The Upfront Summit, less than two months after the fires, draws tech’s elite to Los Angeles

Allie Garfinkle

The Intuit Dome is a place built by and with tech.<div class="paywall-selector"></div><div class="paywall">



The stadium—brand-spanking-new and oddly luminous—bears the tax software firm’s name but is indelibly tied to former Microsoft CEO Steve Ballmer, now owner of the Los Angeles Clippers. Ballmer was involved in the Intuit Dome’s design, which involved building in facial recognition tech, checkout-free concessions, and a dual-sided immersive screen. 



The Intuit Dome’s tech imprint then makes it a fitting place for the Upfront Summit, Upfront Ventures’ annual conference. The Upfront Summit, known for its glamour and L.A.-long ethos, is the kind of place where Alexis Ohanian is walking around, Gavin Newsom makes a surprise appearance, and Prince Harry actually shows up. There are smoke machines, light-up basketball hoops, and a stadium bowl filled with 18,000 glimmering seat-lights. Rob Biederman, first-time attendee and managing partner of Asymmetric, texted me: &#8220;Virtually everyone we wanted to see in U.S. tech right now was present.&#8221;



In 2024, the conference was held in a West Hollywood movie studio lot, and everyone was still bundled up for VC winter. In 2025, I’m writing this from the Intuit Dome’s courtyard, encircled by food trucks, bright umbrellas, and hundreds of VCs, LPs, and conference-goers. I hesitate to call VC spring, but there’s definitely a sense of optimism—even if it’s complicated. Sequoia partner Pat Grady told the audience that, when it comes to VC as a whole, he’s a &#8220;short-term pessimist, long-term optimist.&#8221;



&#8220;If I unpack that a little, why am I a short-term pessimist? Well, if you go back to the origins of venture capital, it’s been a cottage industry for most of its existence,&#8221; said Grady. &#8220;But thanks to the last ten or 15 years, ZIRP, coupled with the cloud and mobile super cycle, it’s gone from being a cottage industry to being a business…When you’re in business, the business of business is business. Now, you’re focusing on maximizing shareholder value. That takes you down a different path.&#8221;



Grady’s take gets at the tension entrenched in a bifurcating industry. Many large VCs <a href="https://fortune.com/2024/06/24/andreessen-horowitz-a16z-private-equity-fund/">are becoming asset managers</a>, while boutique shops can thrive doing &#8216;traditional&#8217; venture capital—if they’re good enough to generate substantial returns. That’s easier said than done, of course, in an exit environment that remains stagnant.&nbsp;



But the AI boom, now matured as compared to a year ago, has infused hope into tech overall, despite the sluggish IPO landscape. Perplexity cofounder and CEO Aravind Srinivas took the stage with Kindred Ventures founder Steve Jang (and a Perplexity investor). Nodding to the rapid rate of change in AI, Jang asked Srinivas: Why are you shipping so fast?



&#8220;I have a choice? This whole field is moving at a fast pace, and I think the only way to stay relevant right now is to ship better at that pace,&#8221; Srinivas said. &#8220;It’s good and bad, right? It’s bad, because there’s no hope to have several hours of sleep and a relaxed life. But it’s good, because you get to enjoy…the constant iteration of the product.&#8221; (Perplexity has a business relationship with Fortune).



Dara Khosrowshahi, the CEO of Uber (market cap: $155 billion) took the stage after Srinivas, which struck me as a sign of just how big of a draw the founders of high-flying AI startups like Perplexity have become. (My favorite part of Khosrowshahi’s talk was about the weirdest things left behind in Ubers: pet turtles, and one rider’s mother’s ashes, apparently.) The conference came to a close with a conversation featuring GoFundMe CEO Tim Cadogan and Paris Hilton, 11:11 Media founder. The two spoke passionately about rebuilding Los Angeles in the aftermath of the fires that devastated Pacific Palisades and Altadena in January. 



It may seem like a surprising way to end a tech conference, but the Upfront Summit has always been defined by its sense of place, its commitment to L.A. <a href="https://fortune.com/2025/01/14/as-los-angeles-burns-the-view-from-the-top-of-the-hill-with-upfront-ventures-mark-suster/">The fires were not forgotten</a> at the conference but featured, often in ways that <a href="https://fortune.com/2025/01/29/los-angeles-vcs-unite-to-launch-la-tech-community-cares-fund-for-fire-recovery/">honored those who’ve been affected</a>. The Upfront Summit this year was very much about the core idea that brought the conference to life in the first place—that in its own right Los Angeles is a tech hub, and bringing capital to the city will only make it more so.  



See you Monday,



Allie Garfinkle X: <a href="https://x.com/agarfinks" target="_blank" rel="noreferrer noopener">@agarfinks</a> Email: <a href="mailto:alexandra.garfinkle@fortune.com">alexandra.garfinkle@fortune.com</a> Submit a deal for the Term Sheet newsletter <a href="mailto:termsheet@fortune.com">here</a>.



