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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: Ohmium, Maker Of Green Hydrogen Electrolyzers, Lands $250M Series C
Ohmium International, a green hydrogen company that manufactures proton exchange membrane (PEM) electrolyzer systems, has raised $250 million in a series C growth equity financing round led by TPG Rise Climate. Other participants include Hanover Technology Investment Management, Energy Transition Ventures, and Fenice Investment Group.
Venture Capital: Venture Capitalist Firms Form UN-Backed “Venture Capital Alliance (VCA)”
The Venture Capital Alliance (VCA) has launched with more than 20 VC firms as members, including Tiger Global and Union Square Ventures, with the goal of encouraging the VC industry to increase commitments to climate tech.
Digital Assets: Zero-Carbon Bitcoin Miner TeraWulf Deploys 50MW Nuclear Power At Nautilus Cryptomine
TeraWulf Inc., a Bitcoin mining company, has announced the full deployment of its 50 MW stake in the Nautilus Cryptomine facility ahead of schedule. The Nautilus facility is the first behind-the-meter Bitcoin mining facility in the United States powered by 100% nuclear power, sourced from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. TeraWulf successfully deployed its 50 MW stake in phase one of the facility,
Alternative Investments/ESG: Japan’s GPIF Invests $3.7B In Huge Plug For Corporate Gender Diversity
Japan’s $1.4 trillion Government Pension Investment Fund (GPIF) has allocated $3.7 billion to track the Morningstar Japan ex-REIT Gender Diversity Tilt Index, according to reports. The index aims to promote gender diversity in companies by emphasizing those that have strong policies rooted in their corporate culture and provide equal opportunities to all employees.
FinTech: Wise Clocks 45% YoY Growth In Q4 Revenue; Total Income Jumps 83% YoY To £279.5M
Wise (LON: WISE), previously known as Transferwise, has reported a jump of 45% (year-on-year) in revenue to £223.5 million in its fourth quarter of fiscal year 2023. The company earned a net interest income of £56m. The London-listed company ended the quarter with a total income of £279.5m, up 83% from the previous year and 4% from the previous quarter.
Artificial Intelligence: Kidnappers Allegedly Used AI To Clone Girl’s Voice, Demand $1M
A woman from Arizona claims that her daughter’s voice was cloned using artificial intelligence in a kidnapping scam that involved a ransom demand of $1 million.
Artificial Intelligence: Amazon Wades Into Generative AI
Amazon Web Services (AWS) is bringing generative AI technology innovations in the wake of the frenzy surrounding AI applications such as ChatGPT and Stable Diffusion.
Liquid Alternatives: Allspring Global Investments Recommends Liquid Alternatives As Foil To The 60/40 Portfolio
Allspring Global Investments is expanding in Asia to meet rising demand for multi-asset strategies from wealthy investors and institutions looking to minimize risk after both equities and bonds fell last year. The US asset manager suggests allocating more to liquid alternatives, which provide quick liquidity and behave differently from traditional asset classes.
Alternative Investments/AI: A New ETF From VanEck Will Seek Opportunities In Robotics
VanEck has launched a new thematic equity exchange-traded fund (ETF) called the VanEck Robotics ETF (IBOT), which offers global exposure to the leading companies in the robotics industry. The ETF tracks the performance of MarketVector Index’s BlueStar Robotics Index, which provides pure play exposure to the robotics industry.
Venture Capital: Precision Heart Care Startup HeartFlow Lands $215M Funding
HeartFlow, a company that is revolutionizing precision heart care, has recently announced the closure of a Series F funding round worth $215 million. The funding was led by Bain Capital Life Sciences and saw participation from new investor Janus Henderson Investors, as well as existing investors including Baillie Gifford, Capricorn Investment Group, Hayfin Capital Management, HealthCor, Martis Capital, USVP, and Wellington Management.
Digital Assets: PostFinance Ropes In Sygnum For Crypto Services Rollout
PostFinance, a leading Swiss financial institution and retail bank, has partnered with Sygnum Bank, the world’s first digital asset bank, to offer customers a range of regulated digital asset banking services through Sygnum’s B2B banking platform.
Venture Capital: Accel-KKR Wraps Up $5.3B For Two New Funds
Accel-KKR, a technology-focused private equity firm, has raised $5.3 billion in new capital commitments for two funds: Accel-KKR Capital Partners VII LP and Accel-KKR Emerging Buyout Partners II LP. Accel-KKR invests in technology companies through various funds and strategies, including Buyout, Emerging Buyout, Growth Capital, and Credit, and has $19 billion in cumulative capital commitments.
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: 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.
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.
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.
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: 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.
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.
Artificial Intelligence: Gates Calls AI (Such As GPT) A Revolution on Par With The PC And Internet
Microsoft (NASDAQ: MSFT) co-founder Bill Gates has described OpenAI’s GPT AI model as the most significant technological development since the introduction of the modern graphical user interface in 1980.
Venture Capital: JMI Closes Oversubscribed Fund XI At $2.4B
JMI Equity has closed JMI Equity Fund XI and JMI XI Executive Fund with total commitments of $2.4 billion. The oversubscribed fund received strong support from new and existing investors, bringing JMI’s total capital commitments to more than $8bn since its founding in 1992.
FinTech: Users Can Now Receive Western Union Remittances Into Vietnam’s Highly Popular MoMo App
Western Union and MoMo have announced a collaboration enabling MoMo’s 31 million customers to receive Western Union money transfers through the MoMo app. This is the first time Western Union’s services have become available on a leading super app in Vietnam.
Artificial Intelligence: Acer Launches ebii, An AI-Driven Smartbike For City Commutes
Acer (TPE: 2353) has recently launched a new e-bike called the ebii, which features an innovative modular design and an intelligent vehicle control box powered by AI. The control box integrates the battery pack and control box into one unit, allowing for easy maintenance and upgrades, all while being eco-friendly with a smaller carbon footprint.
Artificial Intelligence: Microsoft To Weave AI Into Its Office Software
Microsoft (NASDAQ: MSFT) is enhancing its suite of productivity tools with artificial intelligence (AI) software, demonstrating an AI “co-pilot” for its Office software. The globally popular Office suite includes Word documents, Excel spreadsheets and PowerPoint presentations.