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Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
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Venture Capital: OMERS Ventures Shutters London Office Amidst Bleak European Tech Venture Scenario
The Ontario Municipal Employees Retirement System (OMERS) is discontinuing its venture capital (VC) efforts in Europe after four years and refocusing on North America due to better opportunities in the region’s technology sector. The pension fund is shuttering its London office and letting go of certain team members, among them one of its two managing partners named Harry Briggs, along with an associate. The remaining managing partner, Henry Gladwyn, along with another associate, will be moving to New York to oversee OMERS Ventures’ current portfolio of 18 European investments.
Artificial Intelligence: Disney Exploring Company-Wide Deployment Of AI
Disney (NYSE: DIS) has established a task force to explore the applications of artificial intelligence (AI) across its entertainment conglomerate, including Walt Disney Studios, theme parks, television, and advertising. This move comes amidst concerns within the Hollywood industry about the potential exploitation of AI, with writers and actors recently going on strike over these issues.
Venture Capital: Meatable Raises $35M Series B For Its Cultivated Pork Products
Dutch food tech company Meatable has secured $35 million in new funding, bringing its total funding to $95 million. The investment was led by Agronomics and joined by Dutch impact fund Invest-NL along with existing investors, such as BlueYard, Bridford, MilkyWay, DSM Venturing and Taavet Hinrikus.
FinTech: Vijay Shekhar Sharma, CEO Paytm, To Buy 10.3% In The Company From China’s Ant Group
Vijay Shekhar Sharma, Chairman and CEO of Paytm (NSE: PAYTM), is set to acquire a 10.3% stake worth $628 million in the company he founded. The stake is being purchased from an affiliate of Chinese fintech giant Ant Financial. This move will make Sharma the largest shareholder in Paytm, with a total holding of 19.42%.
Digital Assets: Bitfarms To Construct 50MW Bitcoin Mining Farm Powered By Paraguay Hydro
Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin mining company, has begun the first development phase for its 150 MW hydropower contracts in Paraguay. The company is building a 50 MW mining farm in Paso Pe, Paraguay, near its Villarrica facility. The new farm, set to be commissioned in Q1 2024, includes a 30 MW air-cooled warehouse and 20 MW of hydro-cooled miners in containers, obtained with vendor credits to reduce cash outlay.
Artificial Intelligence: The DHS Is Using Facial Recognition To Mass Solve Old Child Abuse Cases
The Department of Homeland Security (DHS) is utilizing facial recognition technology, including Clearview AI, to address and solve thousands of cold cases related to child exploitation. In a recent operation, initiated by a request from U.K. police, the DHS Homeland Security Investigations (HSI) unit employed facial recognition to identify a man and an infant in a sexually explicit video. This led to the identification of Scott Barker, who was subsequently arrested and charged with child exploitation.
Artificial Intelligence: AI May Come To The Aid Of Canadians Who Defend Themselves In Court
AI technology is being considered for use by Canadians representing themselves in court to improve their legal success. Specially trained generative AI could assist in reviewing court cases, drafting legal documents, and suggesting next steps.
Digital Assets: PayPal Is The First Major Finance Company In The USA To Issue A Stablecoin
PayPal (NASDAQ: PYPL) has introduced a stablecoin called PayPal USD (PYUSD), which is backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents. The stablecoin can be redeemed 1:1 for U.S. dollars. This move is aimed at harnessing the potential of stablecoins in web3 and digital native environments. PayPal USD is designed for digital payments and Web3 compatibility and will be accessible on various platforms.
FinTech: Mastercard Dispenses With CVC For Tokenized Cards Used Online In India
Mastercard (NYSE: MA) has introduced CVC-less (Cardholder Verification Code) online transactions for tokenized debit and credit cards in India. This move aims to enhance security and streamline the payment process. CVC is the three-digit number printed on the back of debit and credit cards.
Venture Capital: AI-Assisted Industrial Management Platform Tractian Lands $45M
Tractian, a leading industrial IoT and enterprise asset management software company, has secured $45 million in growth capital. The funding, led by General Catalyst and involving existing investor Next47 and strategic angels like Ronan de Hooge and Ron Gill, aims to transform the work of maintenance professionals through their hardware-software solution. With over 1,000 industrial plants using Tractian’s asset monitoring system, the company is set to expand its customer base and invest in technological innovation for maintenance operators.
Artificial Intelligence: Uber’s App Will Soon Get An AI-Powered Chatbot
Uber Technologies Inc. (NYSE: UBER) is currently in the process of creating an AI-powered chatbot to be seamlessly integrated into its app, aligning with the growing trend among companies to leverage language tools for enhancing customer service, marketing, and other automated functions.
Alternative Investments/ESG: A New ETF Invests In Loans To Veterans To Ease Their Borrowing Costs
Academy Asset Management introduced the Academy Veteran Impact ETF (NYSE Arca: VETZ) on the New York Stock Exchange during the week. VETZ’s primary objective is to generate income by investing in loans for U.S. service members, military veterans, their survivors, and businesses owned by veterans. The main purpose of this fund is to facilitate the flow of capital to veterans, resulting in lowered borrowing costs for both veterans and their families.
