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Altitude Edition 013 is hot off the press from Cirrus Capital Partners 📰

The bird's eye 🦅 view of the most exciting news and insights around...

• Successful Companies and Founding Teams
• VC, PE, M&A, and Credit Transactions
• Growth Metrics, Benchmarks, Charts & Data
• New and Emergent Technologies
• Productivity Hacks

Created for founders, bootstrappers, VCs, angel investors, marketers, technologists, executives, and operators—everywhere.

Let’s get into it:

In the world of social...

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New York bans "addictive feeds" for teens When the country's Surgeon General requests warning labels, you know there’s a problem. Social media is well-documented to be harmful to children. Instead of just "talk", we might finally start seeing some action—at the state level (baby steps!). New York State Governor Kathy Hochul signed two significant bills to protect minors from social media harm: The Stop Addictive Feeds Exploitation (SAFE) for Kids Act, which requires parental consent for social media companies to use algorithmic feeds on users under 18, and the New York Child Data Protection Act which limits data collection on minors. While legal challenges are to be expected, Governor Hochul expressed confidence in the constitutionality of these measures, emphasizing their importance for children's mental health and safety. ​ Read article

TikTok confirms it offered the U.S. government a 'kill switch' I love the intensity of this title. TikTok revealed that it offered the U.S. government a "kill switch" in 2022, allowing it to shut down the platform to address data protection and national security concerns. The disclosure comes at a crucial juncture—as TikTok and its parent company, ByteDance, face pressure to sell TikTok's U.S. assets by January 2025 or risk getting the boot. The law stems from fears that TikTok could share U.S. user data with China, which both companies deny. Despite proposing a National Security Agreement and offering extensive oversight measures, TikTok claims the U.S. government ceased meaningful negotiations and did not respond to further engagement efforts. The U.S. Court of Appeals for the District of Columbia will hear the case in September. ​ ​ Read article

Stuff you should know (not the podcast)

The Goldilocks Zone Hey creatives: If you are looking for a balanced, practical take on AI that is not all doom and gloom, this is the one. In this essay, Tanguy Crusson explores the optimistic middle ground in the debate over AI's future, likening AI's potential impact to the transformative power of oil rather than the existential threat of a deity. He draws on insights from Leopold Aschenbrenner’s predictions about the trajectory of AI development. He argues for a "Goldilocks Zone" where increasingly intelligent AI aids human endeavors without replacing human agency or ambitions. He emphasizes that AI advancements should be seen as tools for economic and social progress, driving growth and innovation without existential fears. If you're a creative entrepreneur, this perspective empowers you and keeps you optimistic. Your creativity is still (and always will be) an asset. Read article

Seven Companies Joined The Unicorn Board In May, With xAI Alone Adding $24B In Value. Seven new companies joined The Crunchbase Unicorn Board in May, down from April's ten. Three were AI firms, with Web3 contributing two. The largest entrant, xAI, raised $6 billion, valuing it at $24 billion. In 2024, 50 new unicorns have added nearly $100 billion in value. Notable unicorns like CoreWeave saw significant valuation increases. However, most unicorn exits in May were below their last private values, such as Zeekr and Digit Insurance. Conversely, BioCatch was acquired above its previous valuation. New unicorns span AI, Web3, financial services, and data analytics. Are we surprised that these sectors are growing? The next ten years should be interesting. I am curious if we will see an exhaust or a (hopefully not hostile) takeover. ​ Read article

Recent Credit Transactions by Cirrus Capital Partners

We're trying to be resourceful here

How to get replies from your dream customers

Write marketing emails that convert

Building 0 to 1: Inside Atlassian

A visit to the market

Recent reports show that inflation is improving, with the consumer price index (CPI) showing a rise of 3.3% over the past year, slightly down from 3.4% in the previous month. Core prices, which exclude food and energy, posted their mildest gains since 2021. The Fed has kept its benchmark interest rate steady, between 5.25% and 5.5%. This decision was anticipated by many analysts.

Despite low unemployment and wage growth, consumer sentiment remains low. Over the past few years, people’s negative experiences with inflation—prices rising faster than their wages—have left a lasting impact. Surveys indicate that people view even modest increases in inflation as significantly worse than equivalent increases in unemployment. This suggests a deep-seated preference for low and stable prices.

The Federal Reserve is navigating a complex landscape where it must balance controlling inflation with maintaining economic growth and employment. There's a debate about whether the Fed should continue with high interest rates or start lowering them as inflation comes under control. While a "soft landing" is possible, it is only possible if the Fed can fine-tune its policies to keep inflation low while maintaining a healthy job market.

Employment:

The freelance market, particularly for coding, copywriting, and design-focused jobs, is seeing a contraction.

The number of freelance jobs posted on platforms like Upwork and Fiverr has dropped significantly—by as much as 21% in areas where generative AI excels. Many freelancers struggle as AI takes over tasks previously their bread and butter. This shift has reduced income and job security for many in the gig economy. However, it also creates opportunities for those who can adapt and offer skills that AI cannot fully replicate.

Understanding these dynamics could help freelancers navigate the changing landscape and find ways to leverage AI to their advantage. As Tanguy Crusson said, stay in the Goldilocks Zone—and remain optimistic.

Fresh fundings 🥧

Equity Rounds from big to small

​BillionToOne, a molecular diagnostics company, has raised $130 million in an oversubscribed Series D funding round, achieving over $1 billion valuation. The funding will support the expansion of its product offerings, including its prenatal and oncology tests. This marks a significant milestone for the company, emphasizing its growth and potential in the molecular diagnostics industry.

​TechWolf, an AI-driven internal recruiting startup, has raised $43 million in Series B funding led by Stripes. The company aims to revolutionize internal talent management using AI to match employees with new organizational opportunities. TechWolf's technology leverages AI to analyze employees' skills and predict career paths, helping companies optimize their workforce and retain talent. The funding will expand TechWolf's product capabilities and grow its market presence.

​French spacetech startup Skynopy has secured €3 million ($3.1 million) in seed funding to advance its technology for connecting low-earth orbit (LEO) satellites. The funding round was led by Elaia Partners, with participation from Techmind and Irdi Capital Investissement. Skynopy aims to develop a robust and secure network for LEO satellites, enhancing data relay and communication capabilities. The investment will support Skynopy's growth and technological development, positioning it as a critical player in the emerging LEO satellite market.

Notable Credit Transactions from big to small

$133MM in financing from First Citizens Bank for the Massachusetts Battery Energy Storage Project, specifically for their Cranberry Point Energy Storage project planned for Carver, Massachusetts.

$125M letter of credit facility from MUFG UFJ Financial to Hecate Grid was used to finance interconnection and offtake security for Hecate Grid’s portfolio of more than 30 standalone energy storage projects.

$120M in debt financing from Main Street Capital to ZRG to bolster ZRG's growth initiatives and enhance its ability to deliver innovative talent solutions to clients worldwide.

Until our next flight,

Ryan, Sutheshna & your friends at Cirrus​

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