Yuliya Chernova
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Articles by Yuliya Chernova
VCs Love Pro Rata Rights. Should They?
Pro rata is the least negotiable term in venture-capital contracts, a survey found, yet being flexible may actually improve venture returns Venture investors have become more willing to give ground to founders when it comes to board control and valuations. But they still hold on dearly to their pro rata rights. That’s true despite the possibility that giving up pro rata could actually improve returns. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Nous Research Scores $90 Million to Bring Open-Source AI Assistant to Enterprises
The startup’s Hermes tool has been downloaded more than 22 million times since February Nous Research has raised $90 million at a $1.5 billion valuation to bring open-source artificial intelligence assistants to business users. The startup’s Hermes open-source AI tool went viral among software developers and other individual users this year.
Climate tech VCs zero in on powering AI instead of cutting carbon emissions
Climate-tech venture investors don't talk much these days about climate change. What they are focused on now is artificial intelligence and the energy needed to power data centers, much like the rest of the investment world The AI boom has been criticized for consuming natural resources and emitting more carbon dioxide, and could be seen as antithetical to the goals of climate-tech venture capital.
Climate Tech VCs Zero In on Powering AI Instead of Cutting Carbon Emissions
Climate-tech venture investors don’t talk much these days about climate change. What they are focused on now is artificial intelligence and the energy needed to power data centers, much like the rest of the investment world. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
VC Sees Risks in White House Hype
Plus: Andreessen Horowitz launches college alternative; funding to early-stage cybersecurity startups surges Good day: Venture investors have poured billions into startups aiming to capitalize on White House priorities. One fund says this is the wrong approach, as it makes investors vulnerable to Washington’s policy swings. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Latest in Venture Capital
Commonweal Ventures Raises New Fund, Seeks to Sidestep Political Seesaw — WSJ
Commonweal Ventures Raises New Fund, Seeks to Sidestep Political Seesaw — WSJ Venture investors have poured billions into startups aiming to capitalize on White House priorities. One fund says this is the wrong approach. Commonweal Ventures has raised $54 million in new capital to expand its strategy of backing startups that work with the government regardless of which political party is in power. "We are trying to underwrite political risk.
‘Not In My Backyard’ Could Slow AI Progress
Plus, OpenAI snaps up smartphone camera startup; Trump calls AI fears a hoax Americans don’t want data-centers in their backyards. That, on its own, could be the biggest factor in slowing down domestic artificial-intelligence progress. While the CEOs of big AI labs spell out elaborate programs to ensure AI safety, and politicians wonder if and how to regulate it without losing the technological lead to China, the American public is swiftly moving in the anti-AI direction.
Investors See Lessons in Hugging Face's Pivot — WSJ
Good day: The original idea for artificial-intelligence company Hugging Face isn't what ended up creating the most value. While many startups end up pivoting, Hugging Face's shift-from a chatbot app for teens to a platform for accessing AI models for business users-is among the more dramatic and lucrative in recent startup history. Nvidia's recent agreement to acquire Hugging Face for $12.9 billion highlights this success.
Betaworks Scores With Hugging Face Deal
John Borthwick’s venture firm wrote the first check Hugging Face ever received, and now owns a stake that could be worth $650 million. Other early investors also did handsomely. WSJ Pro Updated Sept. 4, 2026 1:58 pm ET About a decade ago, Hugging Face landed a $150,000 check from Betaworks. More were to come. Photo: Andrey Rudakov/Bloomberg News John Borthwick and his team at venture firm Betaworks picked Hugging Face as one of eight startups to join its 2016 accelerator among 450 applicants.
Betaworks scores with Hugging Face deal
John Borthwick and his team at venture firm Betaworks picked Hugging Face as one of eight startups to join its 2016 accelerator among 450 applicants. New York-based Betaworks wrote a $150,000 check to the company, which was developing a chatbot for teens at the time. Another $50,000 was syndicated to angel investors.
Betaworks Scores With Hugging Face Deal — WSJ
John Borthwick and his team at venture firm Betaworks picked Hugging Face as one of eight startups to join its 2016 accelerator among 450 applicants. New York-based Betaworks wrote a $150,000 check to the company, which was developing a chatbot for teens at the time. Another $50,000 was syndicated to angel investors.
