Tag: lightspeed

OpenAI researcher Miles Wang in talks to launch AI drug discovery startup valued at $2B

Posted on by faz_business


Miles Wang, an OpenAI researcher whose work includes using AI to accelerate scientific and biological discovery, is leaving the ChatGPT maker to launch a new startup focused on developing AI models for drug discovery, according to four people with knowledge of his plans. Several other OpenAI researchers are expected to join the new company.  

Wang is in talks to raise about $200 million at a $2 billion valuation, two of the people said. Lightspeed is in discussions to lead the funding round, according to sources. Talks are ongoing, the deal may not be final and details could change.

Wang disputed the story’s funding figures and description of the company but did not specify the correct numbers or details. Lightspeed didn’t respond to a request for comment.

The funding discussions point to investor interest in applying AI to make breakthroughs in life sciences. Chai Discovery, a two-year-old startup developing AI models that can predict molecular interactions to identify new drugs, announced on Tuesday that it raised $400 million at a $3.8 billion valuation. (Co-founder Josh Meier also passed through OpenAI as a researcher.) Meanwhile, Google DeepMind spinout Isomorphic Labs, which also develops AI models for drug discovery, raised a $2.1 billion Series B in May.

Wang’s new startup may be working on AI models that will help find new uses for existing drugs and possibly those that previously failed in trials, a couple of sources told TechCrunch. Finding new uses for FDA-approved drugs can result in significantly faster time to revenue than developing new drugs from scratch, as these medicines have already been tested for safety.

Wang joined OpenAI in 2024 after dropping out from Harvard, where he was working on a bachelor’s degree in computer science. (In recent years, investors are once again comfortable betting on young founders who haven’t completed college.)

At OpenAI, he co-authored research papers, including evaluating how AI models can automate and accelerate scientific discovery.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

India’s Snabbit valuation doubled to $180M in 5 months on its quick house-help bet

Posted on by faz_business


India’s appetite for instant convenience — once confined to food and grocery delivery — is expanding into house help. That shift has helped Snabbit, an on-demand home-help startup, secure $30 million in new funding and lift its valuation to $180 million, up from $80 million five months ago.

The all-equity Series C round — Snabbit’s third fundraise in nine months — was led by Bertelsmann India Investments, with participation from existing backers Lightspeed, Elevation Capital, and Nexus Venture Partners. The latest infusion brings the startup’s total funding to $55 million.

Snabbit’s fresh funding follows a sharp rise in activity, with the Bengaluru-based startup growing from about 1,000 jobs a day in May to more than 10,000 daily bookings. The company crossed 300,000 total orders in October, founder and CEO Aayush Agarwal said in an interview with TechCrunch.

Founded in 2024, Snabbit offers a range of on-demand home services for urban households, including cleaning, dishwashing, laundry, and kitchen prep through a 100% women-led fleet of 5,000 experts. The startup operates through a hyperlocal network of trained workers stationed around dense residential clusters, promising service within 10 minutes.

Currently, Snabbit serves 40 micro markets across five major cities, namely Mumbai, Bengaluru, Gurugram, Noida, and Pune. It plans to expand its presence in these cities and enter Hyderabad, Chennai, Delhi, and Calcutta very soon, Agarwal told TechCrunch.

Snabbit has served more than 300,000 customers, up from 25,000 in May, and expects to add another 100,000 as early as next month. Most of its users are between 30 and 40 years old, including bachelors and working professionals.

Snabbit founder and CEO Aayush Agarwal with a few of its women expertsImage Credits:Snabbit

Some of Snabbit’s customers are those who do not want full-time house help but prefer an ad hoc solution. “We’re basically taking inefficiency in the model and plugging that, rather than saying, ‘Hey, this was happening offline, and now we’ll do it online’,” said Agarwal.

The startup reports a 30–35% retention rate and projects to reach annual recurring revenue of $11 million this month. Moreover, it has a customer acquisition cost of “well below” ₹500 (roughly $6), Agarwal told TechCrunch.

Snabbit’s services are priced at around ₹150 (about $2) per hour, with an average ticket size of around ₹240 (roughly $3).

Workers on the platform earn between ₹25,000–₹30,000 (approximately $284–$340) a month, depending on the hours they work. The startup has also reduced the average walking distance for its workers between two jobs from 300 meters to 250 meters, giving them more time to serve customers.

Snabbit is not alone in the race to offer quick, on-demand home services in India. Urban Company pioneered the trend and was later followed by startups such as Broomees and Pronto. Urban Company now plans to double down on instant home services to stay ahead of rising competition, though Snabbit says it does not see that as a challenge.

“In a hyper-local business, you don’t win pan India, you don’t win cities, you win micro markets. And today, out of the micro markets where we both [Snabbit and Urban Company] are present, Snabbit is leading in more micro markets because we have taken a very positive strategy to build depth as opposed to build breadth,” Agarwal said.

The new funding will help Snabbit strengthen its presence and expand into high-frequency categories such as cooking, child care, and elderly care.