**Padel** is rapidly gaining popularity among **San Francisco's techies** and **investors**, transforming from a niche sport into a vibrant networking opportunity. This **racket sport**, which has been favored in **Latin America** and **Europe**, is now making waves in the startup ecosystem of San Francisco. It's not just about the game; it's about building **connections** and fostering **collaborations** in a relaxed environment. Many entrepreneurs are finding that hosting meetings or casual get-togethers on the padel court leads to more fruitful discussions and innovative ideas. The sport’s unique blend of fun and competition helps break the ice, making it easier to pitch ideas or brainstorm with potential partners. As the **startup culture** evolves, activities like padel are becoming essential for networking and investment opportunities in the tech world.

The racket sport, long popular in Latin America and Europe, is catching on among San Francisco’s techies and investors.

How Padel Courts Are Becoming the New Networking Hub for Startups in San Francisco

Advertising technologies may have lost their shine among investors, but **StackAdapt** is turning heads with its innovative approach. The Toronto-based company has successfully raised **$235 million** in a growth round led by **Teachers’ Venture Growth**, the late-stage venture arm of the **Ontario Teachers’ Pension Plan**, alongside participation from **Intrepid Growth Partners** and other unnamed investors.

### Revolutionizing Advertising with AI

StackAdapt is a **multichannel programmatic advertising platform** that harnesses the power of **AI and automation** to enhance user experience and improve advertising effectiveness. Co-founder and CEO **Vitaly Pecherskiy** emphasized the **rapidly evolving challenges** that marketing teams face and the pressure they bear to drive growth. He stated, "To help them stay ahead of the curve, we are relentlessly focused on building the most advanced, intelligent, and automated platform to make their success inevitable."

### Significant Funding Milestone

This funding round comes on the heels of a **$300 million** investment from **Summit Partners** in 2022, bringing StackAdapt's total funding to over **$500 million** since its inception in **2014**. 

### The Advertising Landscape

The advertising tech sector has seen a slowdown in investor interest, primarily due to the dominance of **Big Tech** and changing consumer preferences. Notably, StackAdapt's recent funding round marks the largest for an advertising startup since **Madhive** raised **$300 million** from **Goldman Sachs Asset Management** in 2023. According to **Crunchbase**, advertising startups raised less than **$1 billion** in venture capital last year and only **$1.3 billion** in 2023.

![Startup Funding](https://news.crunchbase.com/wp-content/uploads/2021/03/startup_funding.jpg)

*Illustration by [Dom Guzman](https://www.domguzman.com/)*

StackAdapt raised a $235 million growth round led by Teachers’ Venture Growth — the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.

StackAdapt Secures $235M Investment: A Game Changer for AI in Advertising

You might not think much about the **humble toilet seat** until it demands your attention. Rob Poleki, the CEO & Founder of **Washie**, recalls a particularly unpleasant experience at an airport toilet: "Why hasn’t anyone had any innovation in the stall?" After realizing that toilet seat covers have remained unchanged for over **70 years**, he decided to take action.

In **2015**, while serving as the Bannock County Clerk, Poleki founded **Washie** to tackle the issue of dirty toilet seats. The company offers a **smart toilet seat** designed for businesses, equipped with a cartridge of cleaning solution. Users can activate the cleaning solution via a sensor, ensuring the toilet seat is hygienic before use. Each cartridge provides about **2,000 cleans** and connects to Wi-Fi, alerting maintenance when it’s time for a replacement.

Now on its **fourth iteration**, Washie has gained traction in various public spaces, including **airports**, **gas stations**, and **hospitals**. However, Poleki is ready to expand into the home market. 

### Enter Alturas
Blake Hansen, a venture capitalist from Eagle, Idaho, has taken an interest in Washie. After meeting Poleki during **Boise Entrepreneur Week**, he was impressed by Poleki's scrappy approach to entrepreneurship. Hansen decided to invest in Washie, aiming to provide not just capital but also resources to help scale the business.

Hansen emphasizes the importance of community support for entrepreneurs in Idaho. He believes that while Washie has been successful in the commercial sector, the demand for a home version of the product is significant. With plans to launch the home version in the next year, Poleki points out the success of products like **Squatty Potty** and **Poo-pourri**, noting that there hasn't been a similar product in the bathroom space recently.

