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: Revolut Enables Bonds For Everyday Investors
Revolut, the UK-based fintech firm, is set to expand its trading services by offering European clients the ability to trade government and corporate bonds starting in the first quarter of next year. This move follows the addition of European-listed stocks to its platform in October.
Venture Capital: LG Technology Ventures Boosts Venture Fund Size To $770M
LG Technology Ventures, the corporate venture capital firm affiliated with LG Group (KRX: 003550), has increased its operating fund to 1 trillion won ($770 million). Originally established in Silicon Valley in 2018, the firm is dedicated to identifying global startups with innovative technologies.
Artificial Intelligence: In A Dramatic Turn Of Events The OpenAI Board Fires Sam Altman (Update: Altman Joins Microsoft)
In a shocking turn of events, Sam Altman, a luminary in the artificial intelligence (AI) industry, was abruptly ousted from OpenAI, the company he co-founded. Altman, recognized as a leading voice in AI, played a crucial role in introducing many to the concept through OpenAI’s ChatGPT bot. The sudden dismissal, revealed by Altman’s board of directors, cited concerns about his lack of consistent communication and a subsequent loss of confidence in his leadership.
Venture Capital: Canadian Carbon Capture Startup Deep Sky Collects $55M Funding
Deep Sky Corp., a Canadian startup founded by Frederic Lalonde, CEO of Hopper Inc., has secured $55 million in funding from venture capital firms and government entities to establish a carbon-capture plant in Quebec. Lalonde, known for Hopper, one of Canada’s top tech startups, initiated Deep Sky with the goal of removing millions of tons of emissions from the atmosphere and oceans. The funding comes from investors like Whitecap Venture Partners, BrightSpark Ventures, and government support from both Canada and Quebec.
FinTech: Funding Circle And Enfuce Announce Credit Cards Geared To Small Businesses
Enfuce, a prominent provider of embedded finance solutions, has forged a partnership with Funding Circle (LON: FCH), the UK’s leading small business lending platform, to introduce a new small business credit card as part of its FlexiPay product. The FlexiPay card, developed through Enfuce’s MyCard service, streamlines the process for companies to launch their own card app. This collaboration aims to enhance Funding Circle’s offering, providing small businesses in the UK with a revolving line of credit to manage various business costs and short-term cash flow needs.
Digital Assets: Tether Plans To Add Bitcoin Mining To Its Stablecoin Business
Tether Holdings Ltd., a prominent stablecoin issuer with an $87 billion market cap, is venturing into the highly competitive world of Bitcoin mining with a substantial investment of approximately $500 million over the next six months. Paolo Ardoino, the incoming CEO, revealed that Tether plans to achieve this by constructing its own mining facilities and acquiring stakes in other companies. This move signifies a departure from Tether’s primary business of managing the USDT stablecoin, which is pegged to the US dollar.
Artificial Intelligence: Menlo Ventures Arms Itself With $1.35B Warchest For AI Investments
Menlo Ventures has successfully raised $1.35 billion for funds dedicated to investing in technology companies specializing in artificial intelligence (AI). This substantial capital will be allocated between Menlo XVI, focusing on early-stage investments, and Menlo Inflection III, dedicated to early growth. The venture capital firm, established in 1976, boasts a rich history in Silicon Valley, managing around $5 billion in assets.
FinTech: Visa And Visa Foundation Push For Digital Enablement And Financial Inclusion In APEC
Visa (NYSE: V) and Visa Foundation have announced their commitment to supporting small and micro businesses (SMBs) globally, particularly in the Asia-Pacific Economic Cooperation (APEC) region. The Visa Foundation is pledging $100 million over five years to support underserved and women-led SMBs in APEC economies, focusing on advancing digital financial inclusion, job creation, and increased access to capital. This announcement comes as Visa surpasses its three-year goal of digitally enabling 50 million SMBs globally, reaching nearly 67 million SMBs, with an estimated 29.6 million in the APEC region, including 10.9 million women-led SMBs.
