Cheers, all, have a great weekend.:)

Top News

According to a New York Times report, the Trump administration is quietly expanding Palantir’s federal contracts to build a unified database of Americans’ personal information, raising alarms among privacy advocates, former employees, and even some inside the company about potential surveillance and political misuse. More here.

In closing arguments today in the U.S. government's monopoly case against Google, Judge Amit Mehta zeroed in on how Google's dominance in search could extend into AI, questioning whether promoting its Gemini assistant should be curbed and whether rivals like OpenAI deserve access to Google’s search data. The Wall Street Journal has more here. 

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How a Decade-Old Patent Dispute Could Upend Uber’s Business

By Kirsten Korosec

A little-known patent infringement lawsuit could have big implications for Uber — and potentially dozens of other companies.

Carma Technology, a company formed in 2007 by serial entrepreneur and SOSV founder Sean O’Sullivan, filed a lawsuit earlier this year against Uber alleging the company infringed on five of its patents that are related to the system of matching riders (or packages) with capacity in vehicles. In other words, ridesharing — a business Carma operated in some form for a decade until it changed its business model and applied its tech to road-pricing services like GPS tolling and HOV verification.

Carma has requested a jury trial and is seeking a permanent injunction against the company, mandatory future royalties on any Uber products that infringe on those patents as well as damages, and other costs related to the lawsuit.

The lawsuit, which has been quietly winding its way through the U.S. District Court for the Eastern District of Texas, is relatively new. The allegations have been swirling for nearly a decade.

Carma lawyers first contacted Uber about its ridesharing and ground transportation patents in 2016, according to the complaint. That was an auspicious time for Uber. The startup, which was founded just seven years before, had shot into the stratosphere — in terms of valuation, growth, and gravitas.

Uber was valued at $66 billion at the time, and had a reputation for taking big, legally sticky swings into new markets that helped it grow to hundreds of cities in the U.S., Europe, Canada, and the Middle East. It had raised more than $12.5 billion in venture capital, and was using it to launch new products and even push into autonomous vehicles.

More here. 

Massive Fundings

Abridge AI, a seven-year-old Pittsburgh startup that uses AI to transcribe and summarize medical conversations between doctors and patients, helping streamline documentation and billing, is reportedly in talks to raise $300 million at a $5.3 billion post-money valuation, according to Bloomberg. The deal lead is rumored to be Andreessen Horowitz. Bloomberg has more here. 

Prepared, a six-year-old New York startup that provides AI-powered software that helps 911 call centers triage emergencies more efficiently with tools like real-time translation, automated call handling, and GPS-enhanced dispatch, raised an $80 million Series C round led by General Catalyst, with Radical Ventures as well as previous investors Andreessen Horowitz and First Round Capital also contributing. The company has raised a total of $135 million. SiliconANGLE has more here. 

Snorkel AI, a six-year-old startup based in Redwood City, CA, that provides infrastructure to help enterprises build, evaluate, and adapt large-scale AI models for specific tasks and domains, raised a $100 million Series D round led by Addition, with Prosperity 7 Ventures as well as previous investors Greylock, Lightspeed, BNY, and QBE Ventures also taking stakes. More here.

Vima Therapeutics, a two-year-old startup based in Cambridge, MA, that is developing treatments to address movement disorders using targeted therapeutics based on brain circuitry, raised a $60 million Series A round led by Atlas Venture, with Access Industries and Canaan Partners also taking part. More here.

Big-But-Not-Crazy-Big Fundings

Acclaro Medical, a five-year-old startup based in Smithfield, RI that specializes in noninvasive laser systems designed to treat visible signs of aging in skin, raised a $23 million Series B round led by Accelmed Partners, with 3E Bioventures Capital also opting in. Medical Device Network has more here.

Heron Power, a three-year-old startup based in Santa Cruz, CA, that develops advanced power conversion infrastructure, including solid-state transformer systems, to modernize electric grids, raised a $38 million Series A round led by Capricorn Investment Group, with Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, and Valor Equity Partners also engaging. TechCrunch has more here.

