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Tesla Chair Robyn Denholm Steps Down as Operating Partner at Blackbird VC

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Tesla chair Robyn Denholm has stepped down from her role as operating partner at Blackbird VC, Australia’s largest venture capital fund, though she will remain a board member and adviser to the firm, according to sources familiar with the situation. Denholm, who has held a significant role in the firm since January 2021, had been involved in advising later-stage startups on operational matters, such as designing operating systems, hiring senior teams, and managing partnerships.

Denholm, based in Sydney, also stepped down as the chair of the Tech Council of Australia on Wednesday, a position she had held since the group’s founding in 2021. She will continue to serve as a board member there as well.

A spokesperson for Tesla did not immediately respond to a request for comment. Similarly, Blackbird VC confirmed that Denholm transitioned into a board member role in 2024 but did not provide further details about the reasons behind the change. Denholm’s LinkedIn profile and the Tesla website still listed her as an operating partner as of Friday.

In addition to her role at Blackbird, Denholm has served as the chair of Tesla since 2018. The company has faced political scrutiny, particularly related to CEO Elon Musk‘s involvement with the administration of U.S. President Donald Trump. Denholm was also part of a Tesla board settlement worth up to $919 million, addressing allegations of overcompensation.

Korea’s NH Venture Targets Investments in Israeli Tech Startups

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NH Venture Investment, a branch of NongHyup Financial Group (NH), is looking to invest millions of dollars in Israeli tech startups, aiming to combine Israel’s innovative technologies with Korea’s manufacturing capabilities to create larger global companies. Established in 2019, NH Venture seeks to build on Israel’s deep-tech expertise, including areas such as artificial intelligence, semiconductors, defence, healthcare, and quantum computing.

In July 2024, NH Venture teamed up with OurCrowd, an Israeli investment platform, to establish the Trepont Fund—an $80 million initiative designed to invest in 30 startups across Israel, Korea, and Silicon Valley. CEO Hyun Jin Kim confirmed that NH Venture plans to invest at least $40 million of the fund specifically in Israeli startups. One of the company’s notable investments is in Kardome, an AI voice recognition company that collaborates with Korean giants LG and Hyundai Motors.

During his recent visit to Israel, Kim met with several startups, including Hailo, an Israeli unicorn in the AI space. Kim emphasized the potential for strong collaboration between Israeli innovation and Korean manufacturing, particularly to penetrate the U.S. market. Despite concerns around the ongoing Israel-Hamas conflict, Kim noted that innovation has remained constant in the region, and NH Venture is not deterred by the situation.

The fund is specifically targeting early-stage companies that have already developed proven products. Ely Razin, a partner at OurCrowd, highlighted that Korean interest in Israeli startups has grown, especially following the Israel-Hamas ceasefire.

The relationship between Israel and Korea is well-established, with Samsung, LG, and Hyundai all having venture arms in Israel. Both countries are among the global leaders in research and development.

Seong Ryong Kang, CEO of the Korea-Israel Industrial R&D Foundation, believes the cooperation between the two countries is more seamless compared to other Asian nations due to their complementary industries, and the presence of Korean venture firms in Israel underscores a strong willingness to collaborate.

Flock Safety Raises $275 Million to Fund Manufacturing and R&D Expansion

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Flock Safety, a U.S.-based startup specializing in surveillance technology, has secured $275 million in new funding, led by Andreessen Horowitz, to expand its operations. The funding will be used to support the development of a manufacturing plant and to further explore new products, including drones.

The investment has valued Flock Safety at $7.5 billion, a significant increase from its previous valuation of $4.8 billion in the previous funding round last year. With this latest funding, the startup’s total capital raised exceeds $950 million, positioning it among the most well-funded startups in the region, according to PitchBook data.

This marks the third investment by Andreessen Horowitz in Flock, a notable move by the venture capital firm. Greenoaks Capital and Bedrock Capital also participated in the funding round.

Flock Safety provides security cameras and software aimed at helping law enforcement agencies and businesses combat crime. The company has reported surpassing $300 million in annual recurring revenue (ARR), reflecting a 70% year-over-year growth. In preparation for an eventual public listing, Flock has brought in Brandon Simins as its new CFO this year, although it has not set a specific timeline for the listing.

A significant part of the funding will go toward the construction of a 100,000-square-foot manufacturing facility in Georgia, where Flock plans to begin the production of U.S.-manufactured drones by 2025. Garrett Langley, CEO of Flock, expressed excitement about bringing more manufacturing to the U.S., stating that it would provide better control over the supply chain and further their mission to combat crime.

Founded in 2017, Flock Safety’s surveillance system leverages artificial intelligence (AI) to provide insights for investigations, such as identifying car plates. The company now serves over 4,800 law enforcement agencies and nearly 1,000 businesses, including major retailers and healthcare providers. Enterprise businesses account for approximately 30% of its revenue.

Investing in startups that sell to law enforcement is somewhat uncommon for Silicon Valley investors, but David George, general partner at Andreessen Horowitz, highlighted Flock’s growth as evidence of the large market for such solutions. “Flock Safety has one of the most compelling ROI (return on investment) equations we’ve ever seen in software or hardware markets,” said George. He added that Flock’s widespread penetration into police departments and its high market share position it for a venture-scale outcome.