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Sameer Dholakia retweeted
This month, Opus 5.5 leads the @WeAreLegora BAR on overall quality, 6% above average. But overall rankings don’t tell the whole story. Muse Spark 1.3 ranks in the bottom half overall yet places high on review tasks. That’s exactly why the October update adds filtering by practice area, task family, and model: 30 practice areas, seven task families, 17 models. Filter by task family and you’ll see how models actually perform on the type of work you need done, not just where they land on average. Since launching the BAR, our Benchmark for Agentic Reasoning, we’ve kept testing the latest frontier models on tasks drawn from real-world cases, tracking what actually improves legal work as both the models and our harness evolve. Explore all results and the updated BAR: legora.com/bar/oct26
🤖 Made with AI
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Sameer Dholakia retweeted
The future of AI pre-charting is more than a chart summary. abridge.com/blog/the-future-…
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Sameer Dholakia retweeted
Who wins and who loses in the future of venture capital? “You either have to be a giant global platform that consolidates a whole bunch, or you need to be an extreme specialist. If you are in between, good luck. I think that is a rough place to be. Not being a giant global platform or an incredible specialist who can add differentiated value and be better at picking, I think it is a hard world to make money.” @spdholakia Love to hear your thoughts @Samirkaji @Beezer232 @chudson @hunterwalk
Pricing in venture is wilder than ever. $100M pre-seed is now normal. Bessemer just raised $1.75BN for “early” and $4BN for growth. So can you even do seed today without $1BN? - Is capital truly one of the last remaining moats? - Do all small seed funds and mid-sized firms just fade into irrelevance? - Does entry price matter anymore when there are $TRN companies… - Is this real or a bubble that is about to burst I sat down with @spdholakia to discuss this and have added my notes from the discussion below. 1. This Is a Supercycle Like Never Before Sameer has spent 31 years in software and has felt magic only a handful of times. A trillion-dollar supercycle followed every one of those moments, and he notes that it does not happen very often. What is different and what is similar to prior cycles @altcap @infoarbitrage 2. Capital Is a Moat Today Markets pick winners and the choice becomes a self-fulfilling prophecy, as it did when developers settled on SendGrid and Twilio. In legal AI, big law firms name just two major providers. Capital lets leaders scale at an extraordinary pace and build a brand, which draws talent and customers in a reinforcing flywheel. Do you agree with this @venkyganesan @dafrankel 3. Who Wins and Who Loses in the Future of Venture Capital? As industries professionalize, firms must be either a giant global platform that consolidates or an extreme specialist, such as an early-stage AI investor in San Francisco. Sameer counts Bessemer as a big global platform. Firms caught in between face a hard world to make money. Is it go big or go home @rodriscoll @rabois @chetanp 4. The Rationale for Why Anthropic Would Compete With the Hyperscalers and Why We Invested As in the cloud era, AI would be massively capital intensive, so it would consolidate to a handful of players with hundreds of apps on top. Microsoft had partnered with OpenAI and Google was building Gemini, while AWS had an undistinctive internal model and had just invested heavily in Anthropic. 5. Why Price Does Not Matter in a World of AI and the Metric That Truly Determines Value Bessemer invested in Abridge at $5M of ARR for a $700M to $800M valuation, in Anthropic at roughly 150 times current ARR, and led Legora's $1.8B round at $20M of ARR. Sameer judges these deals on what the company can become in the next twelve months. How has your relationship to price changed in a world of AI @mignano @mmurph 6. Why the Rise of Open Models Does Not Denigrate the Market for Closed Models In a market this large, predicting the mix between closed and open tokens with any precision is irrelevant. Consumers, enterprises and governments will all want different flavors of intelligence. Bessemer has invested in both Anthropic and Fireworks to hold exposure to closed and open tokens. Love to hear how you think about this @lqiao @bernhardsson 7. Why It Is a Permanent Structural Shift That Companies Will Stay Private for Longer, but Why It Will Open in 2028 With more dollars and more firms in private venture, companies will stay private longer, and most of the run-up in this boom will happen in private markets. Sameer still expects an unlock in IPOs later next year and in 2028. Love to hear your thoughts on this @bgurley and how you see it evolving in 24 months? (links in comments)
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The fun bit about the oil analogy...back in the 1880s, oil was for refined for...wait for it...lighting kerosene lamps. The big use cases - cars, planes, plastics (all of which consume A LOT of oil) - didn't come around until decades later! With AI, the first use case was a consumer chatbot. Now coding, legal, and so on. On a relative basis, with Intelligence, we're still doing the equivalent of lighting kerosene lamps! So many amazing use cases for Intelligence still to come...we can't even imagine them yet!
