The Okta breach was worse than we thought

In today’s top story, we have an update for you on the Okta breach, first announced in October, where the company said a hacker broke in to steal sensitive files that could be used to access customer networks. At the time, it said just 1% of customers were affected. However, Carly writes that the company now admits the breach actually affected all of its customers.

Over on TechCrunch+, Alex wants to know why venture funding into cybersecurity is “so tepid” even when it’s clear the demand is so strong. Find out the answer.

Meanwhile, General Motors continues to put the brakes on Cruise. Kirsten reports that while the automaker is committed to offering a self-driving product, it will slash spending at Cruise by “hundreds of millions of dollars” next year. Get the scoop.

And Manish has a pair of Byju’s updates. The first is that the Indian edtech giant’s investment firm, Prosus, slashed the company’s valuation to under $3 billion. Byju’s is also the focus of an investigation looking into whether it breached the nation’s foreign exchange rule; however, the company expects minimal or no fine from this allegation.

More top reads

Nope, can’t make me say it: Apple and Google avoid naming ChatGPT as their “app of the year,” picking AllTrails and Imprint instead. We think it was deliberate.

AWS re:Invent Day 2: Our team was there for the second day of keynote speeches, adding some new features to the roundup, including that Amazon finally releases its own AI-powered image generator.

Take note: A new Mac app called Type is a bare-bones note-taking app that utilizes the command bar. See how it works.

Driving force: South African startup GoMetro gets £9 million for its fleet management optimization software. Read more.

What does your Spotify Wrapped say about you?: For me, I listen to way too many scary movie soundtracks. If you haven’t yet checked out yours, Spotify Wrapped 2023 adds an AI DJ and Blend to its annual personalized insights. Meanwhile, the new Sound Town feature, which shows who around the world shares our listening habits, had us wondering what’s up with Burlington, VT?

Fund frenzy: Tola Capital, investing in AI-enabled enterprise software, closes its third — and largest — fund at $230 million. Get the scoop. Speaking of funds, we learned that the Fearless Fund grant program was already “at risk” before its lawsuit.

Do you like travel and chatbots?: Layla takes in new capital as it leverages artificial intelligence and creator content to build a travel recommendation app. Where will you go?

It’s all Relativ-ity: Relativity Space CEO discusses why building a backlog isn’t “worthless,” but rather is the path to product market fit. Read more.

Not just big, but Immensa: Immensa, an additive manufacturing and digital inventory platform operating in the Middle East, raises $20 million. Read how it boosts the energy sector.

Generative AI keeps going and going: Together grabs a $102.5 million investment to grow its cloud for training generative AI. Here’s how.

Go go gadget smartphone: Squint brings in $13 million in a new round of funding, led by Sequoia, for augmented reality to interact with physical objects. See how it works.

Cloudy with a chance of apps: DuploCloud lands $32 million to make provisioning cloud apps easier. Read more.

Even more for your Wednesday:

WSJ says the Goldman-Apple deal is dead. Apple says not yet

Innovation or folly? The Cybertruck will test whether anyone still trusts Tesla

Netflix gets a major win with GTA: The Trilogy coming to its mobile games roster

Elon Musk is now taking applications for data to study X — but only EU researchers need apply…

Discord expands its plans to sell custom avatars and other virtual items

Venture Debt Remains Strong Amidst Slowdown in VC Investment

Sponsored by Bridge Bank, a division of Western Alliance Bank. Member FDIC.

Economic uncertainty has dramatically changed the venture capital landscape, yet venture debt lenders remain a strong partner for many technology startups, explains Mike Lederman, senior managing director in Bridge Bank's Technology Banking Group.

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On the pods

On Equity, Alex spoke with Anu Hariharan, who previously led YC Continuity and has partnered with two of her former colleagues and former Brex executive Lucas Fox to launch a new fund, Avra. The fund aims to raise about $350 million and operate a program that some are referring to as a “YC for growth.”

In light of the new fund news, we’re throwing it back to a conversation we had with Anu earlier this year: Alex and Anu dug into what makes a “great” founder and how those founders are successfully guiding their companies toward cash flow positivity. Listen here.

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