## Ex-Moderna Execs Launch VC Fund and Back $260 Million Cardiovascular Startup

Cardurion Pharmaceuticals, a startup founded seven years ago with shelved cardiovascular drug candidates from Takeda Pharmaceuticals, has secured **$260 million in Series B funding**. This investment was led by **Ascenta Capital**, a new venture capital firm founded by **Lorence Kim, Moderna’s former finance chief**, and **Evan Rachlin, Moderna’s former head of strategy**. 

Ascenta, which began quietly making biotech investments while raising its first fund, distinguishes itself with a **patient-centric approach**. Before investing in a startup, Ascenta brings the entire team, including administrative staff, to meet with patients affected by the diseases the startup is tackling. 

**Rachlin emphasizes the importance of this direct patient interaction, stating, “You’ve got to pull from the patients. It sounds redundant, but I’m a doc. I took an oath.”**

This investment underscores the potential of Cardurion's two drug candidates currently in mid-stage clinical trials. It also highlights the growing interest in cardiovascular disease solutions, an area that has seen limited progress in drug development despite the significant burden of heart disease globally.

Drug development has languished despite the burden of heart disease. Cardurion has two drug candidates in mid-stage clinical trials. 

Ex-Moderna Execs Launch VC Fund and Back $260 Million Cardiovascular Startup

### The Rise and Fall of Byju's

Byju’s, once hailed as **India’s most valuable startup** in 2022, has plummeted from a valuation of **$22 billion** to essentially **worth zero** in just two years. Founded by **Byju Raveendran**, the edtech giant attracted high-profile investors like **BlackRock** and **Mark Zuckerberg**. However, the company’s rapid decline raises critical questions about the role of venture capitalists in fueling unsustainable growth.

### The Impact of Rising Interest Rates

As **interest rates rose** post-pandemic, the previously abundant capital dried up, exposing **significant cash burn** at Byju’s. This financial strain was exacerbated by extensive marketing costs, leading to a **plummeting valuation** and **hundreds of millions** in write-offs for investors. Legal battles further complicated matters, with **creditors** seeking clarity on a **$1.2 billion loan**.

![Byju's Funding Chart](https://www.ft.com/__origami/service/image/v2/images/raw/ftcms%3Ad893abca-eb6e-4172-8190-78ccad3d36a4?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)

### Governance and Management Issues

Delayed account filings revealed that Byju’s losses nearly **doubled** to almost **$1 billion** in the year ending March 2022. Raveendran’s brother, a former director, faced scrutiny for his inability to account for missing funds, with a US bankruptcy judge questioning his credibility. Despite these challenges, the Raveendran brothers deny any wrongdoing.

### Lessons for Venture Capitalists

Raveendran has acknowledged mistakes, including **misjudging market timing** and **overestimating growth potential**. This episode serves as a cautionary tale for venture capitalists who often push for rapid expansion without adequate oversight. The term **VC “foie gras”** describes how investors can over-fund companies, leading to their downfall, as seen with other high-profile collapses like **WeWork** and **FTX**.

### The Importance of Due Diligence

The **exuberance** surrounding charismatic founders can cloud judgment, leading to inadequate focus on business fundamentals. Byju's story emphasizes the need for **solid due diligence** and **good corporate governance** to avoid repeating the same mistakes. As India’s venture capital landscape matures, a more cautious approach to growth may yield more sustainable success.

### A Call for Sustainable Growth

For startups and investors alike, the key takeaway is to ensure that growth is **built on solid foundations**. As the landscape evolves, the mantra should be to **make haste more slowly**, ensuring that ambitious ventures are well-structured for long-term success.

The demise of Byju’s holds lessons for other ambitious scale-ups and investors

The Fall of Byju's: What Venture Capitalists Can Learn from This Edtech Disaster

### A Boba Tea Startup's Journey

Olivia Chen and Pauline Ang, the dynamic duo behind **Twrl**, a boba milk tea brand, have faced rejection three times from the popular ABC show, **Shark Tank**. However, a surprising twist occurred when they caught the attention of actor **Simu Liu**.

