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: Nigerian Fintech Fastamoni Launches EduPali, An Education Payments Platform
FastaMoni Technologies, a Nigerian fintech startup, has recently introduced EduPali, an innovative online platform aimed at addressing the significant challenges associated with high education expenses and limited educational access in Africa.
Venture Capital: Tiger Global Exits India’s Flipkart With $1.4B Payout From Walmart
Walmart (NYSE: WMT) has purchased Tiger Global Management’s remaining 4% stake in Indian e-commerce giant Flipkart for $1.4 billion, increasing its ownership to about 77%. The transaction valued Flipkart at $35 billion, down from the previous valuation of nearly $38 billion.
Digital Assets: Crypto Rife With Fraud And Hucksters, Says Gensler
During a recent interview with Bloomberg TV, Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), said the cryptocurrency sector was speculative and plagued by fraudulent activities.
Venture Capital: Lvrch Capital Scores $400M Series D Round
Lvrch Capital Advisory, a prominent investment firm, has achieved a major milestone by successfully raising $400 million in a Series D funding round, further cementing its position as an innovation leader in the financial industry. Building on its prior success of securing $200 million in the Series C funding round, the firm is now focused on adapting its investment approach to meet evolving market conditions and ensure long-term financial stability for investors while delivering exceptional results.
FinTech: AI-Enabled Fintech Platform TIFIN Launches TIFIN.ai With J.P. Morgan As Investor
TIFIN and J.P. Morgan (NYSE: JPM) have announced the launch of TIFIN.ai, a platform dedicated to conceiving and developing a new cohort of AI-powered fintech companies. Building upon the success of TIFIN Studios, which created five companies between 2018 and 2021, TIFIN.ai aims to accelerate thematic AI-powered fintech innovation in wealth management across various use cases, including client portfolio insights, alternative investing, workplace wealth management, and insurance.
Artificial Intelligence: Intel To Incorporate AI Into All Its Products
During Intel’s (NASDAQ: INTC) Q2 2023 earnings call, CEO Pat Gelsinger expressed strong confidence in the future of AI, announcing an ambitious plan to integrate AI into all of Intel’s products. Intel’s upcoming consumer chip, Meteor Lake, will include a built-in neural processor for machine learning tasks.
Artificial Intelligence: Amazon Web Services Launches Enhanced Version Of AI-Enabled Tool For Doctors
AWS HealthScribe is a new HIPAA-eligible service introduced by AWS that aims to revolutionize clinical documentation in healthcare. Healthcare software vendors can utilize it to construct clinical applications that analyze patient-clinician conversations and automatically produce initial clinical notes. The service is designed to address the documentation burden that clinicians face, allowing them to focus more on patient care. (AWS)
Digital Assets: Securitize Issues Tokenized REIT Shares in Spain Targeting €150M Raise
Spanish health care REIT Mancipi S.A. plans to raise €150 million using Securitize’s technology, issuing shares on the Avalanche blockchain. Securitize becomes the first platform authorized to issue digital asset securities in both the U.S. and Europe, anticipating an EU-wide license.
Venture Capital: Battery Energy Storage Startup Field Lands $257M Investment
DIF Capital Partners, through its DIF Infrastructure VII fund, is investing £200 million in Field, a London-based battery energy storage systems developer and operator. The investment seeks to expedite Field’s expansion and construction of a 4.5 GWh pipeline of large-scale battery energy storage projects in the UK and Western Europe, thereby bolstering the area’s renewable energy infrastructure and supporting its Net Zero objectives.
Fintech: Plaid And Cross River Team To Offer Real-Time Payments
Cross River Bank, a provider of technology infrastructure and embedded financial solutions, has announced an extension of its partnership with Plaid, a data network that supports the digital financial ecosystem. Together, they aim to offer multi-rail payment solutions to businesses and customers in the United States.
Venture Capital: Israeli Startup Brevel Raises $18.5M Seed For Alternative Proteins
Brevel, a microalgae-based alternative protein company, has secured $18.5 million in seed funding to develop a neutral-tasting, sustainable, and affordable protein for the mainstream food industry. The company’s technology combines sugar-based fermentation of microalgae with high light concentrations at an industrial scale, resulting in a protein that can be used in various plant-based products.
Venture Capital: Dioxycle Nabs $17M Funding For Turning CO2 Into Ethylene
Dioxycle, a French-U.S. climate tech start-up, has secured $17 million in funding to support the development of sustainable ethylene produced from recycled carbon emissions. The investment comes as investors increasingly seek opportunities to support environmentally-friendly solutions in high-emitting industries, which are crucial for achieving global climate goals but have historically received less funding.
FinTech: Shopify Unveils Shopify Credit, A Credit Card For Its Merchant Sellers
Shopify (NYSE: SHOP) has introduced a new business credit card, Shopify Credit, exclusively for its merchants. The card is powered by Stripe and issued by Celtic Bank, accepted everywhere Visa is.
