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Google Domains shutting down

Plus: One-person company that makes League of Legends stat tool gets $55M buyout

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Cash Nut
June 16, 2023

In Today’s Edition

  • Synthesia raises $90M Series C

  • One-person company that makes League of Legends stat tool gets $55M buyout

  • With Ford and GM's help, Tesla reignites the charging standard war

  • Virgin Galactic starts commercial spaceflights in two weeks

  • Google Domains shutting down, assets sold and being migrated to Squarespace

  • Intel to start shipping a quantum processor

  • Jack Dorsey-Backed Bitcoin Wallet Bitkey to Integrate With Coinbase and Cash App

  • The New Language Model Stack

🚀Startups Nuts

Synthesia announced a $90M Series C funding round led by Accel. The funds will boost their mission to make video creation easy for everyone, driving their AI research, and enhancing their collaborative video editing platform with better avatar technology, real-time collaboration, and enhanced sharing functionality.

Wargraphs, a Paris-based company with one employee and two products, League of Graphs and Porofessor, was acquired by MOBA Network last week for 50 million Euros. The company's tools can be used to help players see and understand invaluable statistics for the game League of Legends. Wargraphs made 12.3 million Euros in sales during the year leading up to November 2022 by selling advertisements. Its apps have over 800,000 daily users. MOBA Network plans to further develop the assets and expand into new games and markets.

🏭Business Nuts

The Combined Charging System Type 1 (CCS1) standard seemed like it had become the charging system for electric vehicles until recently, when Ford and General Motors both signed deals to adapt their electric vehicles to use Tesla's North American Charging Standard (NACS). While the majority of new EVs in the US will use the NACS in the future, recently passed legislation will mean that CCS1 charging infrastructure will still be built into public charging network charging ports. Updating the regulation would cause extensive retrofit costs for public charging networks.

Virgin Galactic is starting commercial spaceflight services at the end of the month. The company plans to begin working through its ticket-holder backlog through monthly launches after two initial missions. The first will be a scientific research mission and the second will be the first real private astronaut flight. Virgin Galactic plans to increase its launch cadence to reduce scarcity and lower the price. Its launch method involves dropping a spacecraft from a custom carrier jet at a high altitude and taking off from there.

Squarespace has entered a definitive asset purchase agreement with Google and will acquire the assets associated with the Google Domains business, which includes approximately 10 million domains spread across millions of customers.

📱Tech Nuts

Intel is starting to ship its Tunnel Falls processor to research labs. The 12-qubit chip will be sent to the Universities of Maryland, Rochester, and Wisconsin and the Sandia National Lab. Intel hopes that researchers will help the company characterize sources of error and determine which form of qubits provide the best performance. Details about the Tunnel Falls processor and how it works are available in the article.

Block, Jack Dorsey's FinTech firm, will integrate its upcoming self-custody bitcoin wallet, Bitkey, with its financial services platform, Cashapp, and US's largest cryptocurrency exchange, Coinbase. Bitkey, a multi-sig hardware wallet with a mobile app, is scheduled for a global launch later this year after a few weeks of public beta testing. These integrations will allow Bitkey users to directly purchase and sell Bitcoin via both platforms from within the wallet app.

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🎁Miscellaneous

The adoption of language model APIs is creating a new stack. This article looks at data from a survey across 33 companies in the Sequoia network to better understand the applications people are building and the stacks they are using. Almost all the companies surveyed use OpenAI's GPT and believe that a retrieval system is a key part of their stack. The field is moving too quickly for anyone to be confident in predicting what the end-state stack will look like, but LLM APIs and frameworks like LangChain are likely here to stay. It is still early days for the AI industry and there will be more opportunities for founders as the technology continues to develop.

💡What else are we reading and seeing?

😎Fun Fact

The world's oldest known form of insurance was used by ancient Chinese merchants who would distribute their goods across different ships to reduce the risk of loss from any single shipwreck.

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