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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Venture Capital: The LSP Dementia Fund Closes €260M (US$283M) To Address Dementia, One Of The Most Significant Health Crises Of Our Era
The LSP Dementia Fund has reached a final close at €260 million (US$ 283 million), surpassing its initial target of €100 million. The fund, which is managed by EQT Life Sciences, aims to invest in companies that are developing breakthrough drug therapies and medical technologies for neurodegenerative diseases. These diseases are some of the biggest healthcare challenges in the world, with 54 million patients affected globally.
Artificial Intelligence: The DAGGER AI Model Gives Advance Warning Of Dangerous Solar Storms
Researchers have developed an AI-based model that combines satellite data and machine learning to predict where an impending solar storm will strike on Earth, offering 30 minutes of advance warning. The model, called DAGGER (Deep Learning Geomagnetic Perturbation), analyses spacecraft measurements of the solar wind, a stream of material from the Sun, and forecasts geomagnetic disturbances worldwide.
FinTech: Revolut’s Response To Audit Report Irks Both Its Board And Accounting Fraternity
Revolut, a UK-based fintech company, has been criticized by its own board for portraying a critical audit report as a clean bill of health. The company issued a public statement insisting that the audit by BDO confirmed that the financial statements gave a true and fair view of the company’s affairs.
Digital Assets: Hong Kong’s Crypto Renaissance Spurs The $100M ProDigital Fund
A new fund in Hong Kong plans to raise $100 million this year to invest in digital asset startups, with the aim of boosting the city’s position as a fintech hub. The ProDigital Future Fund, led by Ben Ng and Curt Shi, has already secured at least $30 million in funding commitments from investors, including Sunwah Kingsway Capital Holdings and Golin International Group.
Artificial Intelligence: America’s Pacific Northwest National Laboratory (PNNL) Uses AI To Detect Illegal Nuclear Weapons
Researchers at Pacific Northwest National Laboratory (PNNL) in the United States are using machine learning techniques to identify rogue nuclear weapons. The analysis of the chemicals and infrastructure required to produce these weapons is key to detecting undesirable nuclear activity.
Venture Capital: Farmers’ Fintech Agreena Raises €46M For Its Soil Carbon Platform
Climate and fintech company Agreena has raised €46 million in its Series B round of funding. Led by Germany’s HV Capital, the round also included new investors such as AENU and Anthemis, as well as existing shareholders such as Gullspång Re:food, Kinnevik, and Denmark’s Export and Investment fund.
Digital Assets: Troubles Mount At Crypto Giant Binance
Binance, the world’s largest cryptocurrency exchange, is facing mounting problems as traders pull billions of dollars from the platform. The Commodity Futures Trading Commission (CFTC) recently sued Binance, alleging that it operated illegally in the US and violated rules designed to prevent illegal financial transactions.
Venture Capital: Fusion Energy Startup Type One Energy Nabs $29M
Type One Energy has successfully closed an over-subscribed $29 million funding round to commercialize its stellarator fusion technology through the FusionDirect program. The program aims to develop practical fusion power plants using stellarators, which are more stable and require less electric current to create magnetic fields compared to tokamaks.
Artificial Intelligence: AI Could Disrupt 300M Jobs (Goldman Sachs); More Than 1,000 Sign Letter From Future Of Life Institute To Pause AI Research
A group of AI experts and researchers have written an open letter calling for a pause on the development of AI systems more powerful than GPT-4 for at least six months. Extensive research and top AI labs acknowledge that such systems could greatly risk society and humanity, according to the authors. The letter, which was issued by the non-profit Future of Life Institute (FLI) was signed by over 1,000 individuals.
FinTech: Apple Launches Apple Pay Later, Its Own BNPL Product
Apple (NASDAQ: AAPL) has introduced a new feature called Apple Pay Later in the US, allowing users to split their purchases into four payments without any interest or fees. Users can apply for loans ranging from $50 to $1,000 for online and in-app purchases made on iPhones and iPads with merchants that accept Apple Pay.
Venture Capital: Europe’s Isar Aerospace Lands $165M Series C Round
German satellite launch service provider Isar Aerospace has raised $165m in a series C funding round. The round is the largest financing round in the SpaceTech sector so far this year and is backed by investors including Bayern Kapital, Earlybird Venture Capital, HV Capital, Lakestar, Porsche SE, UVC Partners and Vsquared Ventures. According to the company’s CFO, the round was concluded “at an increased valuation compared to our Series B in July 2021.”
