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: RBC Analyst Says Apple Pay Should Offer Cryptos
RBC Capital Markets analyst Mitch Steves recommends that Apple (NASDAQ: AAPL) should throw its hat into the digital assets ring and build trading of cryptos into its Apple Wallet. The analyst said Apple could generate substantial revenues given the experience with cryptos at PayPal (NASDAQ: PYPL) and Square Inc (NYSE: SQ).
Venture Capital: Reddit Cashes In On GameStop Publicity; Raises $250M
Reddit announced in a blog on Monday that it nabbed $250 million in Series E funding from existing and new investors. The Wall Street Journal said the round, led by Vy Capital, valued Reddit at $6 billion. That’s twice the valuation of $3 billion after its previous funding round in February 2019. Andreesen Horowitz and Tencent Holdings are also investors in the platform.
Artificial Intelligence: AI In The MARLIT APP To Keep Tabs On Plastic Marine Litter
Plastic and other refuse float on the surface of many of our precious seas and oceans, endangering the conservation of marine ecosystems. Conventional anti-pollution measures rely on observations of this floating junk from boats or planes. However, due to physical constraints, these efforts are inadequate in the face of mounting marine pollution. But hope is at hand from an artificial intelligence-based algorithm developed by researchers at the University of Barcelona (UB).
FinTech: NCR Acquires Terafina For Undisclosed Amount
NCR (NYSE: NCR) is a global leader in ATM Software and the world’s #1 POS software provider for the retail and hospitality industries. It announced today the acquisition of Terafina for an undisclosed amount. The transaction is in accordance with NCR’s strategy to acquire early-stage software companies to enhance its own product capabilities.
Alternative Investments/ESG: Foster Denovo Expands Sustainable Portfolios With Passive Range
In October financial advisory firm Foster Denovo launched its new range of actively managed sustainable portfolios that addressed investors’ need for socially responsible investments that also provided a rate of return. Today, the firm announced the addition of “Passive Sustainable Dynamic Portfolios” to that suite of products.
Digital Assets: Tesla Converts $1.5B Of Surplus Cash To Bitcoin
Bitcoin reacted highly bullishly to Monday’s SEC filing by Elon Musk’s Tesla (NASDAQ: TSLA) which showed the EV-maker had invested $1.5 billion in the leading cryptocurrency.
Venture Capital: Chinese Driverless Company Pony.ai Raises $100M In Extended Round
Pony.AI, a Chinese head-quartered autonomous driving startup, announced on February 8 its additional raise of $100 million in Series C. In November, the company had picked up $267 million in that Series, and in the process, earned itself a valuation tag of $5.3 billion.
Artificial Intelligence: USC Develops AI To Tackle New Virus Variants “In Seconds”
Researchers at the University of Southern California (USC) have developed a method to accelerate vaccine development to counter potential new mutations of the coronavirus. Using AI, the researchers can vaccine analysis and identify the best medical therapy for treatment.
FinTech: Asian Development Bank To Invest $137M In India’s Fintech Hub At GIFT City
Asian Development Bank is in discussions with authorities of the GIFT City, Gujarat, to invest Rs 1,000 Crores (approximately $137 million) in a new fintech hub at the city’s International Financial Services Centre (IFSC). The amount, an initial investment, would equip fintech firms with skill development tools, new technology, and resource mobilization.
Venture Capital: VC Firms Top Tier And Sapphire Close On Nearly $3B Of New Funds
Palo Alto, CA-based venture firm Sapphire Ventures announced Thursday that it recently closed $1.7 billion across multiple funds, bringing its total assets under management to $5.7 billion. On the other hand, San Francisco-based VC, Top Tier Capital Partners, hauled in $1.2 billion from investors, with its total assets going up to $7.5 billion.
Alternative Investments: Nearly Half Of Wealth Advisers Plan To Boost Allocation To Alternatives In 2021 (Survey)
In a blog in January, PPB Capital Partners (PPB), a provider of alternative investment solutions, said it was “surreal” that equity markets were seeing all-time highs right in the middle of a pandemic. But the unprecedented price movements and dramatic volatility, coupled with near-zero rates had wealth advisers in a bind. As a result, advisers were reaching out to PPB in their search for the twin goals of uncorrelated return streams and income. PPB is now out with a survey that ascertained advisers’ views on alternative investing in 2021.
Digital Assets: Star-Studded Lineup Supports New $72M VC Fund Eyeing Crypto
A star-studded lineup supports a new $72M VC Fund eyeing crypto. Private equity stalwart Glenn Hutchins along with son James Hutchins and partner Travis Scher launched the new fund and attracted hedge fund billionaire Paul Tudor Jones, Raj and Indra Nooyi (the latter being the former CEO of PepsiCo), and James Todd Smith, a.k.a LL Cool J as investors.