Volteras, a three-year-old London startup that builds data streaming tools for the electric vehicle industry to help developers and operators manage energy and mobility services, raised an $11.1 million Series A round led by Union Square Ventures, with Exor and Long Journey Ventures also opting in. More here.

Smaller Fundings

FarmQA, an eleven-year-old company based in Fargo, ND, that offers software to help agronomists track field data, optimize crop management, and improve decision-making for growers, raised a $4 million seed round led by Gener8tor 1889, with O'Leary Ventures also chipping in. AgFunderNews has more here.

Rime, a two-year-old San Francisco startup that is building a voice-based AI platform for automating support calls and enhancing customer service interactions, raised a $5.5 million seed round led by Unusual Ventures, with Founders You Should Know and Cadenza also taking stakes. More here.

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New Funds

Planeteer Capital, a three-year-old New York venture firm, raised a $54 million first-time fund to invest in pre-seed and seed-stage climate-tech startups. The Wall Street Journal has more here.

Going Public

Chime, a twelve-year-old San Francisco company that offers app-based banking services without being a bank, is planning to launch its IPO as soon as Monday at a reported $11 billion valuation. The company has raised over $2 billion from investors like Menlo Ventures, General Atlantic, Forerunner, Flourish Ventures, and ICONIQ Growth. Bloomberg has more here. 

People

According to a New York Times report, Elon Musk’s drug use was more intense than previously known, with regular ketamine, Ecstasy, and mushroom use fueling erratic behavior that alarmed former friends and insiders. More here. 

Mary Meeker is back with her first trends report since 2019, and it’s a 340-slide data deluge showing that AI's adoption, spend, and infrastructure investment is outpacing every previous tech wave, but with financial returns still lagging behind. TechCrunch has more here. 

Essential Reads

A closely watched influencer lawsuit is quietly ending, as Amazon content creators Alyssa Sheil and Sydney Gifford, whose nearly identical beige-toned posts sparked a viral copyright battle, asked a judge to dismiss the case after Gifford cited the cost of continuing her suit. The Verge has more here. 

Detours

Summer rentals in the Hamptons are down 30% as wealthy vacationers hold off amid market jitters and gloomy headlines, leaving high-end properties slashing prices and offering rare last-minute deals. 

TikTok has turned horseshoeing into an unlikely viral goldmine, with horseshoe specialists like Samuel Wolfenden and Sam Dracott racking up millions of followers, landing brand deals, and inspiring a new generation of Gen Zers chasing hands-on careers over office life. 

An 18-year-old phenom and his legion of Brazilian supporters are taking the French Open by storm. 

A 26-year-old developer in The Hague has created "Fake My Run," a website that lets users upload phony workout data to platforms like Strava to highlight how performative fitness culture has become.

Pace University grads in New York experienced an unexpected twist at commencement when an AI voice read their names aloud from QR codes, prompting a backlash from students who felt their big moment had been outsourced to a robot.

Retail Therapy

Baja Bugs. 

The world's most expensive phones. 

A 16,000-square-foot New Canaan manse that has the original parquet flooring from Boston Garden.

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Saudi Arabia's Bold AI Move — Know It?

What happens when a country with deep capital and big ambitions sets its sights on AI?

On June 5 at UC Berkeley, TC Sessions: AI will explore tectonic shifts like this with the help of top founders from Anthropic, Databricks, and others shaping global strategy. You’ll hear what’s real — and what’s hype — directly from the builders.

Earn your spot with today’s three-part trivia:

What is the name of the new Saudi AI company launched this month?

Which sovereign wealth fund is backing it?

What’s the company’s stated long-term goal for 2030?

Win a Trivia Master Pass (2-for-1 tickets) for $200

👉 [Submit Your Answer]

Seeyou at TC Sessions: AI | June 5 | UC Berkeley