<!doctype html>
<html>
<body>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml" lang="en"><head>
<title>the celebrity founder edition</title>
<meta property="og:title" content="the celebrity founder edition">
<meta name="twitter:title" content="the celebrity founder edition">
<meta name="x-apple-disable-message-reformatting">
<meta http-equiv="Content-Type" content="text/html; charset=UTF-8">
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<style>
a.cta_button{-moz-box-sizing:content-box !important;-webkit-box-sizing:content-box !important;box-sizing:content-box !important;vertical-align:middle}.hs-breadcrumb-menu{list-style-type:none;margin:0px 0px 0px 0px;padding:0px 0px 0px 0px}.hs-breadcrumb-menu-item{float:left;padding:10px 0px 10px 10px}.hs-breadcrumb-menu-divider:before{content:'›';padding-left:10px}.hs-featured-image-link{border:0}.hs-featured-image{float:right;margin:0 0 20px 20px;max-width:50%}@media (max-width: 568px){.hs-featured-image{float:none;margin:0;width:100%;max-width:100%}}.hs-screen-reader-text{clip:rect(1px, 1px, 1px, 1px);height:1px;overflow:hidden;position:absolute !important;width:1px}
</style>
<!-- $$__SECOND_PASS_CSS_HEAD__$$ -->
<!--[if gte mso 9]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
<w:WordDocument xmlns:w="urn:schemas-microsoft-com:office:word">
<w:DontUseAdvancedTypographyReadingMail/>
</w:WordDocument>
</xml>
<style>
ul > li {
text-indent: -1em;
}
</style>
<![endif]-->
<!--[if mso]>
<style type="text/css">
body, td {font-family: Arial, Helvetica, sans-serif;}
.hse-body-wrapper-table {background-color: #f1f5f7;}
</style>
<![endif]-->
<!--[if mso | IE]>
<style type="text/css">
.hse-column-container { border: none !important; padding: 0 !important; }
</style>
<![endif]-->
<meta name="generator" content="HubSpot"><meta property="og:url" content="https://research.cbinsights.com/the-celebrity-founder-edition"><meta name="robots" content="noindex,follow"><!--[if !((mso)|(IE))]><!-- --><style type="text/css">@media only screen and (max-width:639px){img.stretch-on-mobile,.hs_rss_email_entries_table img,.hs-stretch-cta .hs-cta-img{height:auto !important;width:100% !important}
.display_block_on_small_screens{display:block}.hs_padded{padding-left:20px !important;padding-right:20px !important}
.hs-hm,table.hs-hm{display:none}.hs-hd{display:block !important}table.hs-hd{display:table !important}
}@media only screen and (max-width:639px){.hse-border-m{border-left:18px solid #fff !important;border-right:18px solid #fff !important;box-sizing:border-box}
.hse-border-bottom-m{border-bottom:18px solid #fff !important}.hse-border-top-m{border-top:18px solid #fff !important}
.hse-border-top-hm{border-top:none !important}.hse-border-bottom-hm{border-bottom:none !important}
}.moz-text-html .hse-column-container{max-width:600px !important;width:600px !important}
.moz-text-html .hse-column{display:table-cell;vertical-align:top}.moz-text-html .hse-section .hse-size-3{max-width:150px !important;width:150px !important}
.moz-text-html .hse-section .hse-size-12{max-width:600px !important;width:600px !important}
@media only screen and (min-width:640px){.hse-column-container{max-width:600px !important;width:600px !important}
.hse-column{display:table-cell;vertical-align:top}.hse-section .hse-size-3{max-width:150px !important;width:150px !important}
.hse-section .hse-size-12{max-width:600px !important;width:600px !important} }@media only screen and (max-width:639px){.hse-body-wrapper-td{padding-top:20px !important}
#section_17606393079954 .hse-column-container{padding-top:0px !important;padding-bottom:0px !important}
#section_17606393079954 .hse-column-container{background-color:#f1f5f7 !important}
}@media only screen and (max-width:639px){ #section_1773339192788 .hse-column-container{padding-top:0px !important;padding-bottom:0px !important}
#section_1773339192788 .hse-column-container{background-color:#f1f5f7 !important}
}@media only screen and (max-width:639px){ #section_1791490716351 .hse-column-container{padding-top:0px !important;padding-bottom:0px !important}
#section_1791490716351 .hse-column-container{background-color:#f1f5f7 !important}
}@media only screen and (max-width:639px){ #section_1791490729251 .hse-column-container{padding-top:0px !important;padding-bottom:0px !important}
#section_1791490729251 .hse-column-container{background-color:#f1f5f7 !important}
}@media only screen and (max-width:639px){ #section_1781188711238 .hse-column-container{padding-top:0px !important;padding-bottom:0px !important}
#section_1781188711238 .hse-column-container{background-color:#f1f5f7 !important}
}@media screen and (max-width:639px){.social-network-cell{display:inline-block} }
@media only screen and (max-width:639px){.hse-body-wrapper-td{padding-bottom:20px !important}
#section-21 .hse-column-container{background-color:#f1f5f7 !important} }</style><!--<![endif]--><style type="text/css">#hs_body #hs_cos_wrapper_main a[x-apple-data-detectors]{color:inherit !important;text-decoration:none !important;font-size:inherit !important;font-family:inherit !important;font-weight:inherit !important;line-height:inherit !important}
a{text-decoration:underline}p{margin:0}body{-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;-webkit-font-smoothing:antialiased;moz-osx-font-smoothing:grayscale}
table{border-spacing:0;mso-table-lspace:0;mso-table-rspace:0}table,td{border-collapse:collapse}
img{-ms-interpolation-mode:bicubic}p,a,li,td,blockquote{mso-line-height-rule:exactly}
.ShadowHTML p,.sh-modified-inline p{margin:0}</style></head>
<body id="hs_body" bgcolor="#f1f5f7" style="margin:0 !important; padding:0 !important; font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word">
<!--[if gte mso 9]>
<v:background xmlns:v="urn:schemas-microsoft-com:vml" fill="t">
<v:fill type="tile" size="100%,100%" color="#ffffff"/>
</v:background>
<![endif]-->
<div class="hse-body-background" lang="en" style="background-color:#f1f5f7" bgcolor="#f1f5f7">
<table role="presentation" class="hse-body-wrapper-table" cellpadding="0" cellspacing="0" style="margin:0; padding:0; width:100% !important; min-width:320px !important; height:100% !important" width="100%" height="100%">
<tbody><tr>
<td class="hse-body-wrapper-td" valign="top" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding-top:20px; padding-bottom:20px">
<div id="hs_cos_wrapper_main" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_dnd_area" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="dnd_area"> <div id="section_17606393079954" class="hse-section hse-section-first" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container hse-no-stack-row" style="min-width:280px; max-width:600px; margin:0 auto; border-collapse:separate; display:table; width:100%; background-color:#f1f5f7" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" class="hse-no-stack-row" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:150px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="150" cellpadding="0" cellspacing="0" style="width:150px">
<![endif]-->
<div id="column-1760639307995-0" class="hse-column hse-size-3 hse-no-stack" style="display:table-cell; vertical-align:top; max-width:150px; width:25%">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" style="table-layout:fixed"><tbody><tr><td style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 0px 10px"><div id="hs_cos_wrapper_module_17606393079952" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div style="overflow:hidden">
<table role="presentation" class="hse-pre-header hse-secondary" width="100%" cellpadding="0" cellspacing="0" style="text-align:right; font-family:Arial, sans-serif; font-size:12px; line-height:135%; color:#23496d; margin-bottom:0; padding:0" align="right">
<tbody>
<tr>
<td style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word">
<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">Actors' AI tools.</span></p>
<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">Athletes' leagues.</span></p>
<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">Influencers' brands.</span></p>
</td>
</tr>
</tbody>
</table>
</div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:150px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="150" cellpadding="0" cellspacing="0" style="width:150px">
<![endif]-->
<div id="column-1760639307995-1" class="hse-column hse-size-3 hse-no-stack" style="display:table-cell; vertical-align:top; max-width:150px; width:25%">
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:150px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="150" cellpadding="0" cellspacing="0" style="width:150px">
<![endif]-->
<div id="column-1760639307995-2" class="hse-column hse-size-3 hse-no-stack" style="display:table-cell; vertical-align:top; max-width:150px; width:25%">
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:150px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="150" cellpadding="0" cellspacing="0" style="width:150px">
<![endif]-->
<div id="column-1760639307995-3" class="hse-column hse-size-3 hse-no-stack" style="display:table-cell; vertical-align:top; max-width:150px; width:25%">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" style="table-layout:fixed"><tbody><tr><td style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 0px 10px"><div id="hs_cos_wrapper_module_17606393079953" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div style="overflow:hidden">
<table role="presentation" class="hse-pre-header hse-secondary" width="100%" cellpadding="0" cellspacing="0" style="text-align:right; font-family:Arial, sans-serif; font-size:12px; line-height:135%; color:#23496d; margin-bottom:0; padding:0" align="right">
