Jack Altman, the former head of the VC firm Alt Capital, is joining Benchmark as a general partner, the firm announced. This move comes as Altman's own firm, Alt Capital, which raised a $150 million Fund I in early 2024 and a $274 million Fund II last September, is left in an uncertain position.
Altman, who called the past two years running Alt Capital the most rewarding of his life, according to LinkedIn, invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs, according to PitchBook. It is unclear what will happen to Alt Capital or whether Benchmark has acquired its portfolio.
In other tech news, Ford is planning to release an electric truck next year that starts at $30,000. The company hopes to achieve this price point by utilizing 3D-printed parts, Formula 1 thinking, and a bounty program, Ford said Tuesday. This strategy is crucial for Ford, which took a $19.5 billion hit in December and ended production of its battery-electric F-150 Lightning. The company's affordable EV plan began with a skunkworks team led by a 12-year Tesla veteran, Alan Clarke.
Meanwhile, Meta's internal research revealed that parental supervision and controls have little impact on teens' compulsive social media use. The study, conducted in partnership with the University of Chicago, also found that kids experiencing stressful life events were more likely to struggle with moderating their social media usage. This information was revealed during testimony at the social media addiction trial that began last week in Los Angeles County Superior Court.
Apple is also reportedly accelerating the development of AI-powered wearables to stay competitive. The company is working on an AI pin, an AirTag-sized pendant with cameras, and AI-powered smart glasses, code-named N50, according to Bloomberg. Apple faces competition in this space from companies like Meta and Snap, which are also developing similar products.
Finally, Thrive Capital just raised $10 billion for a new fund, its largest yet. Of this, $1 billion is dedicated to early-stage investments, while the rest is for growth-stage investments, according to an announcement from the firm. Thrive told Bloomberg that this latest fundraise was oversubscribed. This is the firm's 10th fund, called Thrive X, and comes as some of the firm's biggest investments, including OpenAI, Stripe, and SpaceX, continue to soar in value. The firm also incubates companies, having spun up 12 so far, with at least six now having reached unicorn status. The firm's strategy is to commit deeply to a small number of founders, the firm said.
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