### Home Sweet Home
As they prepare to introduce Washie for residential use, both Poleki and Hansen are excited about the potential market. Poleki states, "It’s a great time to launch in the home; there’s nothing like it." With a focus on engineering and developing the product to meet consumer needs, they are optimistic about the future. 

Hansen sums it up succinctly: "People just want to have a **clean toilet seat** when they sit down."

You might not think much about the humble toilet seat. That is, until the seat demands attention. Then you likely can’t think of much else. “Me and my son were at the airport, and we encountered a disgusting toilet seat,” Washie CEO & Founder Rob Poleki said. “‘Why hasn’t anyone had any innovation in the […]

Revolutionizing Cleanliness: Idaho Startup Washie Aims to Transform Toilet Seats for Home Use

The **meteoric rise** of DeepSeek—the Chinese AI startup now challenging global giants—has stunned observers and put the spotlight on China’s AI sector. Since **ChatGPT’s debut in 2022**, the country’s tech ecosystem has been in relentless pursuit of homegrown alternatives, giving rise to a wave of startups and billion-dollar bets.

Today, the race is dominated by tech titans like **Alibaba** and **ByteDance**, alongside well-funded rivals backed by heavyweight investors. But two years into China’s generative AI boom we are seeing a shift: Smaller innovators have to carve out their own niches or risk missing out. What began as a sprint has become a **high-stakes marathon**—China’s AI ambitions have never been higher.

An elite group of companies known as the **“Six Tigers”**—Stepfun, Zhipu, Minimax, Moonshot, 01.AI, and Baichuan—are generally considered to be at the forefront of China’s AI sector. But alongside them, research-focused firms like DeepSeek and ModelBest continue to grow in influence. Some, such as **Minimax** and **Moonshot**, are giving up on costly foundational model training to hone in on building consumer-facing applications on top of others’ models. Others, like **Stepfun** and **Infinigence AI**, are doubling down on research, driven in part by **US semiconductor restrictions**.

We have identified these four Chinese AI companies as the ones to watch:

### **Stepfun**  
Founded in April 2023 by former Microsoft senior vice president **Jiang Daxin**, Stepfun emerged relatively late onto the AI startup scene, but it has quickly become a contender thanks to its portfolio of foundational models. It is also committed to building **artificial general intelligence (AGI)**, a mission a lot of Chinese startups have given up on.

With backing from investors like **Tencent** and funding from Shanghai’s government, the firm released **11 foundational AI models** last year—spanning language, visual, video, audio, and multimodal systems. Its biggest language model so far, **Step-2**, has over **1 trillion parameters** (GPT-4 has about 1.8 trillion). It is currently ranked behind only ChatGPT, DeepSeek, Claude, and Gemini’s models on [LiveBench](https://livebench.ai/#/), a third-party benchmark site that evaluates the capabilities of large language models.

Stepfun’s multimodal model, **Step-1V**, is also highly ranked for its ability to understand visual inputs on **Chatbot Arena**, a crowdsource platform where users can compare and rank AI models’ performance. This company is now working with AI application developers, who are building on top of its models. According to [Chinese media outlet 36Kr](https://36kr.com/p/3090736042736004), demand from external developers to use Stepfun’s multimodal API surged over **45-fold** in the second half of 2024.

### **ModelBest**  
Researchers at the prestigious **Tsinghua University** founded ModelBest in 2022 in Beijing’s Haidian district. Since then, the company has distinguished itself by leaning into **efficiency** and embracing the trend of **small language models**. Its **MiniCPM series**—often dubbed “Little Powerhouses” in Chinese—is engineered for on-device, real-time processing on smartphones, PCs, automotive systems, smart home devices, and even robots. Its pitch to customers is that this combination of smaller models and local data processing cuts costs and enhances privacy.

ModelBest’s newest model, **MiniCPM 3.0**, has only **4 billion parameters** but matches the performance of GPT-3.5 on various benchmarks. On **GitHub** and **Hugging Face**, the company’s models can be found under the profile of OpenBMB (Open Lab for Big Model Base), its open-source research lab. Investors have taken note: In December 2024, the company announced a new, third round of funding worth **tens of millions of dollars**.