Venture Capital: Tenet Energy Raises $30M Of Equity And Debt For EV Platform
Tenet Energy Inc., a climate fintech platform facilitating affordable electric vehicle (EV) ownership, has successfully concluded a funding round exceeding $30 million. This includes over $10 million from a Series A investment and a substantial $20 million warehouse debt facility. Led by venture capital firm Nyca Partners, the Series A funding will support the expansion of Tenet’s leading EV financing product and the scaling of TenetConnect, a new digital renewable energy platform aimed at reducing charging costs on EV owners’ utility bills.
Artificial Intelligence: Microsoft Launches AI Chips To Power Its Azure Cloud
Microsoft (NASDAQ: MSFT) has announced its entry into the custom AI chip market with the introduction of two chips at its Ignite conference in Seattle. The Maia 100 artificial intelligence chip (pictured), aimed at competing with Nvidia’s (NASDAQ: NVDA) sought-after AI graphics processing units, and the Cobalt 100 Arm chip, designed for general computing tasks to rival Intel processors, will both be integrated into Microsoft’s Azure cloud.
Digital Assets: BlackRock Files For Spot Ether ETF
BlackRock (NYSE: BLK), the world’s largest asset manager, has officially submitted a filing for a spot Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF, named iShares Ethereum Trust, aims to mirror the performance of the ether price, as detailed in the Form S-1 submitted by iShares to the SEC. This move follows BlackRock’s registration of the iShares Ethereum Trust entity with the Delaware Department of State Division of Corporations a week prior. The selection of Coinbase Custody Trust Company as the custodian and the CME CF Bitcoin Reference Rate from CF Benchmarks as the benchmark aligns with BlackRock’s choices for its proposed spot Bitcoin ETF.
Venture Capital: Khosla Ventures On Cusp Of Wrapping Up Massive $3B For Venture Funds
Khosla Ventures is on track to raise $3 billion for its latest venture funds, demonstrating its confidence in the market despite challenges faced by startups. The firm, founded 19 years ago, plans to focus on research-intensive sectors such as nuclear fusion, humanoid robots, and artificial intelligence. Notably, it sees potential in less competitive markets to support startups revolutionizing industries like healthcare and transportation.
FinTech: Mitsubishi Ties With AWS For Digitization And Cost Reduction Via Cloud Strategy
Mitsubishi UFJ Financial Group (MUFG) (TYO: 8306), Japan’s largest financial services provider, has entered a multiyear global agreement with Amazon Web Services (AWS) to accelerate its digital transformation and reduce IT costs. By adopting AWS as its preferred cloud provider, MUFG aims to leverage cloud technologies, including generative artificial intelligence (generative AI) and machine learning (ML), to enhance customer service across asset servicing, banking, and fund financing.
Digital Assets: Blockchain.com Nabs $110M Funding At A Lower Valuation
Blockchain.com has successfully secured $110 million in Series E funding, with Kingsway Capital leading the investment round. Notable participants include Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, and Pledge Ventures.
Artificial Intelligence: Airbnb Steps On The AI Pedal, Acquires Stealth Startup
Airbnb (NASDAQ: ABNB) has acquired GamePlanner.AI, a stealth startup, for just under $200 million, marking the home-sharing company’s first acquisition as a public entity. GamePlanner.AI, founded by Adam Cheyer, co-founder of Siri, and Siamak Hodjat, former head of Siri’s natural language processing team at Apple (NASDAQ: AAPL), operates in the AI, design, and community space.
Venture Capital: Divergent Nabs $230M Series D For Digital Industrial Manufacturing Systems
Divergent Technologies, Inc. has successfully concluded its Series D equity financing, securing an upsized total of $230 million. Hexagon AB led the round with a significant $100 million investment, joined by both new and existing institutional and family office investors. The raised capital is earmarked to expedite Divergent’s expansion into automotive, aerospace, and defense production on a commercial scale.
Digital Assets: Fnality Lands $95M For Blockchain-Based Payments Systems
Fnality International Ltd., a London-based firm developing a blockchain-powered wholesale payment system, has successfully raised £77.7 million ($95.2 million) in a funding round led by Goldman Sachs Group Inc. (NYSE: GS) and BNP Paribas SA (EPA: BNP). Notable participants in this funding round include the Depository Trust & Clearing Corp., Euroclear, Nomura Holdings Inc. (TYO: 8604), and Wisdom Tree Inc (NYSE: WT). While the valuation of Fnality post-investment remains undisclosed, the capital injection follows more than four years since the company’s last funding round, which garnered £55 million in June 2019.
