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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Real Assets Investing Through REITs
“We desperately need income, but we are in a yieldless world,” writes analyst Jussi Askola in “The New Gold Rush.” Zero or negative interest rates are going to push investors into real assets.
Artificial Intelligence: An AI Solution to Safeguard From Grid-Triggered Wildfires
Buzz Solutions, based in Stanford, California, launched an AI solution for electricity utilities. It flags faults in the grid structure or power lines in time for repair. This avoids the risk of a wildfire that can cost human lives and millions of dollars in losses.
FinTech: Revolut Scoops Up Another $80M in the February Series D
It’s as if the pandemic never happened for Revolut, the UK-based challenger bank and fintech. It just got another $80 million in its Series D kitty from TSG Consumer Partners, the private equity company focused on consumer product companies and running an AUM of $5 billion. TSG’s investment was made at the same Round D valuation of $5.5 billion struck in February. That valuation tripled from its previous one of $1.7 billion in April 2018.
Private Equity Eyes Cannabis Investments
Pandemic and Cannabis Stock Declines Create Opportunity. As a result of the COVID-19 global pandemic, investors are uncertain how their portfolios will evolve as we move further into 2020. With cannabis stocks having fallen in recent months, investors increasingly are looking to the cannabis industry as a potential source of dip-buying. According to managing director…
Venture Capital: TalkDesk Raises $143M, Triples Valuation to $3B
Talkdesk, the maker of cloud-based customer service software, announced Thursday its Series C raise of $143 million at a valuation of more than $3 billion. The startup achieved unicorn status in its previous funding round in October 2018 when it raised $100 million at a valuation of over $1 billion.
FinTech: Amazon Now Selling Auto and Bike Insurance in India
Amazon (NASDAQ: AMZN) announced Thursday that its Amazon Pay service had begun to offer two and four-wheeler insurance policies in India, in partnership with Acko General Insurance Ltd.
Digital Assets: Quant-Crypto Fund Cambrian Lands $4.2M
Quant crypto fund manager Cambrian Asset Management has raised $4.2 million in a seed equity round, the firm said Thursday. The round’s target was initially $3 million but was increased following oversubscription. Cambrian will use the funds to enhance its technology infrastructure, operations, and research and development. The money will not form a part of its AUM.
Artificial Intelligence: How A U.K. County Is Using AI for Road Repair
Necessity is the mother of invention, they say. The Hertfordshire County Council used to deploy a driver and inspection team to locate and log road faults such as potholes. The system became unworkable during COVID-19 and its social distancing norms. The County solved the problem by deploying a RoadAI system.
Hedge Funds Bullish on Electric Vehicle Sector
EV Attracts Hedge Fund Attention. Formidable Asset Management is among the many hedge funds keeping a close eye on the electric vehicle market. Following its gains from a bet on Workhorse Group, the fund is looking to invest in Nano One Materials Corp. The company cites its implementation of durable nano crystals as a transformative…
Private Equity: PE Powerhouse One Equity Partners Completes Acquisition of Spartronics
Middle market private equity firm, One Equity Partners (OEP), has officially completed the acquisition of Spartronics. The management team is led by CEO Paul Fraipont, who states that he looks forward to adding value to the company and growing Spartronics. Further, the company hopes to bring more value to its customers by investing in technology. …
Venture Capital: Ackman With $7B War Chest for Mature Unicorn
Bill Ackman’s Pershing Square Tontine Holdings Ltd (NYSE: PSTH.U) SPAC raised a humongous $4 billion in its IPO on Wednesday – the largest ever for a SPAC. The company sold 200 million units at $20 each, which closed the day’s trading at $21.30, up 6.50% on the IPO price. Ackman is committed to investing upto another $3 billion in the blank cheque company, bringing its investible warchest to $7 billion.
FinTech: Affirm and Shopify Tie Up To Offer Shopping on Installments
Online shoppers will soon have access to a new credit facility courtesy of Affirm, the credit startup run by PayPal (NASDAQ: PYPL) co-founder Max Levchin, and eCommerce giant Shopify (NYSE: SHOP). Best of all, the program, dubbed Shop Pay Installments, will be interest-free as well as zero-fee. Shopify merchants in the U.S. that want to offer a BNPL facility to their customers may opt for Affirm’s solution.
