Y Combinator Demo Day, revenue-based VC funding, Pivotal, Dell, Tumblr, WeWork, and more – gpgmail


Editor’s note

Due to bad travel logistics (thanks SFO), I wasn’t able to get the mid-week edition of the Extra Crunch roundup newsletter out. Sorry about that. Instead, here is everything we published this week on Extra Crunch in one fell swoop — and my, we covered a lot of ground. Hope you enjoy some great weekend reading.

Y Combinator Demo Day Coverage-a-palooza

Much like the equinoxes that synchronize Earth’s calendar, Y Combinator’s biannual demo days are a key fixture of the Silicon Valley calendar. This year was no different, with 166 companies presenting from the summer batch (and occasionally from previous batches if they chose to delay their presentation).

We had a full squad on site not only covering the 84 companies from day one and 82 companies from day two, but our team also put their collective heads together to identify the top companies from each set exclusively for Extra Crunch members.

The 11 best startups from Y Combinator’s S19 Demo Day 1

Read our favorite 11 startups from day one, which included:

PopSQL provides collaborative SQL query editing. You can store SQL queries you run regularly, grouping them into folders that can be kept private or shared amongst your team. Version history tracks changes so it can be reverted if/when something breaks. It currently has more than 100 paying companies, and is making $13K per month. It plans to build a marketplace for apps that run on top of your company’s database.

Why it’s one of our favorites: SQL database queries can be a nightmare, especially if they’re not something you’re used to dealing with every day. PopSQL lets you hammer on queries collaboratively until they’re working exactly as you want — then you can save them for future use and share them amongst your team members. And when you’ve spent the last 45 minutes trying to figure out why your query isn’t working only for a team mate to fix it in thirty seconds, you can use version control to see exactly what they changed. PopSQL says its product has already found customers in companies like Instacart, Redfin, and DoorDash.

Our 12 favorite startups from Y Combinator’s S19 Demo Day 2

Read our favorite 12 startups from day two, which included:

Business Score is helping companies automate background checks on other businesses. The startup is looking to stamp out tired manual processes that largely mean picking up the phone and scouring documents. The single API taps data sources across the web to build out real-time profiles that can help customers scan businesses in an effort to prevent fraud, qualify leads and onboard new clients.

Why it’s one of our favorites: Though it’s yet another startup in the batch catering to other startups, we thought Business Score stood out. The company integrates with thousands of data providers to help companies verify other startups and enterprises they are considering doing business with, using a system they’ve dubbed “the business passport.” There’s an opportunity here to create a tool essential to company-building across industry.

YC is doubling down on these investment theses in its most recent batch

Finally, amidst all the zany craziness of watching 166 companies present over two days (there should be a YC company for unmelting your brain), our venture capital reporter Kate Clark stepped back to assess what all the various companies in the batch indicated about the accelerator’s strategy these days.

YC knows its sweet spot: enterprise SaaS. One might go as far as to say it’s transitioning into a full-on SaaS incubator. Why? Because one of the greatest advantages of going through YC is the network of alumni companies you can tap into. Many successful B2B companies have emerged from the program, raised boat loads of venture capital funding and rocketed to the moon (hello Stripe, Brex, Gusto and Atrium). With that in mind, YC is doubling down on its resources for startups that sell products to other startups, which brings us to our first piece of news.

YC chief executive officer Michael Seibel and president Geoff Ralston announced this week that the accelerator has implemented something called CTO and HR demo days. In short, CTO and HR demo days are an opportunity for B2B startups to pitch their products to YC alum companies’ CTO and/or head of HR. Seibel and Ralston said 60 CTOs attended the event, as well as 30 HR heads. In total, 42 startups presented and we’re guessing a bunch of those companies booked a few customers.


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Protein replacement startups are coming for food additives as Shiru launches from Y Combinator – gpgmail


Shiru, a new company that’s launching from the latest batch of Y Combinator-backed startups, is joining the ranks of the businesses angling for a spot at the vanguard of the new food technology revolution.

