### A New Era in Obesity Treatment

**Atlas Venture** and **Bain Capital Life Sciences** are diving into the booming obesity market with their latest venture, **Kailera Therapeutics**. This innovative startup, based in the Boston area, has just secured a staggering **$400 million in Series A financing**, co-led by **RTW Investments**.

### Leadership by Industry Experts

At the helm of Kailera is **Ron Renaud**, a seasoned executive who recently managed the **$8.7 billion acquisition of Cerevel Therapeutics**. His experience and leadership are expected to drive Kailera's mission to develop effective weight loss medications.

### Significant Investment Signals Strong Interest

This financing round is one of the largest in the biotech sector this year, reflecting a growing **investor interest** in weight loss therapies. The attention to this field highlights the increasing demand for solutions to combat obesity, making it a focal point for future innovations.

![Kailera Therapeutics](https://www.statnews.com/wp-content/uploads/2022/04/allison-d-avatar-round-80x80.png)

Stay tuned as Kailera Therapeutics embarks on this exciting journey to tackle obesity with groundbreaking therapies!

Atlas Venture, Bain Capital Life Sciences, and RTW Investments co-led a Series A financing for the company, to be led by industry veteran Ron Renaud.

Kailera Therapeutics: The $400 Million Bet on Obesity Solutions is Here!

### The Rise of SpaceX

Last week, **Elon Musk’s SpaceX** made headlines as it skyrocketed in value, reaching a new high of **$350 billion**. With **Donald Trump** preparing to return to the White House, Musk’s proximity to the incoming president has kept his companies in the spotlight, driving significant growth for **Tesla stock** (TSLA).

And while SpaceX is still a privately held company, its value has surged **67%** since June 2024, dominating the space exploration field.

### A New Opportunity for Retail Investors

Until recently, retail investors haven’t had the chance to gain exposure to private companies like SpaceX and **OpenAI**, the maker of ChatGPT, which remains one of the trendiest names in tech. However, a fintech company is now offering individuals the opportunity to invest in these popular tech names before they go public.

### Retail Investor Interest

Recent data shows that retail investors are eager to invest in private companies. A survey by **SoFi Technologies** (SOFI) of **5,000 retail investors** revealed that over **87%** expressed interest in investing in privately held companies. When asked which private companies they most want to invest in, respondents ranked **SpaceX**, **OpenAI**, and **Epic Games** as the top three.

### SoFi's New Investment Opportunities

On December 4, 2024, SoFi announced that through its relationship with investment firm **Templum**, it is offering accredited investors access to **The Cosmos Fund**, a special purpose vehicle that provides exposure to SpaceX. They also expanded access to the **Pomona Investment Fund** and **StepStone Private Markets Fund**, which offer access to high-profile alternative assets, although not specifically to SpaceX.

Investors can access these funds via **Templum One**, Templum’s global ecosystem that connects private and alternative market issuers with investors. However, to invest in these funds, including the Cosmos Fund, individuals must meet specific criteria set by SoFi.

### Understanding Private Investments

A spokesperson from Templum provided insight into private market investing, stating, “**Private investments are usually illiquid**, meaning they can’t be easily sold or traded. Investors often hold these assets for years, targeting higher returns in exchange for reduced liquidity.”

Retail investor access to popular private companies is increasing.

Investing in the Stars: How a Fintech Startup is Opening Doors to SpaceX and More

### Space One's Setback in Satellite Launch

Tokyo-based startup **Space One** faced another setback in its quest to become the first private Japanese company to successfully place a satellite into orbit, as their **Kairos No. 2 rocket** launch ended in failure on Wednesday. This launch was critical for Japan's aspirations in space development.

The **18-meter**, **23-ton solid-fuel rocket** was launched from a newly established space facility in **Kushimoto, Wakayama Prefecture** at around 11 a.m. Unfortunately, a malfunction occurred during ascent, leading to the launch's failure. Space One is currently investigating the details surrounding this incident.

### Previous Delays and Failures

This failure follows a series of challenges, including two postponements due to strong winds. The initial launch was scheduled for Saturday, but weather conditions forced delays. The rocket was designed to carry five small satellites, including payloads from **Taiwan's space agency**, a **Kyoto-based startup**, and even **high school students** from **Hiroo Gakuen in Tokyo**.

