Latest news with #Gil
Yahoo
2 days ago
- Business
- Yahoo
Early AI investor Elad Gil finds his next big bet: AI-powered rollups
Elad Gil started betting on AI before most of the world took notice. By the time investors began grasping the implications of ChatGPT, Gil had already written seed checks to startups like Perplexity, and Harvey. Now, as the early winners of the AI wave become clearer, the renowned 'solo' VC is increasingly focused on a fresh opportunity: using AI to reinvent traditional businesses and scale them through roll-ups. The idea is to identify opportunities to buy mature, people-intensive businesses like law firms and other professional services firms, help them scale through AI, then use the improved margins to acquire other such businesses and repeat the process. He has been at it for three years. "It just seems so obvious," said Gil over a Zoom call earlier this week. "This type of generative AI is very good at understanding language, manipulating language, manipulating text, producing text. And that's audio, that's video, that includes coding, sales outreach, and different back-office processes." If you can 'effectively transform some of those repetitive tasks into software,' he said, 'you can increase the margins dramatically and create very different types of businesses.' The math is particularly compelling if one owns the business outright, he added. 'If you own the asset, you can [transform it] much more rapidly than if you're just selling software as a vendor," Gil said. "And because you take the gross margin of a company from, say, 10% to 40%, that's a huge lift. Suddenly you can buy other companies at a higher price than anyone else because you have that increased cash flow per business; you have enormous leverage on the business on a relative basis, so you can do roll-ups in ways that others can't.' So far, Gil has backed two companies pursuing this strategy. According to The Information, one is a one-year-old company called Enam Co., focused on worker productivity, which has been valued at more than $300 million by its backers, including Andreessen Horowitz and OpenAI's Startup Fund. Though Gil says he can't discuss specifics of the private deals, he suggests the approach represents something new. "There used to be these technology-enabled roll-ups 10 years ago, and most of them kind of ended up being not really that much of a user of technology,' he says. 'It was kind of like a thin veneer painted on to increase the valuation of the company. I think in the case of AI, you can actually radically change the cost structure of these things." Whether the approach proves as lucrative as some of his other bets remains to be seen. Gil has famously backed a host of big brands that have produced riches for their backers, including Airbnb and Coinbase, both of which are now publicly traded, and privately held Stripe, whose valuation has bounced around but reportedly settled in the range of $91.5 billion earlier this year, when its earlier backers bought up more of its shares. Part of the challenge with roll-ups is finding the right team composition -- ideally including a strong technologist along with someone who is 'very strong in PE' -- and 'those things don't go hand-in-hand,' Gil noted. He said he's met 'maybe two dozen of these teams' so far and mostly looked past them, not because they 'weren't amazing' but because 'they still need to sort some things out.' Gil, who has deep relationships with firms across Silicon Valley, may also find himself competing with them more aggressively on roll-ups as more outfits like Khosla Ventures weigh whether or not they should also be pursuing such deals. One senses that, either way, Gil is not in it for the money at this point if he ever was. He says his ability to spot trends earlier than most comes instead from the heart. "I love technology, and I love progress, and I love just engaging -- both with people who are working on important, interesting things, but also the technology itself." When GPT-3 launched, for example, Gil was already experimenting with its predecessor, he said. "When GPT-3 came out, it was such a big leap from GPT-2 that you could just extrapolate out the technology curve. You're like, 'Oh my gosh, if this keeps going and scaling' -- all the scaling laws were kind of evident -- 'then this is going to be transformative.'" That hands-on approach continues today with the small team Gil has assembled, including 'people with very deep engineering backgrounds' who 'periodically play around with all the AI front-end companies. One person on my team just writes a bunch of scripts and we run them, and we look at performance, and we look at tooling, and it's super hands-on." It's because of that constant tinkering that, after years of uncertainty in the AI market, Gil sees clear winners emerging. "I used to say, even six months ago, that the more I know about AI, the less I know, because the markets were so dynamic; the technologies were so dynamic," he said. "And I feel like in the last couple months — maybe the last two quarters — a subset of markets have really crystallized." In legal, 'we kind of know who the one or two main winners are probably going to be. That's true in health care. That's true in customer success and support,' said Gil, who clearly thinks these include his own portfolio companies, which he cited in our conversation. Among these bets is Harvey, which develops large language models for law firms and in-house legal teams and is reportedly in talks to raise new funding