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  • 🚀 Sleepy in Seattle 💤

🚀 Sleepy in Seattle 💤

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  • Sleepy in Seattle 💤

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Sleepy in Seattle 💤

Today, we’re diving into the drizzly world of Seattle startups. And guess what?

The funding forecast is looking …. well, a tad gloomy.

Seattle’s Funding Fizzle

Seattle-based startups have pulled in $1.1 billion in funding which is a 57% drop from last year, which was itself well below the 2021 peak.

Now, before we throw Seattle under the bus, let’s remember that the whole world’s venture funding took a nosedive this year. A 51% plunge, to be exact.

Maybe, it’s not just Seattle’s rainy weather dampening the spirits.

A Closer Look

Washington has seen just one $100 million-plus round this year: A $102 million Series D for Pivotal Commware, a company that develops software-defined antennas based on a technology called Holographic Beam Forming.

This is a sharp decrease from last year which had seen 43 rounds of $100 million-plus rounds.

The story is the same for Series A and B rounds. It was down to 35 this year, pulling in $820 million this year, roughly a third of the funding from last year.

So, is everyone packing up and leaving Seattle? Nah.

But the funding scene? It's seen sunnier days.

☄️ Asteroids ☄️

OpenAI is considering making its own AI chips due to global shortages and skyrocketing costs. While other tech giants have their own AI processors, venturing into hardware is a tough game. 🤖

Brave Software has sadly laid off 9% of its staff due to economic challenges. On the upside, they're innovating with their own search API and a new AI assistant, Leo. 🌐💼

Meta's planning a follow-up to the Quest 3, taking inspiration from Apple's Vision Pro. They're aiming for a cheaper, controller-free VR headset to rival Apple. Let the VR battles begin! 🍏👓

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