News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
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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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FinTech: Digital Payment Infrastructure Provider Episode Six Launches BNPL, Or B2B Instalments
Episode Six (E6) has unveiled “Business Now, Pay Later,” an innovative solution that empowers commercial banks to cater to the financial needs of small and medium-sized enterprises (SMEs) within their business banking channels. This launch comes as a response to the growing demand from SMEs for more adaptable working capital solutions, with 89% of them feeling underserved by their current banks, as highlighted by Capgemini’s 2022 World Payments Report.
Venture Capital: French Gigafactory Startup Verkor Secures More Than €2B ($2.15B) In Financing
Verkor, a leading player in the European battery manufacturing space, has secured an impressive €2 billion in financing to propel its ambitious plans. This substantial funding includes a minimum of €850 million from a Series C funding round, €600 million in debt support from the European Investment Bank, and approximately €650 million in French subsidies, pending European Commission approval.
Digital Assets: A New Ethereum ETF From Hashdex Proposes To Hold A Mix Of Physical Ether And Futures
Nasdaq has submitted a filing with the Securities and Exchange Commission (SEC) to list an Ethereum Exchange-Traded Fund (ETF) offered by the Brazilian asset manager Hashdex. This ETF, named the Hashdex Nasdaq Ethereum ETF, aims to diversify its holdings by including both spot ether and futures contracts in its portfolio. Toroso Investments, which manages and oversees the fund, is registered as a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.
Artificial Intelligence: EY Invests $1.4B In AI, Creates Large Language Model
EY, the consulting firm, has announced a significant investment of $1.4 billion into artificial intelligence (AI). This substantial commitment reflects the growing trend among professional-services companies to embrace AI technology. In addition to this investment, EY has developed its own extensive language model, EY.ai EYQ, and has ambitious plans to train its vast workforce of 400,000 employees in AI. (WSJ)
FinTech: Hadiel Coop Wins Equity Investment From Qatar Development Bank
Qatar Development Bank (QDB) has made a significant investment in Hadiel Coop, a move that holds great promise for empowering a health-sharing concept aimed at households, communities, and gig-workers. In today’s challenging economic landscape, characterized by inflation, unemployment, and soaring healthcare costs, accessing essential healthcare has become increasingly difficult. This problem is particularly acute in emerging economies like Nigeria, where a lack of funding often leads to unmanaged health crises or reliance on friends and family during medical emergencies.
Venture Capital: Biopharma Startup Mironid Extends Series A Round, Cumulatively Raising £35M
Mironid, a biopharmaceutical company headquartered in Glasgow, Scotland, is making significant strides in the development of innovative treatments for Autosomal Dominant Polycystic Kidney Disease (ADPKD), a life-threatening hereditary kidney condition. On September 13, 2023, the company announced an extension of its Series A financing round, securing an impressive total of £35 million in funding to date. This achievement is a testament to Mironid’s promising drug development strategy.
Alternative Investments/ESG: KraneShares And Rockefeller Launch ETF Focused On The “Blue Economy”
Rockefeller Asset Management and KraneShares have jointly introduced the KraneShares Rockefeller Ocean Engagement ETF (KSEA), an innovative investment opportunity aimed at addressing the intersection of finance and ocean health. This ETF, under the ticker KSEA, is designed to invest in public companies that play a significant role in the well-being of oceans and their resources, aligning with the concept of the blue economy. This sector emphasizes sustainable solutions that yield positive outcomes for the ocean environment.
Digital Assets: Franklin Templeton Throws Its Hat Into The Spot Bitcoin ETF Ring
Franklin Templeton, a major financial services firm, has entered the competitive race for a spot Bitcoin exchange-traded fund (ETF). In its filing with the U.S. Securities and Exchange Commission, the company proposed a Coinbase-custodied ETF that would trade on Cboe BZX Exchange, Inc.
Artificial Intelligence: Coke Launches Futuristic Zero-Sugar Drink Created Using AI
Coca‑Cola (NASDAQ: COKE) is venturing into the year 3000 with a futuristic flavor and an AI-powered experience. The company’s latest offering, Coca‑Cola® Y3000 Zero Sugar, is the result of a unique collaboration between human and artificial intelligence. By tapping into fans’ emotions, aspirations, colors, and flavors, combined with insights from AI, Coca‑Cola has crafted a taste that envisions the future.
Fintech: Payhawk And Lune Make It Easier For Companies To Take More Sustainable Decisions Related To Company Spending
Payhawk, a provider of spend management solutions, has introduced “Payhawk Green,” a platform feature set aiding companies in sustainable spending decisions and Scope 3 emissions. Scope 3 emissions include indirect value chain emissions like business travel, transport, fuel, and capital goods. These features ensure compliance with UK and EU sustainability regulations and support internal initiatives such as emission offsetting.
Venture Capital: Finland’s NordicNinja VC Launches US$214M Climate Fund
Helsinki-based venture capital firm NordicNinja has launched its second fund, totaling €200 million (US $214 million), with substantial backing from Japanese investors. The Japan Bank of International Cooperation (JBIC) is the cornerstone investor for NordicNinja Fund II, with additional support from European investors BaltCap and Swedbank pension funds, along with existing Japanese investors Honda and Omron.
Digital Assets: Environmentalists Demand Non-Renewal Of Air Permit To Crypto Miner Digihost
Environmental advocates in New York are vehemently opposing the renewal of an air permit for a cryptocurrency mining facility in North Tonawanda. They argue that this operation not only threatens the quality of life for local residents but also contradicts the state’s climate goals.