Artificial Intelligence: Open Season On SolarWinds; There Was A Second (Chinese?) Attack
It is now clear the the much-publicised, allegedly Russian hack on beleaguered US IT company SolarWinds (NYSE: SWI) in December was not the only one. According to a Reuters report, suspected Chinese hackers also had a go at the company and succeeded in breaching computers at the National Finance Center and other U.S. government agencies.
Alternative Investments/Digital: Blockchain-Based Tokenization Could Revolutionize Alternatives (Report)
Alternative assets offer better options for investors these days when the traditional 60:40 portfolio looks risky and generates insufficient returns. Though suffering from comparatively poorer liquidity alternatives could provide much-needed diversification and better risk-adjusted returns for investors. However, these investments have traditionally been accessible to institutions and high net worth individuals. Tokenization may change the status quo, giving retail investors an opportunity.
Digital Assets: Analyst Projects $60K For Bitcoin In 2021
A rise in crypto adoption, institutional support, and money-printing by global central banks could propel bitcoin to a price of $ 60,000, according to Jesse Cohen, a senior financial analyst at Investing.com.
FinTech: Digital Payments Fired Up By The Pandemic Propel PayPal To Its Strongest Year Ever
PayPal (NASDAQ: PYPL) had a superlative fourth quarter fueled by the ongoing shift to digital payments following the pandemic. Its total payment volume (TPV), or the value of transactions made across the platform, rose to $277 billion, up 39% from $199.4 billion in the year-earlier period. PayPal beat analysts’ estimates of TPV of $268 billion. Active accounts surged to 377 million after the platform added 16 million in the fourth quarter.
Venture Capital: Online Wine Marketplace Vivino Closes $155M Series D Round
Vivino’s community of 50 million wine enthusiasts have pushed annual growth at the online wine marketplace to 100% for the last seven years. With e-commerce sales of alcohol predicted to grow to over $40 billion by 2024, the future is rosy for Vivino. Investors have therefore readily plunked $155 million into the firm’s Series D funding round.
Artificial Intelligence: Amazon Installs AI-Enabled Cameras In Delivery Vans
Ecommerce giant Amazon (NASDAQ: AMZN) has installed cameras with AI capabilities in delivery vehicles, according to CNBC. The company is using the cameras, at some of its delivery service partners (DSPs), to improve the safety of the drivers. However, drivers have issues with privacy.
Digital Assets: Visa Launches Crypto Pilot Program With Black-Focused First Boulevard
Visa (NYSE: V) announced today the pilot launch of its new suite of crypto APIs in collaboration with digital neobank First Boulevard. The APIs will enable the bank’s customers, which are predominantly from the Black community, to purchase, custody and trade digital assets.
Venture Capital: B2B Parts Maker Zetwerk Reels In $120M
Zetwerk, an Indian startup, aggregates manufacturing services such as fabrication, machining, casting, and forging of machine parts and offers them to enterprises across the world. Its providers are drawn from the SME sector, while buyers are typically EPCs and OEMs. The firm raised $120 million in a Series D round led by existing investors, Lightspeed Venture Partners, and Greenoaks Capital. Continuing investors Sequoia Capital and Kae Capital also invested.
FinTech: Ant Group Agrees With Regulators To Become A Financial Holding Company
The Ant Group, which had to shelve its $35 billion IPO in November following a scrap with China’s regulators, has agreed with them to restructure its operations. According to Bloomberg, Ant will now house all its operations, including the tech-heavy food delivery and blockchain, in a financial holding company. This company will be subject to capital requirements akin to banks.
Artificial Intelligence: Israeli AI Technology Helps Precision Irrigate Avocados In South Africa
SupPlant, an Israeli-based company uses IoT, but in agriculture. Over the last four years, it has developed an AI-based system for autonomous irrigation that saves water and improves crop yields. Farmers of avocados in South Africa are now using this technology to their advantage.
Digital Assets: Crypto Exchange Gemini’s Earn Scheme Offers Upto 7.4% APY On Your Crypto
Gemini, the crypto exchange and custodian founded by the Winklevoss twins, has launched its Earn product effective Tuesday. It offers interest to customers who elect to lend their cryptos. Though the rate of interest various amongst the 26 cryptos that Gemini supports, the rate could be as high as 7.4% APY (annual percentage yield) for Filecoin. Earn offers 3.05% on bitcoin.
Venture Capital: Robotic Process Automotion Software Maker UiPath Raises $750M
UiPath, which makes software to automate business processes, announced Monday its raise of $750 million in a Series F round co-led by Alkeon Capital and Coatue. Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc., all existing investors, also participated.