All posts tagged: Khosla

Ramp raises another 0M co-led by Khosla and Founders Fund at a .65B valuation

Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation

Spend management startup Ramp has raised another $150 million at a post-money valuation of $7.65 billion, the company confirmed to TechCrunch today. New investor Khosla Ventures and existing backer Founders Fund co-led the raise, which also included participation from new backers Sequoia Capital, Greylock and 8VC. Other existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital, Lux Capital, Iconiq Capital, Definition Capital, Contrary Capital also put money into the latest round. The raise is characterized as an extension of Ramp’s Series D, in which the fintech company raised $300 million at a 28% lower valuation of $5.8 billion. The latest capital infusion brings it back closer to the $8.1 billion valuation it had achieved in March of 2022. With this raise, Ramp has secured $1.2 billion in equity financing and $700 million in committed debt funding since its 2019 inception. In March 2023, co-founder and CEO Eric Glyman told TechCrunch that the company saw its revenue grow by 4x in 2022 — led by its fastest-growing segment of bill pay — but was not …

Inkitt, a self-publishing platform using AI to develop bestsellers, books M led by Khosla

Inkitt, a self-publishing platform using AI to develop bestsellers, books $37M led by Khosla

Everyone has a story in them, as someone famous once said. A startup called Inkitt believes that it can use AI to turn the strongest of these into blockbusters and to build a new “Disney” for the 21st century around that content. Now, it’s raised $37 million in aid of that ambition. The startup’s eponymous app lets people self-publish stories, and then, using AI and data science, it selects what it believes are the most compelling of these to tweak and subsequently distribute and sell on a second app, Galatea. Its business has already attracted 33 million users and dozens of bestsellers, the company said. The new funding that it’s raised, a Series C, will be used to expand the kind of content it produces: AI to write stories based on your original ideas, and to produce versions of its fiction personalized for specific readers; a move into games and audiobooks; and more video content adapted from fiction published on its platform — video that is produced with humans today but will, eventually, also be …

Keith Rabois dishes on his surprising return to Khosla Ventures, after leaving the firm in 2019 for Founders Fund

Keith Rabois dishes on his surprising return to Khosla Ventures, after leaving the firm in 2019 for Founders Fund

Earlier today, Forbes reported that venture capitalist, operator and entrepreneur Keith Rabois is returning to Khosla Ventures (“KV”), the Silicon Valley outfit where he cut his teeth as a full-time VC before joining Founders Fund (“FF”) in 2019, teaming up with former Stanford classmate Peter Thiel in the process. The move came as a surprise to industry watchers – including this one. I spoke with Rabois in October about working for Founders Fund in Miami, where he moved during the pandemic and also oversees a startup called OpenStore that he co-founded in 2021. When we’d talked last, Rabois sounded content where he was. Today, he said the decision to switch teams was very recent, stemming from a discussion with his former Khosla Ventures’ colleague Samir Kaul about the possible merits and pitfalls of starting his own fund; Rabois says that chat quickly turned into dinner with firm founder Vinod Khosla, who separately announced today that he is “thrilled” about Rabois’ return. To learn more, I hopped on a Zoom with Rabois this afternoon; more from …

Hoxton Ventures shoots for the big time, luring Bryan Gartner from Khosla Ventures

Hoxton Ventures shoots for the big time, luring Bryan Gartner from Khosla Ventures

Everyone more or less agrees that 2023 is going to be effectively written off in VC-land, as the feeding frenzy of the last few years leaves everyone exhausted, valuations flattened or crashed, and exit market remain more or less closed. VCs appear to be using this period to get their house in order for the next cycle. We’ve already witnessed General Catalyst using this down-time to scoop up a Seed arm in Europe; another Euro VC spend ‘quality time’ with their LPs to raise another fund; and former bystanders, use it to jump on the AI hype cycle. Why not use it to expand your partnership, right? To that end, Hoxton Ventures has now managed to lure former Bryan Gartner, Partner at Khosla Ventures, to join as Partner. Gartner formerly worked on venture growth-stage investments at the VC, but he’ll be refreshing his memory of early-stage investing now he’s at Hoxton. Over an interviewed, he admitted it’d also a career move based on his personal life: “I have a very international family. My wife is …

Intel Capital, Khosla lead M investment into SiPhox Health’s at-home blood-testing tech

Intel Capital, Khosla lead $27M investment into SiPhox Health’s at-home blood-testing tech