![The rocket trail of Space One's Kairos No. 2 rocket](https://www.japantimes.co.jp/japantimes/uploads/images/2024/12/18/440962.jpg)

### Features of the Kairos Rocket

A standout feature of the **Kairos rocket** is its **"autonomous flight safety system"**, which tracks the flight path, speed, and rocket condition. If any abnormalities are detected, the system can interrupt the flight and initiate a self-destruction mechanism to prevent deviations from the planned range. This marks it as the first Japanese rocket to incorporate such a feature.

Despite being smaller than Japan's next-generation flagship **Epsilon S rocket**, the Kairos is designed for **lower costs** and **quicker launch preparations**.

### Previous Launch Failure

In March, the **Kairos No. 1 rocket** also failed, exploding just five seconds after liftoff due to issues with its first stage, which led to the activation of the autonomous safety system. The startup had aimed to conduct its first launch in April 2021 but faced multiple delays due to supply chain issues exacerbated by the **COVID-19 pandemic** and **Russia's invasion of Ukraine**.

Space One was again bidding to become the first private Japanese company to place a satellite into orbit.

Space One's Ambitious Satellite Launch Attempt Fails Again: What's Next for Japan's Private Space Sector?

### Basis Raises $34 Million for AI-Powered Accounting Automation

Artificial intelligence **startup Basis** has successfully raised **$34 million** in a **Series A funding round** for its innovative AI-driven accounting automation solution. This funding round was led by **Khosla Ventures**, with notable participation from **NFDG**, the AI-focused fund managed by former GitHub CEO **Nat Friedman**, and other prestigious investors, including **OpenAI board members** **Larry Summers** and **Adam D'Angelo**, alongside **Google's chief scientist** **Jeff Dean**.

### What Does Basis Offer?

Based in **New York**, Basis is at the forefront of a new wave of **AI startups** focused on creating **autonomous agents**—systems that utilize AI to perform tasks independently. According to industry experts, such systems are expected to dominate the AI landscape in the upcoming year, as recent advancements allow these models to engage in **long-term planning**.

Basis specifically targets **accounting firms** with its product, which can handle various workflows including:
- **Entering transactions**
- **Double-checking data accuracy**

The platform seamlessly integrates with popular ledger systems like **Intuit's QuickBooks** and **Xero**. As a testament to its effectiveness, large accounting firms such as **Wiss**, which employs 450 accountants, have reported up to **30% time savings** when using Basis.

### Addressing the Accountant Shortage

The product functions like a **junior accountant**, enabling staff accountants to focus on **reviewing** the AI agent's outputs rather than performing repetitive tasks manually. This innovation is particularly crucial in light of the current **critical shortage of accountants**, exacerbated by the retirement of baby boomers and a declining interest among younger generations in pursuing accounting careers, as noted by **Khosla Ventures** managing director **Keith Rabois**.

In the U.S., the accounting sector employs over **3 million** professionals, but the number of candidates taking the **CPA exam** has dropped by **33%** from 2016 to 2021. Historically, firms have mitigated this shortage by outsourcing to locations like **India**.

### The Impact of AI on Accounting

Accounting is particularly susceptible to **AI disruption**, with a recent **2023 OpenAI paper** suggesting that automation driven by large language models could potentially affect **100% of accountants' and auditors' tasks**. This illustrates the urgency for firms to adapt to the evolving landscape of the accounting profession.

*Reporting by Anna Tong in San Francisco; Editing by Bill Berkrot*

Artificial intelligence startup Basis has raised $34 million in a Series A funding round for its AI-powered accounting automation product, the company said on Tuesday.  The round was led by Khosla Ventures.  Other investors included NFDG, the AI-focused fund run by former GitHub CEO Nat Friedman and former Apple executive Daniel Gross, OpenAI board members Larry Summers and Adam D'Angelo, and Google's chief scientist Jeff Dean.