Betaworks Scores With Hugging Face Deal
John Borthwick’s venture firm wrote the first check Hugging Face ever received, and now owns a stake that could be worth $650 million About a decade ago, Hugging Face landed a $150,000 check from Betaworks. More were to come. Photo: Andrey Rudakov/Bloomberg News John Borthwick and his team at venture firm Betaworks picked Hugging Face as one of eight startups to join its 2016 accelerator among 450 applicants.
AI startup Wonderful hits $5 billion valuation, plans 1,000-strong team
Wonderful, a startup that helps large enterprises deploy artificial intelligence, has raised $550 million at a $5 billion valuation to fund a worldwide hiring spree. Insight Partners, a returning investor, led the Series C round with a $150 million check. Enterprise software company Salesforce is the only new backer in the transaction, with the remaining capital coming from prior investors, including Index Ventures, IVP, Vine Ventures, 9Yards and Bessemer Venture Partners.
AI Startup Wonderful Hits $5 Billion Valuation, Plans 1,000-Strong Team
Good day. Wonderful, a startup that helps large enterprises deploy artificial intelligence, has raised $550 million at a $5 billion valuation to fund a worldwide hiring spree. Insight Partners, a returning investor, led the Series C round with a $150 million check. Enterprise software company Salesforce is the only new backer in the transaction, with the remaining capital coming from prior investors, including Index Ventures, IVP, Vine Ventures, 9Yards and Bessemer Venture Partners.
AI Startup Wonderful Hits $5 Billion Valuation, Plans 1,000-Strong Team
Founded just last year, the startup already has 650 employees and is expanding its forward-deployed engineering teams around the world From left: Wonderful co-founder and CTO Roey Lalazar and co-founder and CEO Bar Winkler Photo: Daniel Jackont Wonderful, a startup that helps large enterprises deploy artificial intelligence, has raised $550 million at a $5 billion valuation to fund a worldwide hiring spree. Insight Partners, a returning investor, led the Series C round with a $150 million check.
VC Liquidity Is Finally Here: Factorial Funds Hits $1 Billion in Proceeds — WSJ
VC Liquidity Is Finally Here: Factorial Funds Hits $1 Billion in Proceeds — WSJ SPCX ANTHROPIC Factorial Funds, a venture firm launched five years ago by former Cruise engineer Sol Bier, has crossed $1 billion in realized profits, according to a letter the firm is sharing with its investors. Most of Factorial's proceeds are in the form of SpaceX shares that were recently released from their post-initial public offering lockup, according to a person familiar with the situation.
VC Liquidity Is Finally Here: Factorial Funds Hits $1 Billion in Proceeds
The firm, launched five years ago by Sol Bier, has sent $965 million worth of distributions back to its LPs Most of Factorial’s proceeds are in the form of SpaceX shares that were recently released from their post-IPO lockup. Photo: Jeenah Moon/Reuters Factorial Funds, a venture firm launched five years ago by former Cruise engineer Sol Bier, has crossed $1 billion in realized profits, according to a letter the firm is sharing with its investors.
Large Exits Are Generating Less Reward, Data Show
@@@@@@@@URLPROCESSING:ON@@@@@@@@ @@@@@@@@------@@@@@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ Good day. Exits of $500 million or more used to yield big returns for venture backers. Not anymore. “Large exits are becoming more expensive to produce and less rewarding when they land,” is the way analysts at PitchBook Data put it in their recent report on U.S. venture returns. Some 63 U.S.-based venture-backed startups have generated exits of at least $500 million this year.
What to Do When Founders Move On
Good day. Earlier this week, we wrote about the scenarios that arise when founders quit to join a big AI shop, or sell their startup too early in an ‘acquihire’ designed to seize the company’s staff. Either can leave venture investors feeling blindsided. If you are a founder with venture backers, what do you think they need to understand about this impulse? If you are a VC, what have you changed about your own investing practice in response to this trend? Please email responses to vcnews@wsj.com.
Airtable Acquisition Is ‘Kick in the Gut’ for Software Unicorns and Their Backers
Bending Spoons is buying Airtable for a fraction of its last private valuation Airtable co-founder and CEO Howie Liu spoke during the HumanX artificial-intelligence conference in 2025. Photo: Big Event Media/Getty Images Airtable, a darling of the software-as-a-service era, has become a casualty of the so-called SaaS-pocalypse. The workflow software maker agreed to be acquired by publicly traded Italian technology company Bending Spoons at an enterprise value of $1.29 billion.