### The TikTok Moment

After Liu criticized a white-owned boba drink company for cultural appropriation on **Canada’s “Dragons’ Den,”** Chen and Ang decided to share their own story on TikTok. Their video sparked Liu's interest, leading him to invite them to pitch their brand to his team.

### The Cultural Debate

The backlash from the **“Dragons’ Den”** episode has reignited discussions about the fine line between **cultural appropriation and appreciation**. The founders of Twrl aim to promote understanding and support for businesses rooted in their cultural heritage. Liu himself declined to invest in Bobba, the criticized company, stating, "I would be uplifting a business that is profiting off of something that feels so dear to my cultural heritage."

### Boba's Rich History

Boba's origins trace back centuries, with its main ingredient, **tapioca**, having roots in South America. While Taiwan claims to be the birthplace of the boba drink, its history is complex and intertwined with various cultures.

### The Importance of Authenticity

Megan Ruan from **Gold House Ventures** emphasizes the value of authenticity in entrepreneurship, advising that personal stories resonate more with consumers. This sentiment is echoed by Chen, who wishes for more appreciation and acknowledgment of boba's cultural roots.

### Twrl's Growth and Vision

Since its inception during the pandemic, Twrl has partnered with family-run tea farms and collaborated with artists from the Asian diaspora. Their unique flavors, including **ube** and **hojicha**, are available in major retailers like **Whole Foods** and **Sprouts**. An investment could significantly enhance their distribution and sales.

### Moving Forward

Despite the fallout from the **“Dragons’ Den”** episode, Chen remains optimistic. She urges for a focus on creating positive change and providing opportunities for founders like herself to thrive in the industry.

Simu Liu had criticized a white boba tea company who claimed to had “transformed” the drink on an episode of Canada’s “Dragons’ Den." An Asian boba startup decided to shoot their shot. 

From Shark Tank Rejection to Simu Liu's Support: The Journey of a Boba Tea Startup

## Verdagy Takes a Bold Step in Hydrogen Production  
**Hydrogen startup Verdagy** has officially opened its new plant in **San Jose**, marking a significant milestone in the production of hydrogen. This venture arrives during a **risky economic climate**, raising questions about the sustainability and timing of such an investment.  
  
### A Strategic Move in a Challenging Market  
The launch of Verdagy's facility comes as the demand for **clean energy** solutions continues to surge. However, the current economic uncertainties could pose challenges. The company aims to leverage **innovative technologies** to produce hydrogen efficiently, potentially positioning itself as a leader in the **green energy sector**.  
  
### What This Means for the Future  
By investing in this facility, Verdagy is not only betting on the future of hydrogen energy but also on its ability to navigate market challenges. The success of this plant could pave the way for more sustainable energy solutions, influencing the broader **energy landscape**.  

![Hydrogen Plant](https://example.com/hydrogen-plant-image.jpg)  

Stay tuned for more developments as Verdagy embarks on this ambitious journey amidst a complex economic backdrop.

Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.

Is Now the Right Time? Verdagy Launches New Hydrogen Plant in San Jose

### Genie AI Secures Major Funding

**Legal tech startup Genie AI** has successfully raised **$17.8 million in Series A funding** from tech giants **Google** and **Khosla Ventures**. Founded in 2017, this **London-based startup** is positioning itself as a leading **AI-based legal assistant**.

### Innovative Editing Platform

Genie AI has developed an **editing platform** that leverages **AI technology** to draft and review legal documents efficiently. The platform not only creates personalized agreements across **global jurisdictions** but also provides users access to an **open-source library of templates**, including contracts, policies, and letters of intent.

### Addressing Legal Industry Challenges

According to **Rafie Faruq**, CEO and co-founder, the primary challenge for lawyers is being **overworked and understaffed**. Genie AI’s software allows legal professionals to **turn around contracts in minutes**, ultimately reducing costs and expediting deal closures.