“Intelligence is a bigger market than oil.” @spdholakia on @twentyminutevc with @HarryStebbings — 31 years in software, and he’s felt this kind of magic only a handful of times. Every prior time, a trillion-dollar supercycle followed. His most contested claim: in AI, capital is the moat. Watch the full episode to learn more → youtu.be/-r2_5LboWL8?si=pYks…
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Congrats to @burkaygur @gorkem and the whole team @fal for these Flux 3 Max performance results. H3 Max was just the beginning. Fal's leadership in GenMedia (from infra, through models, to apps/agents) is unparalleled.
Introducing FLUX 3 Max, the latest post-trained video model from fal Research in partnership with @bfl_ai. FLUX 3 Max is tied for #1 in image-to-video quality on independent third-party benchmarks, generating a 10-second, 720/768p video in ~12 seconds. For the next three weeks, FLUX 3 Max is 75% off, making it the most affordable frontier video model at its quality level.
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1/ Magic. I’ve been in software for 30+ years, and I’ve felt magic (only way to describe it), seeing a new technology, a few times. First, the internet. Then, Cloud. Most recently: winter of 2021. A demo of @heyjasperai sitting on top of GPT-3.
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4/ And why I believe capital is now a moat. Markets pick winners, and then the pick becomes self-fulfilling. Capital buys the pace to scale and the brand to get named. Talent flocks, customers follow, and the flywheel turns.
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Sameer Dholakia retweeted
Hear from all these incredible people (and more!!): @mikeyk @djrosent @biilmann @jgreze @francesca_lab @timgl @joon_s_pk @ElenaVerna @adnothing @ronlivs @12muralij @laurenmhreeder @spdholakia @glebkuz @kevinmpeterson1 @jarredsumner @BMarcusMcCann @TobinSouth DM me if you're in town for SF Tech Week and want to get on the guest list.
Claude Founder House is coming to SF Tech Week (Oct 6–8) and Stockholm (Oct 14). Come for talks, workshops, and office hours with our team, plus time to meet others building with Claude. Whether you're a founder, a CEO, or a builder, there's a session for you.
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Introducing the AI 100 🚀 @BessemerVP debuted The Cloud 100 over a decade ago, which became the definitive list in software. But AI has since broken every benchmark, so we’re building The AI 100 with @EricNewcomer and @NewcomerMedia. Nominations close on Oct 15 - submit your companies today! theai100.com
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In this age of @claudeai, anyone else find themselves using the phrase "load-bearing assumption" more frequently? Maybe it's just a common Claude output when analyzing VC memos. 😂
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Even after $200M ARR, @minnasong and Tony Stoyanov still answer support tickets on weekends. That should give you an idea as to why @Elise_AI is where it is today. I’m thrilled to announce we’re co-leading their $350M round with @a16z as Elise continues to reach new heights. They now power 1 in 6 U.S. apartments and recently launched Apollo, a universal agent. Minna and Tony have gone the distance with one of the most serious applied research efforts I’ve seen in vertical AI. Learn why we’re doubling down on Elise: bessemervp.team/4rAztuq
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Worth contextualizing the infra build out happening...
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Sameer Dholakia retweeted
Today we announced the Claude-led discovery of a molecular machine that we suspect could represent a new gene editing mechanism. Its precise function, biotechnological utility (if any), or level of significance is not yet clear, but at minimum it is work I would have been proud to do as a PhD student. The work was done mostly, though not entirely, by Claude: our life sciences team suggested a broad area of research, Claude read through the literature and a bunch of genome data and discovered something interesting, then Claude proposed experiments to verify the discovery and our team carried them out. It’s easy to dismiss this as a one-off or curiosity, but we’ve repeatedly seen a pattern where AI performance in new intellectual domains goes from weak to superhuman in a matter of a few years. In 2023 models struggled to do math at the level of an average high-school student. In 2024 they started to do well on math competitions for the best high-schoolers in the country, in 2025 they started to solve minor open problems, in early 2026 more significant open problems, and in late 2026 they are beginning to solve the top few open problems in all of mathematics. We believe AI for biology is on a similar exponential trend. The main difference between biology and mathematics, of course, is that math can be done purely theoretically, while biology requires experimentation. Some have used this to draw the conclusion that AI’s utility in biology will be limited. We think this is wrong. As we’ve demonstrated today, humans can collaborate with AI to perform the experiments, validate key results in a few weeks and, if necessary, work with the AI to iterate on what they find. Eventually it may even be possible for Claude itself to safely perform the experiments by autonomously controlling lab equipment, with appropriate safeguards in place, but we aren’t doing that today (our lab is also a BSL1/BSL2 facility that doesn't handle materials dangerous to