Tech
SpaceX alums are working to raise a hefty $550M first deep tech fund
Interlagos, the venture capital firm started by former senior SpaceX leaders, is looking to raise $550 million for its first venture fund, according to regulatory filings and a confidential deck sent to prospective LPs and viewed by TechCrunch.
The existence of the firm was first reported by TechCrunch in April, but almost nothing has been publicly disclosed about its prospective investment thesis — until now. El Segundo, California-based Interlagos is broadly targeting startups across “deep tech” sectors, someone familiar with the firm’s plans said. The firm will provide capital from inception through Series B, with the targeted $550 million to be deployed across 26-32 investments, the deck says.
It’s a massive target for a first-time fund, which the team recognizes. “We are sized to lead and be persistent capital partners to leading companies,” the pitch deck says.
While the filing does not yet list how much money the partners have secured to date, a source familiar with the matter says that the firm has made a first close for a chunk of that $550 million target. Prospective LPs are no doubt drawn to the bona fides of the founding team, which includes Achal Upadhyaya, who was a senior engineer at SpaceX for a decade before leading investments in space and defense at Cantos Ventures; Tom Ochinero, a former high-ranking SpaceX executive who left the company in March after a 10-year stint; and Spencer Hemphill, Interlagos’ CFO who was a former Sequoia finance leader.
The general partners will also have their own skin in the game — which is a common structure for VC firms. They have each pledged to invest a 2% general partner “commit,” the deck says, which refers to their own personal money they will commit to the fund as investors. The rest of the fund’s terms look industry standard as well: 2% management fees; 20-25% carry, meaning how much the fund will keep of its returns; pursuit of deals that will give it 18-25% stakes in the startups it backs.
Ochinero, who reported directly to SpaceX president Gwynne Shotwell, was “personally responsible for over a billion dollars of annual revenue” at the company, according to a bio published in 2023. Upadhyaya in particular has a sweeping track record into deep tech startups as an angel and VC, according to the deck: He led the first investments into unmanned defense systems startup Neros Technologies and quantum mechanics startup SoloPulse, and the seed rounds into Shinkei Systems and Pilgrim, in his role at Cantos. His personal investments include Base Power, composites startup Layup, and Oxide Computer.
Upadhyaya did not respond to TechCrunch’s request for comment by publication time.
Deep tech, an umbrella term that can include sectors like space, manufacturing, robotics, biotech, AI, and more, has seen a surge of VC interest in recent years. Deep tech companies require more upfront capital and tend to have longer exit timelines, which has led to an increase in specialist funds, often composed of technical partners. But still, if Interlagos manages to raise the full targeted amount, it would make it an exception to the recent downturn in VC that has made raising capital harder. It will also likely set the firm up to successfully compete against mega-funds like Founders Fund and Andreessen Horowitz, which have aggressively moved into the earliest stages in deep tech VC deals.
Tech
Cursor makes its biggest India push yet ahead of SpaceX acquisition with localized pricing
Weeks before its expected acquisition by SpaceX closes, AI coding startup Cursor is making its biggest push into India yet, launching its first country-specific subscription as the company bets on one of the world’s largest developer markets to drive its next stage of growth.
On Monday, the startup introduced Cursor Start, a ₹649-a-month (about $7) subscription built specifically for India — and priced well below Cursor’s standard $20-a-month Pro subscription.
The move reflects India’s growing importance to Cursor’s business. The startup says India is already its third-largest market globally and home to its highest concentration of power users, with its user base in the country more than tripling over the past year.
That scale, coupled with India’s deep pool of software engineering talent, made it the first market where Cursor chose to localize pricing, Simon Green, Cursor’s head of Asia-Pacific and Japan, told TechCrunch. “We felt that we had an opportunity there to right-size the commercial model and drive scale,” Green said. “The technical competency of the country and the engineering talent that already exists make it a very natural fit.”
India has emerged as one of the world’s largest software developer hubs. Earlier this year, GitHub said that the country has more than 27 million developers on its platform, second only to the U.S., with more than two million joining in 2026 alone.
Cursor Start includes access to Cursor’s Composer 2.5 model and Grok 4.5, with higher usage limits than the free tier, alongside cloud agents, its iOS app, plugins, Model Context Protocol support, hooks, and skills. The startup said the plan is aimed at developers who need more AI-assisted coding capacity than the free tier offers without upgrading to its full Pro subscription.
The lower-priced plan is intended to broaden access rather than replace Cursor’s flagship offering, Green said. Unlike the $20-a-month Pro subscription, Start does not include access to frontier AI models from providers such as OpenAI and Anthropic, or advanced features including Bugbot, Auto Mode, Automations, and the Cursor SDK.
The plan is billed in Indian rupees and supports payments through credit and debit cards as well as India’s Unified Payments Interface (UPI).
Green told TechCrunch that Cursor would use multiple checks to ensure the India-only subscription is available only to individual users in the country, including measures to deter people from accessing the plan through virtual private networks (VPNs).
Cursor is not alone in tailoring its pricing for India. OpenAI and Anthropic have also rolled out India-specific plans over the past year as global AI companies compete for users in one of the world’s fastest-growing AI markets.
