$2B Allergy Drug, ChatGPT Ads, Mansion Section | Billy Boman, Benjamin Miller, Faris Sbahi, Evan Loomis, Anvisha Pai, Ryan Tseng
TBPN Podcast Recap
Published:
Duration: 2 hr 39 min
Guests: Billy Bowman, Benjamin Miller, Ryan Tseng, Faris Sbahi, Evan Loomis, Anvisha Pai
Summary
This episode covers the acquisition of Accelergy by Novartis for $2 billion, the rise of ChatGPT in advertising, and notable real estate transactions. It also discusses advancements in AI and defense technologies.
What Happened
Accelergy, a niche pharmaceutical company, developed a promising new allergy drug targeting the immune molecule IGE. Known for its lead program EXL111, the drug aims to work faster and last longer between doses. Novartis, a $300 billion Swiss pharmaceutical giant, acquired Accelergy for $2 billion, making it a landmark deal in the pharmaceutical industry.
Fundrise, led by Benjamin Miller, has democratized investment into real estate, tech, and private credit, amassing 2 million customers. Their venture capital fund, launched in late 2022, trades at a premium, a surprise to many experts. Fundrise plans to tokenize their venture fund with Kraken, aiming to provide low-cost, passive, long-term capital to private companies.
In defense technology, Ryan Tseng from SHIELD AI announced a $2 billion raise at a $12.7 billion valuation. SHIELD AI focuses on deploying advanced autonomous systems for the U.S. military, emphasizing high performance and high assurance for military AI systems. Their acquisition of Echelon Technologies enhances their capabilities in physics-based simulation for aviation training.
Apple plans to open Siri to outside AI services, allowing chatbots to integrate via the App Store. This move is part of Apple's strategy to improve its AI standing and potentially increase revenue from third-party AI subscriptions. Apple has also allowed users to reroute Safari's default search engine to ChatGPT, indicating a shift in their AI strategy.
Anthropic is testing a new AI model called Mythos, which shows higher scores in coding, academic reasoning, and cybersecurity. Speculation surrounds its pricing, with potential surge pricing being considered. Anthropic is also planning an IPO as early as Q4, aiming for a $60 billion raise.
In the real estate sector, Barry Diller purchased JFK's favored New York penthouse for $11 million. The Carlisle Hotel, where the penthouse is located, is a storied luxury hotel on Manhattan's Upper East Side. It has historical significance due to its association with JFK and the Kennedy family.
Evan Loomis from Overmatch Ventures discussed their focus on deep tech, defense, and space, with a $250 million fundraise. Overmatch Ventures aims to maintain U.S. leadership in crucial technology areas, including AI and autonomous systems. Loomis also co-founded Icon, known for 3D printing the first house in the U.S.
Anvisha Pai, founder and CEO of Moda, introduced an AI design tool for non-designers. Moda's tool offers a fully editable canvas, distinguishing itself from static image outputs. Moda has raised $7.5 million, led by General Catalyst and Pear, and received 8 million impressions on social media during its launch.
Key Insights
- Accelergy, acquired by Novartis for $2 billion, developed an innovative allergy drug targeting the immune molecule IGE. Their lead program, EXL111, aims to provide faster relief and longer-lasting effects, setting a new standard in allergy treatment.
- Fundrise plans to tokenize their venture fund with Kraken, presenting a unique approach to providing low-cost, passive, long-term capital to private companies. This strategy could significantly disrupt the venture capital industry.
- Ryan Tseng's SHIELD AI focuses on integrating advanced autonomy into military systems, ensuring high performance and assurance. Their acquisition of Echelon Technologies enhances their simulation capabilities, crucial for training AI pilots.
- Apple's decision to open Siri to third-party AI services marks a strategic shift to improve its AI ecosystem. This move, alongside allowing users to reroute Safari's search engine to ChatGPT, indicates Apple's growing focus on AI integration and monetization.