<tbody>
<tr>
<td style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word">
<p style="font-size: 9px; line-height: 100%; text-align: center;"> </p>
<p style="font-size: 9px; line-height: 100%; text-align: right;"><span style="color: #006699; font-family: Arial, sans-serif;"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4g5nR3bW7Y9pgv6lZ3nnW7rWPRg1cmRwhN6KGSFt2QTPCVY7VwY717KDHW3Bfcrm3R1zLsN6JXDqhfNvrqW72sWFW82nQ2QW66hV8_2Bz-t6W5jhGGn1hwP8LW7_tDdh6-kfJMW8_PKp03-LlH-W2wn4-913XphmW7Sr51s5HLqyXW4f5WvT13VNsFW7hb7hL6RkX_1W7GL-2R2-XXqsW3wQ22T5_NGPxW71pCKp6zXmKgW1PCXJR7kSz3FW51_fjX34n8GkW5_C7qH84dMKjW26Bsss38jhtwVw51tD6KJ1rfW6crgF13C6847W3l0LtT3rD4sPMC0sgKwxjRkW3vSC9K6rZ3VBW74KBVK6mJGbWW73hh3B75Xdp7W8w6TrQ8JMQRvW91dBc8692tmFN1nznfmvkjMjVgqLTD8YV8_2N694_LlK8Yj-W2Vhthg4Bp0p8VZhvm899FW8GW6Cjs1T8QyykBW2R9gjz7G1x4wN5vlH3L280R8W1D2Rp727ZTN8W2RjLPC7TjqG_N5KQgTzLvd2nW7hPC1L6Fp8tcf662DyT04" style="text-decoration:none; color:#006699" data-hs-link-id="0" data-hs-link-id-v2="TMvh9tZe" target="_blank">View in browser</a></span></p>
</td>
</tr>
</tbody>
</table>
</div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1773949748649" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#000000; padding-bottom:25px; padding-top:25px" bgcolor="#000000">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#000000">
<tr style="background-color:#000000;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:25px; padding-top:25px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1773949748649_0" class="hse-column hse-size-12">
<div id="hs_cos_wrapper_module_17739497486499" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td align="center" valign="top" style="font-family:Arial, sans-serif; color:#000000; word-break:break-word; text-align:center; padding:0px; font-size:0px">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4g3qgz0W7Y8-PT6lZ3mBW3Nln7J6jtqxVW2nJFzL4PH8zVVlybrV5FkkwsW8CVyNJ83smySW3dsXX31svDBjW1lcRwc79dYCNMpbZlwxKV4cW8XbH_Q1yzNjxW7H6SXw8LYfyZW7X-J6j94l2F-W426K3L7gFWP1N1NSsk5z38S4W8FQ1wR7R56QdW1HYqLm1qk0hMW56XCbq5j9Q0tW2x7HFY6nYZ7XW5q9w771zbKxfW4QfJfM7g7_msVShqTG7Nw94DW4GLj3S5kW7YVW3Kh1rC1RLtWTW6gwj677J6cfTW8s_DvC8w6sPGW8PBYsm8y1TRtW8kT-Yb3HlMYQN6HhGFwK9QBTf2FK2HW04" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="uKeZL1AD">
<img alt="Group 2117129460" src="https://research.cbinsights.com/hs-fs/hubfs/Group%202117129460.png?width=600&upscale=true&name=Group%202117129460.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="300" align="middle">
</a>
</td>
</tr>
</tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1773339192788" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#f1f5f7" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1773339192788_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17733391927882" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%">
<tbody><tr>
<td align="center" style="font-family:Arial, sans-serif; color:#000000; font-size:0; word-break:break-word">
<p style="font-size:1px;border-top:1px solid #f1f5f7;width:50%;margin:0 auto;"></p>
<!--[if mso]>
<table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:1px solid #f1f5f7;width:280px;">
<tr>
<td style="height:0;line-height:0"> </td>
</tr>
</table>
<![endif]-->
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section-2" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-bottom:20px; padding-top:20px" bgcolor="#ffffff">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff">
<tr style="background-color:#ffffff;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:20px; padding-top:20px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column-2-0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module-2-0-0" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-2-0-0_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; color:#72116f; line-height:250%; text-align:left; font-size:10px; font-weight:bold" align="left"><span style="color: #757575; font-family: Arial, sans-serif;">October 8, 2026</span></h2></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1781017550292" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px" bgcolor="#ffffff">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff">
<tr style="background-color:#ffffff;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:10px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1781017550292_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_177334591657621" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177334591657621_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; line-height:150%; font-family:Arial, sans-serif; font-size:24px">Star power </h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17449047009021" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17449047009021_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">Hi there,</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">This month, the pressure to secure enterprise AI agents has dialed up. A few notable moves from the last few weeks:</p>
<ul style="line-height:150%">
<li><strong>Companies are setting limits.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3mJW3mdYBr391-0QW6ySqyX6hdR2xW7khHqw7dljsPW47kr2W1_VHfKW22WmBs4-bTFrW5dH3rw44j29jW3Zl1gR6sJ3sCW4vzHDn1XFgl3W2YH47p1xWfRkW8fdM-T1cct6SN5yHyp-Spy7bVqvBCR8VbBJjW3T3rx88F1MRpW83PNzQ1vsxdWW73w5sf1M1JgJW4wcMPV3FSl-zW7jJprg4KT5GtW7Lb4g89ljH9qW3nZmZk4y-btyW8-P9HX9djr75W12fzSZ8kBPwTW9lYksG6h54SCW5tmh5-3t8xCPW4jf4gY16ZpgTW8xScm956NtyHW8v80bF7vqsRHW21jHwh4TzdmSW8RLdZD2lDB8KW8_-7hl8dp_9qW2WkB8_8wq3PJdkTF6n04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="peIcWXl7" target="_blank">JPMorgan</a> is restricting Claude's system access, while <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3nLW39G3991F97wvW94YG7F561M-SW92gl1_5Z58phW9fNXNv4YQvfTW5rtzd56DfqJJW4GSh-D3RvMBsW91XMgH5J3gDyW28ZJkH1X1gQSW476lKs4NQDFzW73VlB85Vh6WgVf5_JG7JC-2-W1t5dg23GCltZVVc4Rq8lPJGjW61y7Y-5SHVXKW8Qkfgr6VtPHkMn30ZJrFx0nN6j5fw9-c2KZVxkQhD5J1KmLW3DbRk91_VJ9BN7gknDvdlBBsW66P8X06YD03CW1V6xD3499MlwW9k6p6r46DpC6W4csSy53XYKxYW8f1kfP2mxslkN3QHnhyn8qjyW24jFd05Wn1dgW8FkNhW74l3HRf5MQ_ZF04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="6GTzf1Rd" target="_blank">Okta</a> expanded its controls for governing AI agents.</li>
<li><strong>Startups are building controls.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pBW64Lp8Y4R_NYkW1qqMFw3G_0VlW7qG9CS3NthyrW3Wp8Jw1P86wwN59k1Vhyk0smW5GkHvs8CsHX8W98McC_6c7r2mW2DQBDY2gctt0W3r-S3J6kt62LW6dXdyx4wfcBsW5ZR_K71j4v4xW8FzW1r3VjVrQV7W6tR8WBGSfN8Pjq0wpQtmpW1_zFLy14SYQGW6Nn66D6jQd-lW4m-D9r94WK6BW85_DXM5sLvmcW6T_kwJ2xfsKwVzPVwL78XykjW3t3B4r5ZXt0SN7FDKr8415n-V96B5f5Glk2KW1BKKZx9jFnXKW5z4zzx2nQ-tvW8K6YyS3jfSbJW8QD2GV6h96bFW72MXgG5vwKX9W1TD3X98ljDWtN2J4fZR2NfwQf1Wrw9604" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="dZ1hOZZ3" target="_blank">Outerlimit</a> launched this week to govern what agents can do, while <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pvW8znpxB3f3p2CW7y7xKf85cL1QW5W_ktJ4548DTW7RJG-d3lCPDGW653Smr6NGWt1W1Yddwv4T-LmcW2gWxz87Wr-4WW7S6h4P1Gnp2hW2n1xd326hBnjW2Xv-bq8t0RZqW54lkHf4Qsn2pW6d-hK770Z8b1W41r32X5Kbtc1W2p_Fd15hh_YLW2x3yhG51Wz8RW3Fj_x21kfWdXW197_vf4qqFTFW36RSVq2WB3m3W7t78q63q_L6jW6tRvMY8cn7M5W7fwcq68zZrjSW4QVw7j6p532ZW9gZCPh7M0mfKVZlQ6n44T68HW9c9QtD5pfFlTN3SrwVwPHRWpW79H9RF5WGJHRW2YzFv07p6MGwW40ZFds1VyGnRW5YwNmj4yFgbsdW_mpT04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="j01+awO4" target="_blank">Eve Security</a> raised additional funding last week to stop dangerous actions during execution.</li>
<li><strong>Acquirers are buying in.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3l9W5nG68s6SVFDDW5Wztdg28J915W8M2Tnp57g3XFW3528sZ43vlNyW5DGDcr6tc_XBW7G7GkR5MHNtcW1yh6q38QCGKfW964bBB7WBpf8W4lCX4g8QdQn9W5hWb7s624cyRW5Vb_P18w4784W1bGhhj96lLsrW5HdQsd2D8pTmW3lq3tZ7-tT3lW4wMvSH27MyGZW7FTgDb88KLyMN5LvvR7wfR6cW3yXRtW1QsdB7V25JTL68MWdxW7d3lGx2PzNrbW35p6-p5RZpcBW5plL1G7K083xW4xsh7097VKS-W4vvCY96j31FvW9m4dJw87Jzy4W16ky547bjF1jW4J9Sct6gcLSQW4JQms32BVf2Vf73v4Wj04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="XoKZyJWL" target="_blank">Cyera</a> completed its $1B <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3lNN4dCk2qn4HR6W33Yqln7TTB9jW3_p54135LS4_W492G5h8yffJrMfqv5h8p7NvVNRvFm5v1SgZW2qP5dB8ktTcqW6HQGs95TWVyPW1XcCpR2gQmxjW90TsHQ1L2WplW7qyVkt1WY6dvN1g_TVGGhBM8W6FwkfP78gFM_W3WtmnH467G3cW5L_nlC79RqHKW1PJj0w8d8qw0N2qZ9btk5QPDW5YMvG66SC4XfW8hh9904YnkR4W7XvDNg7fwSQlW5KcZFv1PZ6TLW40Jwkz1XmJjPW3JWT9y8sKDbKW5YBYYh8dDX_rW9jtp6S7hDsQ_W49DqkT7wRk8RW2dqdWG4KkcMfW8N4h_f6qB5D4VBWNtG1thLqNW4Dqwv83z-7HQf1m9wDq04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="Owxac4Lb" target="_blank">Oasis</a> acquisition this month, adding identity controls for AI agents.</li>
</ul>
<p style="line-height:150%">As AI agents get permission to do more, controlling what they're allowed to do is becoming its own security market.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">So we dug into CB Insights data to see which emerging companies are getting traction, who’s behind them, and which could be approaching another funding round.</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1791490716351" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#f1f5f7" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1791490716351_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17914907163513" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%">
<tbody><tr>
<td align="center" style="font-family:Arial, sans-serif; color:#000000; font-size:0; word-break:break-word">
<p style="font-size:1px;border-top:1px solid #FFFFFF;width:50%;margin:0 auto;"></p>
<!--[if mso]>
<table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:1px solid #FFFFFF;width:280px;">