FinTech: Higher Interest Rates Propel Wise To A Solid Jump in Half-Yearly Pre-Tax Profit
British fintech firm Wise (LON: WISE) has reported a substantial increase in profits, citing a boost from higher interest rates. In its half-year results for the period ending on September 30, 2023, Wise revealed a revenue of £498.2 million, up 25% year-on-year. The total income, including interest income, reached £656 million, marking a 58% year-on-year increase. Notably, pre-tax profits soared to £194.3 million, up a remarkable 280% compared to the previous year.
Artificial Intelligence: Massive AI Workloads Get A Lift With Nvidia’s New H200 GPU
NVIDIA (NASDAQ: NVDA) has unveiled the HGX™ H200, a powerful addition to its AI computing platform, based on the advanced NVIDIA Hopper™ architecture. Equipped with the groundbreaking H200 Tensor Core GPU, featuring HBM3e, the platform excels in handling vast data volumes for generative AI and high-performance computing tasks.
Digital Assets: Japan’s SBI Holdings And SC Ventures Set Up Crypto Firm In The UAE
SC Ventures, the innovation and fintech investment arm of Standard Chartered (LON: STAN), is teaming up with SBI Holdings (TYO: 8473), a major Japanese financial conglomerate, to establish a Digital Asset Joint Venture in the UAE. With an initial capital of $100 million, this collaboration aims to capitalize on the region’s growing significance in the digital asset realm. The joint venture, led by Alex Manson, SC Ventures’ CEO, will draw from their experience in digital assets, leveraging ventures such as Zodia Custody and Zodia Markets, and investments in companies like Ripple and Metaco.
Venture Capital: ViaNautis Bio Lands $25M Series A For Nanomedicines
ViaNautis Bio has secured $25 million in Series A financing to propel the development of its groundbreaking genetic nanomedicines. The company’s proprietary drug delivery platform, polyNaut®, facilitates the transfer of genetic therapeutic payloads across challenging biological barriers, aiming to create new treatments for diseases with unmet clinical needs. Led by 4BIO Capital, BGF, and UCB Ventures, alongside the Cystic Fibrosis Foundation and Eli Lilly and Company, this funding round will accelerate product development, expand teams, and establish cutting-edge laboratory facilities.
Alternative Investments: New Biodiversity ETFs From DWS Launch In Europe
DWS has introduced three new Xtrackers ETFs aimed at mitigating investment risks related to biodiversity loss. These ETFs provide an opportunity to invest in companies globally, particularly in Europe and the US, with a reduced negative impact on the earth’s ecosystems compared to the market average. Biodiversity, essential both ecologically and economically, is highlighted as pivotal, with estimates valuing ecosystem services at USD 125 to 140 trillion annually.
FinTech: Japan’s SBI Holdings Amassing $663M VC Fund For Startups In High Growth Sectors
SBI Holdings (TYO: 8473), a major Japanese financial firm, is launching a $663 million fund aimed at supporting Web3, AI, and fintech startups. Scheduled to invest in 150-200 companies, the fund is set to begin operations by year-end. The investment scale is substantial, with key contributions secured from major financial institutions like Sumitomo Mitsui Banking Corporation (TYO: 8316), Mizuho Bank (TYO: 8411), Nippon Life Insurance, and Daiwa Securities Group (TYO: 8601).
Digital Assets: Lightspeed Faction Launches $285M VC Fund For Early-Stage Blockchain Startups
Lightspeed Faction, a prominent blockchain-focused venture capital firm, has unveiled a $285 million venture fund. This fund prioritizes investment in early-stage blockchain projects, positioning itself as a long-term capital partner for these initiatives as they expand. Beyond offering financial support, the fund aims to assist blockchain entrepreneurs by providing expertise on various aspects, ranging from tokenomics to business scaling.