Six out of 10 Americans are living with a chronic disease, but access to convenient and low-cost health testing isn’t always available for patients, and bottlenecks still exist with current testing approaches. SiPhox Health wants to change that through more advanced blood testing using silicon photonic chip technology to put a lab-grade health testing device in every home. This is the semiconductor technology that transformed internet connectivity. MIT scientists Diedrik Vermeulen and Michael Dubrovsky started the company in 2020 and were part of the Y Combinator summer cohort that year. At the time, the Burlington, Massachusetts–based company was developing a circuit board for optical chips with a goal of replacing refrigerator-sized diagnostic machines with a tiny chip. Its first product was a $1 COVID-19 test on a disposable cartridge. CEO Vermeulen explained that other at-home blood-testing technologies focused on the paper strip and other collection methods that are the less expensive components, rather than on the testing device. SiPhox Health, instead, started with the more expensive side — the lab instrument. “Our approach is to …

Khosla Ventures just doubled down on this handyman-on-demand service for homeowners

Khosla Ventures just doubled down on this handyman-on-demand service for homeowners

If you own a home, you know that there is always something that needs to be repaired, installed or generally addressed. Whether it’s a leaky faucet, a new bed that needs to be assembled or a Nest thermostat that needs to be installed, there is always something. One startup wants to make that particular part of home ownership less painful by offering up a dedicated handyman to be there to take care of all the random tasks on your to-do list. It’s an interesting model. Honey Homes hires the handyman as part of its staff, as a salaried employee to help ensure consistency in who’s taking care of the work in your home. Homeowners pay Honey Homes a flat fee ($200 per month or $2,000 per year) for the convenience of a membership-based “end-to-end” service using its app. The way it works is that members are matched with a dedicated handyperson who comes by at least once a month to take care of home improvements and preventative maintenance. Because the employees are salaried, they also …

Realta Fusion lights up with M seed led by Khosla Ventures

Realta Fusion lights up with $9M seed led by Khosla Ventures

Fusion power is often said to harness the power of the sun, so why are we just trying to make electricity with it? That’s essentially what the co-founders at Realta Fusion were thinking when they formed the company to transform an experimental reactor design into a power source that wouldn’t just provide electricity, but also heat. Industrial heat alone represents nearly 10% of carbon pollution in the U.S., according to the Department of Energy. Fusion, unlike some other decarbonized power sources, works best when it’s run 24-7, a set that jibes with many users of industrial-strength heat like chemical refining or metal smelting. “They’re not going to be saying, ‘Yeah, sure, shut our plant down whenever we don’t have power,’” Realta co-founder and CEO Kieran Furlong told TechCrunch+. While there aren’t many solutions yet, those same industries are under pressure from investors and customers to remove carbon from their operations. While commercial fusion power is probably a decade away at best, its timeline isn’t too different from other candidates like hydrogen that are looking to …

Sam Altman, Vinod Khosla say they’ll personally loan cash to startups in the wake of SVB collapse

Sam Altman, Vinod Khosla say they’ll personally loan cash to startups in the wake of SVB collapse

General Catalyst, Khosla Ventrues, Kleiner Perkins among firms looking to offer loans to portfolio companies Natasha Mascarenhas @nmasc_ / 7 hours Two of tech’s biggest entrepreneurs, OpenAI CEO Sam Altman and storied venture capitalist Vinod Khosla, are offering personal capital to startups on the brink of SVB collapse as their money remains locked up at Silicon Valley Bank. The bank, which was shut down and taken over by regulators on Friday, is involved with nearly half of all US venture capital-backed startups. Beyond the fact that it is an investor’s job to invest, there’s something to be said about using personal capital to help businesses. The situation, rapidly unfolding, is also complicated by the fact that it’s the weekend so people can’t easily move money or they don’t have liquid cash. Altman, the former CEO of Y Combinator, confirmed to TechCrunch that he’s using a “decent amount” of personal capital. He believes money will be freed up by next week and the loans are more to help startups which “need to make payroll now.” Khosla …

Khosla Ventures goes after B in new funds

Khosla Ventures goes after $3B in new funds

Despite a slowdown in deploying venture capital, U.S. venture capital firms had few problems attracting capital for new funds in 2022. We now have a new opportunity to see if this trend will continue: Khosla Ventures is raising about $3 billion across three new funds, according to regulatory filings. The firm, founded by Vinod Khosla in 2004, plans to raise $1.5 billion for a Fund VIII, $1 million for a second opportunity fund and $400 million for a new seed fund. Trying to go after such a large chunk of change is not unusual for Khosla Ventures, if last year told us anything. The firm raised over $550 million for its first Opportunity Fund after taking in $1.4 billion for its Fund VII. Current VC chatter seems to say that many firms may not be able to raise their next fund. However, unlike other VC firms, Khosla does have decent returns. It invested in companies like Affirm, Square, DoorDash. It also has a stake in both Instacart and OpenAI. As mentioned, this comes at a …