<tr>
<td style="height:0;line-height:0"> </td>
</tr>
</table>
<![endif]-->
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<table role="none" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hse-section-6-margin-top" style="font-family:Arial, sans-serif; color:#000000; word-break:break-word; padding-top:0px; font-size:0; height:0; line-height:0" height="0"> </td></tr></tbody></table> <div id="section_1781031348661" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#e0eef1; padding-bottom:10px" bgcolor="#e0eef1">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#e0eef1">
<tr style="background-color:#e0eef1;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:10px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1781031348661_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:30px 20px 0px 40px"><div id="hs_cos_wrapper_module_17914899316772" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17914899316772_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; font-family:Arial, sans-serif; font-size:20px; line-height:150%">But first, Wall street is moving onto blockchain</h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_178102225999825" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_178102225999825_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">Four years after FTX collapsed, finance is building on blockchain. Banks, asset managers, and payment networks are launching stablecoins, tokenizing deposits, and settling trades around the clock, often with tech they buy from startups.</p>
<h2 style="margin:0; color:#72116f; font-size:16px; line-height:150%"> </h2>
<p style="line-height:150%"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3lCN10GGsJRKjPlVNs89S1h3Lw_W1lWqBN1VZKJBW2yk3-y432HFPN74hlSLZJKSGVhhYZ62p_ZfmN6HRslDh_S6MW1YybMZ47smt0W2sZWyK24s-wcW7qPw3P8Y79mrW4N8b-p2JWLZxW6DsMfK4wwH4XW3g_vDm2lg_3ZW89-F-B3fYHkHW3SjVFt7LTnr0W2PcPg812-1CHW8Qn45N6_qf4gW3rxSNf1xYd-4W5QMB_Q74zz2HW85YR8V2JmHpTW7FlvnV8sFCG7W9j1B-D2Rtv4nW1jv0yV89kD4XW2jhW666cHqbSN5QfYRNQRvNRW66DcM641wQspW9hcHv520NS7rW54XG2L7HzDVfW8zZ2Pm5mCT5nW8q9VB537c9hwW52PZmj4v315RW2-FcYY7nqTm7f43hL3b04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="u7qKOzOj" target="_blank">We teamed up with Money20/20 to map 167 of those startups</a>. Some standouts:</p>
<ul style="line-height:150%">
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pDW1X_d_P3l3VwsW5kb23x5CBV1KW4874yr915M5bW3VqmRX4j7Vx_N8KT1741vkZPW3S6hv99kXBblN3BFkxB9Cy6YV8nwYm8MVtFvW7m4y177HN89rW4sfct-6n7ShTW5gNSKd7sbydtVs0LMl3yy3rYW1tBDXC1yMpzWW6P3HRB2MNHsGN6Pl4TBfcDTzW2FTKn76PlW2jW3lyD233gC3P7N17QW448tFCJW6b7yCc7cft1tW3Xzhyc71G-QnW1Gnr5W6Tg8s9W6HcDmZ1x3m5KW5tyRJk7d5FsYW3jtLBM8Qj4dbW1DtSKY8Lc9PRW3wmtXx891Kj7W2RWS2q71S8sxW1-Y7M87QdvkWW47md498XM__0W8czp3G9d1-8cf7M9TxM04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="zm1AI3vm" target="_blank">Bastion</a>: lets companies issue and move their own stablecoins. Sony's venture arm invested in 2025, and months later Sony Bank tapped Bastion to issue its first stablecoin.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pXW2mVr5f7z77v0W4DstW97fHlWMW2HRKjM4sBpnTW6vrzSy6CNzw0W34ncGS16SXhDVF_vQ31y-qGJW4q8NSP8QYgZSW99Mf0S6rBdJ8W5NdxbT2jywBTW1KLLdG1C13k5W4zPWXr6k7R2QF4C00xhY2TyW10RZ-k6QFhK1W1gT0Bm2_5LMMW4_M2tF54sbXWW24rm-n4HFkQKV5SqTc54-2lpV8DRLz2HCH56W3DFnJR4zPWQLVgBLf-6sxwjqW8R9X0y7_vLKSW5Rs7fj4PBbh-W5bR3sW3Nv_R2VX8yB91CztxtW72DvNj4YwR-VW5DgQHq2GkXMvW7ljJBF302n8TW9jxwf332pvtRW8fDfVf7-9WhcW6Lmdcl18-2W6f2FNPJl04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="AEMaddu6" target="_blank">Stablecore</a>: offers tokenized deposits for community banks and credit unions. Bank of Utah invested in its Series A and became a customer.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3nGN4zDNxTfkF6jW36TNby79zC06N6mgllXjTYvkW8_5wyn4hwPjbW4Psq2w7rG4zJW7Trcx-3NwQMxW7W_tcD7X_wTNW4qCh_Y1FcvhWW64Kmd787ZxhlW3MQQQ-48FqmRW2lkRdj3KYQH8W2GvvLS9kPdqNW1_-F415rvLrHW6DLZvM6ZFlZLW2-cn0Z605YvWW6Rkk9679WnMrW31Z47q5S2F8wW4b-BS93gPFZjW8MDbR972W1CTVpCVcQ8Gsw6lW7Cw0JJ3y5xzQN7vLC20V8Pf4W9lkTj-8bDvgFW4FHbjH5HrMBxW1MsBY37zn-NyW1K3xRx3SdqTWW1qj0681stRZJN8vlFtcjMwn2W5hJD2Y6L1J8lW5v43b98jBmypf5cnD3b04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="0LKFN9hw" target="_blank">Digital Asset</a>: its Canton Network completed the first fully on-chain financing of US Treasuries against USDC, letting repo deals settle after market hours.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3kBW7bMTMt4lg0rjW4457F75zRZ8NW5TN-947jHh-BW38xsC225KqpkVxldz_5KMswhW5F4jwp3t7YfZW7MRsPb5vSljRN6fclCrk7Fm0W4314gM8p-zydVP9_gK33SDLmW2_mGWR13jKxHW8qfYgP309csBW17DLGB5DCfYbW5j5MsL8WV7_FW73ym873BqkKwW64bD391qL5HhW6DWjB524s9__W4PHxh02WFPXfN6-b9gPsFx5qW1BYXhZ1-rBqlW8cXBcR7zmDBhVmLlv72KTK0SW8xKWsd2fV1x8W5b5Vt06_g8VsW2bHr551xGs_CW69Twj14hjS7fW7F_bLT6DlB6vW7pCFTk2dxl4lW7P0Zgc6qgNH3W7-4zPH8lxggKf6RRxJF04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="t7S5BTJQ" target="_blank">R3</a>: its Corda network handles settlement for HSBC, Barclays, Deutsche Bank, and BNY Mellon, and holds $17B in tokenized assets.</li>
</ul>
<p style="line-height:150%"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3pJW4hxF2j43tjJ1W42d9hl6RtgV9V7zK2882QYMcW1swQRn48Cn1LW3SB3-23ClwcHW5tl9pm91xLfSW1HTjdt17cGpJW30fNyC5ylvv-W6ZT_Fh3yZkPvW87WvV73RkF0WW2x8C5h2c24bvW86kb_l8wG06vW6MZxmY8r9slhW7jv8xD2sdZHhW7LbsN_8qCkwrW7P7ygq22c9jzW2Bx3qT6pYpZ6W8dQgfG4YKSLwVjsgkb2_bbLdN1P2bQcgHNxHW3mQTsH4KlShFW2CqwnY2SFHffMSC3hCzYy2cVsvWc15jRcjFW6bqlV28ng3-6W32jfgQ90KcytVXJd-h637DM0N6qgLKr54CrVVTWj3c643TWkW2QpQBg6T9fXgN5hdW0xhHh56W5qRs626d0BSTf1pypLP04" style="color:#006699; text-decoration:none" data-hs-link-id="1" data-hs-link-id-v2="IPixwkqo" target="_blank">Read the full brief here.</a></p>
<h2 style="margin:0; color:#72116f; font-size:16px; line-height:150%"> </h2>
<p style="line-height:150%">Building a company in this space? <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3p3W4gy_T_4LlRPYW2HkhV25X1KsYW8xDJ0850PwtwW4cBV4d7pDv9zW5mRCs44xl5mRW8gzzbp2nZmGYW6B38wL8t8Ys0W5H6yzd5BrqmNW770SWZ8z6sLtW6wt2LL3qk3sNW8wN0_23Fgx7cW8JqhJX2h-KM8W27XbR67vynThW8XsGYZ33D7CbW55l74m46_KflW94Y60x8HFwVDN3tz1G7Y7dnhW7WR2D46KkW0_N38fwmzvzQjBW6zky0h6PBBSqW4phYNP4hBpSrW2PTxH31tQTBZW8jQ5vX8pQlY3W33NZtD79RCkJW7Drxbn5-f9RpW4VtH_V6VQPqkW6-g0NW3Tb1yYW4RVDFp80NkM6f20kjXl04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="KrbN4QNb" target="_blank">Share your market perspective here for a chance to be featured on CB Insights.</a></p></div></div></td></tr></tbody></table>
<div id="hs_cos_wrapper_module_17914707789385" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#000000; word-break:break-word; text-align:center; padding:10px 20px; font-size:0px">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3psVGb6HK2KQF4RW3nhfSH8Q_p_kW7wpP6m1K-WZQW50B4kM1c82vdW6Ny9TX5frfwLW8hNTXH3_D3bvW7vY-Zv7Pk4LSW4BZK4b35PpVzVBRL-k2BMB_3W6s2qxb6ptd9wW4jgGJt8FL9L7W2Drkn42C7G7cW3X31g57fcXr0W7t-VGh3bBwlhW86jg_c8F6wTxVCgdYn1128HNW2MZvD145ZJ5ZW8DXdhz92XYJ4W4Xk7Dn4mxdwnW5xZxK-4KtRnNW98C0Pw1FsB7wW1QV7kh3J4mg-W11mZ2x3tF67YW7HMMg31Phb-TW24-qW62mjvnzW6Y2k1M7ZmkN-W4n-L_c1m9bW6W1ShQB45KhmMtW3-7Cqs6Z-qbdW7rNBR98RG3F0W2C3zdt3_7q92W4Mtbfm578vt_f60rBv004" target="_blank" style="color:#00a4bd" data-hs-link-id="2" data-hs-link-id-v2="RuiMlhTg">
<img alt="TradFiDeFi-MarketMap-092026 16by9-2x (2)" src="https://research.cbinsights.com/hs-fs/hubfs/TradFiDeFi-MarketMap-092026%2016by9-2x%20(2).png?width=1120&upscale=true&name=TradFiDeFi-MarketMap-092026%2016by9-2x%20(2).png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="560" align="middle">
</a>
</td>
</tr>
</tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div><table role="none" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hse-section-6-margin-bottom" style="font-family:Arial, sans-serif; color:#000000; word-break:break-word; padding-top:0px; font-size:0; height:0; line-height:0" height="0"> </td></tr></tbody></table>
<div id="section_1791490729251" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#f1f5f7" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1791490729251_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17914907292514" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%">
<tbody><tr>
<td align="center" style="font-family:Arial, sans-serif; color:#000000; font-size:0; word-break:break-word">
<p style="font-size:1px;border-top:1px solid #f1f5f7;width:50%;margin:0 auto;"></p>
<!--[if mso]>
<table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:1px solid #f1f5f7;width:280px;">
<tr>
<td style="height:0;line-height:0"> </td>
</tr>
</table>
<![endif]-->
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1791470698904" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-top:10px" bgcolor="#ffffff">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff">
<tr style="background-color:#ffffff;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-top:10px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1791470698904_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px 0px 40px"><div id="hs_cos_wrapper_module_17914706989043" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17914706989043_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; font-family:Arial, sans-serif; font-size:20px; line-height:150%">Now, back to the famous founders</h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17914706989044" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17914706989044_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; color:#72116f; font-size:16px; line-height:150%"><span style="color: #000000;"><strong>When actors build AI tools</strong></span></h2>