### Impressive Growth and Business Model

With **over 100,000 companies** currently using its platform—an increase from just **26,000**—Genie AI operates on a subscription-based model, charging an annual fee based on usage. The startup is committed to transforming the traditional **billable hour** model in law, focusing on value creation instead.

### The Rise of Legal Tech Investment

The legal tech sector is gaining traction among investors, with notable startups like **Robin AI**, **Leya**, and **Harvey** also securing significant funding. Genie AI aims to distinguish itself through its **freemium model** and a proprietary editor that prioritizes **privacy** and **AI integration**.

### Future Plans and Expansion

The recent funding will enable Genie AI to expand its operations in the **U.S.** and enhance its **agentic AI capabilities**, which involve systems that can operate autonomously. This strategic move aims to further innovate their **legal-specific editing workflows**. 

**Don't miss the 13-slide pitch deck** that helped Genie AI secure this funding!

Genie AI has developed an editing platform that uses AI to draft and review legal documents for companies.

Genie AI: The Legal Tech Startup Revolutionizing Document Drafting Secures $17.8 Million from Google and Khosla Ventures

### The Contactless Store Revolution
**Amazon Go** pioneered the concept of **totally contactless stores**, and now major players like **7-Eleven** and **Walmart** are joining the trend. As the market expands, numerous startups such as **Standard Cognition**, **Zippin**, **AiFi**, **Grabango**, and **Trigo** are stepping up to offer their innovative technologies to retailers.

### Sensei's Growth in Europe
**Sensei**, a Portuguese startup, is making significant strides in the contactless store sector. Recently, it secured a **€15 million Series A funding round** led by **BlueCrow Capital**, with participation from notable investors like **Lince Capital**, **Explorer Investments**, **Kamay Ventures** (the investment arm of **Coca-Cola** and **Arcor Group**), and existing backers **Metro AG** and **Techstars Ventures**.

In **2021**, Sensei raised **$6.5 million** (€5.4 million) in seed funding, aiming to establish **1,000 fully autonomous points of sale by 2026**. Currently, it operates in **Portugal, Spain, France, Italy**, and **Brazil**, with plans to expand into **central and northern Europe**.

### How Sensei Works
Leveraging **computer vision**, **AI-powered sensors**, and **real-time algorithms**, Sensei's system simplifies the shopping experience by automatically updating a customer's cart and presenting a ready-to-pay list of items while safeguarding their identity and privacy.

### Benefits of Contactless Stores
Contactless stores help **reduce checkout costs**, prevent **stock-outs**, and provide retailers with **real-time visibility** into store operations. According to **Vasco Portugal**, CEO and co-founder of Sensei, the company has seen substantial growth, particularly last year, and aims to tackle two main issues in the retail industry: poor customer experience and the challenge of processing sales information in real-time.

### Competitive Landscape
The competition is fierce, with rivals like **Standard Cognition** raising **$239.4 million**, **Trigo** with **$199 million**, **Grabango** at **$93.8 million**, **AiFi** at **$87.1 million**, and **Zippin** with **$44 million** in funding. The race for automation in retail is on, and Sensei is poised to be a key player in this transformative journey.

While Amazon Go helped pioneer the concept of the totally contactless store, others, like 7-Eleven and Walmart, have entered the territory. And the arena

The Rise of Contactless Stores: How Sensei Secured $16M to Transform Retail in Europe

### Introducing Agent Lumi

Luminance, a startup founded in 2015, is set to **revolutionize** the legal industry with its new AI assistant, **Agent Lumi**. This innovative tool is designed to **amend contracts** and mark up non-disclosure agreements, harnessing a **proprietary model** trained on over **150 million legal documents**. The product will be available for a limited customer test by the end of the year.

