In this conversation, Daniel Faloppa and Dan Gray discuss the current state of the startup fundraising market, focusing on early-stage funding trends, the impact of AI on startups, and the disconnect between valuation and price. They analyze the challenges faced by European startups and explore future strategies for growth in a changing economic landscape. This conversation delves into the evolving landscape of deep tech investment, the impact of macroeconomic shifts on innovation, and the current state of AI funding in venture capital. The discussion highlights the challenges and opportunities presented by the changing dynamics of IPOs and secondary markets, emphasizing the need for transparency and regulatory frameworks to foster a healthier investment environment.