at a $5 billion valuation; Abridge, a healthcare AI company that aims to improve doctors' clinical documentation workflows (and whose $250 million Series D round was co-led by Gil back in February); and Sierra AI, co-founded by famed operator Bret Taylor, which helps companies implement AI agents for customer service. (The company was valued in the billions of dollars right out of the gate.) Still, Gil is careful not to declare the game over. "I don't mean to paint the picture that the game is over or that things are done. I think it's more that there were two dozen companies that all seemed kind of interesting, and maybe now there's three or four of them [per vertical]. The map of the likely winners is solidified." In the meantime, it's clear in conversation that this moment represents more than just another investment cycle to him. "I just think it's a really fun period of time, because so much change is happening, and so there's just a ton to do," he said. Being at the intersection of two transformations -- not just betting on the future of AI but on the future of how AI will reshape everything else -- is 'very exciting,' he added. We'll have more from our conversation with Gil -- which also touched on guardrails, gatekeeping, and how companies can most adeptly integrate the technologies that will make or break their business -- in the newest episode of the StrictlyVC Download podcast, which comes out on Tuesday. This article originally appeared on TechCrunch at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
3 days ago
- Sport
- New York Post
Yankees' Luis Gil back on mound for first time since suffering lat strain
Access the Yankees beat like never before Join Post Sports+ for exciting subscriber-only features, including real-time texting with Greg Joyce about the inside buzz on the Yankees. Try it free LOS ANGELES — Luis Gil took the next step of his rehab process Friday — onto the mound. The reigning AL Rookie of the Year still has a ways to go before he could rejoin the Yankees from the high-grade lat strain he suffered in spring training, but his 15-pitch bullpen session Friday marked the latest box he has checked on the road back. 'I heard [it was] good,' manager Aaron Boone said Friday at Dodger Stadium before the Yankees' 8-5 loss to the Dodgers. 'Another good step for Luis.' Gil began his throwing program April 27 after being shut down for eight weeks following the diagnosis. Since he missed almost all of spring training, he will need to go through the equivalent of that (six weeks), but he still is behind where pitchers normally are when they report to camp. Given that, the best-case scenario may be getting Gil back at some point after the All-Star break in July since he still has to throw multiple bullpen sessions, multiple live batting practices and a rehab assignment to build up his pitch count. The Yankees rotation has been thriving lately, even without him and Gerrit Cole, who is out for the season because of Tommy John surgery, but the Yankees gladly will take Gil back whenever he is ready. Luis Gil, pitching during spring training, threw a 15-pitch bullpen session Friday, his latest rehab step as he looks to come back from a lat strain injury Charles Wenzelberg / New York Post 'It's still going to be a while,' Boone said. 'Today was technically what we call a touch-and-feel, where you're getting off the slope for the first time. 'The good news is he seems to be in a really good spot. He's responded from this whole rehab process really well. Every step, whether it's once he started throwing and once he started long tossing, now getting on the mound, it's gone really well. I know he's felt really good throughout it, so hopefully that's a good sign.' Jazz Chisholm Jr. (oblique strain) came through his first rehab game Thursday feeling good and had Friday off. Jazz Chisholm talks with Liberty Star Breanna Stewart who threw out the pitch before the Yankees' win over the Mets on May 18, 2025. Corey Sipkin / New York Post He will play another game Saturday with Double-A Somerset at third base, then potentially DH on Sunday before possibly being activated Tuesday when the Yankees open a homestand. Boone reiterated that he is 'leaning' toward having Chisholm play third base when he gets back — after playing second base to start the season — which allows DJ LeMahieu to play second base, where he is most comfortable, as he tries to prove he still can contribute. 'Even when you have the skill set to do it, like Jazz obviously does, third, when you haven't done it, can be a little tricky on the fly,' Boone said. 'He had some growing pains in there [last year], but overall, he was elite, in my opinion. The range he has over there, the arm strength, some of the double plays he was turning, I thought he did really well.' Giancarlo Stanton (tennis elbows) has been getting five to seven at-bats in live batting practice every day this week in Tampa, which will continue through the weekend. The Yankees will then reassess what comes next — either more live at-bats or a rehab assignment — but he is likely to need at least another week before he could be activated. Fernando Cruz (shoulder inflammation) is scheduled to face hitters Saturday in a simulated game at Dodger Stadium. If that goes well, he is likely to be activated when first eligible on Tuesday. Mookie Betts was not in the Dodgers lineup after stubbing his toe Wednesday night at home, manager Dave Roberts said. He was set to undergo X-rays before first pitch, with Roberts labeling him as day to day.