### **Zhipu**  
Also originating at Tsinghua University, **Zhipu AI** has grown into a company with strong ties to **government** and **academia**. The firm is developing foundational models as well as AI products based on them, including **ChatGLM**, a conversational model, and a video generator called **Ying**, which is akin to OpenAI’s Sora system.

**GLM-4-Plus**, the company’s most advanced large language model to date, is trained on **high-quality synthetic data**, which reduces training costs, but has still matched the performance of GPT-4. The company has also developed **GLM-4V-Plus**, a vision model capable of interpreting web pages and videos, which represents a step toward AI with more **“agentic” capabilities**.

Among the cohort of new Chinese AI startups, Zhipu is the first to get on the US government’s radar. On January 15, the Biden administration revised its export control regulations, adding over **20 Chinese entities**—including 10 subsidiaries of Zhipu AI—to its restricted trade list, restricting them from receiving US goods or technology for national interest reasons. The US claims Zhipu’s technology is helping China’s military, which the company denies.

Valued at over **$2 billion**, Zhipu is currently one of the biggest AI startups in China and is reportedly soon planning an **IPO**. The company’s investors include **Beijing city government-affiliated funds** and various prestigious VCs.

### **Infinigence AI**  
Founded in 2023, **Infinigence AI** is smaller than other companies on this list, though it has still attracted **$140 million** in funding so far. The company focuses on **infrastructure** instead of model development. Its main selling point is its ability to combine chips from lots of different brands successfully to execute AI tasks, forming what’s dubbed a “heterogeneous computing cluster.” This is a unique challenge Chinese AI companies face due to **US chip sanctions**.

Infinigence AI claims its system could increase the effectiveness of AI training by streamlining how different chip architectures—including various models from **AMD**, **Huawei**, and **Nvidia**—work in synchronization. In addition, Infinigence AI has launched its **Infini-AI cloud platform**, which combines multiple vendors’ products to develop and deploy models. The company says it wants to build an effective compute utilization solution “with **Chinese characteristics**,” and native to AI training. It claims that its training system **HetHub** could reduce AI models training time by **30%** by optimizing the heterogeneous computing clusters Chinese companies often have.

### **Honorable mentions**  
### **Baichuan**  
While many of its competitors chase scale and expansive application ranges, **Baichuan AI**, founded by industry veteran **Wang Xiaochuan** (the founder of Sogou) in April 2023, is focused on the domestic Chinese market, targeting sectors like **medical assistance** and **health care**. With a valuation over **$2 billion** after its newest round of fundraising, Baichuan is currently among the biggest AI startups in China.

### **Minimax**  
Founded by AI veteran **Yan Junjie**, Minimax is best known for its product **Talkie**, a companion chatbot available around the world. The platform provides various characters users can chat with for emotional support or entertainment, and it had even more downloads last year than leading competitor chatbot platform [Character.ai](http://character.ai). Chinese media outlet 36Kr reported that Minimax’s revenue in 2024 was around **$70 million**, making it one of the most successful consumer-facing Chinese AI startups in the global market.

### **Moonshot**  
Moonshot is best known for building **Kimi**, the second-most-popular AI chatbot in China, just after ByteDance’s Doubao, with over **13 million users**. Released in 2023, Kimi supports input lengths of over **200,000 characters**, making it a popular choice among students, white-collar workers, and others who routinely have to work with long chunks of text. Founded by **Yang Zhilin**, a renowned AI researcher who studied at Tsinghua University and Carnegie Mellon University, Moonshot is backed by big tech companies, including **Alibaba**, and top venture capital firms. The company is valued at around **$3 billion** but is reportedly scaling back on its foundational model research as well as overseas product development plans, as key people leave the company.

Four Chinese AI startups to watch beyond DeepSeek. These companies are all in a position to compete both within China and beyond.