humans). More broadly, biomedical advancement has many stages — from fundamental biology discoveries, to translational research, to drug discovery, clinical trials, and finally the actual delivery of medicines and health care to patients. We are also interested in these later stages, but even simply accelerating the first stage of fundamental biological discoveries has the potential to speed up and broaden the entire pipeline. Improving our understanding of biology and sharpening biologists’ tools can drive forward all of the later stages, for example by identifying new drug targets, finding new therapeutic modalities, allowing for more precise measurement, and speeding up the experimental loop which itself further accelerates our understanding of biology. This will not in itself speed up clinical trial times, but if it succeeds it could greatly increase the number of promising candidates that go into the pipeline — an increase in throughput even though latency remains. In Machines of Loving Grace, I wrote about AI’s potential to “cure most diseases in 5-10 years” — a goal that sounds impossible, but one I believe is just barely possible if AI is applied to every stage of the pipeline. The first step is showing that AI can first help with, and then drive, biological discoveries. Claude’s discovery is the latest in a line of related prior work that goes back decades, beginning with systems like CRISPR, and continuing with discoveries like the bridge recombinase and VIPR in the past few years. Recently, there has been heightened interest in systems based on reverse transcriptase (RT) enzymes, the enzyme underlying the system Claude identified. And most recently, a Stanford team working independently described a novel RT system with an associated non-coding array that is in some ways similar to the one Claude found, though they are distinct systems that evolved independently from each other. I believe that we’re at the very beginning of finding such systems and developing them into powerful tools for biotechnology. I’m proud of the resources Anthropic has invested in accelerating the public benefits of AI through the life sciences, and we’re aiming both to grow our life sciences team and to work with other scientists to extend this approach to a broad range of problems. If you have a proposal for a research collaboration or are interested in joining our life sciences team, please reach out.
Claude has discovered a previously unknown enzyme system hidden in the DNA of bacteriophages. Beside the enzyme’s gene sits a long array of repeating DNA—a structure that looks somewhat similar to CRISPR. We don’t yet understand what this system does, but only a handful of known systems share its features, and all of them are able to cut, copy, and paste DNA. Historically, the discovery of such programmable systems has helped revolutionize medicine. CRISPR, for instance, is now the foundation of genetic medicines. But it will take much more work to learn what this system does, and whether it can be put to similar use. Read more: anthropic.com/news/claude-di…
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More detail on how we think about this important milestone for our Firm, and why our biggest fundraise ever was needed at this particular moment in time.
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We're thrilled to announce our new funds ($5.75B total) - $1.75B to continue supporting exceptional Early Stage founders, and $4B to scale up our Growth practice. @AnthropicAI, @Waymo, @FireworksAI_HQ, @fal, @AbridgeHQ, @WeAreLegora, @elise_ai, @evenuplaw, @upwindsecurity - just a sampling of the Growth investments I've been fortunate to work on. Fired up to use these funds to serve and support more great companies and teams. In my 31-year career, I've never been more excited to come to work. With this team, and at this moment in time. It's been historic. And, the best is yet to come...
New funds are here 🚀 $5.75 billion in new capital to continue the work in the AI era. Forged in steel. Building what’s next: youtu.be/uj-JAd2SE2I
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Last August, @MaxJunestrand's flight was cancelled and he wasted no time in rescheduling with us. He said he'd take the train to NYC instead, and suggested we meet around 1am! Leading Legora's series C was a no brainer for us (@TheValuesVC). 99 out of 100 founders would have said, “Let’s just reschedule.” But not Max. Legora just hit $200M ARR— I loved getting to sit down with Max to reflect on this amazing year → youtu.be/24XgrnIWW3c @BessemerVP @WeAreLegora
Legora has passed $200M in ARR. It took 18 months to go from $1M to $100M. It took less than six to double it. 130,000 lawyers now use Legora on a monthly basis, across 2,100 firms and legal teams in more than 80 countries. Two shifts defined this year. The US is now our largest market by revenue. More than half of the AmLaw 50 work with Legora, supported by our teams in New York, Denver, Chicago, Houston, San Francisco and Toronto. Eighteen months ago we had no office in North America. And more than 40% of new business in Q3 so far came from in-house legal teams, such as Air Canada, Salesforce and Palo Alto Networks – a segment that barely featured in our pipeline two years ago. AI is the largest transformational shift in how legal work gets done, and it has been our greatest pleasure to co-create it with our customers. You hold us to a high standard, and we intend to keep meeting it. There is a great deal left to build. Thank you.
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