ICONIQ VENTURES SERIES
and machine learning security company, raised $35 million in Series A funding. Kincell Bio, a Gainesville, Fla.-based contract development and manufacturing organization focused on cell therapies, raised $36 million in funding led by Kineticos Ventures. teams to do it themselves? And aren’t pretty much all companies talking about using A.I. That formula-80% fintech + 20% A.I.-can make these companies hard to compete with, he thinks.īut I wonder, what’s to stop the incumbents-be it Big Tech or in financial services-from just buying up these startups or A.I. He says he views it in two ways: Is the main value of the business derived 80% from the large language model the startup is using, or 80% from something else? For companies like Pine, Rosenberg argues that 80% of their value comes from their fintech business versus what A.I. It all plays into Rosenberg’s thesis around competitive advantage in A.I. wasn’t part of the investment thesis when the firm invested in Pine in 2022, Rosenberg says it’s now a big part of their strategy moving forward. But Greylock’s portfolio company Pine, a Canada-based digital mortgage lender, has “already done all that.” While A.I.
A fledgling startup “would need to spend the next two years figuring out underwriting, getting capital markets partnerships, getting servicing contracts, and…two years from now, then they would start adding on A.I. technology into an established (but still young) business for something like, say, mortgage origination, than the other way around. Rosenberg reasons it’s easier to incorporate A.I.
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