Discover the Rising Stars: 4 Chinese AI Startups Ready to Compete Globally

## Ex-McKinsey Consultant Launches AI Startup

**Yersultan Sapar** and **Alibek Dostiyarov**, co-founders of **Perceptis**, are on a mission to empower smaller firms in the consulting industry using **AI technology**. They emphasize that AI can effectively manage the **tedious tasks** traditionally handled by consultants, allowing these smaller businesses to compete against the larger 'goliaths' in the market.

![Perceptis Co-Founders](https://i.insider.com/679d866deb4be2fff9a32eaa?width=700)
*Perceptis co-founders Yersultan Sapar, left, and Alibek Dostiyarov, right, have raised $3.6 million for their AI startup.*

The startup has successfully raised **$3.6 million** in funding, which will be used to enhance their AI capabilities and further develop their platform. The co-founders believe that by automating repetitive tasks, they can help small firms save time and resources, ultimately leading to increased efficiency and productivity.

With a background at **McKinsey**, Sapar understands the challenges faced by smaller firms and is committed to providing them with the tools needed to thrive in a competitive landscape. The integration of AI into consulting services is not just a trend; it's a transformative step that could redefine how consulting is approached by smaller players in the industry.

The co-founders of the start up Perceptis, including a McKinsey alum, say AI can take over some of the most tedious tasks that consultants do.

How an Ex-McKinsey Consultant is Revolutionizing Small Business Consulting with AI

**Exploring the Work Culture of French Entrepreneurs**

The discussion around the work ethic of French founders has gained traction, especially with the phrase **'Hustle dies at 6pm'** becoming a point of contention. This debate raises questions about whether French entrepreneurs are truly working hard enough compared to their global counterparts.

**The French Work-Life Balance**

France is known for its strong work-life balance, often prioritizing personal time over relentless work hours. This cultural norm can be seen as both a strength and a limitation in the fast-paced world of startups. While it promotes well-being, it may also hinder the aggressive growth strategies seen in other entrepreneurial ecosystems.

**Comparative Analysis with Global Startups**

In contrast to the **Silicon Valley hustle culture**, where long hours are often glorified, French founders might be perceived as less driven. However, many successful startups in France challenge this stereotype, demonstrating that quality can prevail over quantity in work hours.

**The Importance of Focus and Productivity**

Rather than emphasizing the number of hours worked, the French startup scene is increasingly focusing on **productivity and efficiency**. Founders are encouraged to maximize their output during working hours, leading to innovative approaches to business challenges.

**Key Takeaways for Aspiring Entrepreneurs**

- **Cultural Perspectives**: Understanding the local work culture is crucial for entrepreneurs operating in different regions.
- **Quality over Quantity**: Emphasizing productivity can lead to better outcomes than merely increasing work hours.
- **Global Comparisons**: Learning from different startup ecosystems can provide valuable insights for improving one’s own business strategies.

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Are French Founders Missing the Mark on Work Ethic? Insights from the 'Hustle Dies at 6pm' Debate

## The Rise of Fintech in Startup Finance

In today's dynamic financial landscape, **fintech** companies have emerged as key players, reshaping how startups approach funding and financial management. This surge in fintech adoption is not just a trend; it's a fundamental shift in how financial services are delivered.

### Fintech vs. Traditional Banks

While traditional banks have historically been the backbone of startup funding, they are now facing stiff competition from **fintech startups** that offer innovative solutions tailored to the needs of modern entrepreneurs. **Fintech companies** are leveraging technology to provide faster, more efficient, and often cheaper financial services.

### Key Innovations in Fintech

1. **Accessibility**: Fintech platforms have democratized access to financial resources, allowing startups to seek funding without the traditional barriers.
2. **Speed**: With streamlined processes, fintech solutions enable quicker loan approvals and financial transactions, which are critical for startups needing immediate capital.
3. **Customization**: Fintech services often provide tailored financial products that cater specifically to the unique needs of startups, unlike the one-size-fits-all approach of many banks.

### The Role of Traditional Banks

Despite the rise of fintech, traditional banks are not out of the picture. Many are adapting by incorporating **digital solutions** and forming partnerships with fintech companies. This hybrid approach aims to combine the reliability of traditional banking with the agility of fintech innovation.

### Conclusion

The landscape of startup finance is evolving, with **fintech** at the forefront. Traditional banks are adapting but must continue to innovate to remain relevant in this rapidly changing environment.

