General Catalyst raises $8B in fresh funds to back startups globally

Author

Noel Moldvai
October 24, 2024

TL;DR

  • General Catalyst raises $8B in fresh funds to back startups globally

  • Nvidia's design flaw with Blackwell AI chips now fixed, CEO says

  • AI-enhanced procurement startup Zip locks up $190M at $2.2B valuation

  • Robotics AI startup Physical Intelligence is seeking to raise $300 million at a $2 billion valuation

General Catalyst raises $8B in fresh funds to back startups globally

General Catalyst has raised $8 billion in fresh funds to invest in early-stage startups across various sectors globally, with a strong focus on the U.S., Europe, and India. The fund allocation includes $4.5 billion for core VC funds, $1.5 billion for a "creation strategy" focused on proven founders, and $2 billion for special investment vehicles. The company aims to drive transformation in areas like AI, defense, energy, and healthcare. General Catalyst has also expanded its global reach, merging with European and Indian firms.

Nvidia's design flaw with Blackwell AI chips now fixed, CEO says

Nvidia CEO Jensen Huang announced that a design flaw in its latest Blackwell AI chips, which had delayed production, has been fixed with the help of manufacturing partner TSMC. The flaw affected chip yield and led to delays in shipments, impacting customers like Meta, Google, and Microsoft. Nvidia's Blackwell chips are expected to ship in the fourth quarter. Huang dismissed reports of tensions with TSMC and praised their assistance in resuming production at a rapid pace.

AI-enhanced procurement startup Zip locks up $190M at $2.2B valuation

Procurement startup Zip has raised $190 million in a Series D round led by Bond, boosting its valuation by 47% to $2.2 billion. New investors include DST Global, Adams Street Partners, and Alkeon Capital, while existing investors Y Combinator and CRV also participated. The company plans to use the funds to invest in engineering, research, and expand geographically. Zip helps businesses streamline procurement processes and has raised over $371 million since its founding in 2020.

Robotics AI startup Physical Intelligence is seeking to raise $300 million at a $2 billion valuation

Robotics AI startup Physical Intelligence is reportedly in talks to raise $300 million at a $2 billion valuation, just months after securing $70 million in seed funding. The San Francisco-based company, founded by AI and robotics experts, aims to develop software enabling robots to operate across various industries. Though it hasn't launched its first product yet, the company is rapidly expanding and plans to reveal more details soon.

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Until next week!

Cheerio,
-Noel