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Battery XV is here — $3.25B to back the next generation of iconic Software and AI companies, from seed to IPO.
43 years. 530 investments. 70+ IPOs. And we’re ready to do it all over again.
battery.com/blog/attacking…
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Sudhee Chilappagari
10.4K posts
Sudhee Chilappagari
@webaficionado
Software & AI VC @BatteryVentures. Formerly Product Guy @Segment @Twilio, Founder @BelongCo. Views are my own, and no investment advice.
San Francisco, CA Katılım Aralık 2009
4.8K Takip Edilen7.6K Takipçiler
At this point, it almost feels like OpenAI’s product roadmap is Anthropic’s changelog 😏
The Wall Street Journal@WSJ
Exclusive: OpenAI’s top executives are finalizing plans for a major strategy shift to refocus the company around coding and business users on.wsj.com/3N6CFyr
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Sudhee Chilappagari retweetledi
Next week in San Francisco, we're hosting an exclusive monetisation workshop with @BatteryVentures and @medinism.
Small group. Vetted only. Thanks to @webaficionado and the Battery Ventures team for hosting with us.
Apply: luma.com/mv1gtwf9
#AIMonetisation
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rj tried to buy robots for his factories and couldn't find one. so he decided to build them :).
wsj.com/business/entre…
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Although this one seems more than just a name change, "Working closely with Anthropic, we have integrated the technology behind Claude Cowork into Microsoft 365 Copilot".
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For the love of God, why do big companies always do the thing where they slap the same tired, failed branding everywhere?
"Copilot Cowork"
"XBox Music"
"Watson Health"
"Agentforce Tableau"
Make it stop
Satya Nadella@satyanadella
Announcing Copilot Cowork, a new way to complete tasks and get work done in M365. When you hand off a task to Cowork, it turns your request into a plan and executes it across your apps and files, grounded in your work data and operating within M365’s security and governance boundaries.
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Agree that it's a good movement, but $HUBS -23% YTD and $KVYO -29% YTD. Public investors want to see "V" shaped growth reacceleration before they buy the SaaS to AI transformation story. Until then, we're in murky territory.
Jared Sleeper@JaredSleeper
SaaS moves from the lows nine days ago: $HUBS +41% $KVYO +32% $BRZE +31% $FRSH +26% $NOW +21% $CRWD +20%
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@webaficionado If you were buying the bottom with some of these companies trading at 1.5-2x NTM, it was a gift.
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Similar to the dotcom era, there might be more equity value in the second wave of AI (models, infra and apps) than the first wave (dominated by OpenAI and GPT wrappers).
Amir Efrati@amir
news: OpenAI tops $25B ARR, tho Anthropic narrowing the gap
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@endowment_eddie Probably, but there are a few others ahead of them in the IPO pipe like Gong and Notion.
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If Intercom is at $400m ARR with $100M of true AI revenue, why not be the first agentic application to hit the public markets?
The public markets don’t want SaaS 2.0. If they don’t want Intercom, I’m not sure what B2B they do want.
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"Don't Be Afraid to Give Up the Good To Go For the Great." - John D. Rockefeller
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Traditional SaaS companies have two choices - either disrupt themselves or get disrupted. Who are some notable ones that have successfully transitioned to an AI-native architecture or rolled out Agentic capabilities? Intercom (Fin) comes to my mind, but looking for more examples.
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“Crossing the AI Chasm” — excellent case study from @intercom 👏🏻
SaaS founders, don’t be afraid to give up the good to go for the great.
Eoghan McCabe@eoghan
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@jack 💯 here’s a better chart. As you said this isn’t about right sizing headcount, rather an “AI-native” restructuring.
GPE (gross profit per employee) will become the defining measure of how AI-native a company really is. Block is setting the example.
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@sanjaynath @anmolm_ @pitdesi @kamath_sutra @amnigos @sahilshah91 @Sairee @thesumangalv @anamitra @atShruti Amazing day! Got my 10k steps today and ended the day with a nice dinner with @i_arp1t
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@thogge Jack just confirmed - targeting a “$2M+ GPE” post RIF.
jack@jack
yes we over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL. and that we’re now targeting $2M+ gross profit per person, 4x our pre-covid efficiency, which stayed flat at ~$500k from 2019 until 2024. we have and do run an efficient company... better than most.
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yes we over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL. and that we’re now targeting $2M+ gross profit per person, 4x our pre-covid efficiency, which stayed flat at ~$500k from 2019 until 2024. we have and do run an efficient company... better than most.
Will Slaughter@BamaBonds
In 3 years from December 2019 to December 2022, Block $XYZ more than tripled its headcount from 3,900 to 12,500. Unwinding less than half an insane COVID overhiring binge has much more to do with Jack Dorsey's managerial incompetence than whether AI is going to take your job.
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There you go @jack himself clarified they are targeting $2M gross profit per employee with the RIF.
GPE (gross profit per employee) is the ultimate measure of how AI-native a company really is.
jack@jack
yes we over-hired during covid because i incorrectly built 2 separate company structures (square & cash app) rather than 1, which we corrected mid 2024. but this misses all the complexity we took on through lending, banking, and BNPL. and that we’re now targeting $2M+ gross profit per person, 4x our pre-covid efficiency, which stayed flat at ~$500k from 2019 until 2024. we have and do run an efficient company... better than most.
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Block (formerly Square) grew headcount from ~5,500 to ~12,500 FTEs during the ZIRP era.
With the 40% reduction in headcount, their Gross Profit per Employee (GPE) will nearly double — from $1M (2025) to ~$2M (2026e).
As AI absorbs low-level knowledge work, GPE will become the defining productivity metric for tech companies.
Block might be Exhibit A.
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I’ve been a loyal ChatGPT Pro user for almost two years. I recently tried out Claude and noticed a significant improvement in the quality of reasoning and responses. 30 days into it, I haven’t logged into ChatGPT even once!
Stephanie Palazzolo@steph_palazzolo
New: Anthropic says daily signups to its Claude chatbot have tripled since November. Meanwhile, paid users of the chatbot have 2x+ since Oct while free users have grown by 60% since Jan. The news comes as Anthropic looks to boost its consumer business. theinformation.com/briefings/excl…
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