Revolutionizing Accounting: How Basis Secured $34 Million for AI Automation

### Grammarly Acquires Coda

Grammarly has announced its strategic acquisition of **Coda**, a productivity startup, marking a significant shift in the AI productivity landscape. Coda’s co-founder and CEO, **Shishir Mehrotra**, will step in as the new CEO of Grammarly, succeeding **Rahul Roy-Chowdhury**, who will continue as an adviser.

### Enhancing AI Capabilities

The acquisition aims to transform Grammarly’s AI assistant into an **“AI productivity platform.”** With Coda’s innovative AI tools, Grammarly plans to introduce new features like **generative AI chat** and a comprehensive productivity suite, enabling users to work more efficiently.

Mehrotra, a seasoned tech veteran with a history as YouTube's chief product officer and chief technology officer, envisions a smarter assistant that integrates seamlessly with various systems, enhancing user experience across platforms.

### Future Developments

Coda’s flagship product, **Coda Docs**, will also be integrated with the Grammarly Assistant, allowing for an enriched user interaction. Mehrotra expressed ambitions to merge the best features of both companies, creating a platform that combines company knowledge, generative AI chat, and numerous productivity tools to redefine how we work in the AI age.

### Company Background

Founded in **2009**, Grammarly boasts **40 million active users** and is currently valued at **$13 billion**. Coda, valued at **$1.4 billion**, previously raised funds through a successful **Series D round**. This acquisition positions Grammarly to enhance its competitive edge against other AI-driven writing and productivity tools in the market.

Grammarly is acquiring productivity startup Coda, the company announced on Tuesday.

Grammarly's Bold Move: Acquiring Coda to Revolutionize AI Productivity

## Bedrock's Vision for Downtown Detroit

Detroit's **commercial real estate firm Bedrock** has unveiled plans for a **14-acre district** in downtown Detroit, focusing on **life sciences, technology, and entrepreneurship**. This development is set to rise on the **stalled Wayne County Criminal Justice Center** complex site, and aims to foster **innovation** in these key sectors.

![Bedrock's Life Science Innovation Building](https://cdn.dbusiness.com/wp-content/uploads/sites/33/2024/12/Bedrock800.jpg)
*Construction is slated to begin in 2025 on Bedrock’s Life Science Innovation Building in the downtown Technology, Entrepreneurship, Life Sciences District. // Rendering courtesy of Bedrock*

## Partnerships for Progress

In collaboration with esteemed organizations like **BAMF Health**, **Michigan Innovation Headquarters (MI-HQ)**, **Ferris State University**, and **Wayne State University**, Bedrock is poised to create a **premier hub** for advancing **precision technology** and **personalized medicine**. The initial phase will kick off with the **Life Science Innovation Building**, a **220,000-square-foot facility** that will pioneer new medical treatment methods.

## Stakeholder Contributions

Key stakeholders include:
- **BAMF Health**: Utilizing 45,000 square feet for advanced cancer treatment and clinical trials.
- **Ferris State University**: Partnering to expand training in precision medicine and K-12 STEM opportunities.
- **MI-HQ**: Offering nearly 150,000 square feet of wet lab space to support startups with essential infrastructure.
- **Wayne State University and TechTown**: Aiming to incubate and scale local startups, enhancing career opportunities in health sciences.

## Revitalizing Detroit

Bedrock's initiative is not just about innovation; it’s about **revitalizing Detroit** and creating a vibrant ecosystem that drives **economic growth**. The project includes a **land swap** that allows Bedrock to transform the site while honoring Detroit's entrepreneurial legacy. Plans also feature a **central park** to enhance community spaces.

Detroit Mayor **Mike Duggan** emphasizes the project's potential to strengthen the city’s position as a leader in **high-tech medical research** and innovation, contributing to a new gateway into downtown.

With a focus on **collaboration** and **education**, Bedrock's district aims to not only nurture startups but also attract **international investment**, ensuring a bright future for Detroit’s economy.

Detroit commercial real estate firm Bedrock today announced plans for the phased development of a 14-acre district in downtown Detroit — on the site of the stalled Wayne County Criminal Justice Center complex — that would focus on fostering innovation in life sciences, technology, and entrepreneurship.

Transforming Detroit: Bedrock's Ambitious 14-Acre Innovation Hub for Life Sciences and Technology

### Introduction  
Steffan Tomlinson, the former CFO of Stripe, has officially joined **Vercel's board** as of December 2024. This marks a significant move for the **$3 billion AI startup**, known for its innovative solutions in the tech sector.  
  
