Technology companies in the Bay Area are constantly developing ways to help people, including their fellow founders. Following the collapse of Silicon Valley Bank, tech companies set out to help each other. Learn more about these initiatives and what other innovators are building after last week’s announcements. This is the Built In SF Weekly Refresh.
Tech companies assisted SVB customers. Many startup entrepreneurs sought new ways to pay their operating expenses after Silicon Valley Bank collapsed. The FDIC told founders they would be able to access their funds through a bridge bank and other tech companies offered up methods of stopgap funding, including payroll and compliance startup Deel and fintech company Mercury. [Built In]
Stripe raised $6.5B. Online payment service provider Stripe pulled in $6.5 billion to help its employees cover tax costs related to the pending expiration of Stripe’s restricted stock units. Investors GIC, Goldman Sachs, Temasek and others contributed to the round. Stripe’s latest raise values the company at $50 billion. [Axios]
SF Tech Quote of the Week
“We are pleased to partner with General Catalyst, Spark Capital and our other investors, and [we] believe this investment validates our human-centered approach to general intelligence. With this funding, Adept will work toward building the most useful AI teammate that enables end users to do anything they can put into words — improving productivity and letting anyone do what formerly only experts can do.” — David Luan, Adept’s co-founder and CEO
Adept pulled in $350M. Backed by a nine-digit round of capital, AI company Adept developed a transformer that’s trained to use digital tools. Named ACT-1, the current model can use a web browser and execute text-to-action functions based on a user’s input. With the new funding from General Catalyst and Spark Capital, Adept will enhance its solution and expand its team across engineering and more. [Built In SF]
Nimble secured $65M.San Francisco-based Nimble, which specializes in autonomous logistics and AI robotics, launched a service that equips e-commerce warehouses with robotic fulfillment systems. These machines can autonomously pick, pack and ship orders. Led by Cedar Pine, the Series B round brings Nimble’s total funding to $115 million. [Business Wire]
Several companies were featured in the Built In Future 5 series. While the big names in tech have earned their spotlight, many up-and-coming ventures are also shaping the scene. San Francisco-based founders are building modern solutions for advertising, digital media, health and wellness and more. Learn about the companies featured in the Future 5 series this quarter. [Built In SF]
Embroker hired a new CPO. Embroker provides industry-specific insurance plans for businesses. The company announced the addition of Chris Spagnuolo to its team in the role of chief product officer. Spagnuolo has almost two decades of project management experience and formerly worked as a CPO at Wander. Embroker is also hiring new additions to its growing company. [Business Wire]
In more VC funding news: Oakland-based recycling company SOLARCYCLE raised a $30 million Series A from Fifth Wall to expand its solar panel recycling capacity. [PR Newswire]
Workplace learning platform Upduo pulled in a $4 million round of seed funding to further its peer-to-peer learning app. It’s also hiring engineering talent. [Built In SF]
