Alex Rampell

Hence, he was right.

Hence, he was right.

So now you have a pre-seed, a seed, a seed extension, a seed extension to like, what is a series A, right?

So now you have a pre-seed, a seed, a seed extension, a seed extension to like, what is a series A, right?

There's not like this, like normally a series A would be like the first institutional round of money.

There's not like this, like normally a series A would be like the first institutional round of money.

Now, there's so much variance because like, oh, there's the Series A where it's like five superstars out of open AI and they need tons of money for compute.

Now, there's so much variance because like, oh, there's the Series A where it's like five superstars out of open AI and they need tons of money for compute.

No moral hazard on that.

No moral hazard on that.

You're not going to go spend money on people.

You're not going to go spend money on people.

You're going to spend money on GPUs.

You're going to spend money on GPUs.

That's one form of Series A. Another form of Series A is like, I just did a Series A where the company had like $10 million of ARR when I invested in it.

That's one form of Series A. Another form of Series A is like, I just did a Series A where the company had like $10 million of ARR when I invested in it.

So it's just all over the place.

So it's just all over the place.

So I think it's just hard to kind of cast a generality.

So I think it's just hard to kind of cast a generality.