While Cursor Start is initially limited to India, Green told TechCrunch that the startup could expand localized pricing to other markets if the model proves successful.
“We will continue to do everything we can to fuel the demand and serve those clients that are using us,” Green said. “Now, if this model proves that we could take it to other markets, perhaps we will. But I think it’d be crazy to say we would never do it elsewhere.”
OpenAI provides one precedent for this strategy, having launched its sub-$5 ChatGPT Go in India before expanding the lower-priced subscription to other markets.
In addition to the localized pricing strategy, Cursor is also expanding its presence in India through new hires. Green told TechCrunch that the startup recently hired its first salesperson in India and expects another leader to join in Delhi. The company is also building out its a government affairs office, alongside three technical customer support hires, as it expands its presence in Bengaluru, Chennai, Hyderabad, and Mumbai.
Cursor’s enterprise push is still in its early stages in India, Green said, where adoption has so far been driven largely by individual developers, startups, and universities. He said Cursor sees significant opportunities in sectors including banking and large enterprises as it expands its local sales efforts.
Green said, the India-specific pricing was designed to be commercially sustainable rather than a loss leader. He said the lower-priced plan is viable because it is built around Cursor’s own AI models, which carry lower operating costs than relying primarily on third-party frontier models.
Cursor’s India expansion comes a little over a month after Elon Musk’s SpaceX agreed to acquire the AI coding startup in a $60 billion all-stock deal, following SpaceX’s blockbuster initial public offering. The acquisition is expected to close in Q3. However, SpaceX has been partnered with Cursor since April to develop a next-generation “coding and knowledge work AI.”
Green said Cursor will continue to operate independently until the transaction closes and that the company’s India expansion plans were already in motion before the deal. Once the acquisition closes, however, Green said SpaceX’s existing presence in India through Starlink could help Cursor expand faster by lowering commercial and operational barriers.
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Tech
Lyft and Baidu enter London’s robotaxi battleground as testing begins
Chinese tech giant Baidu has started testing autonomous vehicles in London as part of its partnership with Lyft and Freenow, the German taxi and multi-mobility app that Lyft now owns. Baidu is the latest in a string of companies to test self-driving technology in the UK ahead of commercial robotaxi deployments.
The testing, which began Tuesday with human safety operators, comes nearly a year after the two companies struck a strategic partnership to deploy Baidu’s purpose-built Apollo Go RT6 robotaxi across key European markets through the Lyft platform. The vehicles will eventually be available through Freenow, which Lyft acquired in 2025 for about $197 million.
That deal gave Lyft a foothold in Europe’s ride-hailing market, where a handful of well-funded companies are now jockeying to be first to market with robotaxis.
London is particular is shaping up to be a key battleground in the region. In April, Waymo began testing its autonomous vehicles with human safety operators in the city. Uber and its self-driving tech partner, Wayve, also announced plans to launch a robotaxi service in London this year. That initial service — which customers can now sign up for on an interest list — will have human safety operators behind the wheel before fully driverless operations begin later.
Baidu and Freenow by Lyft (as the latter service is now called) said they expect to invite the public to hail their robotaxis in 2027. The companies, which didn’t provide a more detailed timeline, noted that the launch will depend on regulatory approval.
For now, dozens of test vehicles will operate within London’s borough of Brent. Lyft and Freenow said they continue discussions with safety and city officials, including Transport for London (TfL) and the Centre for Connected and Autonomous Vehicles (CCAV). The UK government is in the process of creating autonomous vehicle regulations and opened applications in May for companies interested in an AV pilot program that lets companies test self-driving vehicles under government oversight.
When the service does launch, Freenow by Lyft said it will operate a hybrid network — employing the same language rival Uber has used — meaning human drivers operating taxis and private-hire vehicles will work alongside the robotaxis.
“As a platform with deep roots in the taxi industry, our priority is ensuring that autonomous technology supports the professional drivers who keep London moving,” Thomas Zimmermann, CEO of Freenow by Lyft, said in a statement.
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Tech
Granola launches an Apple Watch app
AI note-taking app Granola is launching an app for the Apple Watch in hopes that its users will want to record meetings and take notes without using their smartphones.
Users can set the Granola app as one of the watch faces to start transcribing at any time. The app can also surface reminders about upcoming meetings, and works with the iOS app, which launched last year.
The company’s co-founder, Chris Pedregal, told TechCrunch that the Apple Watch app is meant to be a way to capture in-person meetings without having to take your phone out of your pocket — for example, if someone is having a walking one-on-one meeting.
When Granola tested its app with employees who had Apple Watches, a big chunk of their mobile usage switched from iOS to the Watch, the company said.
In the past year, companies have released auxiliary devices that can be used with smartphones to record and transcribe meetings. Granola said it considered it easier to develop an app for Apple Watches rather than integrate with another hardware product at this point. Dictation app Monlogue earlier this year also added support for meeting note-taking, for both online and offline modalities, along with Apple Watch support.
Granola became a unicorn earlier this year with a $125 million Series C round that was led by Index Ventures.
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