<p style="line-height:150%">Hollywood spent 2023 fighting AI on the picket line. Meanwhile, a few actors were building it. Most of their tools handle production work like lighting, editing, and effects, as opposed to replacing performers.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">A few worth knowing:</p>
<ul style="line-height:150%">
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3nnW8-RjPh8GfXv2W1zwRn05HlD_kW7c-pTK1wvzb8W9chp3P7WZ_SfW7hHS0T8QYB7mW8XdX1s7MlFg_W7qTdq23TQN7zW16lGs52pbGQdN6rkFbN-jqgyW6ZGzt21mHBgFW2CNtLS6Ynl9KW4Zp81G49fCN3W4pFv0L72VZTpW3j6YKB8lP36ZW3j5f4h6xK9cQW83HwhJ9jfBDnW8gBdFK4kkNZyW8SxcPH3gqRRHW18_GzB3rxcBjW6QXDVv4ghJP4W6Vxcsz8S-7NpW2H0NlL9fW7YQW3vk4747TtHg6W42Vgbz4qnZqyW8xz8N-2CTVJKW4hLzdY7s_dtpW8sPCBz39QyV4W1VGtld3XXJBBW4wh6db60WZjCN2TJphC9GThtf81plZT04" style="color:#006699; text-decoration:none" data-hs-link-id="1" data-hs-link-id-v2="KpLmT/Gl" target="_blank"><strong>InterPositive</strong></a><strong> (Ben Affleck):</strong> trains AI models on a production's own footage to fix problems after filming, like missing shots and bad lighting. Netflix confirmed in July that it paid $587M in cash for the company, and it plans to keep the tools for its own productions rather than sell them.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3mbW21D2ZR2kwlHzW7YXQ9F6b-M4pW1GqsFt1SCpsFW1PR2c25S8-b7W7_4f_b3WPgW7W5vD7rY8kHmkyW6Py3Gr8SvvNRW7MQJZ054XVF6W6GB-d-24j4PmW2cvQkc80yRysW3rr9rb5tLv5YN131NsC7c1MHVSzmvc5_g4GvW8v-mpg8YTH0NW16BLg87Nqv_hW9c6Vnl4c1PydW7DJjjp3QzgXSW2yckFF5FPJj0W96bQwj761g-1W95PXmQ6tyBxkW1rw19r7x8JWjW6QRBMl1546x5W3WB6qZ4h7Ny_W6jj1ch4zMgxgW7GFYx-3FjkKcW2B-nqh1VqXjDVcDSj-7L39L7N7-5Rx2f-W7tW4jNHwx3n7VW6N3HjJZVt62LLdpbd0j04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="Pks8UDPl" target="_blank"><strong>Wonder Dynamics</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3q0W3pXx9S1JMv6SW2hpQVH2t_PT3W4NHQDJ2hkFwNW2l3XdX4p3xQrW2qgSsJ3TcjfzW2FYMYQ72LJSlW6Xb3Nz89hQ4jW8f8Yk558XwwfW2gzXtG4sghVrW2LKmyz1dzFRMW4wrx7d39xNKfW52DLk-250p80W57cGLm3NSWTFW75drYL8gj0t8W17MbGV34Np3NW6yXPCh80ygc0W52NmpJ5GcZMXW5GNtkV51Y30XN4tThTtmbrk6W3n39Ht44P-QBW93859-7tNkS4W64t9RC1Nn5t0W8GMZv28Y2Pd4W5nsXVH6dZ8l-W65TcsM1_87HwW4K3jhJ5tVdCqW7DR7T42kFXjzW25nK5F937LshW7bLgBc5ZwLdqW14ZpbZ7k73Scf41TgYx04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="eYGjvUQa" target="_blank"><strong>Tye Sheridan</strong></a><strong>)</strong>: lets filmmakers add CGI characters to live-action footage without a VFX studio. <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3q3N7RG3bQPv487W6dZZtD2rk6vFW6V7Wsd3YFtS1W51LGhw98KmjtW5lkNB-5tCjjQN3H6LVnhwHmtN8_V1t78fF_bW47DQ894ptnyTW93Sn3W5_5-P2W3tCJVs2dj0f8W4Y6xGW3hJSt1N1Y-GPhNrCsxW7WjcKj17x0nrVr6QDG5JWPb-VxkNF85C9rwlW2JlLBz1rC-HmF4Wm1g92l6hW2xSn3Y8VXKY-W30bd4j6bKqxhW7VPZk96Hs8NsN5shTn41y79yW4dj9Fw7320YPW9lfx_06qQk9MW2b_Yhv1lnKSZW1GLtnv9gwwNgW7FH_z97VTjXBW1NGqPy4Swr3fN6ZfKYczdjlwf8vHVHd04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="LND3kEHL" target="_blank">Autodesk</a> acquired it in 2024 after it had raised $12.5M, and the product now lives on as Autodesk Flow Studio.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3phW8MfNSM5trxBTW3yJBPm91bjplW93zC2r5mgmyCW6RWtJ_4nQnNRW2QBSVp2F05XpW7GcwBj4xfsq3W5yK1FC8sFTXnW8ln6h149JN1_W76snrR1jvhX1W4FtlPS98VjphW2qmVQl2fM-5FN4r0m-wckl-ZW5CXyX48NPBvcW2fShhJ2Kb_WRW6J4qRY8fcq9tN7sDXm8g7qSbW1yhc0G6pDzd5W1P17J019zlr3W1H7m-65-0_BdN165TDVz3_RjW2r4YDS5DB7_LM4SC-yGHpr7W2lMK-J8Swyd7W2-3n3G8rsb1YW6Xfd3c3ddv7tW1541tD3VnjtvVL1WBX5Fm7xqW5bsMgN1p3LTTW8N3b_j78RvkQW1Lczfq8pk3mMW8zSypn6bdqc-W7lbZzK363RhFf3BjVgC04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="RZU2uh2I" target="_blank"><strong>Asteria</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3n4N2qzySYz-m00W2d3sRF1zlbTrW8lHXDR74mxDqW631dHP2Bv_1LVZwrsV6131xnW4PGTBb18Q13fVfKLnf87-x9GW6QV1Ds11JpBTW7ZzkQv5s_krLW2lY72c2HCL65W4-PFb04x-RSBW3tN7Gr6q447XW4dKMZt4x0K9mW5BfJKd4lq_GZW3C7ZlT8JBPCCW5HHSk81gx88cW73wvz_6nysDqW1Fp8d-8MwKdyW2jZMSL8FG-_XW4VKN-M6wlWK5N6YFP51nDS-XW48SKTz8-qfC-W1-q7hr1gT_LVW5kNSPW1YY6J4W1xdVrk5_R7hlW7Ksywl3lbqKQN87LGqQczznJN6YTtkybBvr0N8NQdPd3SW46W5LTf0t23H0CHf6pNX2804" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="SGRzRJ6B" target="_blank"><strong>Natasha Lyonne</strong></a><strong>)</strong>: an AI film studio backed by <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3l5W38PvyP8tQl2MW3-SrY-8HXl2TW1CRGzp1RjV13W44hKzb8p2vhWW6v9x2G5XDQ1CW4CdNNH6S5-XBW11Xt7K3M2Q35N83-cvRMc98lW1_8cJX8HPTSgN2HxFk-YlkvZN3ZtGfklJ3X-W5hWLPK945s96W58QSwj2RP0NkW3NPqy17FcXxLN7rzpPP9n1hlW5l-05j5bD3f6W2w7k253q4XxrW92BLHB5WVpqMW3VJzmY1zFQWYW3-Nhk368DLDrV5bXcT79fgrhW3JQJzb7Y9N2QW7kP_1C3Kry09W6ggbsz6Z6CD7M8LgwlT5Yj_W1t27dN4PTmn2VkndF576lD54W6JR9NQ6XMR_BW8fTFJN8XMl-XW5nt7Nq6HqYHDW2fVWd43tZ-tBW7n_1Pv7P_XYlf7Dn2SP04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="qlHlg+b8" target="_blank">CAA</a> and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pfW1QV9-46xqmMTW5F2Mwc4ZR0jbW1Wp27W6dX0PTW5kxxq84MLV3wW4dhM-g6_j-JPW2XBfq16wcNdpW1t7ZnV6k9hvGW3sybs75CCHVxW6V0CwK4wcPKDV9Wxy02KXV1RW4nPFM71XCQ5rW93DMV-5mlDY-W1dDLLd1Y41JtW2zJGQj6KLGXYN1Vd7DRtbNTSW4g3-Vz5rQysyW3JYwVc8g_3HMW9cV-w37jD2zXW2gSN3x2LFgd0N93wkyQ_LS7TW15HT6G5xpw__W12GMYH87yFQyN4PPkCybQ2MrVvbNr43x2kxmW1xkKRy1PC_21V5PH0l2sD3QGW5GxGlh10MTV4W2qL15y8XVRKpW5fdc535HBz4qW8p4bMJ1sMvl0f3cbVP804" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="wvCkgECe" target="_blank">Comcast Ventures</a> that only uses models trained on licensed content. In March, it launched Continuum Suite, software for running film and TV productions. Lyonne is also directing its first feature, Uncanny Valley.</li>
</ul>
<p style="line-height:150%">AI is still a small slice of what actors build. Historically, most start production companies, including Affleck himself, who co-founded <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3mJW7_l4Kp5rmyPWW1t_pY72gB2KSW1HMK4H21XmCvW7gt3Nb1fXcjLW3d6b0X422GS8Vhdw5k4zkt-bN6FQVr813v9bW7nt-q38f123zW3MnrKW7hGgDfW9hL6Sd2X8nkfW5TZbC_3RtcRbW2pzvQC7S9mTlMD6tsFnjZ2QW5mJjKj7qXQB-W1DG1KC4BD-cNW6yLygs1sxdmxW74rvkv2tWBrnW1g8k847wXFMBW15VT8C6sHxqfV_DFCc7lQk-pW7pDP0X3XTQwyW47qzNk3xW24hW6WbH6v3fMz8WW56HYMM59qLtYW668dH06Fq8tfW7MyBhM5Stm_zW4zCv0F683V6HVWxKll6bxTDSf90Wd2404" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="rugKuCaE" target="_blank">Artists Equity</a> with <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3ppW7MCNKS72lvlpW4dQd4l8rR2_LV7Mlgs9cFcw_W4Y5bDK94CJ68W4DWdwy8qSMlsW3KfRnH1yZ-G6W32Q1Dj6GBCq1W3L5K4Y3GhbJ4W6jk00R3FGw-lW2H533s4-nQL6W1Bq4ZX66bHd1W3Yt5yX56X7DVW7-y_g798v-YMW4F_qjy83-fPQVL_qsR4bGHdXN7CTD1ZYCC8gW7_sk8L1l-s7SF3vQV8LNs-KW8HS1qH9gN82zW1StpkK3rXS-1W1RzYRB2jr4BGW5fjWpW8DWdJvMn6J60T4Mk7W1xq8gk8VRyQ8W30RWlm5J2BxkW5ZZH3W8FWTyCW5K7kkr7VkFyfW2_RzhB1zMRmxW71hGfX3cMgTTW6hwcQr9hV7WRf2K5kf604" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="4i++I6/4" target="_blank">Matt Damon</a> in 2022. The space’s biggest exit so far is <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3m9W4nQWrx3b0CLhW72Xww23HWgPkW3WXDpf3GMJ--W7n52cJ2Q98gfW38LCj56Cv6-SW1YkWh33m-MmWW4tJ_K23QrW3PW7NPs5F40Jg2kW4-0Nvv7kM635W7pZ1Lg3l-J0ZW3Mxt7q4HWzcVW6QdZTH10VB7-W6WFpCD3pMZzpW54cspl4j91K8W1psyBt6LwqGDW7H2cr774FHdcW2h52Yk43TXXHW1Fcdgy6dxXyRW1BbtC381KS62W4BrFX07CCgmsVD-2yP2xYF8sW5f5BgF62v6V3VRjZQP7s8pT-W912CWM3LdFKMW6QTQRG4c_PklW1gNf796kCGbKW2szVCv64l2FWW7rHVw12L--zsVNjwwS8JGBYBW40tM645C5kwMdJfXtg04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="XBx57vL7" target="_blank">Reese Witherspoon's</a><span style="white-space-collapse: preserve;"> </span><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3plW2WDlHK8WCb7rW3NdBJ24Sm9fFW4myZnZ1TxJ__VmGJDb18lxXpW570X1G1j3w76W1LyNCM9lsWtrW5WBP4S1hKFKNW64dYZ08YQb6TW2spD6R7wP9YSW3lk7gd6xxX9BN4fkTP84zrqpW8p2n_L5_py25W9hnjrr2fZzz3W5RVnXC66568lW75n3bf9l6H5kW7vMYNG3y-cGWW8JXGQh5rWX5XW6rHl9Q7yCtqnW5Nj0Vx8B8bH2W56F1vq3SgpJCN8j6yCm4r8vXW8gWnDd5Rs-z6W93sZzn81k7s-V-1-Dt5LMc7WW1YJ_bG7wWTH2W5nTLfy4x41vCW5HhcSn33z4GWW35-j_Q14Gwkjf1jJmBY04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="RvOzNhHD" target="_blank">Hello Sunshine</a>, which <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3npVMcwPG36th3nW1wZsRt3_QM2DW1CK6GZ1zk6dVW220jgy1XR5FNW6lTc4N5g95ddW2z63ls8LjHqxVF5VQf7fB5BWW4D5yFw4gqFfnW1bTpQv69Gm52W5MrrRc5Bc0lHW5DHND697fZSjVP8-0z8Sv_cDW107_2n8Qd0fxW8_VpzN6nxPgKW1qxnKJ6zXc1NW6j2zn34-r9xqW5Cv8Y55dct04W774Qpb8jxch7W3smXgk6rmc_3W6Xythl2p379fVk1-z04cMJJGW7w2FFt8dXdDfV35DPn8bM7RBW4tDNn93dXgpyW7dcG6f4rrFKPW34H34q4J7CY4N2jzcck23L9wW7gnypS3MRV0xW1vMtjX6jDMCnW96ZK1f1GJpCgdt91sH04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="gHfNBb4N" target="_blank">Candle Media</a> bought in 2021.</p>
<p style="line-height:150%"> </p>
<h2 style="margin:0; line-height:150%; font-size:14px; color:#72116f"><span style="font-size: 16px; color: #000000;"><strong>When athletes start their own leagues</strong></span></h2>
<p style="line-height:150%">New leagues usually lose money for years, since ticket sales and broadcast deals take a while to cover the costs. Famous athletes start with a fanbase, but they still need investors willing to wait.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">A few we're watching:</p>
<ul style="line-height:150%">
