  AngelList Talent learns a TikTok dance at a recent team meeting. Last weekend, Oracle confirmed it had won a bid to become the "trusted technology partner" to TikTok. Oracle is a tech dinosaur known for selling database solutions to behemoth corporations, while TikTok is an app used by Generation Z for learning the latest viral dances, boycotting Trump rallies, and everything in between.
While it seems that no one knows exactly what a trusted technology partner does (including us), Oracle will start by providing TikTok with hosting services. Oracle will store user data, but ByteDance, the China-based parent company of TikTok, will still oversee and operate the app.
The arrangement raises numerous questions around the management of data privacy. The partnership does not give Oracle control over TikTok's algorithm, leading some to fear that China could still exploit the app for nefarious purposes.
The proposed deal now heads to the Senate's Committee on Foreign Investment, whose approval is by no means a sure thing.
"We remain opposed to any deal that would allow China-based or controlled entities to retain, control or modify the code or algorithms that operate any U.S.-based version of TikTok," Senator Marco Rubio wrote in a letter on Wednesday.
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Funding and acquisitions Truepill, a telemedicine platform that enables delivery of prescription pills, announced a $75 million Series C. While Truepill has mostly focused on order fulfillment for consumer brands like Nurx, the company plans to establish an at-home lab testing network. This will allow doctors and patients to manage chronic illnesses like diabetes and heart disease without frequent visits to a clinic. Klarna, the Swedish online payments firm, raised $650 million at a $10.6 billion valuation. The company is mostly known for its "buy now, pay later" model that offers shoppers interest-free financing on retail purchases. The latest round makes it the most valuable private fintech company in Europe. Airtable, the spreadsheet-centric database and no-code platform, raised a $185 million Series D at a $2.6 billion post-money valuation. The company now has 200,000 companies on its platform and plans to launch more "low code" features, which allow users to build inside the platform without writing code. Replicant, creator of autonomous AI deployed at call centers, raised a $27 million Series A. The company's AI bot can resolve simple issues over the phone with a conversational and "human-like" voice and currently handles over 2 million customer calls a month. |
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