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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Digital Assets: In El Salvador, Pay For Gas With Bitcoin To Get A Discount
El Salvador residents get another reason to use their Chivo bitcoin wallet. Buying gas with it will earn them a discount of $0.20 per gallon, according to an announcement by President Nayib Bukele. Taking to Twitter, Bukele said on September 30: “The state company Chivo negotiated with the largest gas station companies in our country so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet.” (Translated)
FinTech: Timelio Raises $270M Debt Warchest To Scale Invoice Funding
Melbourne-based fintech Timelio has raised a $270 million warehouse funding facility led by Goldman Sachs (NYSE: GS) as the senior lender. The facility allows Timelio to scale funding to businesses in need of cash flow, and also lower its overall cost of financing.
Venture Capital: India’s Ola Electric Nabs $200M At $3B Valuation
Ola Electric, which is building the world’s largest two-wheeler production facility, spread out over a total of 500 acres of land in Tamil Nadu, India, and run by an all-women workforce, announced the raise of $200 million to hasten the development of other vehicle platforms besides its electric scooter line.
Alternative Investments/Digital: Evolve Launches Canada’s First Multi-Crypto ETF
It’s Canada’s, and perhaps North America’s first multi-crypto ETF, but maybe not the world. “We thought we were the world’s first, but I got a message from a Brazilian issuer saying it’s actually not the first in the world,” said Raj Lala, Evolve’s President and CEO, to Wealth Professional. Nevertheless, the Evolve Cryptocurrencies ETF provides investors with exposure to both bitcoin and ether.
Digital Assets: “Short Squeeze” Attributed As Bitcoin Jumps Over 10%
The leading crypto suddenly spiked above $47,000 today, putting on over $5,000 in just an hour. The sharp rally in bitcoin today by over 10% had traders scratching their heads for a plausible reason. The near vertical move melted technical resistance lines, and in what appears to have been a perfect short squeeze, had bears…
FinTech: Validity Finance, A Legal Dispute Funder And Alternative Asset Manager, Raises $70M
Validity Finance is a commercial litigation finance company with nearly $150 million of assets under management. The company has raised a new managed “sidecar” fund of $70 million from a major family office, its existing private equity investors as well as other third-party investors.
Artificial Intelligence: Google’s DeepMind “Nowcasts” Rain
Google-owned (NASDAQ: GOOGL), London-based AI Lab DeepMind collaborated with the Met Office to develop a nowcasting system for predicting, accurately, the likelihood of rain over the next 90 minutes. In comparison, existing forecasting methods can do so for periods from six hours to two weeks.
Digital Assets: Gary Gensler Reaffirms Preference For Futures-Based Bitcoin ETFs
In prepared remarks for the Financial Times’ “Future of Asset Management North America Conference,” SEC chair Gary Gensler reiterated his preference for a futures-backed bitcoin ETF, and pointed to a number of open-ended mutual funds that took exposure to bitcoin futures traded on the Chicago Mercantile Exchange.
FinTech: Construction Fintech Built Technologies Lands $125M In TCV-Led Round
Built Technologies, a fintech focused on construction finance, has raised $125 million in a round led by TCV with Brookfield Technology Partners, 9Yards Capital, HighSage Ventures and XYZ Venture Capital participating. Existing investors including Lee Fixel’s Addition, Fifth Wall and Index Ventures also chipped in.
Venture Capital: Sundrive Develops The World’s Most Efficient Solar Cell
Founded in a garage in 2015 by David Hu and Vince Allen, Sundrive, a solar energy startup, has successfully developed the world’s most efficient solar cell. Their cell generates solar-sourced power at an efficiency of 25.54%, breaking the previous world record of 25.26%. More importantly, the startup did it while replacing the silver in solar cells with copper.
Liquid Alternatives: Swiss Asset Manager Unigestion Launches Global Macro Fund
Unigestion, the Geneva-headquartered, independent, asset management company specializing in risk-managed equity portfolios and alternatives, has launched a global macro fund within its liquid alternatives cross-asset range.
Artificial Intelligence: AI Could Identify Termite Species In A Snap, A Boon For Pest Control
A team of researchers in Taiwan have utilized deep convolutional neural networks (DCNNs or CNNs) to extract and differentiate patterns within images and automatically identify termite species. Their success raises the possibility of the use of the technology in pest control to successfully counter termite infestations.
