CM Weekly: Automating Services, BaaS woes, Product Market Fit

Excited to share that our Race Capital Summit is a wrap! We hosted a private tour at the Berkeley’s Sky Computing Lab and then hosted over 100 investors and founders in the afternoon including a: fireside chat with Matei Zaharia the CTO of Databricks, demo’s with a handful of our portfolio companies including Vectara, PlayHT, Scarf, and GoodNotes, and discussed AI, Web3, IPO, M&As and everything else in between!

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Written by Chris McCann, General Partner @ Race Capital. More about me.

🗞️ Interesting Reads

• AI startups have their sites not just on improving productivity, but also automating services as well. 
• Facebook released their latest open source AI model, Llama 3, which is currently #5 on the LLM leaderboard, and the #1 open source model by quality. 
• A huge market report about AI trends by the Stanford HAI group. A few high level takeaways: AI beats humans on a small subset of tasks, foundational models are getting more expensive to train, US the home for AI innovation but regulation is coming 
• Synapse, the once dominant banking as a service (BaaS) provider is now bankrupt after their main banking partner cut them off their platform.
• A story on one founder's journey to find product-market-fit in her vertical.
• The founder of AppDynamics recounts the mistakes he made when trying to get to product market fit.
• A data driven analysis on what revenue level it takes for a company to go public in today's market. TLDR companies at $250M+ in ARR growing at 30%+ is about the range to start considering an IPO. 

🔥 Startup Jobs

• By Company: Databricks, GoodNotes, Zeet, Polysign, Opaque, Lightning Labs, OtterTune, and more
• By Role: Engineering, Data Science, Product, Design, Operations, Finance, Legal, and more
• By Location: SF Bay Area, New York, London, and Remote

Browse more open roles across our portfolio at Race Capital's Portfolio Job Board.

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