According to The Information, DeepSeek is building its new AI model using thousands of Nvidia Blackwell chips that were smuggled into China. More here.

Speaking of smuggled chips, Nvidia is quietly testing software that infers where its AI chips operate, signaling heightened scrutiny as smuggling allegations into China circulate and regulators loosen limited export approvals. (One big catch: customers would have to opt in.) TechCrunch has more here.

Coupang’s chief executive stepped down after a months-long breach exposed personal data tied to roughly 34 million people, more than half the country’s population. TechCrunch has more here.

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By Lauren Forristal

A new helper has arrived at the North Pole in recent years: AI.

Tavus, the AI startup that creates digital replicas using voice and face cloning technology, has launched its AI Santa experience for the second year in a row. This allows parents and children to video chat with a virtual version of the jolly old Saint Nick.

After signing up for a free account, users can interact with AI Santa via text, phone, or video chat. Users can tell AI Santa what they want for Christmas, share their holiday plans, and find out if they’re on the naughty or nice list. 

This year, the company debuted an improved version of AI Santa, designed to be more expressive and emotionally aware. Santa is now a “Tavus PAL,” the company’s name for its real-time AI agents that are built to see, hear, respond, and appear human.

AI Santa can now see users’ expressions and gestures and respond to them. It also remembers users’ conversations and interests, creating a more personalized experience. Notably, it now can take actions of its own, including searching the web for present ideas or even perform everyday tasks like drafting emails.

During testing, the conversation with AI Santa was engaging for the most part. When we mentioned wanting a new PlayStation for Christmas, Santa followed up with questions about our favorite video games, showing knowledge of specific titles like Baldur’s Gate 3. It also smiled back when we did. (We didn’t like that part very much, but maybe others will.)

Users appear to be enjoying the improved experience so far. Founder and CEO Hassaan Raza said that many people are engaging with the platform frequently, spending hours chatting with AI Santa and often reaching their daily limits.

Fervo Energy, a nine-year-old Houston startup that develops geothermal power projects using oil-and-gas drilling techniques, raised a $462 million Series E round led by B Capital, with AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, and Mitsui & Co. as well as previous investors Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, Congruent Ventures, CPP Investments, Devon Energy, Echelon, Galvanize, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, and Sabanci Climate Ventures also piling on. The company has raised a total of approximately $1.5 billion in equity and debt. TechCrunch has more here.

Nu Quantum, an eight-year-old startup based in Cambridge, England, that builds networking infrastructure to link and scale quantum computers, raised a $60 million Series A round led by National Grid Partners, with Gresham House Ventures and Morpheus Ventures as well as previous investors Amadeus Capital Partners, IQ Capital, Ahren Capital, Cambridge Enterprise Ventures, East Innovate, NSSIF, and Sumitomo (Presidio Ventures) also contributing. More here.

SanegeneBio, a five-year-old startup based in Woburn, MA, that develops RNA interference therapeutics for liver disease and cardiometabolic conditions, raised a $110 million Series B round. Investors included Sino Biopharm, Legend Capital, Vivo Capital, Invus, SymBiosis, Guofa Capital, TruMed, Lake Bleu Capital, Qiming Venture Partners, K2 Venture Partners, TF Capital, Oriza Holdings, Northern Light Venture Capital, and Eli Lilly. FirstWord has more here.

Vatn Systems, a three-year-old startup based in Portsmouth, RI, that builds autonomous underwater vehicles for military and commercial customers, raised a $60 million Series A round led by BVVC, with Hanwha, Geodesic Capital, Airbus Ventures, Dauntless Ventures, Trousdale Ventures, and Veteran Ventures Capital as well as previous investors DYNE Ventures, Propeller Ventures, Decisive Point Ventures, SAIC Ventures, Centre Street Partners, Cubit Capital, and Lockheed Martin Ventures also stepping up. The company has raised a total of $76.5 million. Marine Technology Reporter has more here.

401GO, a seven-year-old startup based in West Jordan, UT, that provides a 401(k) platform sold through financial advisors and embedded partners to serve small and mid-sized employers, raised a $33 million Series B round led by Centana Growth Partners, with Next Frontier Capital, Rally Ventures, and Impression Ventures also participating. More here.

AnySignal, a three-year-old startup based in El Segundo, CA, that builds radios for space and defense communications, raised a $24 million Series A round led by Upfront Ventures, with BlueYard Capital and First In Ventures also investing. The company has raised a total of $32 million. Payload has more here.

Aradigm, a one-year-old startup based in Bethesda, MD, that helps employers and insurers pay for and deliver ultra-expensive cell and gene therapies by pooling risk, standardizing pricing, and coordinating care, raised a $20 million Series A round led by Frist Cressey Ventures, with additional participation from Andreessen Horowitz and Morgan Health. More here.

EpilepsyGTx, a five-year-old startup based in Cambridge, UK, that develops gene therapies to treat refractory epilepsy, raised a $32.7 million Series A round. Investors included XGEN Venture, the British Business Bank and an unnamed global biopharmaceutical company also taking part. EU-Startups has more here.

Inito, an 11-year-old Houston company that develops at-home fertility hormone tests using AI-designed antibodies, raised a $29 million Series B round co-led by Bertelsmann India Investments and previous investor Fireside Ventures, with prior backers Y Combinator and Varsha Rao also participating. The company has raised a total of $45+ million. TechCrunch has more here.

Interchange, a two-year-old startup based in Portland, OR, that builds correspondent clearing infrastructure and developer tools for securities products, raised a $17 million seed round. Investors included MS&AD Ventures, BoxGroup, Plug and Play Ventures, and Liquid2. More here.

