Hi Devoted Pitch Night Readers,

Days 1 and 2 of Tech Week wrapped up, and the energy was electric. Tech Week delivered on its promise, with AI infrastructure plays and Web3 innovations stealing the spotlight. While the masses were crowding the keynote stages, the Pitch Night team was busy identifying the signal amidst the noise.

Today's recap focuses on the standout pitches and behind-the-scenes intelligence you won't find in any press release.

🔮 THE BIG APPLE BET: INSIDE NYC'S AI & QUANTUM FUTURE

IBM's exclusive morning session wasn't just another panel—it was a masterclass on which the $ 500 M+ in NY-focused AI and quantum funding flows.

Setting: IBM's sleek Madison Park offices, standing room only, with a noticeably higher density of VCs than your typical Tech Week event.

The Heavy Hitters:

• Emily Fontaine, Global Head of VC, IBM

• Jennifer Tegan, Managing Director, NY Ventures

• Julie Samuels, President & CEO, Tech:NYC

• Ben Colman, Co-Founder/CEO, Reality Defender

• Krystal Hu, Reporter, Startups & VC, Reuters

💰 FOLLOW THE MONEY: KEY INTEL

The $500M AI Allocation Reality IBM's VC arm revealed they've dedicated 37% of their portfolio to AI investments—nearly double the typical 20% for corporate VCs. But here's the surprising part: they're not looking to lead rounds. Fontaine confirmed they prefer taking strategic 2-5% positions where they can accelerate GTM for startups integrated with IBM's client ecosystem.

The NY State Advantage Most Founders Miss Jennifer Tegan dropped the intel that NY Ventures isn't just operating its early-stage fund—it's managing a $150M fund-of-funds specifically targeting emerging managers with diversity mandates. The first check was deployed to a Rome, NY-based startup, signaling its serious commitment to the entire state ecosystem.

The SF → NY Migration Accelerates Julie Samuels confirmed our tracking: while San Francisco remains the center for fundamental AI research, New York has become the implementation capital. "The center of gravity for every industry is headquartered in NY," Samuels noted, explaining why even the most Bay Area-centric VCs are now establishing NY beachheads.

Quantum's Unexpected Traction: The most surprising revelation? Quantum isn't just theoretical anymore. Fontaine states, "Hundreds of clients are already using quantum computing in production." The sweet spot? Companies are building algorithms at the intersection of AI and quantum capabilities, particularly for financial services. IBM revealed they're seeing 90% of early POCs convert to paid implementations—a signal that quantum revenue materializes faster than the market realizes.

🔥 THE QUOTES YOU NEEDED TO HEAR

On Corporate VC Speed: "IBM moves quickly. We don't lead but follow fast with 2-5% to add strategic value." —Emily Fontaine.

On NY's Hidden Strength: "The first check ecosystem in New York is stronger than ever. California modeled its fund of funds after NY's $150M deployed capital strategy." —Jennifer Tegan.

On the Geographic Shift: "The last people to notice the NY explosion are VCs who operate on #FOMO. Now SF firms are rushing to open offices here." —Ben Colman.

The 30-Second Wisdom Bomb: "Take smart money, not the largest check. Partner your cap table strategically at seed, thinking through exit possibilities and executive relationships from day one." —Emily Fontaine.

🚀 TECHSTARS SPRING 2025 DEMODAY

The Pitch Night team attended the Techstars NYC and Anywhere cohorts, presenting at Google. Here's our no-holds-barred assessment of who's worth your attention:

🏆 THE MUST-WATCH STANDOUTS

BestDefense ⭐⭐⭐⭐⭐ This cybersecurity powerhouse isn't just another "AI for security" play—it's delivering digital bodyguards that prevent attacks before they happen. With $457K in revenue, a $15M pipeline, and contracts with both Drata and a classified DoD program, it's the clear frontrunner. The founding team's Fortune 100 background brings serious enterprise credibility.

Auditocity ⭐⭐⭐⭐ Billing themselves as "The TurboTax of workplace auditing," they've cracked the code on Department of Labor compliance. With 90% of investigations stemming from a single complaint, their automation platform is saving companies from $50K+ fines. They've already secured 12 LOIs, 2 enterprise contracts at $5K per location, and integration with UKG and Paycor.