Boston Globe
25-05-2025
- Sport
- Boston Globe
Maxi Urruti late equalizers extends Revolution's unbeaten run to seven games with tie at Sporting Kansas City
New England (5-4-4, 19 points) had a strong first half with Carles Gil setting up a pair of goals to take a 2-0 lead. Advertisement In the 14th minute, Gil slotted a nice pass to Ganago to the left of the goal, and he centered a pass along the ground and Tomás Chancalay had the inside track to the ball against his defender and slid to redirect it in. It was the first regular-season start for Chancalay, who was the lone change to the starting lineup from The Argentinian forward is getting back into form after partially tearing his right ACL against NYCFC on May 25, 2024, and having surgery over the summer. He has played 74 minutes across five substitute appearances in MLS action since making his season debut April 12, which coincides with the start of the Revolution's unbeaten run. Chancalay generated five scoring chances before being substituted off in the 70th minute. Advertisement He started and scored in the The Revolution doubled their lead nine minutes later with Gil delivering a pass into the left side of the box for an open Peyton Miller. Miller's low cross intended for Alhassan Yusuf was deflected into the net by SKC defender Jacob Bartlett for an own goal. Sporting Kansas City made three halftime substitutions and immediately took the play at the Revolution, scoring three times in the first 16 minutes. Dániel Sallói got the hosts on the board in the 53rd minute with his fifth goal of the season on a rebound of a shot from Bartlett. Another big rebound led to Sporting Kansas City pulling level with Revolution defender Mamadou Fofana pulling down Dejean Joveljic in the box, resulting in a penalty kick. Joveljic sent Revolution goalkeeper Aljaz Ivacic the wrong way, tying the game in the 59th minute with his seventh goal of the year. Just two minutes later Sporting Kansas City grabbed the lead on a counterattack. Zorhan Bassong stripped Ganago to start the rush that led to a Erik Thommy cross from the right for a Manu García volley that took a slight deflection off Revolution defender Brayan Ceballos on its way to finding the back of the net. The tie marked the first of three road games in an eight-day span for the Revolution, who will visit D.C. United on Wednesday and Montreal next Saturday. Advertisement Keith Pearson can be reached at
New York Post
22-05-2025
- Business
- New York Post
Knicks could generate $832M for NYC from home games — and these businesses are already seeing a boom
It's a slam dunk for business. The New York Knicks' Cinderella story isn't just a rags-to-riches story for the team, as postseason home games could generate up to $832 million for city businesses, the mayor's office announced Thursday. The postseason run has already generated about $195 million in the city so far between tickets, concessions, merch, transit and lodging, the mayor added – and some businesses near Madison Square Garden are already feeling the payout. Advertisement 7 The postseason run has already generated about $195 million in the city so far between tickets, concessions, merch, transit, and lodging, the mayor's office said. Jacob Willaimson Blue-and-orange-clad sports bar Stout near MSG has seen its regular crowd triple — and sometimes quadruple — during the Knicks playoff season, floor manager Cynthia Gil told The Post. 'We hit capacity an hour before the game starts,' Gil said, estimating roughly a thousand fans came into the bar over the course of Wednesday night, when the team suffered a heartbreaking 138-135 loss to the Indiana Pacers in Game 1 of the Eastern Conference Finals. Advertisement 7 'We hit capacity an hour before the game starts,' Gil said, estimating roughly a thousand fans came into the bar over the course of Wednesday night. Nicole Rosenthal/NY Post 'Even in the rain, people are standing outside just to get in here,' Gil said. While an average night will see about 100 to 200 patrons at Stout, Knicks fans have come in droves with between 500 to 600 people on average passing through on game nights, Stout hostess Dana added. Mustang Harry's, a 30-year-old Midtown sports bar, reports the Knickerbockers' streak in the playoffs has helped it reach 'the largest influx of customers that we've seen so far.' Advertisement The bar's patronage during the postseason is easily 'double a regular Knicks home game,' and fills up more than two hours before a game starts, a spokesperson for the bar said. 