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The Lead This week at TechCrunch’s StrictlyVC event in Athens, I sat down with three top VCs to discuss the current state of venture investing, the wave of mega-IPOs, and where they see opportunities in AI. VC Insights on AI and Mega-IPOs The conversation featured Niko Bonatsos of Verdict Capital, Andreas Stavropoulos of Threshold Ventures, and Ben Blume of Atomico. They discussed the potential impact of SpaceX's reported $1.75 trillion valuation at IPO, as well as the opportunities and challenges in the AI space. The Data Analysis SpaceX's potential $1.75 trillion valuation at IPO OpenAI and Anthropic potentially not far behind in terms of valuation Three-quarters of all venture capital raised over the last year went into five companies $500 million fund looking at the same opportunities as people investing from a $10 billion or $15 billion fund The Impact Analysis The VCs discussed how the current flood of capital into AI may be justified by future earnings, but also acknowledged the risk of extreme FOMO (fear of missing out). They also touched on the challenges of pricing deals when things are moving fast and the importance of looking beyond age as a proxy for entrepreneurial potential. The Prediction The VCs see opportunities in areas such as consumer fintech, AI interacting with the physical world, and robotics. They predict that the next generation of companies will be able to go after much larger markets and that immigrant founders will continue to play a significant role in driving innovation.

The AI Funding Surge Cognition, the makers of the autonomous AI software engineer named Devin, has raised more than $1 billion at a $25 billion pre-money valuation, the company announced on Wednesday. Valuation Leap That’s a major leap from its $10.2 billion post-money valuation when it closed a $400 million funding round just eight months ago in September. Investor Lineup The round was led by Lux Capital and General Catalyst, with existing investors pouring in, including Founders Fund, 8VC, and others. The round also included new investors Ribbit Capital, Atreides, and Layer Global. Market Confidence This is a giant vote of confidence from top-tier VCs that there will be room for independent AI software coding startups. Last year, all signs pointed to model makers swallowing this hot market themselves. Certainly Anthropic’s Claude Code, OpenAI’s Codex, and maybe even Google’s coding agent Jules, (after Google’s acqui-hire deal of Windsurf last year), have captured a lot of it. Customer Traction But Cognition, which acquired the remaining bits of Windsurf last year, says it counts big enterprises like Mercedes-Benz, NASA, Goldman Sachs, and Santander as customers. It also says it’s reached $492 million in annualized revenue run-rate as enterprise usage of Devin has grown 50% month over month for the past six months.

The Final Call for Startup Battlefield 200 The deadline to apply or nominate for Startup Battlefield 200 is May 27. This program offers early-stage startups a shot at VC access, global visibility, TechCrunch coverage, and $100,000 in equity-free funding. If you're building a breakout startup — or know a founder who is — now is the time to move. Opportunity to Showcase on the TechCrunch Disrupt Stage Apply today for the opportunity to take the TechCrunch Disrupt Stage alongside 200 of the world's most promising early-stage startups. Pre-Series A founders, this is your last call: The strongest startups are already entering the arena, and the application window is closing fast. If your startup has already been nominated, don't wait to finish your application. The final week always moves quickly, and last-minute submissions risk getting buried as applications surge ahead of the May 27 deadline. Success Stories from Startup Battlefield 200 Some of the most consequential companies in tech history didn't launch with splashy fundraising announcements. They started with a pitch. Dropbox demoed to a room full of skeptics. Cloudflare took the stage before most people understood what edge networking meant. Discord was still a scrappy gaming startup called Hammer & Chisel. They all passed through the same crucible: Startup Battlefield 200. That's not a coincidence — it's a pattern. And it starts with an application. The Financial Impact of Startup Battlefield 200 More than 1,700 companies have competed in Startup Battlefield 200. Together, they've raised over $32 billion and generated more than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon. The network runs so deep that alumni have even acquired each other: Dropbox acquired fellow Battlefield 200 alum DocSend in 2021. This is also the same launchpad that helped accelerate companies like Fitbit, Trello, and Mint. Why This Matters for Early-Stage Startups Startup Battlefield 200 has never been a competition for the most polished companies. It's a competition for the most promising ones. Pre-launch is fine. No revenue is fine. What matters is whether what you're building genuinely changes something — not incrementally, but meaningfully. Selected startups will showcase live on the Disrupt Stage in front of 10,000+ attendees, leading VCs, global media, and the broader TechCrunch audience. This is your opportunity to gain investor exposure, receive direct VC feedback, and prove your company belongs among the next generation of category-defining startups. The Future of Startup Battlefield 200 Thousands apply every year. Only 200 are selected. Just 20 finalists pitch live on the Disrupt Stage. One startup takes the crown and wins $100,000 in equity-free funding. The founders who wait until they feel ready often wait too long. You do not need to be polished. You need to be promising. If you've been sitting on this, here's the reality: The worst outcome is you don't get selected this cycle — and you come back next year with a stronger application because you went through the process. If you're building something category-defining — or know a startup that deserves the spotlight — submit your nomination and complete your application before May 27.