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3nnN3CzBrvHnLjSW1-4fVX3kR49WW3hnSd43hSV7_W22Qrvv5jz1YkW6Sx3WB56MsTsW6QzTqM3VKQ-6W6PmYBT2XvfcxW99Qgd01KwZygW3Qfpdr5XGZx_W8Jnf701RSMQ9W2lgF5485QQfzW7dfMLH3nHbfZW4PDwJx91zLPnN44zsR0v7HxdW97mJ0l9lt63YW7cDnst3pVV_sW3fgryk3MMVVqVHvNXg2R24pWW3YwyY_66XBkcW7Nc8CK4nwkPmN7HTFBGT906wW2GY9gS92LpLpN8rK4DzhQ0B7W7Rz6357gJ3bxW8rjsmh6Y39JCV7CyDF6dbGsdW7bnKcs3HwZPDW1K_WvC525C_sW4-0W903xwdlTW4wv3nz2FmzWKf48B6f204" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="u4U785g3" target="_blank"><strong>TMRW Sports</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3p6W675xjk1k_1d_W8sRlYK1B2p1kN1jYp2p52mWsW5hdmmD7VLmJjW2jHByT7MC4fBW44Shnh7GwDZrW4wh8zB1mXWcMW8-drhK7NTNtQW642Nmh1CN19cW9bzgPb8B4qPlW4txwPb1tMVNZW5JpknY5cdsKXW1dkBpB7s_VpQW4lnHmd1cZCmxW5Gc_V91DW4vqW7XXYJK9f5YRyN5P4KnWBwl4mW8LlFtJ1bLpMpW2QZ3596dgmPZW4txPYg5pg7qTN69HpF9xC08rW3vfcfH6mjVQZW2KbCgg7hjWJhW1z6FbB7qmt6QW3KZhT_90BwhpW4rDC9X8-F3szW6D1prn2-vlZfW3mspH14nw45Tf96Z8hT04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="p9AoMAW+" target="_blank"><strong>Tiger Woods</strong></a><strong>, </strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3m2N36MX52Q1ZVKW6SxkKJ2LHCZwW2BTk7B4Y9hD2W5GR6_08J-b8lMFSqWQ2fntwW8JsF4x8KxcwmT6WHC6vLClMW6LXFxM13_m7-W7mwGMN2ynXg1W7j3Xjd6d50GpW1mqQ1V1wh2v6N2VcfrGslj3jW7C1Rf13r1ZqyW5-V-5D1wP68fW3Nkp_r8T2Vd7N8L597133F8WW8FZFYf9fkghGN7zjGkvZxft1W32rn212hVGnHW4Q4lh74zKH2BW54mHGk1pP3S0N6JhQ3yf8JGkW5mX_g51JFDfDVtsCtt23LjDnW19-wnm4Xt9CzW3WW_yx7Gp72HW7rXpQ93qsTD-W542MtP1qHWtddC0hsn04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="waKh3i0y" target="_blank"><strong>Rory McIlroy</strong></a><strong>)</strong>: the company behind TGL, an indoor golf league played on simulators. <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g345nR3bW5BWr2F6lZ3ncW4n-3Y98bhMpXW6gvvf364YfxWW8HnGGf7sKqG-W81rHjd5PHC1fW4db5Kl7krXhkW90fPrH2y6cJ2W1sFKFP4l5JMHW2cXqsl6LXQ6GW3PSZpT3vB5W3W6s0KZh18XL2DW97qtXs65dZKkW5yWhcw4kGzgzW3_xPrm75wvTtN7F42zM7My5VVCgylv1WbmP5W6HzKB33YjvF4W1bvPHZ8bLpkjVf40b68lM80wW82cY-X6qBHKjW8LCN9857df8QVvX1fG1QMBDMW6wDBB95mlxfjW7FsDmH6gGG1lW7h25Qf5fcPs-W13pqQf8hyq4tW7WkD_n4Fh1mRVBrPb03rk9ynW8ggz_S6HYlvWW4nq3hN8Q_Cr9W2yQg7-4V9JyXN4s734X8LDB0W7wcg5C8m63svW9kC6066n-fq1W2L_Qfp57fq2wdtxbrg04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="HsNS4Cs+" target="_blank">It's reportedly finalizing a round at more than $1B, double its valuation from 2024</a>. Next up, it’s launching a women's league in November, and the <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pDW3blF_j4fKyV0W44CPbj6r7RB-W4lv65-6gpl62W7jMh-Q15NKXzW27wtwW3MfMw5W4JzgvZ37wKfpW5ggZxN1gTyZXDPNFgW40kPVRKFL02C2Q2VW5zpNYy3DLQxyW7bpJrY4psMDwW3HXnHj8WWhKrW1ts-3Q3pc2DHW94gxZq5Q2M7kW5DQBbX2cfftXW4D0qTW71SMhPW5gDGPh5z8hz1W2t24Nt5mdTShVxgD3793CYj0N2GJqfkkVNJXW77z3R07lSFCSW5tV_P31n-LjWW8ZgYz98stJn6W35dXGf6xnkZ7W7PBdHJ6q0xH5N898wfL1Lmj0N1V4BFW-tl-BW49XQ7b6J69KqW8PJjPn4LzvY7W4xxFfs36C0CDdrTH5F04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="7yS3+McG" target="_blank">NFL</a> picked the startup to run a new professional flag football league.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pmW4rmKkw8gn0y2W3CdCNc4q7Tw-W5ydQ0k5-HGhtW6nyLDm7-GYt6W6Hw-4_3X6rNRW3Ztthn70W2RGW6kFffz6hJWHVW28809M2HTpXfW4fnpTF2dljF2W5nkl0D1FF1McF7mB38Mg6-cW7FrRY-8_3VxCW5KHL9C8QDGPdW1trDTj7xyxhsW2SSt7-6WQ_BxW3WZZdC3vsp0QMhd1WlDJpSGW7MF0Tf2ytmRwVHh0w-6Y6lmKN8RDtlx6FJlDVNLKJ13WQ32BW6BLHk_7Y7sR5W859L-T7YPXbLW9bH0hv6G7KVXW4W2trD7YMq9DW197Xtc95wlphW5NGpBy2ldGlvW8K17rK87lmPcW5wcC9G4mYZDGW6tpPsY2nX6Tjf7wYlD204" style="color:#006699; text-decoration:none" data-hs-link-id="1" data-hs-link-id-v2="tyuF6KVZ" target="_blank"><strong>Unrivaled</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pJW1JVfBf2BQBBZW11Dh2V4pgCD9W8YV_Yr5f2KP_W1FLNv38QY2JYN4Zw8m5hkC30W3czCvN2Cj3NCW2SQX816vZBsSW12Jmyy22lfWHW2b3wNc4dvcpSW43nSTT7SF0YgW5dTq-G1dpXgTW2vWLpB4hgXkQW3BLr3-3zSRl6W97gYzp68sQFzW8SzKdc8f8XflVHh8SQ4-NV4bW7-3MdH3bZ32fW8Rr4jR1Sy3DTW5HxhJN4mVDptW7DqczX6Z0wG2W5W0_y54qzfxPW1w8Vrh1zxvbcW75LCpC5sDYwYW95vkCM5vVNGMW7zVsq55D1g7tW4c84cl8_W1zzW90zZpd1d8LD_VY-Rvy1cdM7bW9j_Rt38ttvt4W6GKbJP82wsjmf54plCC04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="DlbDRwmA" target="_blank"><strong>Napheesa Collier</strong></a><strong>, </strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3pDW6ZPTTC3LC1JlW2zMGx13MTWT8V2dxX93TRbMvW62c6TL2VDNMNW5L5D-T7ddbTZW3MFQ-l6ZxHfcW9fSP2m7lLjbGW6sl1yV6FpYCGW2WVN5V7KblX0W3XXqJH1CrpK4N1zdDLKxcdtNVD91L67tt1GvW8N50md4VCPQ3W4dvQT-5tlHMtW2yvd8f5vXzNvW86mKY0804TSNW2kmWX0665BbwV74STj3NPGnvW8hxfQD7vmFlBW19gh-J97mT8NW5Hxwx84MrpfhW80pjyl1bHkx6W3jx7k37mXyhnW1g8L-111VrQ1W120q9q4GbCjCW8kpyWX5jxc_dW6LgMxV919zmmW2TGcDV6ZbXfwd4rwVF04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="zhU31jMX" target="_blank"><strong>Breanna Stewart</strong></a>): a 3-on-3 women's basketball league. Its valuation nearly doubled in a year, from $340M to $650M, with backers including <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3nrW3lTLdB7CqBw3W8V3g4s2bzpDGW1fZ0832_0Jt0W5q2BNq35LlzqW53d7QZ3Qt8ttW3f2d0_5NQJ2fW7Bpz7B59nmmWN5ZHr1Xf4cDJW3th5KH2-Lhx2W4M-6vJ8FGq_nW3tnJP212-0F8W36LNDq6RLNY2W5jQsSK3TBk_5W5NRTtM1jqZqRW71-j2k1VyKScW1K7d1G8mcp6PW4qn4dw5P4ksGW96Bt-55lGJjzW9glPjJ31Wxn-W8Mn6sk6hL-ZFW7dxKhj8vjY_8W2KW9734h50__W4JgtYS7x9FzZW8HLYQJ5v8t9QW7kZMj11fVpvPW7qL44-6l90bhW2g7Q7v3Dds22W3zFNDy7ykfGkf14p4fv04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="5cyJo1DF" target="_blank">Steph Curry</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3pFW9kCXBm28bqv3W75mkdm6YYKYpN7fSG11WjFnYW3dQVL22gMJ4xN8D8Wfkd6tkSW3x8YZH2bCH8bW12-d2996D9NzW6-cGhh2Wh6xZW1H4T112nF06-W4h5vqJ8vy5CzW12SghS55w8vnW4-nFVK8Y_b5VW3rFHx75hZdFmW3YKkPn6Xd3CgW2stK7T692WwZW3TkvCp7k3yDLV3Jl3p8rBF5cW2zX-2y194ssqW7S8xBv8qmT1bW2-BZbm173bCzW7ZkDrw1DSnrzVQSHZ13FL0b7N7xMJJY3gn_cW69CFFV4pfRPWW7l9V-J6stJ4YW7msmLs4gXbHBN3TZ9twh9tz7W3R72RL5gjc6Kf1NmJl804" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="h+jTVsoZ" target="_blank">Carmelo Anthony</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3l2W4K5fCD2TMhc3W3GS-k-6ygwnTW81FYmZ7r9HBhW11_f4V1wQKn5N48Yq_ZNGBz4W6C8vhg5D_TQ0W5vW9wq90TCFXW7Sn_FC5YCR6cW49_T_24_WQh5W3dpJn25snXj5W7b8ws_3kzlCCV7F9Ml8GzS91W5sKtR43jKHjqW3XKz4r6JSvDWW8t7p0j3lCM5mW23GgYV2pb9s0W2ll0Sm4Wrxm1W6fg0TV1mvRMNW3zCzjj2CVTZRW7-RP518tJb61W4GZblB6LM-YVW14MwxS2k4LRVVmk1RD9cX7xPW1hpZwX2jP5NVMN4lCwzY9JXN6mrsJSxrKn4W3Dhn1Y5yXJwzW1N1BKH2RlGCzW2tMX0t2r4CbbN1hG63cFx51hf2Gp-HW04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="j/kdLEmc" target="_blank">Giannis</a>, and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3kHW4ZHzzN492pnfW3PvXd95x1r84Vzjz877jkSG3W2dMX8w2fjK9bW18Nxsk36NjPTW4gQD9n6M4kqCW2Y9zPf11cVmbW4XL_Y81x5GfCW1320wB3bWf81W61Rvch3d00TtW605CWx65qznVW74NPVg3WBKh5W8pHSlw3x0JlRW6gBs1S1sN_B9N65VnY0QN1XHW3tVvRH94zWSDW5HMYtZ5Vjp8xW56ml4q3b5cx_N5TdLDfmg1y-W76nR672d7xkdN5fwr4QllrtNW2H0pt85mTgzKW35zW-38C6-Q2N79nsFqkkHDkW31DgYZ2VdMc1VGyhT-5tRp-5W9bnHkt1nKYQLW882KNP6MWSP4f25tklM04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="k4owkfUv" target="_blank">Dawn Staley</a>. Players own a large piece of the startup, and their equity pool is now worth nearly $200M.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3kqW1gT1nx1MqbyDW1-j2wb7FcmPKN5-sTLcfNj-mW8pXHN34_SbhxW2qTsd_4KgVlSN2dxc-98N9MxW3Rpc_d1-ZJmzW5F9XSm3KqTdXW7t0mx4457qQ_W4zZkwg3g15PDW8dGD-v8HLrr2W4fJ7j12dh1NTW5zbxL614DhGvW3-g0lh3MvNt4W3D0Z6T6d_FVJW5TXmq31zFzWZW4CKR0-2p8GJnW6ZtwVY3k3V6YVKbhFx4TyBL0W1RrCX-4z62BSW41NcMR19ymwJW1L3z8J3RYHv1W6JD2VG3dnJLXV48cdd8_J1nYW4QnS2k5tF6CcW2r9pjt4y6bFKW2b-R1V9gZpG6W6b5Q8d5mhJNVN2_PG9ZK3c6LW5qT0g97L5hXbf8J3h2C04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="cbfavUG4" target="_blank"><strong>Baller League</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3nwW4X1V1p5n0zplN62n8NGfq4sTTbJq46nV49gW3x8tw51YDBT3N94kbSknBdp6W15QPxd9j_6-hW8kwB1b8wrjLMW2HzBNl2zZDW-W1RzHHy5j0wkKW8HgQP77L9v2hW71-vnZ4FDLkRW2zcLz32NP4PcW1vWRT-8y_K_qW4VJkYT2vJ187W2YXb8j8rpd0cW4-290p3bN240N4NZF8fpxdKmW2yZSbG1-ctn3W6-Zdlf4JfgfRVSZ3GL9j-q5bW37fM5g99kd38W7GVtWB307PLNN7Jzvbl6d2lSW4zkcS31-TcRDW5B0YJD3_X3KlW96dj4Z34jXLjW95kPpP2ylHqKVP6XVv5_BjBbW2KNF6b7TS1yTW1NWfjz92cLFjf7lNPJY04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="KEMw87bp" target="_blank"><strong>Mats Hummels</strong></a><strong>, </strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3pGW2KV96x95jFSrN2rWYmfTqJwlW5BdR_d4MNsfrMJZ6PWGYJ1gW6kPq0T2xCs94W4HfjmC1ym-yGN8jfHgSP_MKFN4mjhnWXztplW4GFCQc495_hsN50kz_6YKY5cW4rmcYm5fJwNSW5bVhRG3HNsgPW8-q2Ww5Wy0VsW8HLjKb5djbHwW8X3vm460nLrtW1hGQzC4hFf8qW3cmkv_28FcRJW18lssm7-Zg94VWdVNp6j6XV7W15p6zb4vQd79W9dsS1x5g1HydN5TgRT1hTyqfW3Bw1Tc1qRd-1W6-m8nS8JPD8dW1Qd0Mq1zC2XPW94DQPQ7j452zV-GH1y4GQgGhVgNHYd8m-tnXW8gXx863VH9XBW2qs6vc5TfZt6W58d9pV6XjD5rW5m43q98rsChMf4tMw3204" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="edX4jw8E" target="_blank"><strong>Lukas Podolski</strong></a><strong>)</strong>: an indoor six-a-side soccer league that has raised $32M, led by <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pRVB22zh3CpFsjW8spDdw2lMTNXW4H7GVr11zkbpW3HGtr733vW7_N75_0BmQLZ_cW88jXJy4DyXgMN1JzrRPMJNyNN1B9fW73TffwW6c2b2y13sWysW92c_7M2HyrF9N8GpFJVGbFr5W7chWVd8m7dpfW42vrz231yjYtW4w3K3k1SJ-07W7jLx2q5dWQRCW2jzzM-9hkj_SW1PJJbR2stXmLVKMbv454FyfMN1RnLKSk3h4_W66Mmgt8ykq1vW3PQPZC4Gf1KjW8gFxqX1rhXX0W1pz6bv6jKS5CW94SMnb2mRkJXW518Qyy2m5Gs6W4-clhv4fRYr_W2Xtlf37rSNlfVlrgx21stryGN4dlnxGp3GBZW2fZq_47MdvPkf7NP3dR04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="T4bLf/cS" target="_blank">EQT Ventures</a>. Its first US season, with teams run by stars like <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3l_W6y9wS84bLc-4N81xR-z3KHLkN83fkCQvhH20VqJbRB75KJdVV7vdH931JNPFW5lscbG2tQZTWW2bbKpj55jTTYW2Pj65D3Rl-TsW7-wLQg12GFJyW5y6_qJ5gFWy4V9-B9C5NkMwmW7VLmX188k-2_W2CtbTy350QX0W7R7btf2h0gr6W540sMt808LRFW2H6bkm6fQw89W5rsGfs92dzfBW1QKmHr2MbKkCW8LGjxB1c3pT0W8Y757F6tHTvgW8j-zB24q-wycW5MnND72Mz5P4W1k-_Rf5tHPm-N1nb0Bv6S58HN5PYvVHv7145Vh2rYR3JGRtCN6zx6vSfbTw7W7hhVV18ZgVPnf4Vcjt204" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="coZnW1kc" target="_blank">Usain Bolt</a> drew in as many as 173K live viewers in March.</li>
</ul>