'Pre-COVID, we had a very good lunch business, which is slowly rebuilding,' the rep added. 'A Knicks run like this is helping to alleviate some of the pressure attached to it, especially as we head into the summer months.' 7 Mustang Harry's, a 30-year-old Midtown sports bar, reports the Knicks has helped it reach 'the largest influx of customers that we've seen so far.' Julian Bracero 'Them making it to the playoffs has definitely led to a boost in our sales,' said Adriana Juarez, an events coordinator for sports bar and restaurant Penn 6. 'We're sold out completely … we don't really get that much [traffic] for the regular season, but for the playoffs, it's nuts.' Advertisement Even after the loss in overtime Wednesday, the watering hole 'got slammed heavily because people were upset,' Penn 6 bartender Skyeler Paparteys chimed in, 'so we're busy either way.' Each home game in the Conference Finals is expected to generate an estimated $91 million for the city, the mayor's office said, adding the wealth is expected to spread well beyond Midtown and across the five boroughs. 7 Penn 6 events coordinator Adriana Juarez (left) and bartender Skyeler Paparteys pose with cardboard cutouts of Knicks players — minus a Jalen Brunson cutout, which they say was stolen by a fan during a watch party. Nicole Rosenthal/NY Post Bartender Ryan at The Gin Mill on the Upper West Side told The Post his bar has been 'packed' for each postseason Knicks game – whether it's a Friday night or the middle of the week. 'Even for an early-week game, it's standing room at the bar,' Ryan said. 'It's definitely not normal … I'm Canadian, so I get it with hockey, but New York is a different breed when it comes to sports fans.' Ryan admitted he and his coworkers have been watching the Knicks 'intently' due to the whopping amount of cash it brings to the uptown taproom. 'We watch very intently as bartenders,' he said. 'In general, it makes more money in our pockets – and it makes for a more exciting vibe at the bar, for sure.' Knicks fans are repping New York through and through by buying Coney Island Brewing Co.'s Merman IPA and Brooklyn-based Sixpoint Brewery's crisp pilsner in droves, the bartender added. Advertisement 7 A Knicks watch party at Mustang Harry's in Midtown. Knicks OmniFan 7 Exterior of Midtown sports bar Stout on 33rd Street. Nicole Rosenthal/NY Post But it's not just New Yorkers generating more green for Big Apple business. 'The game has a big impact: We're almost sold out for next Saturday, I'm pretty sure all rooms [for next week] will be booked by Sunday,' said Michael, a worker at Holiday Inn Express in Chelsea. 'It's doubled the [number of] guests coming here. Advertisement 'Normally when we ask our guests why they're in the area, it's about the game,' the employee said, adding he's spoken with guests from all over the nation – and even some die-hard Knicks fans from England. Even tattoo shops are banking on the Knicks, with Brooklyn-based artist Steven Avalos telling The Post he's booked multiple appointments in recent weeks and has definitely 'seen an influx of Knicks requests.' 7 Mustang Harry's, a 30-year-old sports bar, is slinging 'stress balls' and beer at its Midtown location. Mustang Harry's Gil, the Stout manager, reports she's already ordered 100 cases of High Noon hard seltzers ahead of Friday's game — after fans blew through 50 cases on that day last week. Advertisement 'It's hard work, but when they're in here, it's a good vibe,' she said. It's great for New York City: You see the camaraderie, tons of people just giving each other hugs.' Gil believes the profitability will continue well into next season — regardless of how the Knicks fare in the playoffs. 'They increased a lot of business, but it also helps us build new base of regulars,' Gil said. 'Then [fans] continue coming back throughout the year: Repeat business is the best business.'