Former Andreessen Horowitz Partner Targets $100 Million New Fund
Bryan Kim, who invested in consumer tech and AI startups at Andreessen, is creating his own firm, Mido Capital Bryan Kim, a former partner at Andreessen Horowitz, filed formation documents for his venture firm last month. Photo: Carlos Jasso/Bloomberg News Bryan Kim, a former partner at Andreessen Horowitz, is setting up a new venture firm, Mido Capital, and plans to raise about $100 million for its debut fund, according to people familiar with the situation.
Airtable acquisition is 'kick in the gut' for software unicorns and their backers
Airtable, a darling of the software-as-a-service era, has become a casualty of the so-called SaaS-pocalypse. The workflow software maker agreed to be acquired by publicly traded Italian technology company Bending Spoons at an enterprise value of $1.29 billion. The deal implies an equity value of $2.25 billion when Airtable's cash and cash equivalents balance is included, the companies said Tuesday. That is a fraction of Airtable's peak $11.7 billion valuation during the 2021 venture boom.
Airtable Acquisition Is ‘Kick in the Gut’ for Software Unicorns and Their Backers
Bending Spoons is buying Airtable for a fraction of its last private valuation Airtable co-founder and CEO Howie Liu spoke during the HumanX artificial-intelligence conference in 2025. Photo: Big Event Media/Getty Images Airtable, a darling of the software-as-a-service era, has become a casualty of the so-called SaaS-pocalypse. The workflow software maker agreed to be acquired by publicly traded Italian technology company Bending Spoons at an enterprise value of $1.29 billion.
‘Founder’ Is the New Big Brass Ring for Computer Science Grads
Good day. Launching a startup has become the preferred path for more computer science graduates, new research shows. Plenty of capital and venture interest, as well as automated coding advancements, have spurred many grads to go the founder route. At the same time, declining opportunities for landing a job as employers favor more experienced hires in fields like software engineering have led many to seek ways to be their own boss.
More Pitches, More 'AI Slop'
Good day. More and more people are launching startups and looking for capital. For investors, it means not only more pitches to sift through, but more AI embellishment to screen. “Last year, we were probably pacing about 12,000 deals per year that we would review. This year, it's going to be closer to 20,000,” said Eric Bahn, co-founder and general partner at pre-seed venture firm Hustle Fund. Given the sheer number, Hustle Fund relies on AI tools to do "at least the initial filtering," Bahn said.
Liquidity Is Returning, but Venture Capital’s Cash Flow Remains in the Red
Backers of VC funds continue to stick to safe bets and avoid emerging managers Liquidity's return means bounty for some, but not all. Illustration: Thomas R. Lechleiter/WSJ Public offerings and acquisitions of venture-backed companies are ramping up, but the investors backing VC funds are still largely in the red and remain cautious about boosting new commitments.
Ashton Kutcher’s Decimal Capital Seeks $500 Million
The actor joined with Morgan Beller to launch the new venture firm Ashton Kutcher. Photo: Angela Weiss/Agence France-Presse/Getty Images Ashton Kutcher and Morgan Beller aim to raise $500 million for the first venture fund at their new firm, Decimal Capital, according to materials prepared for potential investors seen by WSJ Pro.
Ashton Kutcher Exits From Sound Ventures to Set Up New Venture Firm
The actor and investor is teaming up with former NFX General Partner Morgan Beller Ashton Kutcher. Photo: Alberto Pizzoli/Agence France-Presse/Getty Images Actor and investor Ashton Kutcher is leaving Sound Ventures, the firm he co-founded more than a decade ago with Guy Oseary, manager of Madonna and the Red Hot Chili Peppers. Kutcher is setting up a new firm with Morgan Beller, who recently stepped down as general partner at venture firm NFX.
Council Leader Wants Tech Startups to Make It in New York, Too
Good day. How can New York keep attracting entrepreneurs and stay competitive? That question strikes a personal chord for New York City Council Speaker Julie Menin. Menin said that her son recently moved to San Francisco to launch a business. He told her he needs to be in Silicon Valley. “That is not the attitude we need,” Menin said.