<p style="line-height:150%">A few investors have started making repeat bets on new leagues. <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3kvN97jSSVX532xW83QHs42qz-vWW6Kn4255tVj-YW7RTpCQ6rH_4yW5SHRtg1kPQVPW3y0z7N3bWDfxW2nfS6q94CW_ZW2rCSN12jD6C7W6gG8ks53G4ZNW2QbBTW3JN6NCW8Rs4xV2MbXsXVLvmNJ54mZZxW60zZ4F5t4KVYN2B8tHzWgG4NW6mh9cv8VXFbsM_ZJWWhN57GW4NrHLL8712qpW5klcQJ48tT0fW6_Pn2j3jxQD0W5QBbjz1RCKg0MTZjBPLNMVVW6sFZPn2YvWTXW3Rc-Pf7KbxLlW2VnLSn2BD4ktW76NkCM3CQK0wW6K0N3V645cs6W6sZn2k4JBqQ3VdKBTy2VGSV9W5xq-7F8K_TDzW5bYHyW3yz1_Lf1JRYvR04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="9tJjkKVc" target="_blank">Ares Management</a> alone has backed <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3lXW1qYK9V8CnfZsW96MZ7r85r-8vW60bVBW4XTkc_W2slCLV1rd4ZsW1ZTDyM7SMRs9W2H-lxb5v9JsmW7ZqCtp4HhC-1W14XbQ287drDlW6sNxz26zBkpBW7tgLKf4ZvblbW84HTq72Y8BlSW8chP0H3LnYQ_Vj8SNR5406wfW3Qt1cN8FWfjCW2Zhl4b62S7gmW8CKpTW9fTBpYW7b1QC24jLBThW3xwfR58CcbssW87fv8K5PjxG1W2JYM2C3wxf1zW6X9DhP5QjQ2TW438FqC8wY1gkW7lMv4y3BPrNFVsfFwd7dy62HW8tZLH293GvF5N3tLZ6k4cSxlW8jcZMh1scQ0sW6B485Y29HH4fW7NvcL06hjG0gW3DPlWC2n0z87f3SdtKM04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="mJHih7id" target="_blank">Shaun White's</a> Snow League, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pfW44TmgM1rYdFpW7ddqDX8Fq_-pW1gbJR-8ZX_fjW2lPdfK74xkrTW49QpJy17TshKW5z-kPW41q3k_N8q4WcvnMCJfW8QGcPJ2Qgjd_W94660838wq-LN6wWfTQ_y8CcW8yPJwp5YwYFmW6D8d3j5kX2V5N7wyDVd-SbZmW4gz91q83GQHpW6pHYx-8SKFZnW6NVW1G4dM2mMW8xX_bs2FB5wjVW9Gyl5CcJTVVkTzgd5nJv6XW1zZd6F3rM9S3W7N8kmL4kfhRvW3bQDhj1lsn2NW5pdVwY7wFRXmN6cqkZ-f8GCRW8LS3Yf7TJ_RvW8DY0nQ4J8TSvW1vbdjt3vf9ShW93nqh01wQK4_W3Fk9lT7d-VXpW641Ld61G78cMf8k2Ybx04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="EInzw+yr" target="_blank">Paul Rabil's</a><span style="white-space-collapse: preserve;"> </span><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pgW7Bnrg52-SrP4W7Xgt-k8QYZbYW5HrrTH6QvbRpN5z0cZJCMnnMW4vx_YP4925v_W3zdrSx3lQSXzW91y04f5kTc4HW5ZmW4P6gFz8XW9gDqkN2PxRKCW7jw8_24fXHCDW6VPZ7m7DZ0vBW3Bv_HB2Wjd0lW8PpRlY6qB4TqW94vSsW6cTW6fVfnZyH4tXpvcW2mLLLN2hdhh1W1V4XkK57-KlxW7R8HkT5s2XN9W67xS7G7WD7nDW1VW_9r4b_SyrW5q8-jC6NZpQpW35r8st70fLg5W1j_yLW39cfs8W3VWzpS9cSftyW1J-XTC219NbcW6fNYtr4kFRJRVktg_T46YzqCW2xbCnV7MYXyKW4tK6fp6c2LmBW7GndJX7zj3lCf941Mkl04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="eFVp+CDY" target="_blank">Premier Lacrosse League</a>, and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3pyN6gG7F58H2_bW241TkN5l-h0zW6gYklz7q25LyW55K1rT88dF9ZW34dw5W1hzCHmW7qnd9Q8fSCbXV2f8Ny76mSFYMF9phz45BKDW7M48T96tcYVVW5JPpxB6Q_1HPW4xhXhH1ms6SjW3hqwfJ55_rMLW6LCwv-80ddJdN2M6RsFVJYrPW4kYQYN7ggPkKW41fxW63m5TVgW8_jRk15dyjPPW61N_Dq4rczBnW6NSZRB6zgxQ3MpLz7sYcmMHW8SPcbY6lWhj0W59k1_T8ftHYDN7Fmwl9ttpYNW210Y3s5Z7Q9YW6QvM5G7_DrTQW6phtHT53skD0W7-zK5c1Z5lpWW87Ms9B6rq1BXW4jnRRZ5jWSy8W8ClyK344B4YHf24MRVK04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="eK0EZsce" target="_blank">League One Volleyball</a>.</p>
<p style="line-height:150%"> </p>
<h2 style="margin:0; line-height:150%; font-size:14px; color:#72116f"><span style="font-size: 16px; color: #000000;"><strong>When influencers launch their own brands</strong></span></h2>
<p style="line-height:150%">Influencers used to get paid to post about other companies' products. Now the biggest ones are launching their own CPG brands and using their audiences as a built-in marketing channel.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">A few standouts:</p>
<ul style="line-height:150%">
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3n2W83HgFF19861zW751th74f9Xg6W50NWq01CSnKFW1zSDmR16NWZ1W85QVL479hM61MfL2Bd_CcgGW8Hj90s2w7MJhW7xtxq55GyKB4W25mlvF78nWB5VLWzng4NlDv7W5-1DzQ5Bd4YHW7g8xp_9gjV1gW3Wgtq23gqrjTW1-N63M17MVrbW758McV7hhCxFW8wtxMx4DTZxSW3QLSt-6M0rT7W9hwyTv3lTQ42W5XVZ8N3s3p4vW1QkzN61njR_pW7q3WJM6zlyq1VlfHnD96qVj2W2Hy3x53VVvMmW5Cxlg820Cl29W6Ww_8c34cPb_W1BPn7C13mt_QW6FDJBn2Z-h-PW7NfvwB7kH4b_VL4syk5y_Bw4VyGfgF5zp3-_f1tv0MW04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="Xp+zJklM" target="_blank"><strong>W</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3nCW4lBG546NgbVCW25T5508Fp9vNW3HPbHb2wz3dSW6MXCn-42h34hW5_P71L7HzmpxW2vPgvG52rr0DV8D1SM1GWGsrN200kJ2X3SkcW2nd1N522VDRMW2bLBZJ48gnbXW6h4_mf5gBLbtW996w4s50-Kb8W5RGSC25lB9PSW62sx_g2V9G0-W3wgz-78-x8ScW6gzTVL27gdPMW3sD2n74SL3WyW37ysQb3J9V6tW2tfkvc8LjKgcW8s8sxJ50hRg2W77Z3Y07cz14ZW5syp8m5WmnfmN7Ypb6wqq2kYW7cBtSR7DFl91W3YNCWc5k6YRzN512NBH-zY6fW6ml4cv6KMCjbW7RjRDk6Mynv3f6Nzxp204" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="764XE0yo" target="_blank"><strong>Jake Paul</strong></a><strong>)</strong>: a men's personal care brand Paul co-founded in 2023. It launched at <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3p6W4bczJy8lht28W1r5BPc3g48DrW7rpXtg2p4304W28LrSw5YfRtgW7f4BMQ4WSz-4W3v-WCN1Bb_lqW5x-8NN31mY_NW1TgdgD4_bV8xW2hcbCK7XFHN4W3wh3zV1VsfB0W4-lfdz6LHVpsW94Z4Pd7W5zJHW87StTZ7swJhgW2GYjcT1XCR7-W42ph359gFDYyV-CrmK2gdBGgW84vB4n1tzGhYW4bdGh_455qqmW921GqB28TWPwW7Bs_vC7K0DGPW1Wt0TB2XbXJJN23BSQ9slwgdW4Fnnjy5lFLDtW1q56D28TKGyHW6psZc91jpKf3W66DMM18MKvCRM1YJmf99n_pN4zx-wN1pzn0f8ctKQg04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="PSOsPfc9" target="_blank">Walmart</a> and set a record as the retailer's best launch in its "Emerging Brands" category.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3lFW2mtH473_08KYW13l_X62_nCJjW5k_82D6lbrVvVX0-5p4wvzjgV6Tlf954cQ2DW8SdlHb8ry7zzW6Y-7Pp2lnbQpVGNcsb8BL65qW2PSvMW5cxDdPW81n8jQ3xbH5vW3JD5-R5Rh7N0W84LyLj874PsBW1rJtt15rsqtBW6hRGmH6TtmBpVBg0n72rHp57W1bc8qK5PTKzcV_2w4k4TJWBDW4qY_4P4YYW8tN5n8d5Z4CS-2N7BFpv2M99KRW9j5ph_97fYQlW5jCNL015K3rbN6GT3LP3h7CfW3r1WLB1FgnypW1kvtf86lHXp9VSKp4B4q8xfMW7czbtW4rY8bKW6M4Xrf2WHjLrW8r0_D25HCZ0XW86ZpL21nT3Tff7SSW7z04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="nV0AHLUF" target="_blank"><strong>Khloud</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3kJVl3M0G7fQ33xW3kcsGB1gNRYGW4mfJJW1DWPRGW69kG5-6Hfxf2N6Nv_6MTbd-YW8LF3D1987mZQW3hbvkD1WB63FW2fs79r14yyNBW2BmV_b5Wm3GCW2T2dtk6ccTkLW6gNQTw4W9rT5VmrPsR2X1WcPW6BRcyd9cFkDtW1PdCHG59kySWV3vYtM66l3SBW7d6mHG5Z7N27W3NRNyy4XkVgYVr2yG-49mBRsMb9b8vwc-F5W84jgZx8C1pZVVvxnBn677w9nW5gv4bW4145yZN1_Yh_c926H7W7xw0B78Z6rBjW2f681x2mzB1jW7qnCC_7DQL7PW95Z8cr7TFYKcW1LVbgs1fFWrZF6Xhvg9LQj3W6GHDhr14LFbxf8Y-GFM04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="1qH1tjaI" target="_blank"><strong>Khloé Kardashian</strong></a><strong>)</strong>: a protein popcorn brand that launched in spring 2025 and is now in <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3mSW3M9wLh8ZLPJcW4665wq7Psx7lW4lqvRR4z-hhvW2XYH4f6FNkBvW60vNWZ1Wpb_mW78Rs0p7CjW27Vpl_hH2bbHfWW5t9Ft05bS3SFW54W-5c1T1YwLW3wz1L75J5BkfW10H7Cw3scklkW6BWXLx4gnt6wW8LSD7c2JJjhbW59pPNG2hYW17W13R2xh3SkyGLN23Rwjn25ggZW3KB3cL1PnjTbW1DfxY7658P9nW1yS5__293F6VW2dGBbk14MG5lN2jSkm6JLqV9W1mc40j4Q6zfwW1fVqVj2bV8SdW5Cw8pm7K2sTrW75WBmx4bPLZhN5vv_KcqXZ9gVJyQxF43639-W2nYVlN8ZhzBNdnmW_b04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="O9hxR2U+" target="_blank">Target</a>, Walmart, and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3mHVNHDgD6PRyBzW6fZTJj4Q8S-MVDLkrp132rhlW4Zxcxq5hxlCyW2PlFjc54R36PW7G4vBp8D7zlrW8dW5-w1n9hYDW64QZ636fwzBpW2vPPNJ4wZnqQW6dM1sw539tVWW6C5h6M3PrQ8VW51RRJj2JbpY6V3pJ7h7DBvKhW7G1kk36QPD91VCL1Jc9krnnSW3WdJ2t2VHsCKW4v8gJD673lPyW80VKHH6PxyMTW3_W4415DGc1KN6mVgvPqn3mHW5QlBsQ8NybTcW6M-w5F50CqJYW7_H9WR2Z4B80W7x_m6_8Fb77PW9dR_rV1jhkzCW6BhQ2S7Nx1H0W24VYrt1scQtBVMjwDg8w6z6pW6RHjFP2Pqw40N1dVkNnJFdt5f2-RX8d04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="hyz6RRpq" target="_blank">Starbucks</a>. It has raised $27M, including a $15M Series A in May, and Fortune reported in August that it's growing faster than Poppi did.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g2P5nR3bW50kH_H6lZ3mwW8w-hQK8SGJ3kW4HL2zr5000lPW91wvc047y7f-V2X28G2tW2jKW2k9d4V3DD58gW17f6lx48f6NFW3RBt456zr9-PW1BhcnK3r-6yBW5KkGgy3pDk-bW69lXNB2-XMNMW35Vl4w5shsCKW3n3qnM6k_-yhW6J7h2T383R1VW3RYr-Q6tGfKPW2qGQqX6Gb5F4VRV72d8-VX-dW6dbsc618qTQ3VpNGkj2Z7grYW8dnn4L2_cpQXW8_qMrK6ywZc-N6DKxZR2vgVpW8gH90R3L7Z--W8vSVBl83tVGmW3s75Bj1ykw0FN3njR5WwZQq-W1Sry6D44KmgCN8slYMBVLFHsW5W5Ywz36hLHQW30qNK51D1QNXW76_s2f8b89kzW80yMgm3GW-P5W4L5YwV448kVqf6nHNDK04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="+67YfNzj" target="_blank"><strong>Sprinter Spirits</strong></a><strong> (</strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3pFW40Q2RC7b6G69W1FL09s8PtcRcN5CrVN745RwGW419QT124_4GBW2bD0Tl601W05W1crplG16PchzW1n3d5B5p-w6DW3C8Fl04MPJNSN85222r8v54QVSGL5k7m7h8wW8pR_sm8f60cRW9038vQ4bZJ-lW8hVR5Q44NrwCN6BZjwkYYmyxW26pM1L1Y7n-7W1D7xgF8lCzTvW5n_hVd85cntyW4PVt2n58z7wfW2yFYKh4wHW5fVXTxY93gQRNCW8pg1t_7jF3tfW4dP5ZQ7zKFkxVR7BK73pZ27bN1JsyfWRBYSXW8LmbNl6p1jjkW33bZGh8_vSpBW3qk9Sp8gdv-CW1tNK028lgxHrf1PYT_P04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="BL2ZTAne" target="_blank"><strong>Kylie Jenner</strong></a><strong>)</strong>: launched as a canned vodka soda and has raised $17M. In April, it expanded into alcohol-free hydration packets.</li>
</ul>