FinTech: Brazilian Fintech Pismo In Play, Mastercard, Visa Likely Suitors
Mastercard (NYSE: MA) and Visa (NYSE: V), two of the largest payment processing companies in the world, are reportedly in negotiations to purchase Brazilian fintech firm Pismo. The company provides cloud-based payment and banking platforms and is currently valued at around $1 billion. According to sources familiar with the matter, Pismo is working with Goldman Sachs (NYSE: GS) on a sale, and the interested parties include a bank and private equity funds.
Artificial Intelligence: Levi Strauss Ties With Lalaland.ai For AI-Generated Fashion Models
Levi Strauss & Co. (NYSE: LEVI) has announced a partnership with Lalaland.ai, a digital fashion studio that creates AI-generated models. The Amsterdam-based company uses advanced AI technology to create hyper-realistic models of different body types, ages, sizes, and skin tones to provide a more inclusive, personal, and sustainable shopping experience for fashion brands, retailers, and customers.
Alternative Investments/ESG: Healthcare Of Ontario Pension Plan (HOOPP) Unveils Climate Plan For Achieving Net Zero In Its Portfolio By 2050
The Healthcare of Ontario Pension Plan (HOOPP) plans to invest nearly US$17 billion in green investments by 2030 to reduce the carbon footprint of its portfolio, as part of its strategy to achieve net-zero greenhouse gas emissions by 2050.
Digital Assets: Bitcoin Down After The CFTC’s Legal Salvo Against Binance
On Monday, cryptocurrencies fell after the Commodity Futures and Trading Commission (CFTC) sued Binance, the world’s largest crypto exchange, for allegedly violating trading rules. Bitcoin’s price slid over 3% to $27,112.71, while Ether fell 3% to $1,714.68.
FinTech: Mambu And Purpl Unveil Digital Wallets For Lebanese Citizens
Purpl, a remittance and cash out aggregator, has announced its successful launch on Mambu’s cloud-native banking platform. This new offering provides Lebanese citizens, both domestically and abroad, with seamless ways of transacting.
Venture Capital: OpenView Lands $570M For Its VIIth Fund
OpenView has closed its seventh fund, totaling $570 million, a 25% increase over the firm’s sixth fund and its largest to date. The venture capital firm will continue to invest in high-growth software startups, globally across all business software categories, with a focus on expansion stage companies.
Artificial Intelligence: Abu Dhabi Firm Presight AI Makes Stunning Listing Debut
Abu Dhabi-based data analytics firm, Presight AI Holding Plc, surged as much as 176% on its stock market debut on the Abu Dhabi Securities Exchange after raising $496m in its IPO for almost a third of the business. The company is majority-owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan, the UAE’s national security adviser.
FinTech: Shoppers On ChatGPT Can Link Up To Klarna Products
Klarna, the global retail bank, payments, and shopping service, has announced a collaboration with OpenAI to provide a highly personalized and intuitive shopping experience through ChatGPT. Klarna’s engineering teams have collaborated with OpenAI to build an integrated plugin for ChatGPT, enabling curated product recommendations for users who ask the platform for shopping advice and inspiration, along with links to shop those products via Klarna’s own search and compare tool.
Venture Capital: Character.AI, The Firm That Creates A Personalized AI Companion For You, Nabs $150M
Character.AI, a Silicon Valley chatbot startup, has raised $150 million in a new funding round led by Andreessen Horowitz, valuing the company at $1 billion.
Artificial Intelligence: The Rowan, A Condominium Building In Queens, Opens AI Parking
A new self-parking garage in the Ditmars section of Astoria, Queens has opened and is operated by artificial intelligence (AI). The garage is located at The Rowan, a newly developed mixed-use condominium building and can accommodate 96 car spaces.
FinTech: Feared Hindenburg Research Targets Block, Stock Plunges 17%
Hindenburg Research, a financial research firm, has accused Block (NYSE: SQ) (formerly known as Square) of facilitating fraud for criminals and inflating user metrics by failing to enact mandatory know-your-customer (KYC) procedures.
FinTech: South-Asian Lender Kredivo Closes $270M Oversubscribed Round
Kredivo, a company that provides buy now, pay later and credit services to individuals with limited access to banking in Indonesia and Vietnam, has successfully raised $270 million in a Series D funding round.
Artificial Intelligence: Mozilla Launches Startup To Promote Trustable AI
Mozilla, the non-profit organization behind the popular Firefox web browser, is investing $30 million to create a startup and community called Mozilla.ai, focused on building a trustworthy, independent, and open-source AI ecosystem.