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TAKEAWAYS FROM THE HAMPTONS 🏘️

Recently we joined our partners for a series of events at the beautiful Hamptons on Long Island, NY. During our visit, we met and built relationships with influential investors, capital managers, and celebrities. This visit was an investment of time and investment to Ignite FoF investor base and expand our reach beyond Silicon Valley.

One of our Fund of Funds missions is to revitalize the Silicon Valley venture community by attracting capital resources from outside the Bay Area. With that mission in mind, we accepted the invitation from the Opal Group to attend their inaugural Wealth Management Conference in the Hamptons. Ignite was introduced to Abe Wellington (Founder, CEO) and David Liebowitz (Head of Investor Relations) of Opal Group through a strong relationship we have with Jasmine Shih (Venture Partner at Edgewood Ventures), a deeply respected member of the Ignite ecosystem.

The most common topic during the networking sessions was liquidity. Both the family office space and high-net-worth individuals (HNWI) seem equally challenged by the valuation bubble after the COVID lockdowns. The funds they invested during that period are either stuck in VCs or startups with no real plan for liquidity, or they’re sitting on the sidelines awaiting positive market signals. I asked many if lower interest rates would affect their willingness to invest, and most indicated it would.

On the first evening of the event series, we attended a dinner hosted by Michael Loeb (Founder of Priceline.com, etc.) at his estate on the Atlantic Ocean. It turns out this was the same home used in filming season 1 of Billions on MAX. Sunsets in the Hamptons are particularly spectacular and an event in themselves. Roughly 400 people attended the dinner, which was elegantly served in a tent behind the home. The networking was incredible, with single-family offices, celebrities, authors, sports heroes, and artists among the attendees.

On the third night of the four-day event, there was a reception at Steven Hartman’s beautiful Contessa Gallery, featuring sketches and paintings by Salvador Dalí. The event was hosted by Sublime Communications’ Nicole Enslein and Michelle Moskowitz and centered around networking with a new group curated by Sublime.

Overall, the Opal Hamptons event was, in my opinion, a smashing success. I met many high-quality people with whom I expect to have long and prosperous relationships, and I learned more about the people I’m working with, which helps me better identify potential prospects.

For Investors: 

Discover a variety of venture opportunities in promising startups, experienced venture funds, and a broad-scope approach to accessing the upside of AI innovation with Ignite’s fund-of-funds. Fill out this quick form to share your preferences, and we'll connect you with ideal opportunities.

Bay Area Startups Collectively Secured Over $1.75B

After $5.5B in fundings for August - $2B+ more than the same period for the last two years, September is starting off on an upward trend, largely due to the $1B funding for ex-OpenAI Ilya Sutskever's startup, Safe Superintelligence.

This week we saw another reverse acqui-hire, when Amazon repeated their Adept AI move by hiring Covariant's founders, one-quarter of their employees and signing a non-exclusive license to use Covariant’s robotic AI foundation models – presumably cheaper than acquisition and without any of the regulatory scrutiny that goes with it. It's unclear how much liquidity the reverse acqui-hire provides to Covariant's investors.

Once again, the week's two megadeals defined the sectors that dominated our graph this week - artificial intelligence (Safe Superintelligence) and biotech (ArsenalBio).

Early Stage:

• Safe Superintelligence closed a $1000M Series unknown, has one goal and one product: a safe superintelligence, it is our mission, our name, and our entire product roadmap.

• Beacon AI closed a $19.6M Seed, building pilot assistant technology, effectively R2-D2 for pilots.

• Segmed closed a $10.4M Series A, collaborating with life-sciences, health care and technology firms to streamline access to medical imaging studies.

• Portex closed a $6.2M Seed round, removes manual freight procurement for shippers and their partners to save money and time.

• Omi AI closed a $.7M Pre-Seed, developing an open-source AI wearable called Friend.

Growth Stage:

• ArsenalBio closed a $325M Series C, a clinical stage programmable cell therapy company discovering and developing a pipeline of next-generation autologous T cell therapies to defeat cancer.

• Circle Pharma closed a $90M Series D, advancing the discovery and development of intrinsically cell-permeable macrocycles that can be delivered by multiple routes.

• Oyster closed a $59M Series D, a global employment platform that empowers companies to hire, pay, and care for their global teams

• You.com closed a $50M Series B, the private search engine that summarizes the web. Increased privacy, extensible apps, and personalized results through preferred sources.

• Venova Medical closed a $30M Series B, clinical stage company addressing the challenges associated with providing optimal vascular access for patients needing hemodialysis.

Meet Our Partner: Nick

Nick Larson is a serial founder, CRO, and renowned LinkedIn Top Voice dedicated to bringing visibility to brilliant minds through his Silicon Zombies podcast. Nick's mission is to make leaders in technology, science, and industry accessible, providing listeners with the opportunity to ask the questions that could help take them to the next level. Whether you're aiming to advance your career or broaden your knowledge, the Silicon Zombies podcast is your gateway to connecting with the top innovators of today.

As a valued community partner of Ignite, Nick brings a vibrant energy that offers us and the entire ecosystem a fresh outlook. We greatly appreciate the unique perspective, color, and style that both Nick and Sandra bring to community building. This dynamic partnership promises an exciting future ahead.

Ageless Evolution Summit October 11, 2024

Join Nick Larson and other thought leaders on October 11, 2024, at The Ameswell Hotel in Mountain View, CA. This cutting-edge summit blends biotechnology with everyday health, offering attendees the opportunity to discover the latest breakthroughs in longevity science.

Gain insights from world-class speakers like Dr. Aubrey de Grey and Dr. Niko Dimitradis, participate in hands-on workshops, and explore panel discussions that delve into the future of human health and extended lifespans. Don’t miss the chance to engage with experts and connect with a community passionate about thriving in the future.

Get Tickets now and be part of this exciting movement toward a longer, healthier life!

Around The Valley

🎶 Take Me Out To The ⚾️ BallPark 🎵

AI INFRA SUMMIT connects AI builders, industry leaders, and the broader infrastructure ecosystem for a packed day of knowledge sharing and networking. Not a casual event, it will be the picks & shovels event of the season.   Headlined by AMD and Supermicro, connect with a dynamic crowd of over 500+ AI builders and industry players (10 AM - 5 PM)  before socializing at the VIP afterparty (5 PM - 9 PM).

REGISTER TODAY - 20% CODE

Want to be part of AI INFRA SUMMIT?

• Sponsorship opportunities are still available – review our Sponsors Prospectus and contact us to secure your spot.

• Become a community partner and contribute to the buzz – email us at [email protected] to get involved

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Our mission is to provide you with an insider's view of Silicon Valley's undercurrents – insights often overlooked by mainstream sources. While many newsletters offer broad market overviews, we focus on delivering a unique, in-depth understanding of the local ecosystem. We share behind-the-scenes conversations, introduce key players we meet at events, and offer exclusive insights.

Your feedback is crucial in helping us refine our content and maintain the newsletter's value for you and your fellow readers. We welcome your suggestions on how we can improve our offering. [email protected] 

Logan Lemery
Head of Content // Team Ignite

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