The company was founded by Jasmin Hume, the former director of food chemistry at Just (the company formerly known as Hampton Creek) and takes its name from a homophone of the Chinese shi rou (which Hume has roughly translated to an examination of meat). At Just, Hume was working with a team that was fractionating plants to look at their physical properties to identify what products could be made from the various proteins and chemicals researchers found in the plants.

Shiru, by contrast, is using computational biology to find the ideal proteins for specific applications in the food industry.

The company’s looking at what proteins are best for creating certain kinds of qualities that are used in food additives, things like viscosity building, solubility, foam stability, emulsification, and biding, according to Hume.

In some ways, Hume’s approach looks similar to the early product roadmap for Geltor, a company backed by SOSV and IndieBio that was also looking to make functional proteins. The company, which has raised over $18 million to date, shifted its attention to proteins for the beauty industry and cosmetics instead of food — potentially leaving an opening for Shiru to exploit.

 Still in its early days, Shiru doesn’t have a product nailed down yet, but the company the science the company is exploring is increasingly well understood, and Hume says it’s looking at several different genetically engineered feedstocks — from yeasts to undisclosed strains of bacteria and fungi to make its proteins. 

“We use the power of molecular design and machine learning to identify protein structures that are more functional than existing alternatives,” says Hume. “The proteins that we are screening for are inspired by nature.”

Hume’s path to founding Shiru involves quite the pedigree. Before Just, she received her doctorate in materials chemistry from New York University, and she’d spent a stretch as a summer associate at the New York-based frontier technology-focused investment firm Lux Capital.

Hume expects to begin pilot production of initial proteins later this year and be producing small but repeatable quantities by the end of 2020.

The company hasn’t raised any outside capital before Y Combinator and is currently in the process of raising a round, Hume said.

 


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Lux Capital just closed on a whopping $1 billion in capital, doubling the amount of money it manages – gpgmail


When founders think about the venture firms most likely to invest in space or robotics or other bleeding edge technologies, a handful of firms tend to jump immediately to mind.

One of these is Lux Capital, a venture capital firm that has offices in New York and Menlo Park, Ca., and whose bets include Zoox, the robotics company that’s trying to pioneer autonomous mobility as-a-service; Bright Machines, a manufacturing startup that aims to eliminate manual labor from manufacturing electronic devices; and AirMap, an airspace intelligence platform for drones.

While one might argue whether Lux has bolder ambitions than its venture competitors, its consistent messaging — it says it invests at the “outermost edges of what is possible” — has enabled it to carve space for itself in an increasingly crowded market of investors.

It also just helped the firm secure $1.1 billion in capital commitments across two funds, including a $500 million early-stage fund and a separate $550 million opportunity fund that it will use to support its breakout investments.

Fortune reported on the two funds earlier today.

Even during a time when billion-dollar funds have become routine, the amount of money is notable. Lux last had closed its previous, early-stage fund with $400 million in 2017, a fund that had brought its total assets under management to $1.1 billion. That was across its then 17-year history.

The firm, now 19 years old, just doubled that amount.

No doubt the sale of the surgical robotics company Auris Health helped toward that end. Lux was part of the company’s $34.4 million Series A round in 2014 (and part of subsequent rounds); presumably, it saw a nice return when Auris was acquired for $3.4 billion in cash to healthcare giant Johnson & Johnson in February.

Other deals, like Desktop Metal, a four-year-old that designs and markets metal 3D printing systems, have meanwhile seen their valuations soar, even if they haven’t sold or gone public.

As part of the new fund, Lux has brought aboard Deena Shakir as a partner. Shakir was formerly an investor with Alphabet’s venture arm, GV.

Earlier this year, another of Lux’s partners, Renata Quintini, transitioned to a role as venture partner as she raises a venture fund with fellow venture capitalist Roseanne Wincek, long of IVP.


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