AI hardware, fintech woes and venture capital’s shedding phase

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Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our newly revamped Wednesday episode, and we’re going to be digging deep into critical startup and venture capital news. If you are a long-time Equity listener, you will note that this is not the same interview show we used to run mid-week! Don’t worry, we are still going to do interviews, just on an as-needed basis.

Here’s what we got into on the show today:

• PhotoRoom is raising more money. French startup PhotoRoom is raising $50 million to $60 million at a $500 million to $600 million valuation. The round marks another potential win for AI in France, a market that is working to set itself apart in the EU.
• Treasure Financial cuts 14 staff members. The reductions in personnel represent a material percentage of the startup’s headcount, which feels a little weird given that the company raised $7.5 million last year, and reportedly saw its AUM soar.
• Tier and Dott are betting that 1+1=3. Two micromobility companies are tying the knot to try and use scale to their advantage. The move comes in the wake of U.S. scooter company Bird filing for bankruptcy.
• AI Hardware, Part 1: The new rabbit r1 looks super cool, and is surprisingly cheap. I dig it.
• AI Hardware, Part 2: Humane trimmed staff before shipping its AI hardware.
• On the venture capital side, Keith Rabois is heading back to Khosla Ventures, and Seedstars Africa Ventures added $30 million to its upcoming fund.

We’ll be back on Friday with our weekly roundtable!