Digital Assets: Swiss Regulator FINMA Approves First Swiss Crypto Asset Fund
The Swiss Financial Market Supervisory Authority FINMA has approved the first crypto fund according to Swiss law. The “Crypto Market Index Fund” by Crypto Finance (Asset Management) AG is restricted to qualified investors and will invest primarily in cryptoassets, or assets based on the blockchain or distributed ledger technology, the FINMA said in a statement.
Venture Capital: Starfish Space Scores $7M Raise For Its Otter Servicing Spacetug
Starfish Space, a startup that is eyeing a market for on-orbit satellite servicing, missions such as debris removal and satellite life extension, announced its $7 million raise in a round co-led by NFX and MaC Venture Capital, with participation from PSL Ventures, Boost VC, Liquid2 Ventures, and Hypothesis.
Alternative Investments/ESG: Nuveen Launches ESG Dividend ETF
Nuveen has launched two new ETFs, the Nuveen Growth Opportunities ETF (NYSE: NUGO) and the Nuveen ESG Dividend ETF (CBOE: NUDV) in its drive to help investors build better financial futures.
FinTech: New, Innovative BNPL Solutions
The global craze for buy-now-pay-later has triggered a chain of deal-making from Square-Afterpay, Affirm-Amazon to PayPal-Paidy. On Tuesday, card giant Mastercard (NYSE: MA) announced its “Installments” BNPL solution. So, BNPL is breaking out, and here are some interesting variations on the theme.
Artificial Intelligence: According To AI, “Samson And Delilah” In The National Gallery Is Fake
Artificial intelligence firm Art Recognition alleges that Samson and Delilah, the renowned painting by Peter Paul Rubens on display at London’s National Gallery, is a forgery. The antecedents of the work have long been questioned by critics, and now AI technology has debunked its authenticity with an accuracy of over 91%.
Venture Capital: New Age Meats Lands $25M Series A
New Age Meats grows real, flavorful meat from the cells of unharmed animals, and then, in a hybrid approach, adds plant-based ingredients for texture, taste, and health. The Berkeley, CA-based startup has raised a Series A $25 million round led by Hanwha Solutions of South Korea. Existing investors SOSV’s IndieBio, TechU Ventures, ff VC and Siddhi Capital also participated in the investment.
Digital Assets: Facebook Announces Two-Year, $50M Investment To Responsibly Develop The Metaverse
Facebook (NASDAQ: FB) has announced XR Programs and Research Fund, a two-year $50 million investment in programs and external research to develop metaverse products responsibly. “The metaverse won’t be built overnight by a single company,” Facebook said in its announcement. “We’ll collaborate with policymakers, experts and industry partners to bring this to life.”
FinTech: Mastercard Enters BNPL Fray With ‘Installments’ Product
Credit cards have a new rival in BNPL, and on Tuesday, global card giant Mastercard announced its own instalments product for the U.S., Australian and U.K. markets. BNPL has become a highly competitive fintech sector marked by extensive deal-making between large companies eager to muscle into the space.
Alternative Investments/ESG: New, Climate-Focused, Emerging Market ETFs From Northern Trust
The FlexShares ETF unit of Northern Trust Asset Management announced Monday the launch of two new emerging markets climate-focused exchange traded funds (ETFs) in Europe. The FlexShares Emerging Markets High Dividend Climate ESG UCITS ETF (QDFE) and the FlexShares Emerging Markets Low Volatility Climate ESG UCITS ETF (QVFE) are listed on the Euronext exchange and Deutsche Börse and are available in five countries across Europe: the UK, Ireland, Germany, Sweden, and the Netherlands.
Artificial Intelligence: US Air Force Uses AI In “Live Operational Kill Chain”
Speaking at the Air Force Association’s Air, Space & Cyber Conference in National Harbor, Md., on Sept. 20, Secretary of the Air Force Frank Kendall said artificial intelligence had helped to identify a target or targets in “a live operational kill chain.”
Fintech: Oraan, Pakistan’s First Women-Led, Women-First Fintech Startup, Raises $3M
Oraan, which is on a mission to make money simple for everyone, especially women, announced the raise of a $3 million seed round co-led by Zayn Capital and Wavemaker Partners, with participation from Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global and Plug and Play.
Venture Capital: Singapore Logistics Startup Ninja Van Raises $578M, Turns Unicorn
Ninja Van’s Series E funding round raised $578 million including from Alibaba Group Holding (NYSE: BABA), the funding putting it on course for an IPO about 18 months down the line. The round valued the Singapore-based logistics startup at over $1 billion and elevated it into the unicorn club.