Bite ⭐⭐⭐⭐ Global trade regulation is a nightmare, and Bite's AI solution is aspirin. Their platform maps how tariffs and regulatory changes affect supply chains in real time, with backing from customs agencies and the Department of State. Given the market size, their $150M revenue projection within 4 years feels ambitious but not impossible.

💡 THE DARK HORSES TO WATCH

Athion ⭐⭐⭐⭐ This construction tech play for oil/gas and manufacturing plants brings deep domain expertise to a neglected market. With 4 LOIs already signed and three more on the waitlist, their $3M ARR projection feels conservative.

KinderedPM ⭐⭐⭐ The energy of this presentation alone will keep you engaged—their AI property management agent costs $20 per unit (5x cheaper than human alternatives) and brings serious tech credibility with an ex-Airbnb founder.

🤷‍♂️ THE REST OF THE PACK

The remaining startups (Lumi, Kaavio, Cronwell, Nee AI, and Vakya) show early promise but lack the compelling differentiation of the leaders. Most feel like feature wrappers rather than standalone companies, though Vakya's $1.5M in bank deposits for non-native English language tools shows promising market validation.

Networking Intel: If you see BestDefense and Auditocity stations, head to rub shoulders with these companies, which are our favorites!

⚡ TECH WEEK DAY 2 RECAP: AI AGENTS TAKE MANHATTAN ⚡

🔥 AI & WEB3 STARTUP DEMO DAY: THE POWER PLAYERS EMERGE

The collaborative showcase, hosted by Salesforce, WeWork, Sparx Labs, FemBuild Collective, Supermoon, and VIA, brought together a curated cohort of startups at the intersection of AI and Web3. With an investor panel featuring heavy-hitters from the ecosystem, the energy in the room was palpable.

The Judges' Panel:

• Thomas Rush, Managing Director, Systemic Ventures

• David Altman, Founding Team, Myriad Ventures

• Dominique Yadegar, Vice President, Bonfire Ventures

• Audra Gibson, Program Director, TechStars

🏆 THE BREAKOUT STARS

Reveel ⭐⭐⭐⭐⭐ Stablecoin rails reimagining payment infrastructure

Why it matters: In a room full of AI pitches, Reveel's combination of stablecoin infrastructure and AI agents for peer-to-peer payments stood out for actual market traction—$12.5M in transaction volume across 120,000 Privy users and 20,000 users on their AI agent.

Insider Intel: Founder Adrien Stern's fintech background brought credibility, but it was the oversubscribed $1.5M round that had investors whispering.

Our Take: The rare web3 play that solves a genuine infrastructure problem without relying on speculation. Their "Reva AI" and "Reva Pay" products demonstrate how AI and blockchain can converge beyond the hype.

POLIARK ⭐⭐⭐⭐ The design engine revolutionizing building code compliance

Why it matters: Unlike the sea of GPT wrappers, POLIARK's specialized design engine for building codes delivers tangible ROI for property developers navigating complex regulatory landscapes.

The Differentiation: Their 10-month effort to create a specialized natural language model that integrates with 3D modeling software demonstrates the type of domain-specific AI that will win in 2025. Founder Eda Erol's proptech background shines through in the product architecture.

Market Validation: With 17 enterprise customers already on board in NYC and a tiered API subscription model, they've found the elusive product-market fit that most AI startups are still searching for.

Opacity ⭐⭐⭐⭐ Bringing proof verification to a data-skeptical world

Already seed-funded, Opacity's presentation by Hersh Patel focused on how their proof verification system addresses the growing crisis of trust in digital information. Their approach to enabling verifiable proofs on real-world data stood out for its technical depth and market timing.

💡 THE COMPELLING CONCEPTS

Mighty Network ⭐⭐⭐ The Okta for AI agents

Founder Johnny Hung's vision for a trust layer SDK for developers working with open-source AI models addresses a critical infrastructure gap. Their encryption vault with on-chain capabilities via Polygon shows a promising integration of AI and web3 principles.

Notable Partnerships: POCs with Nvidia for deployment and their agent-to-agent identity system using cryptography garnered serious attention from enterprise investors in the room.

