Before being known as the bank that collapsed, Silicon Valley Blank made a name for itself as a bank that helps support underrepresented founders. Eight months later, the bank is now trying to repair its reputation among the Black community, and as part of rebuilding of trust, it sponsored events and parties last week at AfroTech.
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Though many people left the bank for larger institutions, Dominic-Madori Davis spoke with some founders who are still rooting for SVB. “I feel like everyone has moved on,” one founder at the party told her.
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AI’s not the only sector dodging the funding slowdown
Everyone’s eyes are on AI and the promises it brings, but don’t count out defense tech. Just last week, Shield AI raised $200 million in a Series F round. The company’s co-founder and president, Brandon Tseng, points to its incredible revenue growth (90% year over year) as being the reason it was able to raise a mega-round in this environment. “As tensions across the globe continue to expose the shortcomings of the defense industry, the sector is likely to see even more entrepreneurs coming up with new solutions to those problems,” writes senior reporter Rebecca Szkutak.
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