Artificial Intelligence: After Bank Holiday Flight Chaos, UK Organizations Collaborate On AI-Powered Air Traffic Control
Researchers in the UK have developed a computer model of air traffic control powered by artificial intelligence (AI). This “digital twin” of England’s airspace is the outcome of a £15 million project known as Project Bluebird, a collaboration between National Air Traffic Services (NATS), the Alan Turing Institute, Exeter University, and government funding through UK Research and Innovation.
Venture Capital: Gobi Partners Makes Strategic Investment In Malaysian E-Waste Recycler ERTH
Gobi Partners, an Asian venture capital firm, has invested in Electronic Recycling Through Heroes (ERTH), a Malaysian electronic waste (e-waste) recycling company. ERTH distinguishes itself with a unique approach—it not only manages responsible e-waste disposal but also rewards contributors with cash or vouchers, fostering a community-driven commitment to environmental preservation.
FinTech: Kedaara Capital Invests $229M In Indian B2B SaaS Fintech Perfios
Perfios, a prominent B2B SaaS fintech company in India, announced that Kedaara Capital, a leading private equity investor, is set to invest a substantial $229 million in the company through a combination of primary funding and a secondary sale. This marks one of the most substantial investments in an Indian B2B SaaS company for the year.
Digital Assets: Thodex CEO Faruk Fatih Ozer Receives Prison Sentence Of 11,196 Years
Faruk Fatih Özer, the former CEO of the Turkish cryptocurrency exchange Thodex, has been handed a staggering 11,196-year prison sentence and a $5 million fine by a Turkish court. This severe penalty stems from a slew of charges, including his alleged involvement in the establishment, management, and membership of an organization, qualified fraud, and money laundering.
FinTech: BNY Mellon Unveils Bankify For Businesses To Receive Payments From Consumers’ Bank Accounts
BNY Mellon (NYSE: BK) has introduced Bankify, an innovative open banking payments solution in collaboration with Trustly. This solution allows organizations to seamlessly receive consumer payments from bank accounts while ensuring guaranteed funds for business receivables. Bankify combines BNY Mellon’s expertise in transaction payments with Trustly’s leading open banking capabilities.
Venture Capital: Getir Raising $500M At A Heavily Truncated Valuation Of $2.5B
Getir, the Turkish-based grocery delivery company, is undergoing a significant shift in its valuation, raising $500 million in a recent funding round that values the company at $2.5 billion. This marks a substantial decrease from its valuation of $11.8 billion just 18 months ago. The funding round was led by existing shareholders, including Abu Dhabi’s Mubadala Investment Company, G Squared, and prominent investor Michael Moritz. This reduction in valuation reflects the challenging landscape faced by start-ups in the current venture capital
Artificial Intelligence: Australia Makes Search Engines Responsible For Curbing AI-Generated Child Porn
Australia has introduced new regulations aimed at compelling internet search engines like Google (NASDAQ: GOOGL), Bing, DuckDuckGo, and Yahoo to combat the dissemination of child sexual abuse material (child porn) generated by artificial intelligence (AI). The online safety code, announced recently, mandates that these services must take “appropriate steps” to prevent the spread of child exploitation material, including AI-generated “synthetic” images.
FinTech: Australian Watchdog Hauls PayPal To Court Over Contract Terms That Are Unfair To Small Businesses
PayPal (NASDAQ: PYPL) is facing legal scrutiny from the Australian Securities and Investments Commission (ASIC) over a contract clause that allows the company to retain fees charged incorrectly to customers if the errors go unnoticed for more than two months. ASIC has taken legal action, asserting that this clause, present in over 600,000 PayPal contracts with Australian businesses, should be considered “unfair” under the ASIC Act and invalidated by the court.
Digital Assets: Riot Blockchain Raked In $31.6M In Texas Energy Credits During The August Heat Wave
In August 2023, Riot Blockchain Inc (NASDAQ: RIOT), a Texas-based bitcoin mining company, experienced a significant boost in revenues, primarily driven by Demand Response Credits and power credits. Despite producing 11% fewer bitcoins compared to the same month in 2022, Riot witnessed a staggering 2,933% year-on-year increase in Demand Response Credits. Revenues generated from power credits soared by 709%, resulting in a total of $31.6 million in combined revenues from energy credits.
Artificial Intelligence: As Infertility Mounts, SpermSearch AI Helps Locate Elusive Sperm
SpermSearch, an AI system developed by Dr. Steven Vasilescu and his team at the University of Technology Sydney, is revolutionizing the field of infertility treatment. This AI can rapidly identify viable sperm in samples taken from severely infertile men, a process that typically takes hours when done manually.
Venture Capital: ABB’s Venture Arm Invests In Wind Turbines Analytics Provider WindESCo
ABB has entered into a strategic partnership with WindESCo, a clean energy start-up, to enhance its presence in the wind energy sector. In this venture, ABB Motion has acquired a minority stake in WindESCo through its venture capital unit, ABB Technology Ventures (ATV). WindESCo, a US-based company, specializes in analytics software designed to improve the performance and reliability of wind turbines.
Digital Assets: Coinbase Unveils Institutional Crypto Lending Service
Coinbase has introduced a new crypto lending service tailored for institutional clients in the United States. This move is in response to filling the void created by challenges faced by companies like Genesis and BlockFi. The announcement of this crypto lending program was made discreetly through a filing with the US Securities and Exchange Commission (SEC) on September 1. Coinbase seeks exemptions for this service under its subsidiary, Coinbase Credit, Inc., and Coinbase’s CFO, Alesia Haas, is mentioned as a related individual.