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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Alternative Investments/ESG: HANetf And EMQQ Launch ESG-Screened India Internet And E-Commerce ETF
HANetf, a European ETF white labeler, is set to introduce the INQQ India Internet & Ecommerce ESG-S UCITS ETF, aiming to provide investors with targeted exposure to India’s swiftly advancing digitization. India, now the world’s most populous country, is seen as the “new China,” attracting global attention due to its impressive economic growth rates. The IMF projects a 6% growth for India’s economy this year, positioning it as the fastest-growing major economy in 2023 and 2024.
Artificial Intelligence: Humane Unveils AI Pin, A Revolutionary Wearable Device
In a long-awaited move, Humane, a company spearheaded by ex-Apple talents like Imran Chaudhri and Bethany Bongiorno, has unveiled the AI Pin. This compact wearable gadget functions as a projector, equipped with an ultra-wide RGB camera for photography, text and email capabilities, and ChatGPT-like question-answering prowess. Backed by industry giants like OpenAI’s Sam Altman and Microsoft (NASDAQ: MSFT), the device harnesses AI models from both entities.
Venture Capital: Rockwell Automation Is Anchor Investor In The Momenta Industry 5.0 Fund
Rockwell Automation, Inc. (NYSE: ROK), a global leader in industrial automation and digital transformation, has made a significant strategic investment in Momenta’s Industry 5.0 Fund. This venture capital and value creation fund, established in collaboration with the EU Commission, aims to support startups that are dedicated to advancing resilient, sustainable, and human-centric industrial operations.
Alternative Investments/AI: Qraft And LG Collaborate To Launch AI-Powered Large Cap Equity ETF
Qraft Technologies, a prominent invest-tech company specializing in artificial intelligence investing solutions, has joined forces with LG AI Research, the AI research hub of the LG Group (KRX: 003550), to unveil the LG Qraft AI-Powered U.S. Large-Cap Core ETF (NYSE: LQAI). This collaborative effort signifies a significant milestone in their partnership and aims to outperform U.S. large-cap stocks by investing in a diverse portfolio of 100 stocks.
FinTech: Black Ore Raises $60M, Announces AI-Powered Tax Autopilot
Black Ore Technologies Inc., a financial technology startup specializing in artificial intelligence tools for the financial services sector, has emerged from stealth mode with a substantial $60 million in funding. This investment places the company among the growing ranks of AI startups that secure significant funding even in their early stages. Notable examples include Stability AI, which raised $101 million, and Mistral AI, which secured $113 million in their initial funding round.
Artificial Intelligence: PwC Rolling Out $1B Investment In Generative AI
PwC is making a significant investment in AI technology to stay ahead in the rapidly evolving world of professional services. The initiative began after a realization at the Davos conference that AI was a transformative force. Joe Atkinson, PwC U.S.’s chief products and technology officer, observed a strong interest in generative artificial intelligence, which spurred the company into action. Within just four months, PwC announced a $1 billion investment over three years, expanding its AI solutions, partnering with Microsoft (NASDAQ: MSFT) and OpenAI, and providing AI training for its 75,000 employees.
Venture Capital: May Mobility Scores $105M Series D Round Led By NTT
May Mobility, a pioneer in autonomous vehicle (AV) technology, has successfully closed a Series D funding round, securing $105 million in all-equity investments. This round was led by NTT Group (TYO: 9432), a major Japanese telecommunications company, and included contributions from both new and existing investors such as Toyota Ventures, Aioi Nissay Dowa Insurance Company, State Farm Ventures, BMW i Ventures, Cyrus Capital, and Trucks Venture Capital. This funding round boosts May Mobility’s total funding to approximately $300 million.
Artificial Intelligence: IBM Unveils $500M Venture Fund To Invest In Generative AI Startups
IBM (NYSE: IBM) has announced the launch of a $500 million venture fund aimed at investing in AI companies, spanning early-stage startups to hyper-growth enterprises, all dedicated to advancing generative AI technology and research for businesses. The IBM Enterprise AI Venture Fund is unique in its approach, combining domain expertise from across IBM with a specialized portfolio development team to support AI leaders worldwide.