Digital Assets: Blockchain Fintech Figure Technologies Withdraws Banking Charter Application
Figure Technologies, a blockchain startup founded by former SoFi CEO Mike Cagney, has decided not to pursue a national bank charter any longer, as confirmed by the Office of the Comptroller of the Currency. The company initially applied for the charter in 2020, hoping it would simplify its operations and enable them to reach a wider range of underserved customers.
FinTech: Credit Card Fintech Petal Amasses $240M In Debt And Equity To Expand Credit Card Biz
Petal, a credit card and financial technology company, has secured a $200 million debt facility from Victory Park Capital (VPC), an alternative investment firm. Additionally, Petal has obtained a new term loan facility with Trinity Capital (NASDAQ: TRIN) for up to $20 million and raised $20 million in equity funding from existing investors. The influx of capital will support Petal’s expansion and growth as the U.S. open banking sector emerges.
Venture Capital: Disruptive NaaS Provider Nile Lands $175M Series C
Nile, a leading company in next-generation enterprise networks, has successfully raised $175 million in a Series C funding round. The funding was co-led by March Capital and Sanabil Investments, with participation from several other strategic investors including solutions by stc, Prosperity7, Liberty Global Ventures, stc CIF (Corporate Investment Fund), 8VC, Geodesic Capital, U First Capital, and Valor Equity Partners.
FinTech: Melio’s New Pay Over Time Product Puts BNPL In The Hands Of Small Businesses
Melio, a leading B2B payments platform for small businesses, has introduced a new product called “Pay Over Time,” offering flexible payment terms to help small businesses pay vendors and bills. Powered by Credit Key, the service allows eligible small businesses to access up to $50,000 in capital instantly through their Melio account. With Pay Over Time, business owners can choose to pay their bills in monthly installments over an extended period, while ensuring their vendors receive full and timely payments.
Digital Assets: KPMG Issues Report On Bitcoin Mining And Its Favorable Impact On The Environment
KPMG, a major accounting firm, analyzed Bitcoin’s alignment with environmental, social, and governance (ESG) principles, highlighting its potential contributions to sustainability. The report focuses on four carbon-reduction techniques used by bitcoin mining firms.
Artificial Intelligence: Hyundai, Samsung Back Nvidia Challenger Tenstorrent In $100M Raise
Canadian startup Tenstorrent, led by chip industry veteran Jim Keller, announced that it has secured $100 million in funding from Hyundai Motor Group, Samsung’s (KRX: 005930) investment fund, and other investors. Prior to this round, Tenstorrent had already raised $234.5 million and achieved a valuation of $1 billion. The company aims to challenge Nvidia (NASDAQ: NVDA), the leading provider of AI chips for products like ChatGPT.
Digital Assets: MicroStrategy Reverts To Profitability; Plans Stock Sale Of $750M To Fund More Bitcoin Shopping
MicroStrategy (NASDAQ: MSTR), a US software company, announced its intention to add significantly to its Bitcoin holdings by funding the purchase through a stock sale of up to $750 million. The firm has been accumulating Bitcoin since August 2020, and its CEO, Michael Saylor, is a vocal supporter of the cryptocurrency.
Artificial Intelligence: AI-Empowered Screening For Breast Cancer Can Halve Radiologists’ Workload (Study)
The world’s most comprehensive trial on the use of artificial intelligence (AI) in breast cancer screening has yielded promising results, suggesting that AI is safe and can reduce the workload of radiologists by almost 50%. Breast cancer is a significant global health issue, affecting over 2.3 million women annually. Early detection through screening can improve prognosis and reduce mortality rates.
FinTech: Rapyd To Pay $610M For Large Chunk Of Prosus’ Payments Business
Fintech-as-a-Service provider Rapyd has acquired PayU Global Payment Organisation (GPO) from Prosus for $610 million excluding its India, Turkey, and Southeast Asia operations. PayU GPO offers payment solutions in emerging markets across more than 30 countries.
Venture Capital: Google Launches VC Fund In Asia Focused On Female-Led AI Startups
Google (NASDAQ: GOOGL) has launched the Google for Startups Women Founders Fund, a fund dedicated to supporting female-founded startups in the Asia-Pacific region, where women often face challenges in business. The fund will provide $100,000 in equity-free cash to six startups this year, focusing on India, Japan, and South Korea initially, and later expanding to other Asia-Pacific markets.
FinTech: SBA Lending To Undergo Major Changes That Could Benefit Fintechs
The Small Business Administration (SBA) is making significant changes to its federal program for small-business lending, the most extensive overhaul in decades. The reforms, effective August 1, aim to simplify loan requirements, automate processes, and expand the pool of nonbank lenders authorized to issue SBA loans, particularly benefiting financial-technology firms.
Venture Capital: AWS And Accel Lend A Hand To Generative AI Startups In India
Amazon Web Services (AWS) and Accel have announced ML Elevate 2023, a six-week accelerator program to empower Indian startups building generative AI applications. Selected startups will receive access to impactful AI models, technical and business mentorship, resources, and up to USD 200,000 in AWS Credits.