year-over-year, with female/male co-founded companies seeing a rise in 2023. Since 2021, annual investments in female-founded companies in the U.S. have consistently exceeded $30 billion, with a noticeable increase in late-stage deal counts.

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