‘Founder’ Is the New Brass Ring for Computer Science Grads
The share of employed 2025 CS graduates with the title doubled in a study of 20 universities with renowned tech programs The University of California, Berkeley. Photo: Eric Risberg/Associated Press Tejas Prabhune weighed his job options after graduating in May from the University of California, Berkeley with a bachelor’s degree in electrical engineering and computer science: return to a startup where he interned, try to get a job at a large AI company or launch a new business.
‘Founder’ Is the New Brass Ring for Computer Science Grads
22 hours ago The 50 highest-earning 2-year degrees It's no secret that the cost of college in America is skyrocketing. According to a July 2025 Bankrate report, four-year public universities cost out-of-state students $30,780 annually. Add in expenses like housing, transportation, and other supplies, and that …
OpenAI Alums Have High Odds of Founding a Unicorn; SpaceX Alums Have Average Odds
Good day. OpenAI alumni have a much higher probability than ex-employees of other companies to launch a startup that becomes a unicorn, according to research by Ilya Strebulaev, professor of private equity and finance at the Stanford Graduate School of Business. The odds for SpaceX’s ex-employees, meanwhile, are just average. “Working at SpaceX does not increase your odds of founding a unicorn,” Strebulaev said.
Forage Builds a Business in Government Payments
Good day. San Francisco payments startup Forage is bringing tech savvy to a market that few in Silicon Valley have been interested in: government food assistance. Fintech venture firm Mouro Capital led a $40 million Series B round for Forage at a $225 million valuation, said Ofek Lavian, co-founder and chief executive of Forage.
Life in the Fast Lane
Good day. Anthropic hit a valuation of $965 billion at the drop of a hat. Lead investors signed onto the deal about two weeks ago, people familiar with the situation said. After that, investors had to wire the money stat, making for an unusually fast process. “The speed from them not actively raising to a signed term sheet and $65 billion closed was beyond unprecedented,” said Matt Murphy, partner at Menlo Ventures, an investor in Anthropic.
The Big Apple Is No Longer Big Enough for New York Venture Firms
‘You can’t ignore San Francisco right now,’ says one New York venture capitalist New York is the second-largest startup market in the U.S. after the Bay Area. Photo: charly triballeau/Agence France-Presse/Getty Images New York venture firms are broadening their geographic reach. San Francisco’s resurgence and the frenetic AI dealmaking there is proving irresistible to some New York investors.
Anthropic Rockets to $965 Billion Valuation, Topping OpenAI in AI Showdown
Updated May 28, 2026 4:33 pm ET AI startup Anthropic closed a funding round at a $965 billion valuation, rocketing past ChatGPT-maker OpenAI as the companies race ahead on expected public listings this year. The company has emerged as the front-runner in the AI race and is on track next month to hit $50 billion in “annualized revenue”—a metric startups use that employs short-term sales to forecast a yearly figure. That figure grew 80-fold in the first quarter.
Bigger Seeds, Narrower Gates
Good day.The venture industry has talked about the “Series A crunch” for years. The first mention of it that I found in my notes was in 2013. Well, it’s been getting worse. About a quarter of startups that raised a seed round of at least $1 million in 2023 have cinched a follow-on round or have had an exit as of April 2026, according to data from Crunchbase. That compares with graduation rates of 55% or higher for companies that raised their seed rounds in 2020.
Decadelong bet generates billions of dollars for early Cerebras VCs
Yuliya Chernova Chip company Cerebras Systems, which went public on Thursday, is a fund-returner several times over for its early venture backers. The company opened trading at $350 a share on Thursday, almost double its initial public offering price of $185. It closed down 11.1% at $311.07 and an estimated market capitalization of $66.95 billion, according to FactSet. For early investors, the IPO is the culmination of a decadelong story.
Decadelong Bet Generates Billions of Dollars for Early Cerebras VCs
Early investors include Benchmark, Foundation Capital and Eclipse Cerebras Systems began trading on the Nasdaq Stock Market on Thursday. Photo: Michael Nagle/Bloomberg News Chip company Cerebras Systems, which went public on Thursday, is a fund-returner several times over for its early venture backers. The company opened trading at $350 a share on Thursday, almost double its initial public offering price of $185.
Duration Ventures, Founded by Alumni of GC and Lightspeed, Aims for $375 Million Fund
Arif Janmohamed and Trevor Oelschig are teaming up to invest in early-stage enterprise AI startups Duration Ventures is launching in one of the most difficult fundraising markets for first-time funds in recent history.
