Lux Capital ditches its opportunity fund in latest fundraiseLux Capital, known for investing in life science and frontier tech startups, is back in the market to fundraise for its latest vehicle — but this time without a dedicated late-stage entity.
The firm is targeting over $1 billion for Lux Ventures VIII, according to meeting materials from the New Mexico State Investment Council (NM SIC) for March 28, which committed $62.5 million to the fund. The fund will combine the firm’s early and late-stage investing strategies into one pool.
The firm was founded in 2000 and has raised $4 billion across nine previous funds. Lux declined to comment on its fundraising efforts.
The fund will still invest in later-stage opportunities, but the firm’s founder and managing partner, Josh Wolfe, told the NM SIC that the fund will primarily invest at the early stage, and will continue the firm’s thesis of investing at the intersection of sciences and tech.
The firm most recently raised a pair of funds in June 2021 that totaled nearly $1.5 billion. This included $675 million for early-stage focused Lux Ventures VII, and $800 million for Lux Total Opportunities Fund, a late-stage fund.
Lux is the latest firm with early-stage roots to ditch a dedicated late-stage fund given that the late-stage and exit environments have remained muted over the past year. Last month, Y Combinator said it would shut down its continuity fund, pulling back from late-stage investing and letting go of 20% of its team in one move.
Multiple firms, including Founders Fund and Vibe Capital, have either shrunk the size of their funds or given investors some of their capital back due to the softening market.
As 2023 rolls on, we expect to see more funds retreat to their traditional investing stage.
Lux Capital ditches its opportunity fund in latest fundraise by Rebecca Szkutak originally published on TechCrunch

YouTube to expand livestreams, artist interactions and shopping at Coachella 2023For the first time, YouTube will live-stream all the stages at the iconic music festival
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Beatroot Music Signs 7-Year-Old King Moore to Distribution DealBeatroot Music, a leading independent music distributor and part of the Made in Memphis Entertainment (MIME) family of companies, has signed a distribution deal with 7-year-old recording artist King Moore. Under the deal, Beatroot will ensure Moore’s singles and albums are available on all major DSPs, pitch his songs for playlist placements and sync opportunities, and provide his team access to advanced analytics.

Known for his larger-than-life personality, Moore recently released the single “Big Dreams,” which has racked up over 1 million streams and counting while helping him amass over 300,000 followers on Instagram and over 40,000 followers on TikTok. His next single, “Pen Game,” will be released by Beatroot on April 21 and can be pre-saved here: https://beatroot.ffm.to/pengame.

“We are excited to add such a young and enthusiastic artist to our Beatroot family,” said Steve Corn, Director of Operations at Beatroot. “I am confident that his talent and enthusiasm will take him far, and we look forward to being part of his journey.”

King Moore has been featured in publications including The Source, LA Weekly, Atlanta News World, Hip Hop On Deck, The American Reporter, US Times Now, and Time Bulletin. Moore will also soon be making his feature film debut in the indie dark comedy Cora Bora, due for release this spring.

For more information on Beatroot, visit beatroot.com.

Fugue State Audio Latcher Latcher is a VST3i noisebox synth in the same vein as NANDroid and XORbot, and contains many of the same features as those previous synths. The sound-generating part is something of a cross... Read More

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Generative AI concerns focus on Copyright, but critical legal questions lingerAI, whether used to create songs with limited human intervention or as an aid to songwriting, is a cause of great concern for many in the music industry. Beyond the. Continue reading
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QUICK HITS: Sofar adds Greenberg • Nederlander promotes Loeb • 9:30 reborn Moises & moreMarni Greenberg, the former head of Music Communications at YouTube, has landed at Sofar Sounds, where she is taking on a new role as VP of Communications. “Live music, supporting artists,. Continue reading
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Trinnov to release NOVA The latest room-correction system from Trinnov Audio aims to deliver the benefits of their high-end processing systems  in a smaller, more cost-effective package. 

How to Release an Album in 2023 (Live from SXSW)Releasing music today is vastly different from releasing music even just 5 years ago. It's no longer about release week. It's now about release year. There are extremely important steps to take before *and after* the release of each single and album to make sure you have the biggest effect.

New Wireless ME system from Rode Rode's latest wireless microphone system provides content creators with everything they need to capture audio in front of and behind the camera. 

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