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Andreessen Horowitz is trying to raise about $20 billion (the largest fund in its history) in order to capitalize on global investors' interest in backing U.S. AI companies, Reuters reports. The firm has reportedly told limited partners that the fund will be dedicated to growth-stage investments. More here.

President Donald Trump thinks the U.S. has the "resources" needed to make iPhones, his press secretary told reporters Tuesday, hours before the administration's 104% tariffs on China went into effect. But based on previous quotes from Apple CEO Tim Cook about the "really advanced tooling and the precision" that Apple requires, and the dearth of that talent in the U.S., the claim sounds far-fetched to longtime Apple watchers.

Inside the EV Startup Secretly Backed by Jeff Bezos

By Sean O'Kane

Jeff Bezos is funding a secretive EV startup based in Michigan called Slate Auto that could start production as soon as next year, according to multiple sources and documents that link the billionaire’s family office to the startup.

Slate, which took root in another Bezos-connected company called Re:Build Manufacturing, has been operating quietly since its founding in 2022. The company has hired hundreds of employees while in stealth — many of whom come from Ford, General Motors, Stellantis, and Harley-Davidson.

It also attracted the backing of several other wealthy individuals, including Mark Walter, the controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, who is a lead investor of Re:Build Manufacturing, according to documents TechCrunch obtained from Delaware’s Division of Corporations.

Slate Auto is tackling a big goal: an affordable two-seat electric pickup truck for around $25,000, according to two sources who were granted anonymity to speak about the company’s internal discussions. Leaders inside the company have mentioned the Ford Model T or Volkswagen Beetle as a North Star for the project, according to the people.

It has amassed a sizable war chest in service of that goal.

More here.

Massive Fundings

Aurascape, a one-year-old startup based in Santa Clara, CA, whose AI-native security platform is designed to help businesses monitor and protect their data and users across various AI applications, raised a $50 million round. Mayfield and Menlo Ventures co-led the transaction. SecurityWeek has more here.

Blackbird Labs, a three-year-old New York startup whose app allows diners to pay their restaurant bills directly from their phones using credit cards or cryptocurrencies, raised a $50 million Series B round led by Spark Capital and including Coinbase Ventures, Amex Ventures, and Andreessen Horowitz. The company has raised a total of $85 million. TechCrunch has more here.

Brinc Drones, an eight-year-old Seattle startup that develops drones and related technologies for public safety agencies, including police, fire, and emergency response teams, raised a $75 million round led by Index Ventures. The company has raised a total of $157.2 million. TechCrunch has more here. 

Heron Power, a one-year-old startup based in Santa Cruz, CA, and led by ex-Tesla exec Drew Baglino that is developing solid-state electrical transformers aimed at modernizing the electric grid, is reportedly in the market to raise a $30 to $50 million Series A round led by Capricorn Investment Group. TechCrunch has more here.

Rain, a six-year-old Los Angeles startup that offers an employer-integrated application that allows employees to access a portion of their earned wages before payday, raised a $75 million Series B round at a post-money valuation of $340 million. Prosus led the transaction, with Nextalia Ventures and Spark Growth Ventures as well as previous investors QED and Invus Opportunities also piling on. TechCrunch has more here. 

Sipay, a six-year-old Istanbul startup whose app allows consumers to manage digital wallets, make investments, and participate in loyalty programs, raised a $78 million Series B round at an $875 million valuation. The deal lead was Elephant VC, with QuantumLight also taking part. TechCrunch has more here.

Big-But-Not-Crazy-Big Fundings

Corsha, a seven-year-old startup based in Vienna, VA, that authenticates and manages identities for machine-to-machine communications, enabling organizations to securely automate processes and transfer data, raised an $18 million Series A-1 round led by SineWave Ventures, with Razor’s Edge Ventures and Ten Eleven Ventures also joining in. SecurityWeek has more here.

Krea, a three-year-old San Francisco startup that offers a platform that integrates multiple generative AI models into a unified interface, enabling visual creatives to generate and edit images more efficiently, raised a $47 million Series B round at a $500 million post-money valuation. The deal lead is Bain Capital Ventures, with Andreessen Horowitz and Abstract Ventures also opting in. The company has raised a total of $88 million. TechCrunch has more here.

NexGen Cloud, a five-year-old London startup that provides cloud-based access to high-performance GPUs for businesses requiring substantial computational power for applications such as AI, raised a $45 million round from high-net-worth individuals and family trusts. Data Center Dynamics has more here.

Optilogic, a seven-year-old startup based in Ann Arbor, MI, that builds software that helps large companies model, simulate, and optimize their global supply chains, raised a $40 million Series B round led by NewRoad Capital Partners, with additional participation from MK Capital and Moore Strategic Ventures. More here.

Portnox, an 18-year-old Austin company that develops cloud-native zero trust access control systems, raised a $37.5 million round led by Updata Partners, with previous investor Elsewhere Partners also participating. SecurityWeek has more here.