Digital Assets: Banks and FSAs Cleared as Crypto Assets Custodians
On Wednesday, the Office of the Comptroller of the Currency wrote a letter to an unnamed bank clarifying that banks’ custody services can include cryptographic keys and other crypto-related assets. The interpretation is a huge shot in the arm for the crypto industry because custodianship is currently the preserve of digital specialist organizations operating as a state-licensed trust. With the latest opinion from the OCC, the market for crypto asset custody opens up to banks and other regulated financial entities.
Artificial Intelligence: Univ. of Florida in $70M Public-Private Partnership
Gifts of $25 million from University of Florida alumnus Chris Malachowsky and $25 million in hardware, software, training, and services from NVIDIA (NASDAQ: NVDA) will underpin the University’s AI program. The University itself will contribute another $20 million.
ESG Funds More Than Triple in Latest Year
ETFGI, the consulting and analytics firm that provides services around global exchange-traded products, released data on global trends for ESG in ETFs/ETPs during the first half of 2020. Inflows into these funds were US$3.49 billion during June 2020, bringing year-to-date net inflows to US$32.02 billion. These were more than three times the inflow of US$9.86 billion into ESG ETFs/ETPs seen in 2019.
Liquid Alternatives Mark Gains, Delivering on Diversification Promise
Liquid alternatives are showing strong performance amid the Covid-19 environment. According to a new report from Lyxor Asset Management, undertaking for collective investment in transferable securities investments (UCITS) employing alternative strategies are doing particularly well. Specifically, these investments are performing as designed, with their diversification benefits affording investors and their financial advisors the lower volatility…
Hedge Fund Industry Loses Early Torchbearer Arthur Samberg
Pequot Founder’s Legacy. Arthur Samberg, founder of Connecticut-based Pequot Capital Management, at one time one of the world’s leading funds, passed earlier this month after suffering from leukemia. Samberg led a long career in finance, and was moved into the spotlight following Pequot’s founding back in 1999. The firm was successful in its early days,…
Hedge Fund MingShi + AI = $1 Billion Blockbuster
Chinese AI-Powered Hedge Fund Nears $1 Billion Shanghai-based hedge fund MingShi Investment Management implements artificial intelligence as its main strategy for making investments. The firm has already raised $600 million in the last four months and is moving quickly at secure another $400 million in the coming days. According to MingShi partner Stepham Zhou, “China…
Venture Capital: B2B Corporate Taxis Provider Gett Raises $100 Million
Corporate transportation service Gett is a cloud-based, SaaS solution that aggregates its customers’ ground travel needs by hooking various vendors on a single booking platform. Over 17,000 companies use its service across Europe and North America. A third of Fortune 500 companies are its clients. Gett announced Tuesday that it raised $100 million from several new and existing investors.
FinTech: Hippo, The Home Insurance Unicorn, Raises $150M
Insurtech startup Hippo, which specializes in digital insurance of homes and possessions, announced Tuesday its successful Series E funding of $150 million. The round valued Hippo at $1.5 billion post-money. Its aggregate funding since its launch in 2015 is $359 million.
Digital Assets: Grayscale’s Bitcoin Cash and Litecoin Trusts Move Closer To Trading
In an announcement Monday, Grayscale Investments, the world’s largest digital currency asset manager, said that FINRA had approved the shares in its Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust to quote under the symbols BCHG and LTCN respectively on the OTC Markets.
Artificial Intelligence: AI-Powered Apps Can Now Ease a Divorce
The Australian Government has supported the development of amica, an online app that helps separated couples sort out parenting and financial issues. An initiative of National Legal Aid and the Legal Services Commission of South Australia, amica uses artificial intelligence (AI) to make recommendations to the divorcing couple.
Liquid Alternatives Rocket Higher as Australia Takes Off
Liquid Alts Show Strength Amid Global Pandemic. Liquid Alternative investments are rapidly growing in the United States and around the world. In one of the latest signs of global espousement of Liquid Alts, ARP Investments secured a partnership with Axius Partners, a Sydney based company, for broad-based distribution. Liquid alternative strategies are in high demand…
Venture Capital: Chinese EV Startup Xpeng Motors Raises $500M Series C
Xpeng Motors, the Chinese startup making smart electric vehicles, finalized the expansion of its Series C raise by $500 million, it said Monday. Investors included Asian equity investment firm Aspex Management, US tech hedge fund Coatue Management, global private equity firm Hillhouse Capital, and Sequoia Capital China. The company had announced its Series C funding round of US$400 million in November 2019, in which it onboarded Chinese smartphone maker Xiaomi as an investor.