<p style="line-height:150%">Many of these brands come out of the same playbook. <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3nvW6TXk3j1zWqXVW7MM76_2QhqjNN5lZX2S7qp9zW4HG3Wh8h0lDcVjKCLH5XN-SgW7-KydY75rggqW8pxLB21h5n29W7Ywz2n2X0my3W6SYYl38QSllVN7MsBpF7QzLMN64BS-sG02kYW66t-S179B9KfW40fm-n2TWWvzN8vdFlnsvYNrW7x6kQk422tyrN4p-kfmhrYKTW4KZq_f2hPZFQW6qSk-16cM1wRW9bRTC_5jNm_QW1hlqSs96Yy1xW8xYyqg84jB98W19JLCB1rqq9jW2dWd6n1Gs-XMW95WT-54PmFv1W6bZdN-8TMHbNW2jCfmW1PZFztN3CvQyHlhlx7M2Y4k-dnSC9W8sGWPz2z9qFRW3Bp80V7b0Qw1f6r1sCs04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="GDyzYKq+" target="_blank">Night</a>, the talent firm that helped build MrBeast's <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3mrW1Fvs_z7MxcbJW8K04454J2N51W6Td2v39kZpmXW5M9gpx336BbKN7_FvY0qNYDzW4Wt4S77_8ZSJW92hJtC4Bsx6TW3_pfJ95n0G3DW3sy0Kc7hJpywW6-Bmq695vnLxW7D782J9cDcSQN26zVp7ZDFKxW3gSt2R6PX4KcW7pBs6d68HKnqW6ZyTWh2mKlVpV19b4L6MTDrsMkrKvFY-061W1myHTR7J-L6GW2wf3-G4H2cF0W9gCqT86khW73W6B4yQn3SLN70W94SRpq7Sgnx3W63bqC01-xdfDVw2Ttg5qYKzwW8rv8l91m-nyMW3G-lyl5JpZrfW7RRqkJ5xwp3MW84blgq2r68_Sf3KhJHd04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="YedR1JRv" target="_blank">Feastables</a> and Sprinter's new hydration line, raised $70M in February from Founders Fund, House Capital, and K5 Global. House Capital and K5 are also on Sprinter's and Khloud's cap tables.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Still, not every audience turns into customers. Alex Cooper shut down <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3mpW7fC81K8tvqJqVJrkFY3s3gK0W7BNjz93HvF-2W3JBBMH5ZM4-zW4Mkzkl28KmhbW3Zjzwl8Zyzd1W78W27g4SL89GN4RdVx9fDm1DW1P1Ly56SJpCMW2chSGm20n70DW54rBb85ztkTCW8P5qmz4r7tXmN41GqgHJdp3CW1Lsccd6bhCK6W7cVj867VR5JRW2RM-n65FB7nRV4B7Z_7PwPG9W7VHT757FsXdnW1gG5tF1MDy3WN7gvZBL4JncDW2bQRTp2mK9fGVGm2TD33dtJYW5B51-s7BNfwHW4T25yr1Km9kMW2kzq9W71vZQFN8wlYm_pg9k3W89jjnD4sRmbpW4_QTB72vpDrTW2cf_HV95-bxpW1tmCDx8kMLBMf6NT9_T04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="WntMC6XH" target="_blank">Unwell's</a> drink line in August, days after her media company was valued at $500M.</p>
<p style="line-height:150%"> </p>
<h2 style="margin:0; color:#72116f; font-size:16px; line-height:150%"><span style="color: #000000;"><strong>The list keeps growing</strong></span></h2>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Celebrity-founded businesses span more than leagues, AI tools, and consumer brands. Jalen Brunson launched Thirty Third Management in September to manage his off-court business and represent other athletes and entrepreneurs. Coco Gauff’s iROC announced its first two documentaries for Tennis Channel in June.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Earlier launches include Issa Rae’s Ensemble, which connects brands with creators to make sponsored content. MrBeast’s Viewstats sells tools to other YouTubers. Dua Lipa’s Service95 publishes articles, newsletters, and podcasts, alongside a book club.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Some are selling to fans; others count creators, athletes, and brands as customers.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">We'll keep tracking who turns these companies into a payday.</p>
<p style="line-height:150%"> </p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1781127687539" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#FFFFFF" bgcolor="#FFFFFF">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#FFFFFF">
<tr style="background-color:#FFFFFF;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1781127687539_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 40px 40px"><div id="hs_cos_wrapper_module_17811276931011" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17811276931011_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><ul style="line-height:150%"></ul>
<p style="line-height:150%"> </p>
<p style="line-height:150%"><span style="font-weight: normal;">We love you.</span></p>
<p style="line-height:150%"> </p>
<p style="line-height:150%"><span style="font-weight: normal;">The CB Insights Team</span></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1781188711238" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#f1f5f7" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1781188711238_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17811887112381" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%">
<tbody><tr>
<td align="center" style="font-family:Arial, sans-serif; color:#000000; font-size:0; word-break:break-word">
<p style="font-size:1px;border-top:1px solid #f1f5f7;width:50%;margin:0 auto;"></p>
<!--[if mso]>
<table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:1px solid #f1f5f7;width:280px;">
<tr>
<td style="height:0;line-height:0"> </td>
</tr>
</table>
<![endif]-->
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section_1773951089041" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-top:20px" bgcolor="#ffffff">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff">
<tr style="background-color:#ffffff;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-top:20px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column_1773951089041_0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_177395108904111" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177395108904111_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; color:#72116f; line-height:250%; font-size:10px; text-align:center; font-weight:bold" align="center"><span style="color: #000000;"><span style="color: #000000;">GET STARTED WITH CB INSIGHTS</span></span></h2></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section-19" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#FFFFFF; padding-bottom:20px; padding-top:20px" bgcolor="#FFFFFF">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#FFFFFF">
<tr style="background-color:#FFFFFF;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:20px; padding-top:20px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column-19-0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module-19-0-1" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table width="100%" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;">
<tbody><tr>
<td align="center" valign="middle" bgcolor="#b51593" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; border-radius:0px; cursor:auto; background-color:#b51593; mso-padding-alt:12px 18px">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4T3qgz0W95jsWP6lZ3lDW7h5vpM3qS2vkW5qRdYh206m6jW8KGN3c3-s9PkW5KyyVr1w2HgsW3bvz8W1Jc_7KMt6XYVmvK9-W3h5QLd1rlsqkN2F9fmCBX1GFW1fYG_t78XRkmMs4kySNvY23W6d0rLS5wZ6MsW2yMMmC2M3w-YW7Tv-Bs8Psp95W1dRdvk6lYHvGN8FzPBCSBJZ6W5HKGmH33VTvVW5j7lPp6pKpP4W8kh5nc5lQRQBW79kXgD9d4c2FW39Gkz039g3q_V9MvjT6Vzx7cN4GpfvcDw_TmW1-jJWn4zvJbjW6Xnd0Q8RWG8jW5z52bt66fFbSW8Wb_HV8PL8w5MH90d63NbcBW8Y3X6w2VRP0qN4zWqxGGVMxTVjxHtk3Rj3_Yf5Bd0P-04" target="_blank" style="color:#00a4bd; font-size:16px; font-family:Arial, sans-serif; Margin:0; text-transform:none; letter-spacing:0px; text-decoration:none; padding:12px 18px; display:block" data-hs-link-id="0" data-hs-link-id-v2="x4JFiZjs">
<strong style="color:#ffffff;font-weight:bold;text-decoration:none;font-style:normal;">Learn more</strong>
</a>
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module-19-0-2" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-19-0-2_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:100%; text-align:center" align="center"><span style="color: #000000; font-family: Arial, sans-serif; font-size: 10px; line-height: 120%;">CB Insights' emerging technology insights platform provides all the analysis and data from this newsletter. <br>Our data is the easiest way to discover and respond to emerging tech. </span></p></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module-19-1-0" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%">
<tbody><tr>
<td align="center" style="font-family:Arial, sans-serif; color:#000000; font-size:0; word-break:break-word">
<p style="font-size:1px;border-top:1px solid #FFFFFF;width:50%;margin:0 auto;"></p>
<!--[if mso]>
<table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:1px solid #FFFFFF;width:280px;">
<tr>
<td style="height:0;line-height:0"> </td>
</tr>
</table>
<![endif]-->
</td>
</tr>
</tbody></table></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section-20" class="hse-section" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#FFFFFF; padding-bottom:25px" bgcolor="#FFFFFF">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#FFFFFF">
<tr style="background-color:#FFFFFF;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:25px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column-20-0" class="hse-column hse-size-12">
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 0px 0px 40px"><div id="hs_cos_wrapper_module-20-0-0" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-20-0-0_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-weight:bold; font-size:15px; line-height:150%; text-align:center" align="center"><span style="font-family: Arial, sans-serif;"><span style="color: #000000; font-weight: bold;">Was this email forwarded to you?</span><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g3n5nR3bW69t95C6lZ3kVN5Qrys3qqHp6W1TdDhw11QgwtN3S0tYQMgJJBW2rYczq2vt_kVW7FN2Ym2tGyv7W6dnlwT5DCG0QW6KWbqB4hh4LSN4-djcgk14X-W7ZNLyV76Rk2zVH2dFQ4Ky9VDW730xvG2ZVnl4N4QFMctxL-b1W1Zr1YP4G2P57W3wb42263PpFwN6KpPy-Lq_TyW667v1Q60Nz76W5S2Hkf7h7bYhN2cvLsSjjCL2W2sK5SV2CVs8JW85nh-H7GMg1KW5DgCmx7PNnjgW6_xCKB6qJYP7W6FybR89bVN2lN5Mj6MZbsGZJW46WjKr7brc15W1nPH0F2-ysttW6LN3Hd1Fjdl4W8QJvmM5vpyhmW5v3TsW6gtCQqW23V5Fp53Kq9-W96WTCx2j6wSDW2tFWkB68Fb8YW8Gvhgd7ScPSjMrqccyH7FRwN7hGBZsWsQB4W4yFCxl9gYXCnf3qHdp204" style="color:#006699; text-decoration:none; font-weight:bold" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="Wp7Qwph1" target="_blank"><span style="color: #006699;"><span style="font-weight: bold;"> </span></span></a><span style="color: #b51593;"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3lXW545yLM8dJS1GW3x2wYW6rs4gTW4Dyrmt6wBqcVN4JQcSKyS4SzW1MG7-Y9bhsTpW2XT_tC44sYfBN50WqFfPP1-BVsg1sS7Psl7DW4L_Xw-1tQSr6W8nDh0X2ss40WW42dYxW2V5j-mW5NJBR198-k66VlqmKn44K0m7W6X7lXT6TBlBLVhFvhF55lZdgW1HmSKr38sqzkW1rdgLT803rwsW5k99l34pZ8rDN4T4qVCdDCjyN3T-SZ5s1j5MW3DDj0058xQgYW5qYcxK86TtbYW6Z2b_099JfWmW4Yx1Kd8SLdrxW9dtpHS61bGhgW79FPJS2FG-_fW3vVvBl5q7FjkW5kSNlr4wq_byf4-qDWR04" style="text-decoration:none; font-weight:bold; color:#b51593" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="uulLJCKS" target="_blank">Sign up here</a></span></span></p></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 10px 35px"><div id="hs_cos_wrapper_module-20-0-1" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="presentation" align="center" style="width: auto; text-align: center; margin: 0 auto; " class="hs_cos_wrapper_type_social_module">
