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    Technology

    State of AI with Nathan Benaich

    The State of AI podcast from Nathan Benaich – investor at Air Street Capital and author of the State of AI Report, the most widely read analysis of AI, published every year since 2018.

    Two things, every week. Short, opinionated breakdowns of what’s actually moving in AI: frontier research, the geopolitics, and the capital. And long-form interviews and playbooks with the founders and scientists building the field – the people behind companies like ElevenLabs, Profluent, Synthesia, Wayve, Black Forest Labs and Anthropic.

    Subscribe to the newsletter at press.airstreet.com and www.stateof.ai

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    Copyright: © Nathan Benaich

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    Latest Episodes:
    Rebuilding high-stakes software AI-first Dec 18, 2025
    Show notes

    Delfa is an AI-first clinical trials software company. In this episode, we explore how Delfa’s AI-first Participant Relationship Management system transforms clinical trial operations, speeds recruitment, and helps bring medicines to patients faster.

    Can AI generate new science? Dec 16, 2025
    Show notes

    New AI research systems are beginning to contribute verifiable results across mathematics, physics, biology, and materials science. How close are we to AI producing genuinely new scientific knowledge?

    Embodied AI is hitting its stride Dec 09, 2025
    Show notes

    A deep dive into world models, VLAMs, planning layers and real deployments from robotics companies Sereact and Wayve - and what comes next for embodied AI.

    Black Forest Labs raises $300M to power frontier visual intelligence Dec 01, 2025
    Show notes

    Today, I’m excited to unveil Air Street’s investment in Black Forest Labs as it announces a landmark funding milestone: a $300M Series B, following a previously unannounced Series A. Together, these rounds represent a big step in scaling the company’s momentum, with Black Forest Labs now capitalised with half a billion dollars and trusted by leading Fortune 500 enterprises.

    State of AI: December 2025 newsletter Nov 30, 2025
    Show notes

    Welcome to the latest issue of the State of AI, an editorialized newsletter that covers the key developments in AI policy, research, industry, and start-ups over the last month.

    Our investment in Clove Nov 25, 2025
    Show notes

    Building the first AI-native wealth institution for the mass affluent. Air Street Capital is investing in Clove’s $14M first financing round, backing a new kind of wealth institution built for this generation rather than the last. Clove’s founders, Christian Owens and Alex Loizou, see this gap not as an inevitability but as a result of infrastructure that was never built for the modern consumer. With Clove, they are creating a new kind of financial institution, one designed from the ground up for people who want trustworthy guidance but have been priced out or ignored by traditional services. Their platform brings together regulated human advisors with an AI-first environment that handles the repetitive and compliance heavy processes which dominate advisory work today. By removing friction and expanding advisor capacity, Clove can deliver high quality personalised guidance at a scale that has not been possible before.

    Profluent raises $106M from Jeff Bezos Nov 20, 2025
    Show notes

    Profluent builds frontier AI systems to unlock programmable biology. Now, Profluent has raised $106M led by Bezos Expeditions and Altimeter, with continued support from Spark, Insight, and Air Street. The company is now the largest position in Air Street’s second fund. This new capital accelerates the company’s path toward scaling frontier protein models and, ultimately, delivering the first AI-designed therapeutic to a human patient.

    Introducing Profluent’s E1: Retrieval-augmentation for protein engineering Nov 18, 2025
    Show notes

    Understanding how protein sequence encodes structure and function remains one of the central challenges in the life sciences. Yet most protein language models still treat each sequence as an isolated datapoint. This forces the entire burden of evolutionary context into model parameters, which leads to blind spots in underrepresented families and amplifies the biases of sequence databases. Profluent’s new E1 family demonstrates that this constraint is no longer necessary. Retrieval augmentation, a technique that transformed natural language processing, is now beginning to reshape protein modeling by allowing models to incorporate evolutionary information at the moment of inference rather than storing it all in weights.

    Poolside acquires Fern Labs Nov 17, 2025
    Show notes

    Poolside is building one of the strongest full-stack AI companies in the world: energy, compute, models, and the infrastructure needed to run multi-agent systems for complex enterprise workflows. The Fern team brings a deeply opinionated agentic core - built from first principles and stress-tested on real workloads - into a company with scale, distribution, and compute firepower. Fern’s architecture was built for agent specialization and coordinated long-horizon work - the exact capabilities poolside can scale into a full production environment.

    State of AI: November 2025 newsletter Nov 09, 2025
    Show notes

    Welcome to the latest issue of the State of AI, an editorialized newsletter formerly known as Guide to AI that covers the key developments in AI policy, research, industry, and start-ups over the last month. First up, a few reminders:

    Read more on press.airstreet.com

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