Tracera, a two-year-old New York startup whose platform automates the collection, verification, and auditing of sustainability data for businesses, raised a $12 million Series A round led by Foundry, with Rho Ignition, Tola Capital, and Contour Venture Partners also anteing up. More here.

Smaller Fundings

Arena, a five-year-old New York startup that has developed an AI-powered platform designed to assist hardware engineers in testing and optimizing electronic devices, raised a $30 million Series B round led by previous investors Fifth Down Capital, Initialized Capital, and Goldcrest Capital, with Founders Fund, Shield Capital, and Garuda Ventures also joining in. The company has raised a total of $62 million. SiliconANGLE has more here.

BLNG AI, a four-year-old Los Angeles startup that provides designers, brands, and retailers with AI-powered tools that can transform sketches into photorealistic jewelry designs, significantly reducing the design process time, raised a $3 million seed round led by Speedinvest, with Cove Fund, eSeed, and Focal also contributing. Tech.eu has more here.

Firefish, a three-year-old Prague startup that operates an online marketplace allowing Bitcoin holders to obtain cash loans by using their Bitcoin as collateral, raised a $1.8 million seed round. Investors included Braiins and Miton. Tech Funding News has more here.

Pax, a one-year-old San Francisco startup that automates the duty drawback process, enabling businesses to reclaim up to 99% of tariffs paid on imported goods that are subsequently exported, raised a $4.5 million seed round led by Initialized Capital, with Sancus, Basis Set, Soma Capital, General Catalyst, Transpose, and ZVC1 also investing. More here.

Plug, a two-year-old startup based in Santa Monica, CA, that connects dealerships and fleet operators to facilitate the buying and selling of used EVs, raised a $6.7 million seed round co-led by Floodgate, Autotech Ventures, and A*, with Leap Forward Ventures, Renn Global, and Cleo Capital also investing. More here.

Qevlar AI, a two-year-old Paris startup that develops autonomous AI agents that assist security teams in rapidly investigating and responding to cyber threats, raised a $10 million round co-led by EQT Ventures and Forgepoint Capital International. EU-Startups has more here.

Starhive, a three-year-old Stockholm startup whose AI-driven platform helps IT teams track hardware and software, optimize resource allocation, and streamline workflows through predictive analytics and real-time insights, raised a $5 million pre-Series A round. The deal was led by Ventech, with previous investor node.vc also stepping up. ArcticStartup has more here.

Vivere Partners, a startup founded this year based in Laguna Beach, CA, that develops tailored, technology-enabled insurance products for niche markets, raised a $7.5 million Series A round co-led by General Catalyst, Pathlight Ventures, and Greenlight Re. Life Insurance International has more here.

Zero Industrial, a one-year-old startup based in Charleston, SC, that develops thermal energy storage systems to help industrial facilities reduce reliance on fossil fuels for heat and steam production, raised a $10 million round led by Evok Innovations, with Rusheen Capital Management also participating. Renewables Now has more here.

Exits

The crypto firm Ripple is spending $1.25 billion to acquire Hidden Road, a crypto and FX prime brokerage. Bloomberg says it's the "largest deal ever for the digital-asset company and one of the biggest in the history of the cryptocurrency industry." More here.

Data

U.S. prices for second-hand Teslas dropped 7% year-over-year in March versus a 1.5% decline for other EV brands, according to data from online marketplace CarGurus. In the U.K., they fell 15%. The Financial Times has more here.

People

Sarah Wynn-Williams, a Meta exec turned whistleblower, plans to testify before Congress that the social media giant threatened US interests while cozying up to China. Mike Isaac of the New York Times says she'll make some "pretty explosive claims," per an opening statement he has viewed. Meta says her claims are false. More here.

Serial entrepreneur and investor Liad Agmon will step back from his full-time role at Insight Partners in the second half of this year to launch a new entrepreneurial venture. Agmon has served as a Managing Director at Insight since 2022. Calcalist has more here.

Essential Reads

The Wall Street Journal digs into how Elon Musk rescued X from the brink. More here. 

The New Yorker examines Bluesky's quest to build non-toxic social media.

Two influential Chinese bloggers posted an identical set of measures that authorities are mulling to hit back at the latest tariff threats from President Trump, including levies on American farm goods and a ban on Hollywood movies. Bloomberg has more here.

Detours

Hacks is back!

New York nightclubs are an endangered species.

GQ examines the "chaotic clothes" of the Trump administration.

How one British aristocrat is unlocking the gates to England’s grand, historic homes

Retail Therapy

Maybe Wayne Gretzky isn't so sentimental. A 1994 Rolls-Royce Corniche IV that was given to him by the Los Angeles Kings after he broke the NHL scoring record is heading to auction.

Five upscale thrift stores -- known as dépôt-ventes -- in Paris.