The Problem with Inflated ARR Last month, Scott Stevenson, co-founder and CEO of the legal AI startup Spellbook, took to X to expose what he called a “huge scam” among AI startups: inflation of the revenue figures that they announce publicly. The Event Details: ARR Inflation in AI Startups Stevenson isn’t the first to claim that annual recurring revenue (ARR) — a metric historically used to sum up annual revenue of active customers under contract — is being manipulated by some AI companies beyond recognition. Certain aspects of ARR shenanigans have been the subject of multiple news reports and social media posts. The Data Analysis: Extent of ARR Inflation Some investors have seen companies where CARR (committed ARR) is 70% higher than ARR. One high-profile enterprise startup reported surpassing $100 million in ARR, when only a fraction of that revenue came from currently paying customers. An employee at another startup described a discrepancy where marketing materials claimed $50 million in ARR, while the actual figure was $42 million. The Impact Analysis: Consequences of ARR Inflation The obvious problem with using CARR and calling it ARR is that it is far more susceptible to being “gamed” than traditional ARR. If a startup doesn’t account realistically for churn and downsell, CARR could be inflated. The Prediction: Future Outlook Most people interviewed for this story said that ARR overstatements of all kinds are hardly a novel phenomenon, but startups have become far more aggressive amid the AI hype. The pressure to show rapid growth is prompting some VCs to support, or at least overlook, startups presenting inflated ARR figures to the public.

One Week Left to Secure a Spot at TechCrunch Disrupt 2026 via Startup Battlefield 200Founders have until May 27 to submit their applications for Startup Battlefield 200, the premier showcase that feeds directly into TechCrunch Disrupt 2026 (Oct 13‑15). The program offers equity‑free funding, global media coverage, and a chance to pitch in front of 10,000+ attendees, leading VCs, and the TechCrunch audience.Numbers That Show the Battlefield’s Track Record200 startups will be selected for the 2026 cohort.$100,000 in equity‑free funding awarded to the winner.Over 1,700 companies have competed historically, raising more than $32 billion collectively.More than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon.Why the Battlefield Remains a Launchpad for Category‑Defining StartupsThe competition prioritizes promise over polish—pre‑launch products, zero revenue, and bold visions are welcomed. Alumni such as Dropbox, Cloudflare, Discord, Fitbit, Trello, and Mint all passed through this crucible, proving that early exposure can translate into market‑changing outcomes.What the Final Applications Could Signal for the 2026 Disrupt LineupGiven the surge of last‑minute submissions, the final batch may surface emerging trends across AI, climate tech, health‑tech, and decentralized finance. Startups that demonstrate a clear, scalable impact are likely to dominate the Disrupt Stage, shaping investor focus for the remainder of the year.

