Lumen Orbit, a startup based in the Seattle area focused on placing data centers in space, has successfully raised $11 million in its seed funding round. The funding has attracted significant interest, with 200 venture capitalists expressing a desire to participate. This investment comes amid a broader trend in the venture capital landscape, where valuations have seen a reset. According to recent findings, 18% of new venture investments between Q2 2022 and Q3 2024 were classified as 'down rounds', a notable increase from 10% during the period from 2019 to Q1 2022. Additionally, reports indicate that several high-profile investments have been marked down significantly, including Superhuman by 45%, DuckDuckGo by 72%, and OpenSea by 94%. These developments highlight the challenges facing venture capital firms as they navigate a changing investment environment.