Spurred on by AI, the marketplace is reassessing what great talent is, as entry-level hiring precipitously declines across the ecosystem. And there’s one subplot that kept coming up as I was reporting a piece I wrote about the new rules of startup hiring, but that I wasn’t able to include in the original story—about 996. 

996, for the uninitiated, is a work schedule that references working 9 AM to 9 PM, six days a week. It originated in China, but in recent months and years, it has gained traction as a talking point in tech and startups. In 2025, 996 has become commonplace during the AI boom, even popping up in the hiring process.

“From some companies doing executive searches, I’ve heard that some AI companies––not universally but in specific instances––are looking to include 996 clauses in employment contracts,” said Jen Holmstrom, Notable Capital partner. “I thought that was fascinating, and it stood out as something I hadn’t heard before. I think the intent is that founders want to convey the intensity of the environment, and the need for talent that’s not only extremely capable or high potential, but willing to jump in and do whatever it takes.”

This fact has danced around in my head like it has clogs on. As the competition for AI and AI-adjacent talent is headier than ever, the push towards return to office and, ultimately, 996 is simultaneously intense. 

“The thing is that if you find top performers, they’re most likely working six days a week anyway,” said Atli Thorkelsson, Redpoint’s VP of talent network. “They don’t necessarily want it said in an interview that it’s a stated expectation. But if they’re really bought into it, and they’re enjoying their work, they’re probably going to do more than 9-5 anyway.”

Ultimately, Thorkelsson and I agreed: Though working hard will always be in style in Silicon Valley, 996 isn’t going to be for everybody forever. 

“I don’t know how long this will be in fashion,” he said. “As you hire different functions, people have different expectations. If you’re a very early-stage startup, especially in AI, you’re probably hiring a lot of younger people. In your early 20s, it’s conceivable that you can sign up to go to the office six days a week. But when you’re bringing in leadership and other functions, when you get to a couple hundred people, I have a hard time seeing that as a sustainable expectation.”

See you tomorrow,

Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com
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Venture Deals

- IVIX, a New York City-based AI-powered platform designed to help governments around the world combat financial crime at scale using LLMs, advanced graph analytics and publicly available data, raised $60 million in Series B funding. O.G. Venture Partners led the round and was joined by Insight Partners, Citi Ventures, Team8, Disruptive AI, Cardumen Capital, and Cerca.

- Inciador, a São Paulo, Brazil-based payment solutions provider, raised $6 million in seed funding. Valor Capital led the round and was joined by big_bets, Alter Global, Arctyus, and Norte Ventures. 

- Paradigm, a San Francisco, Calif.-based developer of an agentic AI-powered spreadsheet, raised $5 million in seed funding from General Catalyst.

- Innerworks, a London, U.K.-based cybersecurity company, raised $4 million in seed funding. AlbionVC led the round and was joined by Digital Currency Group, Founders Capital, Firestreak Ventures, NVTBL Ventures, and Metaversal Ventures. 

- July AI, a San Francisco-based company platform that provides new graduates and professionals with AI training, raised $1.04 million in pre-seed funding from Basis Set, Liquid 2 Ventures, Night Capital, SV Angel, and others.

Private Equity

- An investor group led by MCR Hotels agreed to acquire Soho House, a London, U.K.-based private members’ club brand, for $2.7 billion.

- Automated Industrial Robotics, backed by Ares Management, acquired Owens Design, a Fremont, Calif.-based industrial automation company. Financial terms were not disclosed.

- Arthur J. Gallagher acquired Assured Partners, an Orlando, Fla.-based insurance broker. Financial terms were not disclosed. 

- Clarios, backed by Brookfield, agreed to acquire the Germany and Austria operations of Ecobat, a Dallas, Texas-based battery recycler. Financial terms were not disclosed. 

- E Source, a portfolio company of Align Capital Partners, acquired Opinion Dynamics, a Waltham, Mass.-based program evaluation and advisory firm for grid projects. Financial terms were not disclosed.

- Fortifi Food Processing Solutions, backed by KKR, agreed to acquire Provisur Technologies, a Chicago, Ill.-based processing solutions provider for the protein industry. Financial terms were not disclosed. 

- Genstar Capital acquired a majority stake in First Eagle Investments, a New York City-based investment management firm. Financial terms were not disclosed. 

- Platinum Equity agreed to acquire Anuvu, a Lombard, Ill.-based provider of global entertainment and high-speed connectivity solutions for airlines. Financial terms were not disclosed.