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- Product & Design Pulse v49
Product & Design Pulse v49
IPOs, Valuations, and Acquisitions 💰
Malcom Jones
July 21, 2025
Welcome to this week’s edition of Product & Design Pulse, where we explore the latest in tech, product, design, and innovation! Substack secured fresh funding as it pivots toward becoming a full-fledged social platform, while Perplexity’s CEO unveiled the company’s experimental AI browser, Comet, in a candid interview on Decoder. Apple is suing a YouTuber over an iOS 26 leak and Figma is preparing for it’s long-awaited IPO. The U.S. Department of Defense announced partnerships with top AI labs to address national security risks, and Windsurf’s CEO shared the company’s pre-acquisition struggles with surprising honesty. On the product front, OpenAI introduced an agent-powered ChatGPT, Adobe expanded Firefly with video and audio tools, and Google Discover’s new AI summaries reignited debate about the impact on publishers. Plus, updates from TikTok, Nextdoor, and Beeper.
🎧 Audio Overview [BETA]
For those who don’t have time to read 😁 This week you can really tell it’s AI 🤖 |
Last week…
Substack Raises New Funds, Betting Big on Its Social Network
Substack has raised new funding from investors, positioning itself less as a newsletter platform and more as a rival to X (formerly Twitter). The company’s pivot to social networking is central to its future strategy, with executives touting growth in its “Notes” product. While Substack didn’t disclose the exact amount raised, the round reportedly came at a lower valuation than its 2021 peak.
Perplexity CEO Talks AI Search, Comet Browser, and Competing with Google
In a wide-ranging interview, Perplexity CEO Aravind Srinivas discusses his company’s ambitions to redefine web search through a conversational, AI-native experience. He introduces “Comet,” an experimental browser designed to make information exploration more intuitive and curiosity-driven. The episode explores how Perplexity positions itself against Google while balancing transparency, citations, and monetization.
Apple Sues YouTuber Who Leaked iOS 26
Apple is suing a YouTuber who allegedly obtained and leaked early access to iOS 26, accusing them of breaching trade secret laws and violating Apple’s developer terms. The lawsuit underscores Apple’s aggressive stance on leaks as it seeks to control the narrative around its unreleased products. The case could have wider implications for tech content creators and leakers alike.
Pentagon Teams Up with AI Leaders to Address National Security Risks
The U.S. Department of Defense’s Chief Digital and AI Office (CDAO) announced partnerships with leading AI companies to address national security challenges posed by advanced AI systems. The collaboration aims to improve risk assessments, red-teaming practices, and alignment with responsible AI principles. The move reflects increasing government engagement with frontier model developers on global safety concerns.
Windsurf CEO Reflects on 'Bleak' Mood Before Cognition AI Deal
Windsurf founder Tony Hsieh opened up about the challenges the startup faced before its acquisition by Cognition AI, describing the internal mood as “very bleak.” The company had struggled to raise funds and maintain morale, leading to tough strategic decisions. The candid remarks provide rare insight into startup pressures during a tough fundraising climate.
Figma Targets $16.4 Billion Valuation Ahead of IPO
Figma is aiming for a $16.4 billion valuation in its upcoming IPO, signaling renewed investor appetite for high-growth design and productivity software. The company’s filing follows a rebound in tech IPOs and rising interest in enterprise tools with AI capabilities. This marks a pivotal moment for Figma after its failed acquisition by Adobe in 2022.
