Big day for the Menlo portfolio. — Wispr Flow raises $280M led by us at $2B. ~40x YoY rev growth and a total of 60B+ words dictated. — Higgsfield raises $400M led by DST at $5.4B. $20M to $700M annual run rate in 12 months. Winning on the app layer is difficult: software is easier to replicate than ever before ("what's the moat? Can’t I just vibecode this?") so you have to maniacally focus on product quality, growth, retention and monetization while scaling your infrastructure, spinning up…