Tech in Asia (YC W15) is a media, events, and jobs platform for Asia's tech communities.

Why Fintech is Dominating Startup Finance While Traditional Banks Adapt

### A Bold New Player in RIA CRM

AdvisorCRM, launched recently in Nashville, aims to enter the saturated **RIA customer relationship management (CRM)** software market. This market has been dominated by established players like **Salesforce**, **Redtail**, **Junxure**, and **Wealthbox** since the launch of Schwab's Project C in 2010.

![Franklin Tsung: How is advisor CRM going to become actually credible?](https://ucarecdn.com/a66356b1-e1da-4b0d-92ca-7cdb9a79b851/-/crop/1119x1120/280,0/-/preview/)

While critics argue that entering this market may be futile due to saturation, **AdvisorCRM** founders **Ryan Borer** and **Leibel Sternbach** believe there is a niche for a simpler, advisor-centric CRM that meets the needs of scaling advisors. They emphasize that existing CRMs are either too generic or excessively complex and expensive, leaving a gap for their offering.

### Targeting the Underserved Market

Borer and Sternbach point to a **2023 Kitces study** showing that no other firm holds more than 5% market share, with Redtail at 26.9%, Wealthbox at 23.2%, and Salesforce at 17.3%. Their focus is on addressing the pain points of scaling advisors, providing them with the essential tools to manage their operations without the unnecessary features of larger platforms.

### The Free Model: A Double-Edged Sword

AdvisorCRM plans to attract users by offering its CRM for free to RIA's first 100 clients, with a subscription model kicking in after this initial phase. Monthly fees for firms exceeding this limit range from **$500 to $1,000**, depending on service levels. However, this free-then-upgrade approach raises concerns about maintaining margins and the perceived value of their product.

### Emphasizing Operations Over Sales

Unlike many competitors, AdvisorCRM does not market itself as a customizable solution for sales and marketing. Instead, it focuses on operational efficiency, providing pre-built workflows tailored for scaling advisors. The founders believe this targeted approach will resonate with firms looking to streamline their operations without the complexity of traditional CRM systems.

### Leveraging Artificial Intelligence

As part of its offerings, AdvisorCRM incorporates **AI** to enhance functionality, such as automating document processing and improving workflow efficiency. However, the founders caution that AI must be managed carefully to set proper user expectations.

### Aiming for Growth

Currently, AdvisorCRM is onboarding several hundred advisors and aims to reach **1,000 active users by the end of 2024**. The company has established connections with major RIA vendors, ensuring its platform can integrate seamlessly into existing workflows.

For more insights on AdvisorCRM and its potential impact on the RIA CRM landscape, continue reading.

AdvisorCRM is serving six RIAs and brings the old Junxure promise of design-by-RIA to market; and, for now, no VCs are calling the shots.

How Padel Courts Are Becoming the New Networking Hub for Startups in San Francisco

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Other Latest News

StackAdapt Secures $235M Investment: A Game Changer for AI in Advertising

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Discover the Rising Stars: 4 Chinese AI Startups Ready to Compete Globally

How an Ex-McKinsey Consultant is Revolutionizing Small Business Consulting with AI

Are French Founders Missing the Mark on Work Ethic? Insights from the 'Hustle Dies at 6pm' Debate

Why Fintech is Dominating Startup Finance While Traditional Banks Adapt

Can AdvisorCRM Disrupt the RIA CRM Market with a Free AI-Powered Solution?

Other Latest News

StackAdapt Secures $235M Investment: A Game Changer for AI in Advertising

Revolutionizing Cleanliness: Idaho Startup Washie Aims to Transform Toilet Seats for Home Use

Discover the Rising Stars: 4 Chinese AI Startups Ready to Compete Globally

How an Ex-McKinsey Consultant is Revolutionizing Small Business Consulting with AI

Are French Founders Missing the Mark on Work Ethic? Insights from the 'Hustle Dies at 6pm' Debate

Why Fintech is Dominating Startup Finance While Traditional Banks Adapt

Can AdvisorCRM Disrupt the RIA CRM Market with a Free AI-Powered Solution?