### Tomlinson's Background  
Tomlinson brings a wealth of experience to Vercel, having previously served as CFO at notable companies such as **Palo Alto Networks**, **Confluent**, and **Google Cloud**. His track record in guiding tech startups towards public offerings makes him a valuable asset to Vercel's leadership.  
  
### The Impact of His Appointment  
With Tomlinson on board, Vercel aims to leverage his expertise to enhance its strategic growth and navigate the complexities of the tech landscape. His appointment is expected to bolster Vercel's financial strategies and operational efficiency, as the company continues to expand its influence in the AI domain.  
  
![Steffan Tomlinson at Vercel](https://i.insider.com/6760d6eaea21127feeb52171?width=700)  
*Steffan Tomlinson (right) joined Vercel's board in December 2024. Guillermo Rauch (center) is the CEO, while Marten Abrahamsen (left) is the CFO.*  
  
### Conclusion  
As Vercel navigates the competitive landscape of AI innovation, the insights and leadership of Steffan Tomlinson will undoubtedly play a crucial role in shaping its future trajectory.

Steffan Tomlinson has experience taking tech startups public. He was previously CFO at Palo Alto Networks, Confluent, and Google Cloud. 

Stripe's Former CFO Steffan Tomlinson Joins Vercel Board - What This Means for the $3 Billion AI Startup

### Boomi Acquires Rivery

Boomi, an **American data integration company** founded in **2000**, has taken a significant step by acquiring **Israeli startup Rivery**. This acquisition is poised to enhance Boomi's **no-code data integration** capabilities, as Rivery's talented team and innovative technology become part of Boomi.

![Rivery Founders](https://pic1.calcalist.co.il/picserver3/crop_images/2023/04/25/rkmN2ZB73/rkmN2ZB73_0_0_1368_912_0_x-large.jpg)

Rivery specializes in **end-to-end ELT (extract, load, transform)** processes tailored for medium and large enterprises, boasting a workforce of **80 employees** who are expected to remain with the company post-acquisition.

### Financial Insights

While the exact financial details of the deal remain undisclosed, market estimates suggest a valuation of approximately **$100 million**. It is speculated that part of the transaction may involve Boomi's shares. However, the acquisition occurs at a lower valuation than Rivery's last funding round, suggesting that only early-stage investors will see substantial returns.

### Rivery's Impact

Rivery operates within the **data management sector**, offering a **no-code approach** that has attracted over **450 clients** globally, including major firms like **Bayer, Citizen**, and **SodaStream**. The integration with Boomi will further empower Rivery to enhance its service offerings.

Founded in **2019** by **Itamar Ben Hemo**, **Aviv Noy**, and **Alon Reznik**, Rivery has successfully raised **$48 million** across three funding rounds, including a **$30 million Series B** round led by **Tiger Global** in **April 2022**.

### Beneficiaries of the Deal

The primary beneficiaries of this acquisition are Rivery's founders, employees, and early-stage investors such as **Entrée Capital** and **State of Mind Ventures**. This marks another significant exit for these investment funds in 2023, following other successful acquisitions in the Israeli tech landscape.

### Boomi's Profile

Boomi, owned by **TPG** and **Francisco Partners**, was acquired from **Dell** in **2021** for **$4 billion**. With annual revenues exceeding **$500 million**, Boomi stands as one of the **fastest-growing companies** in its sector, competing with **MuleSoft**, which was acquired by **Salesforce** in **2018** for **$6.5 billion**.

### Recent Events

It’s worth noting that on **October 7, 2023**, Rivery's CEO, **Itamar Ben Hamo**, volunteered for reserve service following a national crisis and was later injured during a rescue operation. After a period of recovery, he resumed his leadership role in **April 2024**.

The acquisition strengthens Boomi’s position in no-code data integration as Rivery’s team and technology join its ranks. 

Kailera Therapeutics: The $400 Million Bet on Obesity Solutions is Here!

Summary:

A New Era in Obesity Treatment

Leadership by Industry Experts

Significant Investment Signals Strong Interest

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