Snap's sextortion issue, Palmer Luckey mouths off, and dogs dressed up as pandas

StrictlyVC Newsletter Briefing - October 1, 2024 Main Themes: Sextortion Concerns in Tech: Snap Inc. faces legal action for allegedly ignoring sextortion risks posed by its platform to young users. Venture Capital Landscape Shifts: Peak XV, a major venture capital firm in India and Southeast Asia, reduces fund sizes and management fees, reflecting potential adjustments in the VC landscape. Palmer Luckey & Startup Conflicts: Palmer Luckey, founder of Anduril, is embroiled in a legal battle with former employees' startup, Salient Motion, alleging intellectual property theft. AI Advancements and Applications: AI continues to be a significant focus for investment and innovation, with startups like VieCure utilizing AI for cancer treatment management, Rogo for financial analysis, and Thread AI for AI integration and automation. Key Highlights: Snap Inc. Under Fire: Snap Inc., the parent company of Snapchat, is facing legal challenges from the state of New Mexico for allegedly failing to address known sextortion risks posed to young users. Peak XV Adjusts Strategy: Peak XV, a prominent venture capital firm focusing on India and Southeast Asia, is downsizing several of its funds, releasing backers from $465 million in commitments. This move indicates a potential shift in investment strategies and risk appetite within the VC sector. Palmer Luckey vs. Salient Motion: A legal battle has erupted between Anduril, the defense tech company founded by Palmer Luckey, and Salient Motion, a startup established by former Anduril engineers. Anduril accuses Salient Motion of stealing intellectual property, while Salient Motion denies these claims. This high-profile case highlights the legal complexities and potential conflicts that can arise between startups and larger companies, especially when former employees are involved. The situation is further complicated by Andreessen Horowitz, a major Anduril backer, investing in Salient Motion. Notable Funding Rounds: Aktis Oncology: Raised $175 million in Series B funding for developing targeted radiopharmaceuticals to treat solid tumors. Eon: Secured a combined $127 million in seed, Series A, and Series B rounds for its cloud data backup and management platform. Impulse Space: Raised $150 million in Series B funding to advance its mission of optimizing satellite positioning and reducing the need for additional launches. Kailera Therapeutics: Secured a substantial $400 million in Series A funding for developing an injectable drug targeting obesity and type 2 diabetes. Palmer Luckey's Controversial Statements: During an appearance at Pepperdine University, Palmer Luckey made controversial statements endorsing fully autonomous weapons and expressing hawkish views against U.S. adversaries, sparking debate. OpenAI Internal Concerns: Fortune reports that several OpenAI employees believed the release of its o1 model was premature, potentially contributing to CTO Mira Murati's unexpected departure. Quote of the Day: "Luckey himself said Anduril would have 'no mercy' for anyone believed to be stealing Anduril’s intellectual property." - Margaux MacColl, StrictlyVC This newsletter provides a snapshot of current events in the tech and venture capital sectors, highlighting significant legal challenges, investment trends, and controversial figures.