FinTech: Froda And Ageras To Partner On SME Financing In Europe
Froda, a rapidly growing Swedish fintech company, and Ageras, a prominent provider of software for banking, accounting, and administration, have forged a strategic partnership. Froda’s mission is to facilitate access to financing for small businesses, having already assisted over 50,000 businesses. Ageras, on the other hand, serves more than 300,000 SME customers across Europe in various financial and administrative capacities.
Digital Assets: SwissGold Launches Gold-Backed NFTs For These Turbulent Times
SwissGold Crypto AG has introduced a groundbreaking solution to address the challenges of preserving wealth during times of inflation and uncertainty. The firm is offering gold-backed non-fungible tokens (NFTs), a novel approach in the world of cryptocurrency.
Artificial Intelligence: The Schwarz Group, Bosch, And Others Invest Over $500M In Aleph Alpha, A German AI Startup
The Schwarz Group, the owners of the Lidl supermarket chain, is part of a consortium investing over $500 million in the German artificial intelligence startup, Aleph Alpha. This investment is driven by the global surge in AI development. Schwarz Group, along with an AI hub in Heilbronn, co-leads this venture, which is also supported by the venture capital unit of Bosch, a major European car parts supplier.
Digital Assets: Hut 8 Cleared To Bid For 310MW Of Natural Gas Power And Bitcoin Mine
Hut 8 (NASDAQ: HUT), a publicly traded digital infrastructure and High-Performance Computing (HPC) company, has received court approval to make a “stalking horse” bid for a set of natural gas power plants and a Bitcoin mining site situated in North Bay, Ontario. This move is part of Hut 8’s strategy to expand its operations, including selling power to the market and engaging in artificial intelligence endeavors.
FinTech: Klarna Pivots To An Operating Profit Of SEK 130M In Q3 Of 2023, Versus A Loss Of SEK 2B In Q322
Klarna, the AI-powered global payments network and shopping assistant, has announced its Q3 2023 financial results, showcasing a significant net profit.
The company reported an operating profit in Q3 of SEK 130 million, a sharp improvement from the previous year operating loss of SEK 2 billion, demonstrating the company’s preparedness for the upcoming Q4 investments.
Alternative Investments/Real Estate: Kingsbarn Launches ETF Focused On REITs And BDCs
Kingsbarn Capital Management has introduced the actively managed Kingsbarn Dividend Opportunity ETF (NYSEARCA: DVDN) on the NYSE Arca. This ETF is designed to target equities issued by residential and commercial mortgage Real Estate Investment Trusts (REITs) and business development companies (BDCs), aiming to provide an appealing quarterly dividend while maintaining potential for capital appreciation.
Venture Capital: Dubai Economic Authority Launches Oraseya Capital, A $136M VC Fund
The Dubai Integrated Economic Zones Authority (DIEZ) recently unveiled a substantial venture capital (VC) fund known as Oraseya Capital, boasting a total value of AED 500 million, or around $136 million, dedicated to nurturing startup ventures. This sector-agnostic fund has a broad investment horizon, from pre-Seed stage to Series B, reflecting its ambition to support small and medium-sized enterprises (SMEs) in emerging sectors. Notably, Oraseya Capital is deeply committed to investing in cutting-edge technology.
FinTech: Brazilian Fintech QI Tech Lands $200M Series B Round
QI Tech, a licensed FinTech and Direct Credit Company endorsed by the Brazilian Central Bank, recently secured $200 million in its Series B round, led by General Atlantic. Existing investor Across Capital also doubled the size of its initial investment. Founded in 2018 by Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, QI Tech aims to revolutionize the credit market. The company’s goal is to simplify loan procedures and make credit more accessible beyond traditional banks.