### The Competitive Landscape

The legal AI sector is **highly competitive**, with notable players like **Harvey** and **Clio** making waves. Harvey, backed by OpenAI, offers generative AI tools for lawyers, while Clio recently raised **$900 million** to enhance its services. Luminance differentiates itself by relying on a **unique legal dataset** and specialized machine learning algorithms.

### Founding and Growth

Founded by Cambridge mathematicians, Luminance initially focused on automating legal review processes. Early customers were law firms that provided access to their legal contracts, enabling Luminance to train its AI effectively. CEO **Eleanor Lightbody** emphasizes that Luminance’s model offers a comprehensive view into a business’s contracts, giving it a strategic advantage.

### Proactive vs. Passive AI

Previously, Luminance launched a passive chatbot known as **Ask Lumi**. However, Agent Lumi is designed to be **proactive**, capable of executing multiple tasks simultaneously through a **chain of reasoning**. This transition aims to alleviate the burden of repetitive tasks, allowing lawyers to focus on **strategic thinking**.

### Accuracy and Trust

A key feature of Luminance’s AI is its commitment to **accuracy**. Unlike generalist models that may produce incorrect answers, Agent Lumi is programmed to defer to human experts when uncertain. Lightbody points out that this is crucial in the legal field, where precise language is vital. Users will have the ability to **audit** Agent Lumi’s work, ensuring transparency and building trust in the AI’s capabilities.

### Expansion and Funding

Luminance has expanded its market reach beyond law firms, targeting corporate clients as well. The company secured a **$40 million Series B funding round** in April and has opened offices in the U.S., with over a third of its annual revenue now generated from this market. Lightbody notes that scaling operations significantly enhances product quality.

### Conclusion

Luminance’s focus on the **variations in legal language** further strengthens its AI’s efficiency, signaling a promising future for legal tech innovation. With Agent Lumi, the company is poised to reshape how legal professionals operate, emphasizing the importance of human oversight alongside AI assistance.

Luminance CEO Eleanor Lightbody says the company is leveling up from "passive" to "proactive" AI agents.

Meet Agent Lumi: The Revolutionary AI Assistant Transforming Legal Work

![23andMe CEO Anne Wojcicki](https://c.ndtvimg.com/2024-10/rqu6rebg_anne-wojcicki_625x300_22_October_24.jpeg)

In a **stunning turn of events**, the entire board of directors at **23andMe**, a San Francisco-based DNA testing company, resigned following a **heated battle** over CEO **Anne Wojcicki's plans** to take the company private. Wojcicki, who holds **49.75% of the voting rights**, now stands as the **sole board member**.

The board's resignation came after a month-long dispute regarding Wojcicki's strategic vision for the company, especially her proposal to buy out shareholders, which was met with **disagreement** from prominent board members including YouTube CEO **Neal Mohan** and **Sequoia Capital's Roelof Botha**. In their **public letter**, they acknowledged their belief in the company's mission to **personalize healthcare** through genetic data but expressed concerns over Wojcicki's direction.

In her first interview since the resignations, Wojcicki acknowledged the **complexity** of the situation yet expressed **confidence** in steering the company through its challenges. The conflict arose as the company’s valuation **plummeted from $6 billion in 2021 to under $150 million**, primarily due to disappointing stock performance post-IPO, where shares fell from an initial price of $10 to a mere **$0.30**.

Despite these setbacks, Wojcicki’s leadership style has come under scrutiny. While publicly charming, former colleagues described her as **stubborn** and **controlling**, leading to significant **power struggles** within the company. As the board resigned, Wojcicki maintained that her voting power reflects her commitment to the company, stating, "**I don't need to be in charge**. There's no ego for me. I care about the vision and the mission."

With the board's departure, **23andMe** faces uncertain times ahead as it navigates its future under Wojcicki's sole leadership, aiming to restore the company's **financial health** and reputation amidst ongoing challenges.

CEO Anne Wojcicki, who controls 49.75% of the voting rights, remains the sole board member of the San Francisco-based company.

Ex-Moderna Execs Launch VC Fund and Back $260 Million Cardiovascular Startup

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