The Final Countdown: Startup Battlefield 200 Application Window Closing Your shot at VC access, global visibility, TechCrunch coverage, and $100,000 in equity-free funding is gone in a week. Startup Battlefield 200 applications close May 27. If you're building a breakout startup — or know a founder who is — this is the moment to act. Showcase Opportunity at TechCrunch Disrupt 2026 Apply today for the opportunity to take the stage at TechCrunch Disrupt 2026, October 13-15, alongside 200 of the world's most promising early-stage startups. Pre-Series A founders, consider this your final countdown reminder: the strongest startups are already entering the arena, and the application window is closing fast. If your startup has already been nominated, don't wait to complete your application. This final week moves quickly, and last-minute submissions risk getting buried as applications surge ahead of the deadline. Know a startup that deserves the spotlight? Nominate them now so they still have time to apply before May 27. The Battlefield Legacy: From Pitch to Industry Giants Some of the most consequential companies in tech history didn't launch with splashy fundraising announcements. They started with a pitch. Dropbox demoed to a room full of skeptics. Cloudflare took the stage before most people understood what edge networking meant. Discord was still a scrappy gaming startup called Hammer & Chisel. They all passed through the same crucible: Startup Battlefield 200. That's not a coincidence — it's a pattern. And it starts with an application. What Makes a Battlefield Startup Startup Battlefield 200 has never been a competition for the most polished companies. It's a competition for the most promising ones. Pre-launch is fine. No revenue is fine. What matters is whether what you're building genuinely changes something — not incrementally, but meaningfully. If you or a founder you know is building something impactful, then the application itself becomes the first pitch. The Value Proposition: Beyond the Prize Money Selected startups will showcase live on the Disrupt Stage in front of 10,000+ attendees, leading VCs, global media, and the broader TechCrunch audience. This is your opportunity to gain investor exposure, receive direct VC feedback, and prove your company belongs among the next generation of category-defining startups. Every one of the 200 selected companies receives: Equity-free funding of $100,000 for the winner Exposure to thousands of attendees, VCs, and media A chance to pitch on either the Disrupt Stage or the Pitch Showcase Stage You don't need to make the top 20 for this experience to change your trajectory. Impressive Alumni Success: $32 Billion Raised and Counting More than 1,700 companies have competed in Startup Battlefield 200. Together, they've raised over $32 billion and generated more than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon. The network runs so deep that alumni have even acquired each other: Dropbox acquired fellow Battlefield 200 alum DocSend in 2021. This is also the same launchpad that helped accelerate companies like Fitbit, Trello, and Mint. Behind every one of those outcomes was a founder willing to make a bet on themselves publicly, in front of people who were paying attention. Who Should Apply: The Promising, Not Just the Polished We're looking for ambitious early-stage startups building innovative, potentially category-defining products. Applications are open globally across all industries. Most selected companies are pre-Series A, though select Series A startups may qualify on a case-by-case basis. To apply, startups should have: A working product or prototype A clear vision for how they're changing their industry A passionate founding team Thousands apply every year. Only 200 are selected. Just 20 finalists pitch live on the Disrupt Stage. One startup takes the crown and wins $100,000 in equity-free funding. The Deadline Imperative: Why Waiting Could Cost You The founders who wait until they feel ready often wait too long. You do not need to be polished. You need to be promising. If you've been sitting on this, here's the reality: the worst outcome is you don't get selected this cycle — and you come back next year with a stronger application because you went through the process. The stage matters. The community lasts. The milestone is real. But the deadline is now one week away. Final Call to Action: Submit Before May 27 If you're building something category-defining — or know a startup that deserves the spotlight — submit your nomination and complete your application before May 27. Get started by nominating and applying here.