Artificial Intelligence: Elon Musk’s xAI Launches The ‘Grok’ Chatbot
Elon Musk has introduced his own artificial intelligence bot, Grok, with the aim of challenging the capabilities of ChatGPT 3.5. Musk claims that Grok’s prototype already outperforms ChatGPT 3.5 across various benchmarks. Grok, the first product of Musk’s xAI company, is currently in testing with a select group of users in the United States.
Digital Assets: Hong Kong May Greenlight Crypto ETFs In Its Drive To Become A Digital Hub
Hong Kong is exploring the possibility of allowing exchange-traded funds (ETFs) that directly invest in cryptocurrencies as part of its efforts to establish itself as a digital-asset hub in the Asia-Pacific region. The Securities and Futures Commission (SFC) Chief Executive Officer, Julia Leung, expressed the city’s openness to retail investor access to such spot ETFs, provided regulatory concerns are addressed. This move aligns with Hong Kong’s aim to embrace innovative technology to enhance efficiency and customer experience while mitigating new risks.
Venture Capital: Next Insurance Nabs $265M Round; WeFox Raises $55M Convertible Debt
Next Insurance, a Palo Alto-based startup specializing in small business insurance, recently secured a significant strategic investment of $265 million. The funding came from insurance giants Allstate and Allianz’s investment arm, Allianz X. This infusion of capital marks a new strategic partnership with Allstate (NYSE: ALL) and further strengthens Next Insurance’s reinsurance relationship with Allianz (ETR: ALV). Notably, the startup, founded in 2016, has now raised over $1.1 billion in total.
Artificial Intelligence: The AI Product From Elon Musk’s xAI Launches Saturday
Elon Musk’s artificial intelligence startup, xAI, is set to launch its first product this Saturday, as announced by the billionaire himself. However, Musk provided limited details about the product’s specific functions, leaving the tech world curious about what it will offer. This move comes at a time when numerous companies are vying for a share of the rapidly expanding AI market, and tech leaders are outlining their visions for AI’s future.
Digital Assets: Sam Bankman-Fried Found Guilty, Faces A Prison Sentence Of Upto 115 Years
Sam Bankman-Fried, the founder of FTX, has been found guilty of all seven criminal counts against him in a recent fraud trial. This verdict could potentially lead to a maximum prison sentence of 115 years.
The allegations encompass wire fraud and a conspiracy to engage in wire fraud concerning FTX customers and Alameda Research lenders, a conspiracy to commit securities fraud, a conspiracy to perpetrate commodities fraud targeting FTX investors, and a conspiracy to launder money.
Alternative Investments/ESG: A New ETF From First Trust Focuses On Human Dignity
First Trust Advisors has introduced a novel exchange-traded fund (ETF) designed to invest in companies hailing from emerging markets that prioritize human dignity. This innovative fund, known as the First Trust Emerging Markets Human Flourishing ETF (FTHF), is now listed on the New York Stock Exchange under the ticker symbol FTHF.
Venture Capital: Soffinova Raises $200M For Investing In Digital Medicine Startups
Sofinnova Partners, a prominent European life sciences venture capital firm with offices in Paris, London, and Milan, has successfully concluded the fundraising for Sofinnova Digital Medicine I, amassing a total of $200 million (€190M), surpassing its initial target. Spearheaded by Partners Edward Kliphuis and Simon Turner, this fund is dedicated to supporting innovative entrepreneurs at the intersection of biology, data, and computation.
FinTech: Two Swedish Unions At Klarna Call For A Strike After Discussions With Management Fail
Fintech giant Klarna is currently grappling with a significant challenge in Sweden: the looming threat of a union strike. Over the past few months, Klarna has resisted union appeals to establish a collective agreement, which would require the company to engage in negotiations with unions for substantial changes, such as layoffs. On November 7, the white-collar trade union Unionen and Engineers of Sweden, the country’s largest union for graduate engineers, decided to stage a strike.