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Hello from the beautiful sunny San Francisco! 

Here's 5 great reads for this week:

  • 😂 Web3 vs Web5 vs Web6 vs Web69 - Jack Dorsey announced the launch of Web5. Web5 is a Decentralized Web Platform that enables developers to leverage decentralized identifiers, verify credentials, and decentralize web nodes to write decentralized web apps, with the goal to return ownership and control over identity and data back to individuals.  Read the full presentation.  Meanwhile, Snoop Dogg is working on Web6 and Elon is working on Web69
  • 📈 Fintech company valuations are falling - Public markets see the companies as more “fin” than “tech.”  The broader public doesn’t see these companies as worth the kind of multiples software companies are getting. According to the F-Prime Fintech Index, fintech companies are doing a lot worse than cloud companies, which supports his point about “fin” versus “tech.”
  • 🐻 DALL·E 2 is a new AI system - Created by OpenAI, it can create original, realistic images and art from a text description. It can combine concepts, attributes, and styles. DALL.E uses a process called “diffusion,” which starts with a pattern of random dots and gradually alters that pattern towards an image when it recognizes specific aspects of that image. The API is not publicly available, but I met a developer a few weeks ago building on DALL.E and it is pretty fun to play with this.
  • 🇨🇳 Panicking buying resumes in Shanghai.  This weekend, Shanghai will carry out Covid-19 testing on more than half of its 25 million residents, fueling fears of a return to more stringent restrictions and just days after the financial hub emerged from two months of a painful lockdown. The mass testing announcements sparked fears of a return to stringent, prolonged lockdown among Shanghai residents. This really sucks for all my friends in Shanghai.   
  • 📺 Edith on Bloomberg - I spoke on Bloomberg Technology Summit this past week on the What’s Next for Crypto panel with Bloomberg’s Stacy-Marie Ishmael, Edwin Aoki, CTO, Blockchain at PayPal and Brian Shroder, CEO at Binance US.  It's amazing to learn how PayPal is being so aggressive with Crypto. Binance US has a similar playbook as FTX US.  Super fun conversation!

This week a total of 22 startups raised $565.2M in fundingM&As:

  • $301.3M goes to 7 Enterprise startups
  • $29.8M goes to 3 FinTech startups
  • $15M goes to 1 HR Tech startup
  • $6M goes to 1 EdTech startup
  • $72M goes to 2 Marketplace startups
  • $2.1M goes to 1 eCommerce startup
  • $10M goes to 1 Gaming startup
  • $22M goes to 1 FoodTech startup
  • $23M goes to 1 Logistics startup
  • $19M goes to 2 Construction startups
  • $55M goes to 1 Energy startup
  • $10M goes to 1 Cannabis startup
If you love this newsletter, ask your best friends to sign up.

Edith

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  Funding (300 miles radius from Silicon Valley)

Enterprise FinTech HR Tech EdTech  Marketplace eCommerce Gaming FoodTech Logistics Construction Energy Cannabis IPO & M&A (300 miles radius from Silicon Valley)  
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