Outset, a four-year-old San Francisco startup that builds AI-moderated customer research software, raised a $30 million Series B round led by Radical Ventures, with M12, Microsoft’s Venture Fund, Y Combinator, Adverb Ventures, and 8VC also opting in. The company has raised a total of $51 million. More here.

Safebooks, a three-year-old Israeli startup that develops software to automates the verification and reconciliation of revenue data across finance systems, raised a $15 million seed round led by co-led by 10D, Propel Ventures, and Mensch Capital, with Moneta Venture Capital, Magnolia Capital, Cerca Fund, and Blue Moon also taking part. CTech has more here.

Shapes, a three-year-old Israeli startup that develops software to manage core human resources workflows and employee data, raised a $15 million Series A round led by Entrée Capital, with NFX and F2 also participating. CTech has more here.

Solve Intelligence, a two-year-old San Francisco and London startup that builds AI software for patent preparation and management, raised a $40 million Series B round co-led by Visionaries and prior backer 20VC, with Reuters, Y Combinator, and Operator Collective also joining in. The company has raised a total of $55 million. Silicon Republic has more here.

South 8 Technologies, a 10-year-old San Diego company that develops a liquefied gas electrolyte for lithium-ion batteries, raised an $11 million follow-on round co-led by W. L. Gore & Associates and Lockheed Martin Ventures, with Anzu Partners, IQT, LG Technology Ventures, Porsche Ventures, Foothill Ventures, Alumni Ventures, and Galvion also chiming in. More here.

Spark Cleantech, a four-year-old French startup that uses pulsed plasma technology to decarbonize high-temperature industrial processes, raised a $19.8 million Series A round co-led by 360 Capital and Taranis, with the Île-de-France Reindustrialisation Fund as well as previous investor Asterion Ventures also engaging. The company has raised a total of $39.7 million in equity and debt. EU-Startups has more here.

a2z Radiology AI, a two-year-old Boston startup that develops AI systems to simultaneously triage urgent conditions on abdomen-pelvis CT scans, raised a $4.5 million seed round co-led by Khosla Ventures and SeaX Ventures. HIT Consultant has more here.

Anaphite, a seven-year-old startup based in Bristol, UK, that develops dry electrode coating technology for electric vehicle batteries, raised a $1.8 million round co-led by Elbow Beach and World Fund. UKTN has more here.

BoodleBox, a two-year-old startup based in Tysons, VA, that builds collaborative AI software for higher education, raised a $5 million seed round co-led by Dogwood Ventures and Osage Venture Partners, with JFFVentures, ECMC Group, Hivers and Strivers, Service Provider Capital, the UVU Wolverine Fund, and City Light Capital also investing. More here.

Empromptu, a two-year-old San Francisco startup that develops software to help companies build self-improving AI applications, raised a $2 million pre-seed round led by Precursor Ventures, with Alumni Ventures, Founders Edge, Rogue Women VC, South Loop, and Zeal Capital also anteing up. More here.

Opine, a three-year-old startup based in Durham, NC, that builds an AI workspace for complex B2B sales teams, raised a $5 million seed round led by S3 Ventures, with Knoll Ventures, Atlanta Seed Company, Gray Ventures, Propel Ventures, and Triangle Tweener Fund also pitching in. More here.

Skydo, a four-year-old Bengaluru startup that builds infrastructure that enables businesses to collect, convert, and settle cross-border payments, raised a $10 million Series A round led by Susquehanna Asia Venture Capital, with Elevation Capital also participating. YourStory has more here.

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Meesho, a 10-year-old Bengaluru company that runs an online marketplace linking small merchants with value-focused shoppers, jumped 53% in its Mumbai debut after a $603 million IPO, suggesting renewed investor confidence in Indian tech listings. The company’s backers include SoftBank, B Capital, South Park Commons, Peak XV Partners, Meta, and Elevation Capital. Bloomberg has more here.

Jeff Bezos and Elon Musk are pushing competing efforts to move AI computing into orbit, betting falling launch costs and solar power could reshape the data center economy despite steep technical risks and unresolved cost questions. The Wall Street Journal has more here.

Intel chief executive Lip-Bu Tan is drawing scrutiny from inside the company and Washington for continuing to run venture firms and back chip startups that intersect with Intel dealmaking. The New York Times has more here.

Former British deputy prime minister and Meta exec Nick Clegg and former Meta chief scientist Yann LeCun are joining Hiro Capital as a general partner and an adviser, respectively. The Guardian has more here.

MacKenzie Scott disclosed $7.1 billion in unrestricted donations this year, injecting massive capital into nonprofits that are navigating political and funding uncertainty. CNN has more here.

OpenAI warned today that its next wave of AI could materially raise cyber risk by enabling zero day exploits and sophisticated intrusions. Reuters has more here.

McDonald’s pulled a Netherlands holiday ad within days after backlash over its AI-generated imagery and bleak premise, a retreat that underscores rising brand risk as major marketers test AI creative. The Daily Beast has more here.

Revised definitions of the verb “to Google.”

A San Francisco woman gave birth inside a Waymo while en route to a hospital, surprising everyone other than anyone who has ever driven a taxi or Uber for at least six months.

New Balance is re-releasing its Sézane collaboration of the retro-styled 471 after the first batch sold out fast, reflecting strong demand for the ’70s inspired design.

Range Rover’s SV Black boasts a new audio system that extends haptic feedback from the seats to the floor mats and lets passengers feel the music.

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