<tbody>
<tr>
<td class="social-network-cell" align="center" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word">
<table role="presentation" align="center" style="width: auto; text-align: center; margin: 0 auto; " class="hs_cos_wrapper_type_social_module_single">
<tbody>
<tr>
<td class="display_block_on_small_screens" align="center" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:8px 6px; line-height:1; vertical-align:middle" valign="middle">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3l0W5zvHGl3WjTCvW9fxZ5q7r2N7pW1vcQ_24ZMflzW8nWNmc1v7dHsV2PY8p6Mt8R7W5vnpkq34j7hTW7jG-Px1HbCc8VQTbLZ8Hwpy3N7qqtQ6-89nxW8rdbTv7NB_MrW2TDNYW97qZ6xN1_X44hpV5jZW5rJdny4nfBBtW1ysgl_8Qxlx9W98lh9c1s0VwHW8T50wQ7tmTStW2DqpY85ctHNrW2Jjhf95LSMHvW5Q6-jM5Zvx3yW8zQwpb2xjc7fW5CRXV-6nj_TSW7qvvfb8WSW7-W8VcGpN6Tky-8W3y1SM15SDpp2W4kzr9j861JfWW1bs_wc884W5mW405jvP37F18dW7Tpq7Z11VdVnf3s43fq04" style="color:#00a4bd; text-decoration:none !important" data-hs-link-id="0" data-hs-link-id-v2="0+pCCMBT" target="_blank"><img src="https://research.cbinsights.com/hs/hsstatic/TemplateAssets/static-1.262/img/hs_default_template_images/modules/Follow+Me+-+Email/twitter_circle_black.png" alt="X" height="22" style="outline:none; text-decoration:none; border:none; width:auto!important; height:22px!important; vertical-align:middle" valign="middle" width="auto">
</a>
</td>
</tr>
</tbody>
</table>
</td><td class="social-network-cell" align="center" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word">
<table role="presentation" align="center" style="width: auto; text-align: center; margin: 0 auto; " class="hs_cos_wrapper_type_social_module_single">
<tbody>
<tr>
<td class="display_block_on_small_screens" align="center" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:8px 6px; line-height:1; vertical-align:middle" valign="middle">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3ncW98Zrkk5PGVblVz2LvF3Tv9c4W7lF9vW380K1JMfR26zwbwbzW5b0lnc81h2V0W5DWF8d8PBJlFW6fSCG8865KzjW827HSl4MlpktW83D8KM1RyF75Vw1yQ48LS4-xVnWDFS5QHYCsN2NXbqZzKTltW2jwths3pgN9hW1v6stb5Rn1HsW2D5kX63v8_cbW544nVL1LR7z4W141xjn3LVzwkW4V1Bzd7DZPjVW1vtlqw2-xTKwVLNfmJ5GT5ZtW7BVwxy7tsL35W923bBp1Rr0nbW1DWyHN8LNG0xW8738rk2xWtGHW4Pz-nx24VvkmW7jzjCF4QT7TJW1H2LDs90MYCwVzV7Gz6sbZScf1BPp2C04" style="color:#00a4bd; text-decoration:none !important" data-hs-link-id="0" data-hs-link-id-v2="H+p6+TdX" target="_blank"><img src="https://research.cbinsights.com/hs/hsstatic/TemplateAssets/static-1.262/img/hs_default_template_images/modules/Follow+Me+-+Email/linkedin_circle_black.png" alt="LinkedIn" height="22" style="outline:none; text-decoration:none; border:none; width:auto!important; height:22px!important; vertical-align:middle" valign="middle" width="auto">
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div>
<div id="section-21" class="hse-section hse-section-last" style="padding-left:10px; padding-right:10px">
<div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#f1f5f7; padding-bottom:10px; padding-top:20px" bgcolor="#f1f5f7">
<!--[if (mso)|(IE)]>
<table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#f1f5f7">
<tr style="background-color:#f1f5f7;">
<![endif]-->
<!--[if (mso)|(IE)]>
<td valign="top" style="width:600px;padding-bottom:10px; padding-top:20px;">
<![endif]-->
<!--[if gte mso 9]>
<table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px">
<![endif]-->
<div id="column-21-0" class="hse-column hse-size-12">
<div id="hs_cos_wrapper_module-21-0-0" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td align="center" valign="top" style="font-family:Arial, sans-serif; color:#000000; word-break:break-word; text-align:center; padding:10px 0px; font-size:0px">
<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4g3qgz0W7Y8-PT6lZ3npW60VMyC6wlB3kW6Jp40B42HCM1W8cJzrY167YxLW6l3SKP4Jgtb_W8tGn_R3r4F_sW5bF9GR7fTXC1W7nP0db5RCtLbW6kFX7Y67w4HdW4JFxs_6H-_3FW5Zzs5m8LXtSgW45mfCr2YCtDVW8XnYCB7fgQG4W1L7cnc3krXHQW4HWS5Q2GtZDNW2_6G7Z74_bz9W2XHsJv6x_SggW3HzWJb3VfH4xW4y3kFZ5X-FK7W6zgWnT2mmGY2V2Rvd13sQVVbW2dTKbp7Xm8vgW6dSwck3h-xGSW3dQZQY30bTgcVjMjnL84BhxNW2wMBlQ1914bKW99HNlV5DQV2tf26DcXK04" target="_blank" style="color:#00a4bd" data-hs-link-id="1" data-hs-link-id-v2="Mjgg1apd">
<img alt="CB-Insights-Icon-Light" src="https://research.cbinsights.com/hs-fs/hubfs/CB-Insights-Icon-Light.png?width=76&upscale=true&name=CB-Insights-Icon-Light.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="38" align="middle">
</a>
</td>
</tr>
</tbody>
</table></div>
<div id="hs_cos_wrapper_module-21-0-1" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="presentation" class="hse-footer hse-secondary" width="100%" cellpadding="0" cellspacing="0" style="font-family:Arial, sans-serif; font-size:12px; line-height:135%; color:#23496d; margin-bottom:0; padding:0">
<tbody>
<tr>
<td align="center" valign="top" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; text-align:center; margin-bottom:0; line-height:135%; padding:10px 20px">
<p style="font-size: 10px; line-height: 115%;"><span style="font-family: Arial, sans-serif; color: #000000;">Copyright © 2026 CB Insights, All rights reserved.</span></p>
<p style="font-size: 10px; line-height: 150%;"><span style="font-family: Arial, sans-serif; color: #000000;">498 7th Avenue, NY, CB Insights, New York,</span><span style="font-family: Arial, sans-serif; color: #000000;">10018</span></p>
<p style="font-size: 10px; line-height: 150%;"><span style="color: #b51593; font-family: Arial, sans-serif;"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3pqW1ftyZr323yzqW78386j86XjQHW2XWzh37Szl6LW6fj9n_1PRCGxW3h0B072lbKb7W80pMJy5RmgrqW44KC9p17kzJsW6V3CWX8RCnKfN6T_QXLkhKD3W8z5_kD2lvH1zW24bYym4WGdZgW44jpgY7SDbqRW82dqq66BDDQ5W5fy-lw1wJ90DW5DB9_X6V4_HBW42-cXP5ty_01W7Tln2v4KLJmJW1B9zLf25Vg_yW7kCnXZ3zhp_kF7Y_q3tnDggW6LkG0c4_-H6JW3D1d2672PF60W5JDj1F5rvHt9W41KdW096qmfLW8MDrdV91R3J5W1l-XMQ5DzhKmVX_L3X7Z5kT8W79MQGW269X6bf10FZ7b04" target="_blank" style="color:#b51593" rel="noopener" data-cke-saved-href="https://www.cbinsights.com/about" data-hs-link-id="0" data-hs-link-id-v2="gszbkNBy">About Us</a> | <a href="https://research.cbinsights.com/hs/preferences-center/en/page?data=W2nXS-N30h-BgW2-HxV93yX4bzW21jD4L2PS_lBW43Hxbw3F5SK8W4hysqt1_t9wLW3jtbZr4mksBVW47zQCB4hF58DW4rxdsz3K8kzhW20Z7sg34D4R1W2KzByg36CQVSW24WZlc34Blb3W3_L6r332FyXwW2MSn0T2r8yQhW2YxYsB4hMPCnW3XWcp01_64jwW3XVr8F3NNYnGW2zLDss2xFTTqW2YG3TM4kn8C6W3LXgJ53V-DM5W1ZwtSt3ZKTz3W45NNdT2nF00NW1LHBJR43s7MKW1_pV6S2Tghp9W2qRFBz1LrkSQW2KJ_-6211dwGW4pgLVM3dkhrzW4mnLBH3Xzj9KW3VWSs_1_p08bW3Q-5YP4rg_bwW41r1WZ2Htl-xW3ZwyQ734CBJ1W2RT9xh1XbZJYW1Xf5wB3ZGxwvW1ZnkDK2sTBdwW4t56Sq4tz-DVW2HCTMc2WtkGqW3CbcJF1YX14BW1Bs4g-38ltWxW4mkrCW2TrrXVW2-pBWG3C15_pW2nBBGm3M2KpzW41RjM82YvMzMW3GTNwc2x-RfRW2CqPVD3VMVQ4W2Yf2pt38vTcsW2CHwMp4mysMpW2Yx4c51SkdZpW4tCGB92w1y6MW3Z-D5f4hwv_BW3VG46s4knBrjW3X_Hx_2CHbD-W3bbpj33zkrw-W1_62Wx2PRfHSW4ms5GS3brjWxW3VWTHk3BY3hyW2xXrz924T3CkW4cgwhY2YqF-0W327YlV2MxfbYW1_9M532TzvTNW3NWc3G3XGJ6PW1Btlf22q-ZLFW1SBMT741J813f23j1nX04&utm_campaign=newsletter_general_HN_hs&utm_source=hs_email&utm_medium=email&utm_content=443355294&_hsenc=p2ANqtz--Cv0Pkg8fYMa5CXEZZlVr6rgqOEv25e_LhTRvPAOBKQ_nF0LCvKe2pmdbT0kS_o769A7QaB6CjKoW7CUj47qQyzVhn0OSI2gLdC58ad201Gsm1u0c&_hsmi=443355294" style="color:#b51593" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="qjPJqCop" target="_blank">Update Preferences</a> | <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3pCW3CMF-p5HS2NnW80YzcW8Kp8GDN7SXh4SzhwDwW7LhD084JBgbfVnBhPY54h0dLW89Zv-r2j2HbLW332dST8KK9wWW4Q-5yr8GZjLFW70v5Y47Xlh-yW3xFWSP820PgkW5yd_r-677jP2W89s9C85Cx0qsW4hdr7T1Vv8W7W3Xl3CW6pHHfLW7QPSKx3fLZ--W6j8fnP1dLn7gW6ZSgr08VKST4W2l2qX86-XljZN3dV3pcSWXqVW51_TGv7CXHKTW1S9y1J1RpqCfW1tV9FR7HY06YW2gthmt3vbmW2W5kMlFJ5rY4B6W7w4Cqx7jgVKjW2sk90l25dY0RW6h6Vxw7tTLk7W5hFz4S3TZK44f73Bjgn04" target="_blank" style="color:#b51593" rel="noopener" data-cke-saved-href="https://www.cbinsights.com/research/" data-hs-link-id="0" data-hs-link-id-v2="fVH0wkaE">Research</a> | <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MN880g4z3qgz0W8wLKSR6lZ3mVVcrZd63FVTNtW87SSvn3Z7tHjN9jpZmbpwrf3W1hhLKH8bkdggW1HCzKL6fzSGDW2LCLFF7nmSRgN8cf77g9YFmVW3-zcxS3DMnbWN3yl-1NqyTDKN3dkp09tD0BJW88MXsn75F8qFW8-S_Hk1G8GNyW7pL1WW4z-HHbW3Y0bTQ2H3SvFW3xYbTG8h-VCCW75Ltrd4zGWGvW8CHf9R3vmjXgW8kKqCR6yQ6QyN1bFzGXzcZvVW24rgpQ1-zHwhW31blJ16w0QtwW3BvbTJ1NXJgSW555l461Jymh1W5kJt5Z1qrS6NW7TgBkd75ZwN8W5c-CD17Cs-dTW12Qrp813-tZvW2r9k8V2dbqD6f8VLV-n04" target="_blank" style="color:#b51593" rel="noopener" data-cke-saved-href="https://www.cbinsights.com/newsletter" data-hs-link-id="0" data-hs-link-id-v2="lU/O4UNL">Newsletter</a></span></p>
</td>
</tr>
</tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
<!--[if (mso)|(IE)]></tr></table><![endif]-->
</div>
</div></div>
</td>
</tr>
</tbody></table>
</div>
<img src="https://research.cbinsights.com/e3t/Cto/T5+113/c4SYk04/VXcbDz3McJbjW8bZNZv464ydZW3Dl4Sm5VWj2MW880fRM3CvdlF103" alt="" width="1" height="1" border="0" style="display:none!important;min-height:1px!important;width:1px!important;border-width:0!important;margin-top:0!important;margin-bottom:0!important;margin-right:0!important;margin-left:0!important;padding-top:0!important;padding-bottom:0!important;padding-right:0!important;padding-left:0!important"></body></html>
</body>
</html>
<hr />
<p>
<small>
<a
href="https://kill-the-newsletter.com/feeds/h4fohyw3r6r1gr28"
>Kill the Newsletter! feed settings</a
>
</small>
</p>