Chicago Tribune
20-05-2025
- Politics
- Chicago Tribune
Chicago's Venezuelan migrants face uncertainty after Supreme Court allows Trump to strip protected status
When Ana Gil heard the news that the Supreme Court Monday allowed the Trump administration to strip legal protections for thousands of recent Venezuelan migrants, she cried. The move means 350,000 Venezuelans in the United States, including some of the estimated 50,000 who arrived in Chicago over the last several years, could be deported. How or where? That is unknown, Gil said. She is co-founder of the Venezuelan Alliance in Chicago. Over the last decade, Gil has worked with other immigration advocates to provide resources and legal advice for migrants who have arrived here from Venezuela. Most, she said, have fled political turmoil and extreme poverty. Temporary Protected Status, a humanitarian protection granted to nationals from countries facing extraordinary conditions such as war and disaster, provided room for families and individuals to start anew by providing them a work permit and protection from deportation. For the Venezuelan community in Chicago, the news has turned hope into heartbreak. Maria Belen arrived in Chicago from Venezuela under humanitarian parole in December 2022. Shortly after, she applied for TPS, which was essential for her and her family to establish themselves in the city. It is the sole protection she had from deportation. 'Now I have nothing,' Belen said Monday. Belen said she and her family have made Chicago their home. She is an assistant teacher at a CPS school, thanks to her education degree from Venezuela. Her husband works for an IT company, and their daughter is finishing her general education before pursuing a career in engineering at Wilbur Wright College. 'But right now, we really don't know anything. We don't know what's going to happen, where are we going to go or how,' Belen said. 'When we came here we had a clear goal: work and do well for society. We paid our taxes, we were doing everything right as dictated by the law and we are still getting kicked out.' At the center of the chaos, Gil said, is fear and uncertainty. Some migrants have requested information on how to migrate to another country while others are choosing to wait for advocates to act on their behalf and find a way to defend their status. 'I'm so sad. I still can't believe we have reached this point,' Gil said. 'But we will keep fighting against this. We've done it before' The court's order, with only one noted dissent, puts on hold a ruling from a federal judge in San Francisco that kept in place Temporary Protected Status for the Venezuelans that would have otherwise expired last month, The Associated Press reported. The justices provided no rationale, which is common in emergency appeals. The complex economic and political crisis in Venezuela has driven more than 7.7 million people to leave the South American nation since 2013. Venezuela's most recent economic troubles pushed year-over-year inflation in April to 172%. The latest chapter even prompted President Nicolás Maduro to declare an 'economic emergency' last month. Maduro, whose reelection last year to a third term has been condemned internationally as illegitimate, also has cracked down on political opponents. In the dispute over TPS, the administration has moved aggressively to withdraw various protections that have allowed immigrants to remain in the country, including ending the temporary status for a total of 600,000 Venezuelans and 500,000 Haitians. That status is granted in 18-month increments. Venezuela was first designated for TPS in 2021; Haiti, in 2010. The new decision from the Supreme Court only impacts 2023 designation of TPS for Venezuelans. Haiti's determination is still under review but not impacted by this specific decision. Any Venezuelan who was granted status under the 2021 designation is not affected and continues to have status until Sept. 10. The justices left open the possibility that individual Venezuelan citizens could bring their own challenges against efforts by Kristi Noem, secretary of Homeland Security, to terminate their work permits or to remove them from the United States, according to SCOUTUSblog. Justice Ketanji Brown Jackson indicated that she would have denied the government's request and left the lower court's ruling in place while litigation continues. That's what gives Gil hope. She said that it is too early to have a strategy on how to move forward, but said that the Venezuelan Alliance in Chicago is working hand in hand with the National TPS Alliance and other local organizations. 