Meridian Ventures announced the close of a $35 million fund aimed at backing pre‑seed and seed startups founded by MBA‑deferred entrepreneurs. The fund, raised by founders Devon Gethers and Karlton Haney, will deploy capital over three years with average checks of $500,000 for pre‑seed and $750,000 for seed rounds.Meridian Ventures Unveils a Fund Focused on MBA‑Deferred FoundersThe duo, both Harvard Business School students in 2023, built the thesis that MBAs can be successful founders despite Silicon Valley skepticism. After a $2.5 million proof‑of‑concept fund backed 45 companies, they secured an oversubscribed institutional round from public banks, family offices, and Fortune 500 executives.Fund Structure, Check Sizes and LP CompositionFund size: $35 millionTarget sectors: enterprise technology across fintech, logistics, healthcare, AIAverage investment: $500,000 (pre‑seed), $750,000 (seed)Investment horizon: three yearsLimited partners: publicly traded banks, family offices, Fortune 500 executivesImplications for MBA‑Driven Entrepreneurship and Early‑Stage CapitalThe fund addresses a perceived “gap” between ambitious founders building frontier technologies and the capital needed to scale. By backing MBA‑deferred founders, Meridian challenges the narrative that MBAs lack the risk‑taking mindset of traditional Silicon Valley founders, potentially encouraging more business‑school graduates to pursue startup routes.Future Outlook: Shifts in VC Sourcing and Founder DemographicsIf the fund meets its deployment targets by 2028, it could signal a broader move among VCs to tap into the talent pool of graduate‑school entrepreneurs. Success may prompt additional capital allocations toward similar thesis‑driven funds, reshaping early‑stage financing dynamics across the United States.

Last Call for Startup Battlefield 200 ApplicationsTechCrunch’s flagship early‑stage competition, Startup Battlefield 200, is winding down. Applicants have until May 27 to submit their entries for a chance to showcase at TechCrunch Disrupt 2026 and compete for a $100,000 equity‑free grant.What the Startup Battlefield 200 Competition EntailsThe program selects 200 promising startups from a global pool, with the top 20 earning a live pitch slot on the Disrupt stage. Winners gain:Live exposure to 10,000+ attendees, leading VCs, and worldwide media.Direct feedback from top investors and TechCrunch editors.Potential follow‑on funding and partnership opportunities.Numbers Behind the Opportunity: Funding, Exposure, and Selection OddsKey metrics illustrate the competition’s ROI:$100,000 equity‑free funding for the grand prize.Only 200 startups selected from thousands of applicants each year (≈2% acceptance rate).Top 20 finalists pitch live, with one ultimate champion.Why This Deadline Matters for Early‑Stage Founders and the Startup EcosystemPre‑Series A founders are in a critical fundraising window. Early submission provides:More time to refine the pitch before the live event.Increased visibility to VCs actively scouting for the next breakout company.Momentum that can translate into seed or Series A rounds.Delaying past the deadline risks being lost in the noise as the final batch of applications is reviewed quickly.What to Expect After May 27 and How Winners Shape 2026 DisruptOnce applications close, the selection committee will evaluate entries over the next two weeks. Chosen startups will be notified by early June, giving them a month to prepare for the live stage. The competition’s history—producing alumni like Dropbox, Discord, and Fitbit—suggests that finalists often attract follow‑on investment and media coverage, setting the tone for the broader 2026 startup landscape.

The Fax Machine Bottleneck in Healthcare The US healthcare system faces a significant bottleneck in its administrative processes, particularly in the transition from primary care doctors to specialist visits. Despite advancements in AI and diagnostics, the manual processing of referrals, often via fax, leads to substantial delays. Basata's Solution Basata, founded by Kaled Alhanafi and Chetan Patel, aims to address this issue. Their AI-powered system reads and processes referral documents, extracts relevant clinical information, and uses an AI voice agent to schedule appointments directly with patients. The Data Analysis The company has processed referrals for roughly 500,000 patients to date, with 100,000 of those coming in the last month alone. Basata's revenue model is usage-based, charging practices per document processed and per call handled. The Impact Analysis The administrative burden in healthcare is a significant challenge. Specialty practices often receive hundreds or thousands of documents, mostly by fax, which small administrative teams struggle to process. This leads to patients being lost not due to a lack of desire to see them, but because of the intake backlog. The Prediction As the healthcare technology space continues to evolve, companies like Basata face the challenge of balancing augmentation and displacement of human workers. With $24.5 million in funding, including a new $21 million Series A round, Basata is poised to make a significant impact. The question remains whether AI will merely expand the capabilities of administrative staff or gradually make their functions unnecessary.