Tech Talk: Work-Bench's $160 Million Fund, OpenAI's IPO Plans, and More

OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world. Work-Bench, a venture fund in New York, focuses on enterprise tech investing by starting with the customer community to identify pain points and then finding early startups to solve those problems. They recently closed a $160 million fourth fund, continuing their successful approach. Work-Bench hosts events and serves as a connector between corporations and early-stage companies, emphasizing the importance of sales and distribution for startup success. The firm has seen significant returns on investments in companies like Socure and Spring Health, with around 50% of their investments in New York-based startups. Despite challenges in the venture capital market, Work-Bench's consistent approach has led to successful fundraising efforts. They remain committed to their original mission of enterprise seed investing in New York City. Other recent venture deals in the market include Rippling raising $450 million and Cart.com raising $50 million.Transitioning to other news in the tech world, OpenAI is reportedly working towards an IPO, with Microsoft reworking their partnership to position the company for future public offering. Google is facing concerns that AI chatbots may erode its search business, as data shows a decline in Google search market share since the debut of OpenAI's chatGPT. The industrial metaverse, focused on simulations, sensors, and standards for corporations, is projected to reach $100 billion globally by 2030. Other tech news includes the FTC delaying enforcement of subscription rules, Ola's valuation taking a hit, Thoma Bravo backing HubSync, Klarna replacing AI with remote workers, and Lloyd's of London offering insurance for AI chatbot errors. LegoGPT designs real-world creations, Singapore unveils a plan for AI safety, and more tech updates are featured in this newsletter.Shifting gears to business updates, Greg Abel has taken over from Warren Buffett at Berkshire Hathaway, likely continuing the company's diverse acquisitions and investments strategy. The U.S. and China have agreed to lower trade tariffs, leading to a stock market rally. President Trump promises significant drug price cuts. DEI initiatives face challenges at major companies, shareholders push back. Global geopolitical developments include the release of an American hostage by Hamas and negotiations between Putin and Zelensky in Turkey. Analysts provide insights on various economic topics.That's all for today from OWITH.ai: delivering you the latest news in AI and tech world. Stay tuned for more updates!

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