Wednesday, June 18, 2025

June 18, 2025 • Estimated Reading Time: 8 minutes

Wednesday, June 18, 2025 

In today’s digest, New York tech legislative updates, a heat wave, and the best indie bookstore in America. 📚

  • Programming note: We’re off tomorrow for Juneteenth. We’ll be back in your inbox on Friday.

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  • Stay out of traffic, New York! To reduce congestion at JFK International Airport, where it’s expected that 18.3 million passengers will use the airport over the summer, the Port Authority is slashing AirTrain tickets in half. From June 30 to September 5, the price will drop from $8.50 to $4.25. ✈️ (amNY)

  • Get paid, New York! On another finance-related note: New York is sitting on a $20 billion pot of unclaimed money, and some of it might be yours. 🤑 (New York Focus)

    • The State Comptroller’s office manages a pot of funds that businesses turned over to the state from sources like dormant bank accounts, uncashed checks, and unreturned security deposits.

    • You can search your (or a friend’s!) name here.

  • Stay cool, New York! Next week will see a heat wave, with temperatures expected to rise to around 100 degrees. 🥵 To beat the heat, officials recommend you stay inside during peak hours between noon and 6 p.m. and wear light-colored loose clothing. (Gothamist)

    • Also, be ready to blast your AC. If you don’t have one, officials recommend visiting cooling centers.


In other reading:

  • New York’s mysterious bookshop just named best indie bookstore in the U.S. (TimeOut New York)

  • What New York City apartment hunters can’t live without (New York Times)

  • This summer we’re eating in grocery stores (Grub Street)

The 2025 New York State legislative session just wrapped, and the tech community has a *lot* to unpack. 

Here’s a breakdown of what happened, and what it could mean for NYC’s tech ecosystem:

🤖 AI regulation was the main event:

  • Lawmakers introduced 230+ pieces of tech-related legislation, including 75+ AI-related bills, against the backdrop of federal proposals that could limit state-level authority.

  • The most high-profile: The RAISE Act, aimed at regulating frontier AI models.

    • Current status: Passed and will head to Governor Hochul’s desk for consideration before the end of the year. 

    • Tech:NYC’s position: Strong opposition. We’ve flagged serious concerns about its impact on NY’s role as an AI leader.

“We want to be doing all we can to incentivize the development of smart, responsible AI here in New York state, and I am fundamentally concerned that the passage of this bill would push us the other way,” Julie Samuels, President and CEO of Tech:NYC, told Gothamist.

📲 More tech bills that passed:

  • Digital replica rights: Regulates use of synthetic performers, or AI-generated content, in ads.

  • Social media warning labels: Requires labels for social media platforms. New York would join Minnesota as the only two states with this law.

  • Expanded AG powers around consumer protection: New legislation strengthens the Attorney General’s hand on deceptive business practices.

🔮 What’s next: Expect continued policymaker interest in AI heading into 2026.

🗽 Why it matters: 

  • New York wants to lead the nation in AI and tech, but regulation needs to keep pace with innovation, not stifle it. 

  • The next few months will be crucial in shaping the state’s long-term tech trajectory. We'll be watching — and working — closely.

In other reading:

  • This AI model never stops learning (Wired)

  • What happens when you feed AI nothing (The Verge)

  • How to get out of the hybrid work rut (HBR)

  • Crosby, an NYC-based AI-powered hybrid law firm, raised $5.8 million in seed funding from Sequoia Capital, Bain Capital Ventures, and others.

  • Extend, an NYC-based document processing platform, raised $17 million in funding. Innovation Endeavors led the $15 million Series A round and was joined by existing investors Y Combinator, Character VC, and angel investors. Innovation Endeavors led the $2 million seed round and was joined by Y Combinator, Character VC, and angel investors.

  • Farsight, an NYC-based AI-powered financial insights and workflows platform, raised $13 million in Series A funding. SignalFire led the round and was joined by RRE Ventures, Link Ventures, K5 Ventures, and angel investors.

  • Ramp, an NYC-based financial operations platform for companies, raised $200 million in Series E funding. Existing investor Founders Fund led the round and was joined by Thrive Capital, D1 Capital Partners, General Catalyst, and others.

  • Supply Wisdom, an NYC-based risk intelligence startup, raised $14 million in Series B funding led by Jurassic Capital.

  • Sword Health, an NYC-based AI-powered healthcare platform, raised $40 million in funding at a $4 billion valuation. General Catalyst led the round and was joined by Khosla Ventures, Comcast Ventures, Lince Capital, and others.

  • Ubyx, an NYC-based stablecoin clearing platform, raised $10 million in seed funding. Galaxy Ventures led, joined by Coinbase Ventures, Founders Fund, VanEck, Mirana Ventures, LayerZero, Paxos, Boku, Payoneer, and Monerium.

  • ZOOT, an NYC-based blockchain-powered gaming platform, raised $6 million in seed funding. CoinFund led the round and was joined by Griffin Gaming Partners.

  • The Exchange’s Climate Tech Fellowship aims to support promising technologies and teams from university graduates as they embark on their early-stage commercialization journey. Apply by July 8 here.

  • The third annual Environmental Tech Lab, an accelerated innovation program ensuring that New Yorkers can continue to enjoy safe drinking water and a clean environment as the climate continues to change in unpredictable ways. Apply by August 8 here.

  • See NYC is gathering 150 New Yorkers for a three-day summer camp-style experience to share ideas to build a better New York City. Apply here.

  • Company Ventures is hosting AI Review events, a year-long conversation series on the current and future state of AI. Submit your AI-related event for consideration here.

  • Each month, Union Square Ventures hosts usvwork — a casual coworking day for founders and builders in NYC. Apply here.

  • Forum Ventures is accepting pitches to its Forum for Founders program. The firm is investing in 30+ companies over the next three months, offering $100K and admission to its pre-seed accelerator to provide personalized GTM and sales support. Apply here.


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