AI Boom Drives Record Capital to Late-Stage Venture Funds
U.S.-based growth and late-stage venture funds raised a record $23.6 billion this year so far, according to PitchBook WSJ ProApril 15, 2026 12:01 am ET Illustration: Thomas R. Lechleiter/WSJ Interest in late-stage venture capital strategies is skyrocketing as investors pursue a narrower set of fast-accelerating artificial intelligence startups with hopes of exiting them relatively quickly.
Real-Estate Tech Gets the Message: Focus on Affordability
Good day. Politicians are zeroing in on the high costs of home buying. So are venture investors. Tech focused on affordability is top of mind for investors, said Dan Wenhold, a partner at Fifth Wall Ventures, in part because of political shifts. “I want to lean more into that in the very near term,” he said. “Those companies are well-positioned.” Fifth Wall has invested in about 150 real-estate tech startups and has $3 billion in assets under management.
Exclusive | Neo Turned a $150 Million Fund Into $1.2 Billion, Rare for the 2021 Vintage
The venture firm, led by CEO Ali Partovi, illustrates the growing gulf between a few top performers and the industry median WSJ ProApril 8, 2026 6:00 am ET Neo Chief Executive Ali Partovi. Photo: Brandon Bennett Neo’s returns are leaving the rest of the crowd in the dust. The San Francisco-based venture firm, led by Chief Executive Ali Partovi, has made early bets on coding tools company Cursor, prediction-markets operator Kalshi, and other startups whose valuations have been on a tear lately.
Cloud Software Will Weigh on VC Returns
Good day. A month ago some wondered if software stocks that have dropped since January would recover. Not so much. The BVP Nasdaq Emerging Cloud Index, which tracks the performance of cloud-software companies, was down about 24% for the year as of Monday. That’s more than double the drop of the Nasdaq Composite.
What of the 2026 IPOs?
@@@@@@@@URLPROCESSING:ON@@@@@@@@ @@@@@@@@------@@@@@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ @@@@EXCLUDE@@@@ Good day. Market turbulence almost feels like the default now, and that’s not helping public offerings. Fundrise postponed the direct listing of its venture fund. Robinhood Ventures Fund I had to reduce the size of its offering earlier this month.
How Much Are Tax Proposals Influencing VCs’ Decision-Making?
Good day. The New York State Senate is dropping its proposal to tax capital gains on startup exits beyond the federal level after getting pushback from startup founders and investors, including through an effort by Tech:NYC, a nonprofit advocacy group. The tax proposal was one of many bids across Democratic-led states to boost tax revenue while Republican-led states are increasingly cutting taxes to attract businesses and residents.
What of the 2026 IPOs?
Good day. Market turbulence almost feels like the default now, and that’s not helping public offerings. Fundrise postponed the direct listing of its venture fund. Robinhood Ventures Fund I had to reduce the size of its offering earlier this month.
Exclusive | Orbital Data-Center Startup Aetherflux Raising New Financing at $2 Billion Valuation
Aetherflux, led by Robinhood co-founder Baiju Bhatt, seeks to launch solar-powered satellites for AI computing By Emily Glazer and Yuliya Chernova WSJ ProMarch 26, 2026 8:16 pm ET Baiju Bhatt-founded startup Aetherflux seeks to launch orbital data centers. Photo: Jennifer Briggs/ZUMA Press Aetherflux, a space startup developing orbital data centers, is raising a new funding round at a $2 billion valuation, according to people familiar with the situation.
New York Tech Founders and Investors Mobilize to Fight Proposed Capital-Gains Tax Hike
A proposal would remove a state-level tax exclusion for certain gains from startup exits WSJ ProMarch 24, 2026 5:30 am ET Democratic State Sen. Andrew Gounardes has proposed legislation to tax Qualified Small Business Stock gains in New York. Photo: Hans Pennink/Associated Press Some New York tech founders and investors are opposing a plan in the state legislature to increase taxes on capital gains for startups.
Exclusive | Kalshi Cinches $22 Billion Valuation in Ongoing Round
Coatue Management is leading the new financing that would total about $1 billion for the prediction-market platform, according to sources WSJ ProMarch 19, 2026 4:15 pm ET Prediction-market platform Kalshi’s customer base includes consumers, institutional market-makers and businesses that use the platform to hedge against certain outcomes.
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