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Elon Musk’s artificial intelligence startup, xAI, aims to secure $1 billion in equity financing to compete with industry leaders such as OpenAI, Microsoft, and Google. The company, co-founded by Musk, has already garnered $135 million from investors, as revealed in a filing with the US Securities and Exchange Commission.
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Venture Capital: Galvanize Closes On $1B+ Climate Innovation Fund
Galvanize Climate Solutions, a prominent global climate-focused investment firm, has successfully concluded its Innovation + Expansion Fund, raising more than $1 billion. This achievement marks a significant milestone in climate venture funding, attracting a diverse group of institutional investors, such as endowments, foundations, and family offices. The Fund’s primary goal is to invest in early- to growth-stage climate companies that play a crucial role in advancing decarbonization efforts. Beyond financial support, the Fund offers interdisciplinary resources to expedite the journey to commercial scalability.
Venture Capital: French Gigafactory Startup Verkor Secures More Than €2B ($2.15B) In Financing
Verkor, a leading player in the European battery manufacturing space, has secured an impressive €2 billion in financing to propel its ambitious plans. This substantial funding includes a minimum of €850 million from a Series C funding round, €600 million in debt support from the European Investment Bank, and approximately €650 million in French subsidies, pending European Commission approval.
Alternative Investments/ESG: KraneShares And Rockefeller Launch ETF Focused On The “Blue Economy”
Rockefeller Asset Management and KraneShares have jointly introduced the KraneShares Rockefeller Ocean Engagement ETF (KSEA), an innovative investment opportunity aimed at addressing the intersection of finance and ocean health. This ETF, under the ticker KSEA, is designed to invest in public companies that play a significant role in the well-being of oceans and their resources, aligning with the concept of the blue economy. This sector emphasizes sustainable solutions that yield positive outcomes for the ocean environment.
Artificial Intelligence: Coke Launches Futuristic Zero-Sugar Drink Created Using AI
Coca‑Cola (NASDAQ: COKE) is venturing into the year 3000 with a futuristic flavor and an AI-powered experience. The company’s latest offering, Coca‑Cola® Y3000 Zero Sugar, is the result of a unique collaboration between human and artificial intelligence. By tapping into fans’ emotions, aspirations, colors, and flavors, combined with insights from AI, Coca‑Cola has crafted a taste that envisions the future.
Artificial Intelligence: After Bank Holiday Flight Chaos, UK Organizations Collaborate On AI-Powered Air Traffic Control
Researchers in the UK have developed a computer model of air traffic control powered by artificial intelligence (AI). This “digital twin” of England’s airspace is the outcome of a £15 million project known as Project Bluebird, a collaboration between National Air Traffic Services (NATS), the Alan Turing Institute, Exeter University, and government funding through UK Research and Innovation.
Venture Capital: Getir Raising $500M At A Heavily Truncated Valuation Of $2.5B
Getir, the Turkish-based grocery delivery company, is undergoing a significant shift in its valuation, raising $500 million in a recent funding round that values the company at $2.5 billion. This marks a substantial decrease from its valuation of $11.8 billion just 18 months ago. The funding round was led by existing shareholders, including Abu Dhabi’s Mubadala Investment Company, G Squared, and prominent investor Michael Moritz. This reduction in valuation reflects the challenging landscape faced by start-ups in the current venture capital
Artificial Intelligence: As Infertility Mounts, SpermSearch AI Helps Locate Elusive Sperm
SpermSearch, an AI system developed by Dr. Steven Vasilescu and his team at the University of Technology Sydney, is revolutionizing the field of infertility treatment. This AI can rapidly identify viable sperm in samples taken from severely infertile men, a process that typically takes hours when done manually.
Venture Capital: UK-Based Pet Food Startup Butternut Box Lands $351M Funding
Butternut Box, the UK-based fresh dog food company, has successfully secured a £280 million investment in its latest funding round. This funding comes from General Atlantic, a prominent global growth equity firm, as well as existing investor L Catterton, a consumer-focused investment firm. The goal of this investment is to expand Butternut Box’s presence in Europe and continue its mission of providing fresh, delicious, and healthy meals to dogs worldwide. The transaction is expected to close in Q4 2023, pending regulatory approvals.
Venture Capital: Eutelsat Ties Up With Karista For Spacetech VC Opportunities
Karista and Eutelsat Communications (EPA: ETL) have formed a strategic partnership, with Eutelsat becoming a subscriber to Karista’s Spacetech fund. This partnership enhances Karista’s capacity to capitalize on the growing scope of opportunities building in the space industry. For Eutelsat, it solidifies its close ties with innovative startups and contributes to the development of a dynamic space ecosystem, particularly in France and Europe.
Digital Assets: SEC Postpones A Decision on Spot Bitcoin ETFs Yet Again
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on spot bitcoin exchange-traded fund (ETF) applications, including those from BlackRock (NYSE: BLK), Fidelity, and others, until October. This delay, outlined in agency filings, has caused a 4.65% drop in the price of bitcoin over the past 24 hours, bringing it down to $25,961.12.
Alternative Investments/AI: South Korean Electronics Giant LG Leverages AI For Fund Management Venture
LG Group (KRX: 003550), a South Korean conglomerate renowned for its electronic products, is leveraging its expertise in artificial intelligence to venture into investment management. Collaborating with South Korean fintech Qraft Technologies, LG is introducing the LG Qraft AI-Powered U.S. Large Cap Core ETF, with plans to officially list it in November after filing the application in mid-August.