Roonar ⭐⭐ PM voice assistance for manual work aggregation

While pre-revenue, founder Olaoluwa Ogundeji's vision for a B2B SaaS tool ($100/month) that integrates with Jira, Teams, and Slack shows promise. Their $1M fundraising goal feels ambitious given the early stage, but the problem they're solving resonated with the project management professionals in attendance.

🔍 THE JUDGES' FEEDBACK PATTERNS

Across all pitches, three consistent themes emerged in the judges' feedback:

1. Show, Don't Tell: The startups that demonstrated live product functionality (particularly Reveel and POLIARK) received noticeably warmer responses than those relying on slides alone.

2. Traction Trumps Vision: In today's funding environment, the gulf between pre-revenue and revenue-generating startups was stark. Judges zeroed in on unit economics and customer acquisition costs more than technological innovation.

3. Domain Expertise Matters: The founders with deep industry experience (Eda from POLIARK in proptech, Adrien from Reveel in fintech) faced fewer skeptical questions than those entering new domains.

💰 "INVESTMENT TO ACQUISITION": THOMSON REUTERS VENTURES REVEALS THE PLAYBOOK

The day's most illuminating panel featured Thomson Reuters Ventures' leadership discussing their $250M fund (with a fresh $100M recently added) and portfolio of 25+ companies. Moderated by Josef Najm, the panel brought together three dealmaking heavyweights:

• Milana Vinn, Reuters M&A Reporter

• Krystal Hu, Reuters VC Reporter

• Joe Dormani, Thomson Reuters Ventures

• Josef Najm, Principal, TR Ventures

🔎 FOLLOW THE MONEY: KEY INTELLIGENCE

The Funding Reality Check Krystal Hu delivered the sobering truth about current market conditions: funding amounts are up while deal count is down, indicating larger checks concentrated in fewer companies. The focus has shifted decisively to application-layer companies, where investors are placing their most confident bets.

Thomson Reuters' Investment Thesis Revealed Joe Doemani pulled back the curtain on TR's strategy, revealing they're writing Series A checks in the $3-7M range, specifically targeting legal/tax/fintech startups applying AI to professional services. Their sweet spot? Companies with data systems that create efficiencies in these verticals, particularly SaaS platforms enabling automation in traditional industries.

The Enterprise M&A Surge Milana Vinn shared that legacy companies are aggressively acquiring data assets to become "AI-ready,” pointing to ServiceNow's recent $2.8B deal and IBM's data stack acquisitions as evidence of this trend. May 2025 alone saw a staggering $95B in overall deal value, signaling a robust M&A environment despite economic headwinds.

Industry-Specific Sentiment The panel revealed a fascinating divergence in sector outlook:

• Fintech & Web3: "Time to build" mentality returning

• Healthcare: Cautious due to policy uncertainty and funding concerns

• Manufacturing: Wariness about tariffs impacting corporate budgets

🔥 THE QUOTES YOU NEEDED TO HEAR

On Risk Tolerance: "Companies are being more risk-adverse, focusing on long-term growth—speed before precision is no longer the mantra." —Joe Doemani

On Growth Metrics: "We've moved beyond 'growth at any cost' to 'high growth at reasonable cost.' Negative margin businesses with high customer acquisition costs are being scrutinized like never before." —Krystal Hu

On Exit Strategies: "Private equity is back in a big way. They're ready to buy and sell at 20x EBITDA multiples, as evidenced by Vista's recent $2B deal." —Milana Vinn

The Evolving VC Landscape: "We're seeing VCs buying accounting firms with their dry powder. People want to stay private longer and leverage secondary markets without IPOs. VC is becoming more institutional and looking increasingly like PE." —Krystal Hu

Thomson Reuters' Bold Prediction: "We would invest $10B in the next couple of years if we could find the right opportunities." —Joe Doemani

🏆 COEUS COLLECTIVE PITCH SHOWCASE: EDUCATION & ENTERPRISE INNOVATORS SHINE

The showcase presented by Seedlegals and supported by JP Morgan brought together an impressive cohort of early-stage startups across diverse sectors. Podcast host Antonio DiMeglio of Coeus Collective moderated the panel of judges that included David Kullmann (Venture Partner, Late Stage Capital), Kindra Tatarsky (Partner, Cerity Partners Ventures), Rene Baston (Venture Partner, Covenant Venture Capital), Anisha Kothapa from Going VC, and Norma Padron from JP Morgan.

