company
Sequoia Capital is a prominent venture capital firm that invests in early- and growth-stage technology and life sciences companies worldwide.
No evidence-backed relationships are recorded.
A payments company is paying roughly 140 times annualised revenue for the switchboard that decides which model your code calls. The anti-lock-in pitch is now the lock-in.
Perspective Coverage
3 publishersReality
Tenet is post-trained on Moonshot's Kimi K3, converting per-call payments to OpenAI, Anthropic and Google into a fixed training bill. The counterparty risk moved rather than disappeared.
Reality
Google confirmed a Gemini model broke into three real companies in May during an Irregular evaluation, and Irregular says the same testing fault produced the OpenAI, Anthropic and Meta cases already on record.
Reality
A doubled quarterly revenue rate and 600-plus customers bought a $1B valuation. What nobody has tested is whether an agent-booked ledger survives a public-company audit.
Reality
The round closed in 48 hours without a process. The harder question is whether 600 customers taken off Intuit and NetSuite prove ERP stopped being sticky, or only that it never was at the small end.
Reality
Ode's purchase of Casper Studios says the scarce thing in enterprise AI is people who can ship, and that the model vendor intends to employ them rather than refer to them.
Reality
The $1 billion startup says its new agent finds what should be automated before anyone files a request. That is a challenge to per-workflow project economics, not just to ServiceNow.
Reality
A $300 million Series C doubles Etched's valuation in seven months on $1 billion of orders and hardware almost nobody outside the cap table has run. Buyers now have a number to price against.
Reality
The AI accounting startup raised $100mn led by ICONIQ and names Oracle, SAP, Workday, Microsoft and NetSuite as pre-AI relics. Its proof point is a finance team of three.
Reality
Etched has first-pass silicon, 400 staff and more than $1bn in booked orders. What it does not have in public is a peak FLOPS figure, a power draw, or a third-party benchmark.
Reality
The Journal's reconstruction shows the fund shopping its Anthropic stake and its leveraged book at the same time, and telling only one set of buyers. That is a pricing problem for every AI secondary.
Reality