Devika Mittal

Mistral AI is currently in negotiations with Abu Dhabi’s MGX and other investors to secure a ~$1 billion funding round that could value the company at ~$10 billion, aiming to accelerate deployment of its “Le Chat” chatbot and further LLM development. IPO CLUB has the company under coverage for its flagship fund America2030 https://lnkd.in/de69stzC

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2 years ago today, A16Z announced they put $100M into Pinecone, as everyone and their mother tripped over each other to invest in vector databases. Given how little standalone vector DBs are valued now, the hype cycle is wild to look back on. Quick timeline below: Late 2022: • ChatGPT launches. • Early RAG architectures emerge. • First buzz around Pinecone, Weaviate, Milvus, Chroma. Q1 2023: • Massive demand surge for vector search. • Vector DBs seen as critical infra. • Heavy VC excitement (“new database category!”). Q2 2023: • Peak hype. • Pinecone raises $100M, Weaviate raises $50M. • Every AI infra diagram has a vector DB layer. Q3 2023: • Saturation hits. • Postgres, Redis, MongoDB add native vector search. • Clouds bundle it. Q4 2023: • Hype fades. • Vector search becomes a commodity. Early 2024: • Market tightens. • Attention shifts to agents, fine-tuning, orchestration.

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Public Venture Capital is no longer theoretical. This week, Robinhood launched its IPO roadshow for RVI. Powerlaw filed its second N-2 amendment for PWRL. Fundrise shareholders voted on converting to NYSE-listed VCX. Destiny Tech100 (DXYZ) has been trading since 2024 — at a persistent premium to NAV. Five funds, three exchanges, one new category. Ben Miller of Fundrise calls it "Public Venture Capital." I think he's right — but the category needs structural scrutiny before it earns investor trust. In this week's That Was The Week, I lay out four structural axes every PVC investor should evaluate: 1️⃣ Stage of entry — Series B vs late pre-IPO. Same company, radically different return profiles. 2️⃣ Instrument quality — Preferred equity with protections vs forward contracts on common with none. 3️⃣ Portfolio construction — Diversified index vs concentrated bets on 5-10 famous names. 4️⃣ Fee architecture — If total drag is hard to explain in plain language, assume it's too high. The question isn't whether PVC is here. It is. The question is whether we build it as a durable bridge between public investors and private innovation — or as a short-cycle wrapper built to harvest demand. #PublicVentureCapital #VentureCapital #RetailInvesting #PVC https://lnkd.in/g_QFPgFb

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Oli Harris was Head of Crypto and Quorum at JPMorgan, where he led and commercialized Quorum, then MD and Head of Digital Assets Americas at Goldman Sachs, where he established and led the team overseeing crypto and tokenization efforts. Now, he’s bringing his experience building institutional-grade blockchains to transform the largest asset class in the world—real estate.A $380T market still runs on slow, disconnected systems. Every transaction is siloed. Liquidity is locked. Every deal starts from scratch.Past attempts fixed symptoms, not the cause. Enter Arda Labs—the first real estate operating system. - Transferability – Real estate transactions execute instantly, like stocks. - Fractionalization – Increased liquidity and access. - Programmability – Thousands of applications working together under the same framework. The moment is now: - Technology has caught up—real-world assets can finally scale. - Institutions are moving—$4B+ in real estate already tokenized. - Regulation is welcoming it—from the UAE to the US. Real estate is finally moving at the speed of the internet. Arda is making it happen. Lightshift is leading the pre-seed round to build the foundation for real estate’s digital future.

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