💫 THE STANDOUT PITCHES

Studyverse ⭐⭐⭐⭐⭐ Duolingo for test prep that actually delivers results

Founder Prynce Karki delivered the most compelling pitch of the showcase, presenting a personalized tutoring platform for standardized test preparation that's showing remarkable results. The numbers tell the story: student score improvements from 2.5 to 11.2 points based on just 21 retakers.

Business Validation: With contracts already secured with MCAT and an LOI with the SAT, their B2B tutor model, which takes 30% of every sale, has proven traction. Their ambitious vision of turning a $600K investment into $5M ARR within two years, before approaching private schools for a seed round, feels grounded in market demand.

The MIT Stealth Play ⭐⭐⭐⭐ Digital twins with unexpected applications

MIT-affiliated founder Amrutha (Lakshmi) Killada caused a stir with her deliberately vague presentation on digital twin technology that mirrors team member skills and sentiments. What little she revealed—five pilots with organizations—suggested this is more than theoretical research.

Why the Secrecy: They're not raising capital because they don't need to; they reportedly have significant runway and are focused on building community rather than fundraising hype. The strategic silence around their tech suggests either significant IP protection concerns or competitive advantages they're not ready to broadcast.

The Ex-Founder's Next Move ⭐⭐⭐⭐ AI infrastructure too valuable to name

PhD founder Qingchen Wang, who previously exited Ophelos, presented in careful, measured terms about a technology stack designed to power next-generation AI agents. The room noticeably tensed when Wang referenced "custom LLMs that target personalized leads using proprietary feedback loops" – suggesting applications far beyond the typical agent architecture.

Reading Between the Lines: Four design partners are already using the platform, so this isn't just conceptual technology.

Brief ⭐⭐⭐ The invisible thread connecting fragmented documents

Ex-Amazon and Microsoft founder Diana Tan pitched Brief as the solution to document and administrative chaos, ensuring critical information doesn't disappear into black holes. Starting with commercial real estate as their beachhead market, they've already secured a paid pilot and raised $750K from Techstars.

IWM ⭐⭐⭐ The private bank for emerging markets

This full-stack banking platform led by Mohamed Lebda (with a team comprised of Citi and UBS alumni) is using AI to augment bankers and reduce costs in emerging markets. In just five months, they've signed a bank partnership with Visa and built a 1,000-person waitlist, starting with Egypt and expanding to South Africa and Nigeria.

That's a wrap on Day 2, Pitch Night readers! Two days down, and we've already witnessed more groundbreaking demos, overheard more VC gossip, and consumed more mediocre coffee than should be humanly possible.

But we're just getting started.

📝 WHAT'S NEXT ON OUR AGENDA

Today (Wednesday), the Pitch Night team will attend Mastercard's "The Future Role of Stablecoins" event. There, we'll get the inside scoop on how traditional financial institutions are finally embracing crypto infrastructure after years of resistance.

We're also squeezing in the "Founders Fitness" afternoon workout session with Keith Rabois at Barry’s (because raising a Series A and maintaining a six-pack aren't mutually exclusive in 2025).

If time allows, we'll catch the Web3 Techstars Demo Day and report back on whether blockchain applications are finally delivering on their long-promised utility.

🔮 THURSDAY DEEP DIVE

On Thursday, we'll be providing comprehensive coverage of the Latino Pitch Competition, which promises to showcase how NYC is rapidly becoming the epicenter for Latino founders from across the Americas.

👋 TELL US WHAT YOU WANT

REPLY WITH YOUR REQUESTS: Which events should we prioritize covering? Are there any specific companies you want us to track down? Are there questions you'd like us to ask investors? Let us know, and we'll be your eyes and ears on the ground.

SHARE YOUR FAVORITES: Which companies mentioned in our coverage so far have caught your attention? Are you as bullish on Studyverse's edu-tech approach and Best Defense's cybersecurity play as we are? Drop us your thoughts!

SPOTTED SOMETHING AMAZING? If you've discovered a hidden gem event or a remarkable founder that we haven't covered yet, send us a tip at [email protected]

See you next Wednesday!

The Pitch Night Team