Artificial Intelligence: Tech Companies Form A Forum To Regulate AI
Leading artificial intelligence companies, including Google (NASDAQ: GOOGL), OpenAI (maker of ChatGPT), Microsoft (NASDAQ: MSFT), and Anthropic, have announced plans to establish the Frontier Model Forum. This industry-led body aims to develop safety standards for rapidly advancing AI technology, surpassing the progress of Washington policymakers who are still debating the necessity of a government-led AI regulator.
Digital Assets: UK Data Regulator Will Examine Sam Altman’s WorldCoin
The UK’s data regulator, Information Commissioner’s Office, will conduct further enquiries into Worldcoin, a crypto project by OpenAI. Worldcoin offers a digital identification solution by scanning users’ irises to verify their humanity and provides free cryptocurrency.
Venture Capital: Cloud-Based Privacy Management Startup OneTrust Lands $150M At A Lower Valuation
Atlanta-based startup OneTrust raised $150 million in a funding round led by new investor Generation Investment Management, co-founded by former Vice President Al Gore, with participation from existing investor Sands Capital. The round valued the privacy and security company at $4.5 billion, a 12% drop from its previous valuation of $5.1 billion after raising a Series C in late 2020 and an extension in 2021.
FinTech: European Challenger Bank bunq Builds On Solid Growth With €100M Raise
Despite a downturn in the market, bunq has managed to secure €44.5M in growth capital, adding up to a total of almost €100M in funding raised this year. The significant injection of fresh capital enables the mobile bank, currently the second largest neobank in the EU, to push forward with its international expansion plans and sustain its rapid growth. Notably, existing investors Ali Niknam, Pollen Street Capital, and Raymond Kasiman showed confidence in the company’s potential by participating in the funding round, valuing bunq at €1.65 billion.
Artificial Intelligence: JPMorgan Analysts Warn That Stocks Could Melt If AI Bubble Bursts
JPMorgan Chase strategists have issued a cautionary warning that the current widespread surge in stock market values, fueled by the fascination with artificial intelligence (AI), may be on the verge of collapsing. Despite the remarkable rise in stock prices driven by AI-related hype, JPMorgan (NYSE: JPM) argues that there is little solid evidence of AI significantly boosting corporate earnings.
Digital Assets: Sam Altman’s Worldcoin And World Id Project Lifts Off Today
Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, has launched its core offering called World ID. The World ID is described as a “digital passport” that proves the holder is a real human, not an AI bot. To obtain a World ID, customers must undergo an in-person iris scan using Worldcoin’s ‘orb,’ a silver ball approximately the size of a bowling ball. The project has already amassed 2 million users during its beta phase.
FinTech: As Virtual Cards Catch On With Enterprises, Mastercard Launches Receivables Manager
Mastercard (NYSE: MA) has launched a new automated solution called Mastercard Receivables Manager, aimed at streamlining businesses’ acceptance and processing of virtual card payments. As virtual cards gain popularity in B2B transactions, the need for an efficient and secure payment processing solution has grown.
Artificial Intelligence: SoftBank And Symbiotic Set Up $100M JV For AI And Robotics Powered Warehousing
SoftBank (TYO: 9984) and supply-chain services provider Symbotic (NASDAQ: SYM) have announced the creation of a joint venture called GreenBox Systems, aimed at constructing AI-powered warehouses. SoftBank, the Japanese technology investor, will hold the majority ownership in the venture. The companies are jointly investing $100 million in this project, and GreenBox Systems has also committed to purchasing AI-powered systems worth $7.5 billion from Symbotic to equip its warehouses.
Venture Capital: Israeli VC Flora Ventures Raises $80M For Startups In Sustainable Agritech
FLORA Ventures has launched an $80 million fund to invest in sustainable agrifood tech start-ups in Israel and Europe. It is the largest Israeli-based agrifood venture capital firm and the biggest new VC fund in Israel for 2023. The fund focuses on early-stage start-ups that aim to create a healthier, more sustainable, and resilient agrifood system and supports their global scaling efforts.
Artificial Intelligence: Tech Majors Agree To Voluntary AI Guardrails At White House Meeting
Seven major AI companies in the United States, including Amazon (NASDAQ: AMZN), Anthropic, Google (NASDAQ: GOOGL), Inflection, Meta (NASDAQ: META), Microsoft (NASDAQ: MSFT), and OpenAI, have voluntarily agreed to implement safeguards for the development of artificial intelligence. These safeguards focus on safety, security, and trust in AI technology.
FinTech: TP24 Gets £345M In Funding From Barclays And M&G Investments To Boost Lending To SMEs
TP24, a fintech company specializing in flexible revolving business credit, has secured £345m in debt funding from Barclays Bank Plc (LON: BARC) and M&G Investments, both based in the UK. Out of this funding, £240m will be allocated for lending to SMEs in the UK and the Netherlands. Barclays is contributing up to £200m as warehouse financing, while M&G is providing up to £40m as mezzanine funding.