Nina Ajemian curated the deals section of today’s newsletter. <a href="https://fortune.com/newsletters/term-sheet">Subscribe here</a>.VENTURE DEALS
- <a href="https://www.taktile.com/">Taktile</a>, a New York City-based decision automation platform for financial services, raised $54 million in Series B funding. Balderton Capital led the round and was joined by existing investors Index Ventures, Tiger Global, Y Combinator, and others.
- <a href="https://mimic.com/">Mimic</a>, a Palo Alto-based ransomware defense technology developer, raised $50 million in Series A funding. GV and Menlo Ventures led the round and were joined by existing investors Ballistic Ventures, Team8, Wing Ventures, and Shield Capital.
- <a href="https://www.relaytech.co/">Relay</a>, a London-based e-commerce technology developer, raised $35 million in Series A funding. Plural led the round and was joined by existing investors Project A and Prologis Ventures.
- <a href="https://ver-ai.com/">VerAI Discoveries</a>, a Boston-based AI-powered mineral assets discovery platform, raised $24 million in Series B funding. Insight Partners led the round and was joined by existing investors Blumberg Capital, Chrysalix Venture Capital, and Orion Industrial Ventures.
- <a href="https://www.venn.ca/">Venn</a>, a Toronto-based Canadian banking platform, raised $21.5 million in Series A funding. Left Lane Capital led the round and was joined by XYZ Venture Capital, Intact Ventures, and Gradient.
- <a href="https://www.subscript.com/">Subscript</a>, a San Francisco-based revenue management platform for B2B SaaS companies, raised $15 million in Series A funding. Pelion led the round and was joined by First Round Capital, Kapor Capital, Forum Ventures, and Fresco Capital.
- <a href="https://www.workhelix.com/">Workhelix</a>, a Palo Alto-based AI deployment and impact measurement platform, raised $15 million in Series A funding. AIX Ventures led the round and was joined by Andrew Ng’s AI Fund, Accenture Ventures, BGV, and others.
- <a href="https://claros.tech/">Claros</a>, a McLean, Va.-based power management company, raised $9.8 million in funding from Red Cell Partners, General Catalyst, Virginia Venture Partners, Composite Capital Partners, and others.
- <a href="https://www.chartahealth.com/">Charta Health</a>, a San Francisco-based AI automated chart review and medical billing platform, raised $8.1 million in seed funding led by Bain Capital Ventures and was joined by SV Angel, South Park Commons, SpringRock Ventures, Refract Ventures, and angel investors.
- <a href="https://deepnight.ai/">Deepnight</a>, a San Francisco-based AI-powered military night vision technology developer, raised $5.5 million in funding. Initialized Capital led the round and was joined by Y Combinator, Vladlen Koltun, and others.
- <a href="https://fortune.com/2025/02/27/exclusive-two-instacart-alumni-raise-5-5-million-to-build-highstock-an-ebay-for-big-brands-with-excess-inventory/">Highstock</a>, a New York City-based unsold inventory platform for wholesale buyers, raised $5.5 million in seed funding. Greylock led the round and was joined by Max Mullen.
- <a href="https://www.firstwork.com/">Firstwork</a>, a San Francisco-based AI-powered frontline workers workforce management platform, raised $5 million in seed funding. Gradient led the round and was joined by YCombinator, SOMA Capital, 468 Capital, and others.
- <a href="https://www.usequanta.com/">Quanta</a>, a San Francisco-based AI-powered accounting service provider for software businesses, raised $4.7 million in seed funding. Accel led the round and was joined by basecase, Comma Capital, Designer Fund, Operator Collective, and angel investors.
- <a href="https://getbreakout.ai/">Breakout</a>, a San Francisco-based AI-powered sales rep developer, raised $3.3 million in seed funding. Village Global led the round and was joined by Recall Capital, Z21 Ventures, and angel investors.
- <a href="https://www.exialabs.com/">Exia Labs</a>, a Bellevue, Wa.-based AI-powered military operations and strategy technology developer, raised $2.5 million in pre-seed funding. a16z Speedrun led the round and was joined by Space Capital, Anorak Ventures, Pathbreaker Ventures, and Mana Ventures.
- <a href="https://aegis.im/">Aegis</a>, a Tortola, British Virgin Islands-based bitcoin-backed stablecoin developer, raised $2 million in funding through SAFT. Dewhales led the round and was joined by Profluent Ventures and angel investors.
- <a href="https://jurimesh.com/">Jurimesh</a>, a Ghent, Belgium-based AI-powered due diligence platform, raised €1.6 million ($1.7 million) in pre-seed funding. Syndicate One led the round and was joined by angel investors.
PRIVATE EQUITY
- Aquiline agreed to acquire the family office services business of <a href="https://www.seic.com/">SEI</a>, an Oaks, Pa.-based technology and investment solutions provider for the financial services sector, for $120 million.
- HGGC agreed to acquire a majority stake in <a href="https://centralisgroup.com/">Centralis</a>, a Luxembourg-based alternative asset management and business services provider. Financial terms were not disclosed.
OTHER
- Dasseti acquired <a href="https://www.metric-esg.com/">Metric</a>, a Chicago-based ESG management platform for private market investors. Financial terms were not disclosed.
- Life360 acquired the adtech AI platform of <a href="https://www.fantix.ai/">Fantix</a>, a New York City-based AI model training company. Financial terms were not disclosed.
PEOPLE
- <a href="https://www.versionone.vc/">Version One Ventures</a>, a Vancouver-based venture capital firm, added Josh Nussbaum as a venture partner. Previously, he was at Compound.</div>

The Upfront Summit, known for its glamour and LA-long ethos, was held this year at the Intuit Dome.

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers in venture capital and private equity. <a href="https://www.fortune.com/newsletters/term-sheet?&itm_source=fortune&itm_medium=nl_article_tout&itm_campaign=term_sheet">Sign up</a> for free.

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