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Atlassian Rival Linear Raises $82 Million at $1.25 Billion Valuation

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Linear, an enterprise software startup offering development and project planning tools, announced a successful $82 million Series C funding round, valuing the company at $1.25 billion. The round was led by venture capital firm Accel, with participation from existing backers 01A and Sequoia, as well as new investors Seven Seven Six and Designer Fund.

The 80-employee, remote-first company competes directly with Atlassian’s popular project management tool Jira. Linear reported a 280% profit increase last year and serves over 15,000 customers, including notable AI-focused companies such as OpenAI, Scale AI, and Perplexity.

CEO Karri Saarinen emphasized that Linear’s software targets specific software development workflows rather than broad customization, helping users avoid being overwhelmed by complex tools. Key features include a triage inbox for bug and feature requests and sprint management to streamline development cycles. The company also provides AI management capabilities, allowing AI to collaborate as a team member in software projects, reflecting the growing integration of AI in development.

Miles Clements, partner at Accel and Linear investor, praised the company’s focus on customer needs over flashy AI gimmicks, noting that many vendors flood the market with unwanted AI features, whereas Linear delivers practical solutions tailored to users.

Linear plans to use the fresh capital to expand its product lineup and attract larger enterprise clients.

Sberbank Plans AI Collaboration with China Amid DeepSeek’s Rise

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Sberbank, Russia’s largest bank, is set to collaborate with Chinese researchers on artificial intelligence (AI) projects, a top executive revealed, following the groundbreaking success of China’s DeepSeek AI model. DeepSeek, which has created a highly cost-effective AI model, has shaken up the tech landscape, challenging the dominance of U.S. companies like Nvidia. This move reflects the growing collaboration between Russia and China, which share a “no limits” strategic partnership, particularly in the realm of AI.

Under CEO German Gref, Sberbank has transitioned from its bureaucratic past as a Soviet-era state savings bank into a leader in AI innovation. In 2023, the bank launched its own AI model, GigaChat, and is now focusing on joint research projects with China. Alexander Vedyakhin, Sberbank’s First Deputy CEO, confirmed the plans but refrained from naming specific Chinese research partners. The partnership is expected to strengthen the scientific ties between the two countries, in line with Russia’s broader push to expand cooperation with China in areas such as military AI applications.

DeepSeek’s innovative, low-cost AI models have caused a stir globally, with investors now viewing them as serious competition for U.S. tech giants. The potential Russia-China AI alliance could further disrupt the global AI sector, especially as the race between China and the U.S. for AI supremacy intensifies. The shared vision of Presidents Vladimir Putin and Xi Jinping, who view the West as in decline, could fuel further collaboration in emerging technologies like AI, quantum computing, and synthetic biology.

Despite facing sanctions, Russia is eager to build AI partnerships with China and other BRICS nations to counterbalance U.S. dominance. However, Russia’s own AI progress remains difficult to gauge, as some projects are classified. Additionally, both Russia and China struggle with limited domestic computing power due to sanctions, prompting efforts to seek alternative methods to stay competitive in the AI race.

Sberbank’s comparison of its GigaChat MAX model to DeepSeek’s offerings reveals that while DeepSeek excels in scientific tasks, GigaChat remains competitive in the banking sector. Vedyakhin acknowledged DeepSeek’s success as proof that quality AI models can be built without massive investments in infrastructure, such as the U.S. megaproject Stargate. Sberbank, like DeepSeek, has made most of its AI platforms publicly accessible, including its text-to-image model, Kandinsky, and GigaChat Lite, which reflects a more transparent approach than that of OpenAI, drawing a large community.