'It is extremely expensive to find a way to stay in the country legally individually, but as a group, we can do more,' Gil said. The Supreme Court's decision does not end the litigation, which will continue in the court of appeals, said Helena Olea, deputy director of Alianza Americas. The Chicago-based organization works to provide resources to asylum-seeking migrants and other immigrants. 'However, by lifting the stay on the termination of TPS for Venezuela, the final ruling — which could side with the plaintiffs — will arrive too late. Without TPS, many Venezuelans could be deported, could decide to travel to other countries or could be arbitrarily labeled as members of the Tren de Aragua or as enemy combatants and sent to El Salvador. All of these are devastating alternatives that put deserving individuals at imminent risk of human rights violations,' Olea said. As legal advocates push for federal intervention, community leaders are calling on local residents to stand in solidarity. 'Today the Supreme Court allowed Trump and the Department of Homeland Security to once again sow panic and confusion among our communities,' said Dulce Ortiz, executive director of Mano a Mano Family Resource Center, board president of the Illinois Coalition for Immigrant and Refugee Rights (ICIRR). 'Over the last three years, many ICIRR member organizations across the state worked to welcome new arrivals, many of whom are from Venezuela and seeking safety and opportunity in a new home. Some arrived on their own, and others as part of a political stunt that attempted to use immigrants as a weapon against welcoming communities. Regardless of how they arrived in Illinois, all people deserve to be treated with dignity and respect,' Ortiz said. In the Chicago area, roughly 9,000 Venezuelan migrants are estimated to have TPS, according to the Venezuelan Alliance and the The Resurrection Project, which have held legal clinics to provide free counsel for migrants. Chicago has helped thousands of Venezuelan migrants to settle in the city after a tumultuous start when Texas Gov. Greg Abbott sent busloads of migrants to Chicago over the past couple of years. Many Venezuelans have filled key roles in industries facing labor shortages — including health care, construction and caregiving. With TPS ending, employers and communities alike worry about the impact. 'Venezuelan migrants have become an integral part of our communities. They are our neighbors, co-workers, caregivers, and should be recognized for their societal contributions,' said Olea. 'It must not be forgotten, there is ongoing political repression, economic collapse, widespread human rights violations, and a humanitarian crisis — marked by food and medicine shortages — that make Venezuela unsafe for return, warranting continued TPS protection,' Olea said. The Resurrection Project and other immigrant legal clinics say they are being flooded with calls from panicked families. 'Today's decision will harm hundreds of thousands of immigrants, their families and their communities,' said Erendira Rendón, vice president of immigrant justice at The Resurrection Project. 'TRP remains committed to working toward a future where all people in the U.S. are afforded an opportunity to achieve the American Dream.' TRP will continue to provide legal guidance to those who have TPS by appointment through their legal clinic. State Rep. Barbara Hernandez, head of the state's House Immigration Committee and a Democrat who represents portions of Aurora, North Aurora and Batavia, told the Tribune Monday the decision is 'terrible' and 'disappointing.' Many of these Venezuelan families, she said, were approved to stay in the country because going back to Venezuela meant returning to a dangerous situation. That federal approval allowed them to work and start a life for the past several years. 'I think it leaves families uncertain about their future in this country,' said Hernandez. 'These are people who were being retaliated against in their home country, so they can't go back to their home country. So now we are leaving families to go through the trauma again, potentially going back.' The decision, she said, also makes it more difficult for the state to fight federal immigration policies, but in the meantime, 'we need to just protect the people we have right now.'Despite the uncertainty Belen said she remains hopeful. 'Everything happens very fast. We thought we would lose TPS in April. We didn't. Now we're back to this, but we don't know what can happen next,' Belen said. Though the uncertainty sometimes feels debilitating, she said that she and her family are committed to staying together. If she must leave the United States, she will be devastated. Returning to Venezuela is not an option because 'there's nothing there for us.' 'Maybe a different country,' she said.
