Tech:NYC Digest: May 17

Tech:NYC Digest: May 17

May 17, 2023 • Estimated Reading Time: 7 minutes

Tuesday, May 16, 2023

In today’s digest, why remote work is (still) far from settled, the push to take New York’s paid family leave policy nationwide, and AI’s takeover of the enterprise tech sector.

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  • Some NYC government agencies will begin a remote and flexible work pilot program on June 1 for city employees. (New York Daily News)

    • Meanwhile, AT&T announced that managers will soon be required to be in office at least three days each week, and BlackRock employees will be called back to the office four days a week.

  • The MTA has unveiled new designs for subway turnstiles, prototyping pairs of glass doors that slide open meant to replace emergency exit doors, all with the goal of reducing fare evasion. The MTA said the agency lost an estimated $690 million last year to fare and toll evaders. (Gothamist)

  • US Senator Kristen Gillibrand has reintroduced the Family Act, a bill to guarantee 12 weeks of paid family leave. The bill makes a national effort to align with leave policies already enacted in New York, as well as expands who qualifies as family under the guarantee. (Axios)

In other reading:

  • Climate change could impact NYC water supply. This new tech lab will seek solutions. (Staten Island Advance)

  • The 17 NYC Restaurants Up for New Michelin Awards in 2023 (Eater NY)

  • Swanky glamping is back on Governors Island this summer (Time Out New York)

The AI hype is real — and it’s impossible to ignore that it's quickly taking over all kinds of industries.

What’s new: More than a third of the hottest enterprise tech startups focus on generative AI, according to a list compiled by the VC firm Wing, with even more newly incorporating AI as a core feature. (Axios)

  • That includes startups like Pinecone and Wiz, two NYC-based startups that are among the very few who have bagged $100+ million megarounds of new funding this year.

In 2022, New York-based AI companies in total raised a whopping $484 million in venture funding. (Crain’s New York)

  • Consider the seismic shift of that number compared to 2018, when just $41 million was raised by generative AI companies in New York.

  • The explosion of AI also has the attention of lawmakers: New York’s own Sen. Chuck Schumer has been meeting with tech leaders to create a regulatory framework for the industry.

Our take: AI feels like a buzzy sector right now, of course, but its skyrocketing share of venture capital also shows just how quickly the technology has improved — and how it’s finding new paths to commercialization. 

In other reading:

  • Adonis, a NYC-based health care revenue intelligence and automation platform, raised $17.3 million in Series A funding. General Catalyst led the round and was joined by insiders Bling Capital, Max Ventures, and Homebrew.

  • Asymmetry Finance, a NYC-based liquid staking tokens protocol, raised $3 million in seed funding. Ecco Capital led the round and was joined by Republic Capital, GMJP, and Ankr.

  • Laguna Health, a NYC-based health care transition management platform, raised $15 million in Series A funding. SemperVirens and HC9 Ventures co-led the round.

  • Somethings, a NYC-based teen mentorship and wellness platform, raised $3.2 million in seed funding, General Catalyst led the round.

  • May 23: In-person: Product Management for Startups, with Band co-founder Amy Pan, Air CEO Shane Hedge, and Homethrive CPO Karan Chawla. Hosted by Stacklist. Register here.

  • May 25: In-person: Building with A DEI Lens, featuring Mathison founder Arthur Woods and The Venture Collective general partner Cat Middleton. Hosted by Company Ventures. Register here.

  • May 30: In-person: Cornell Tech @ Bloomberg speaker series, featuring Duolingo co-founder and CEO Luis von Ahn. Hosted by Tech:NYC, Cornell Tech, and Bloomberg. Register here.

  • June 1: In-person: A fireside chat with Federal Trade Commission Chair Lina Khan on Antitrust, AI, and Innovation. Hosted by Bradley Tusk. Register here.

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