Alternative Investments/Real Estate: AXS Investments Launches Mortgage REIT Focused ETF
AXS Investments has teamed up with Gapstow Capital Partners to introduce a novel ETF named the AXS Real Estate Income ETF (NYSEARCA: RINC). This ETF offers an innovative avenue for higher yields through exposure to liquid real estate investments.
FinTech: Citi Acquires A Stake In Peruvian FX Fintech Rextie
Citi (NYSE: C), a global leader in foreign exchange (FX) markets, has strategically invested in Rextie, Peru’s leading fintech for FX services, marking a pivotal development in the financial landscape. This significant investment not only enhances Rextie’s prospects but also propels its clients’ experience with quicker services and highly competitive currency exchange rates, all powered by Citi’s cutting-edge FX technology. Rextie aims to expand its reach and services by seamlessly integrating Citi’s advanced FX capabilities.
Artificial Intelligence: AI Startup Hugging Face Lands $235M From Top Tech Companies
New York-based AI startup Hugging Face has secured a significant investment of $235 million in a funding round, driving its valuation to $4.5 billion. Notable contributions came from major tech players such as Google (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), Salesforce (NASDAQ: CRM), AMD (NASDAQ: AMD), Intel (NASDAQ: INTC), IBM (NYSE: IBM), and Qualcomm (NASDAQ: QCOM). The company’s focus is on creating tools for AI developers to openly share and test their work, akin to GitHub’s role in the programming realm.
Artificial Intelligence: Runaway Demand For Its AI Chips Catapults Nvidia To Record Quarterly Sales
Nvidia (NASDAQ: NVDA), the leading technology company and chip-maker, has reported record-breaking sales, more than doubling due to high demand for its artificial intelligence (AI) chips. In the three months ending June, revenue surpassed $13.5 billion, driven by strong performance in its data center business, particularly AI chips.
Venture Capital: Spend Management Platform Ramp Lands $300M Funding Round
Ramp, a finance automation platform, has secured $300 million in Series D funding to drive its expansion into new sectors. The funding comes after the company achieved a 6x growth in purchase volume since its last funding round, highlighting the increasing demand for its software that enhances financial efficiency for businesses.
Artificial Intelligence: AI Will Guide India’s Chandrayaan 3 Lunar Lander To The Moon’s Surface On August 23
On August 23, Chandrayaan 3, a lunar lander mission by ISRO (Indian Space Research Organization), will attempt to land on the Moon using AI-controlled computer logic. The landing process, scheduled for 18:04 hours, will be managed entirely by the onboard AI system, without any manual interventions from ISRO scientists. The AI system is responsible for navigation, guidance, and control during the 15-minute descent phase.
Venture Capital: Alternative Meat Startup ENOUGH Lands €40M
Scottish startup ENOUGH, a mycoprotein producer, has secured €40 million ($43.5 million) in equity funding to expand its plant-based chicken, mince, and dairy offerings for supermarkets and fast-food chains. ENOUGH utilizes mycoprotein, derived from fungus, as a vegan protein source, intending to sell it to businesses for incorporation into their own meat products including plant-based chicken, mince and dairy. It counts Unilever and Marks & Spencer amongst its partners in food technology.
Venture Capital: Jiangsu Guoqiang Singsun Energy Technology Lands $137.4 Million in Series A+ Funding
Jiangsu Guoqiang Singsun Energy Technology, a specialized Chinese company focused on advanced tracking technology for intelligent solar plant applications, has raised 1 billion yuan ($137.4 million) in a recent funding round.
Artificial Intelligence: The Critical Shortage Of AI Chips
The demand for graphics processing units (GPUs) in the tech industry, particularly for artificial intelligence (A.I.) applications, has led to a desperate search for these essential components. Start-ups and investors are going to great lengths to obtain GPUs due to their role in powering A.I. products that analyze vast amounts of data. The scarcity of GPUs began when the rise of A.I., fueled by chatbots like ChatGPT, created a surge in demand, causing a shortage in the market.
Artificial Intelligence: As AI Booms, Softbank Plans A Blockbuster IPO From Arm Ltd
The year’s most significant initial public offering (IPO) centers around Arm Ltd., a lesser-known company despite its integral role in the tech world. Arm, headquartered in Cambridge, UK, specializes in designing key components for the chips powering nearly all smartphones globally. It was acquired for $32 billion by SoftBank (TYO: 9984) in 2016 and delisted from the London Stock Exchange.
Artificial Intelligence: AI-Powered Trousers Help Stroke Victim To Walk Again
Julie Lloyd, a 65-year-old stroke survivor, is making strides towards regaining her ability to walk independently, all thanks to a cutting-edge AI-powered garment. She is a participant in the pioneering trial of the “smart garment” known as “NeuroSkin,” which employs AI-controlled electrodes to stimulate her paralyzed leg.
Artificial Intelligence: Korea’s SK Telecom Joins Hands With Anthropic On LLM, Invests $100M
South Korean telecommunications company SK Telecom (KRX: 017670) (SKT) has invested an additional $100 million in AI safety and research firm Anthropic, building on a previous investment by SKT’s venture capital arm. The companies have formed a partnership to develop a multilingual large language model (LLM) tailored for the telecommunications industry.
Artificial Intelligence: Chinese Internet Companies Place Billions Of Dollars’ Worth Of Orders For Nvidia AI Chips
China’s internet giants, including Baidu (HKG: 9888), ByteDance, Tencent (HKG: 0700), and Alibaba (HKG: 9988), are aggressively purchasing Nvidia (NASDAQ: NVDA) chips valued at $5 billion to build generative artificial intelligence systems. This rush is fueled by concerns that the US might impose new export controls.