Month: May 2024

• Nigerian startups received 29% of the $15 billion total investments in Africa over the last five years, leading in funding among African countries.
• The report by ‘Africa: The Big Deal’ highlighted Nigeria as part of the Big Four in the African startup ecosystem, along with Kenya, South Africa, and Egypt, which attracted 84% of all startup funding in Africa since 2019.

• Minister Vandal announces federal funding of $2,571,000 from PrairiesCan to support Co.Labs’ tech incubator in Saskatchewan
• Co.Labs has successfully incubated 201 tech start-ups in Saskatchewan, raising over $37 million in private investment and creating over 800 jobs
• Federal investment aims to continue the growth of Saskatchewan’s tech ecosystem through programs like the XiR program and the UP conference
• The XiR program provides strategic advice to high performing founders and companies to accelerate growth
• PrairiesCan’s investment demonstrates commitment to Saskatchewan’s tech sector growth, unlocking new expertise for local startups

Federal Funding Boosts Saskatchewan’s Technology Sector

In an exciting development for Saskatchewan’s technology ecosystem, Minister Vandal has announced a significant federal funding injection aimed at strengthening and expanding the province’s tech sector. Read more

• Space VC closes $20M Fund II to support frontier tech founders from day zero
• Larger venture capital firms now investing in hard tech startups at early stages
• Space VC focuses on investing at day zero, targeting founders just starting companies
• Space VC’s strategy includes ultra-high conviction investing in only 15-16 companies
• Founder Jonathan Lacoste believes in specialist firms’ ability to compete and provide value beyond funding

Space VC Closes $20M Fund II

Venture capital investment in frontier technologies has been on the rise, with even traditional sectors like space and defense attracting significant attention. Read more

• Vantis Vascular secures $5m in funding to develop intervention technologies
• The company has received a total of $24m from high-net-worth individuals and NIH grants
• Funds will be used to advance interventional cardiology and launch the CrossFAST system
• Lead products include the CrossFAST guide extension system and CrossSHOCK IVL system
• CEO and CMO express confidence in the potential impact of their technologies

Vantis Vascular Secures Funding to Advance Intervention Technologies

Vantis Vascular has successfully secured funding to further develop its intervention technologies, marking a significant milestone in the company’s journey towards revolutionizing vascular procedures. Read more

• Birmingham is a thriving tech cluster within the West Midlands valued at £15.3B, home to successful startups like Gymshark and Conigital.
• Birmingham offers a robust startup funding ecosystem, with investors like Midven, UK Innovation Science and Seed Fund, and SFC Capital present in the region.
• The city boasts top talent from leading universities like the University of Birmingham, Aston University, and Birmingham City University, with a high graduate retention rate.

• NoPo Nanotechnologies secures USD 3 Mn in Pre Series A round led by Axilor’s Micelio Fund, Inflexor Ventures, and other climate deep tech investors
• Bengaluru-based startup NoPo Nanotechnologies secures Pre-Series A funding round of USD 3 Mn co-led by Axilor’s Micelio Fund and Inflexor Ventures
• Funds to be used for scaling up production, enhancing engineering capabilities, and executing global go-to-market strategy
• NoPo pioneers technology for producing high-quality Single-Walled Carbon Nanotubes (SWCNTs) with potential applications in EV batteries and semiconductors
• Company expanding production capacity to service global battery manufacturers and develop offerings for electronics/semiconductor customers

NoPo Nanotechnologies Secures USD 3 Mn in Pre Series A Funding Round

NoPo Nanotechnologies, a Bengaluru-based startup, has successfully secured a Pre-Series A funding round of USD 3 Mn. Read more

• £8.5 million government research funding announced by Tech Secretary for AI safety testing
• Funding to improve society’s resilience to AI risks and harness benefits like increased productivity
• Grants offered for systemic AI safety research, led by UK AI Safety Institute
• Programme to study societal impacts of AI and adapt infrastructure to AI transformations
• Collaboration with international AI Safety Institutes to tackle AI risks and ensure safe deployment

Breakthrough in AI Safety Testing: Tech Secretary Unveils £8.5 Million Research Funding

In a groundbreaking move set to revolutionize the field of artificial intelligence (AI) safety testing, the UK government has announced a substantial £8.5 million research funding initiative. Read more

• Pixevia, a retail technology company, raised €1.5 million in new funding to expand in the US and Europe, focusing on integrating new venues like sports arenas and airports.
• OneStock, a provider of order management systems, secured a $72 million investment from Summit Partners to enhance omnichannel capabilities and customer experience.
• Quantia, a sales-boosting AI solution for consumer brands, received $1.2 million in pre-seed funding for product development and growth in Western Europe.

• LabGenius secures £35M Series B funding for therapeutic antibody discovery
• LabGenius uses EVA™, a smart robotic platform, for antibody discovery
• Addressing on-target, off-tumour toxicity in therapeutic antibodies
• LabGenius utilizes Multi-Objective Bayesian Optimisation for antibody co-optimization
• Funding led by M Ventures, with new investors Octopus Ventures and LG Corp

LabGenius Secures £35M Series B Funding for Therapeutic Antibody Discovery

LabGenius, a cutting-edge drug discovery company specializing in the use of machine learning for the identification of novel therapeutic antibodies, has successfully concluded a £35 million Series B financing round. Read more

• NoPo Nanotechnologies, a Bengaluru-based startup, raised $3 million in pre-Series A funding from deep tech funds Axilor’s Micelio Fund and Inflexor Ventures, along with other climate-focused funds and angel investors.
• The funding will be used to enhance production, engineering capabilities, and global market strategy for NoPo Nanotechnologies, a company founded by Gadhadar Reddy and Kelley Bradley specializing in Single-Walled Carbon Nanotubes (SWCNTs).

• Nory, a restaurant management tech startup, raises $16m in Series A funding round
• Funding led by Accel and backed by existing investors for product development and international expansion
• Nory’s AI platform helps hospitality businesses manage operations efficiently by analyzing real-time data
• Platform predicts venue demand with 95% accuracy based on historical data and AI algorithms
• Nory aims to systemize success for the restaurant industry and improve operational efficiency

Nory raises $16m for AI-powered restaurant management tech

In the ever-evolving landscape of the hospitality industry, restaurant owners and managers are constantly seeking innovative solutions to streamline operations, reduce costs, and enhance customer satisfaction. Read more

• Bedrock Materials secures $9 million seed funding and establishes R&D headquarters in Chicago, focusing on producing materials for sodium-ion batteries as an eco-friendly alternative to lithium-ion batteries
• Chicago Mayor Brandon Johnson welcomes Bedrock Materials to the city, highlighting the strength of the talent pool and tech ecosystem
• Illinois Governor JB Pritzker applauds the company’s move, citing the state’s robust EV ecosystem and incentives package under the Reimagining Electric Vehicles in Illinois Act
• Bedrock Materials was attracted to Chicago due to the presence of strong materials science research institutions and Argonne National Laboratory’s expertise in sodium-ion battery development
• The company’s management team includes industry veterans from companies like Tesla, Volkswagen, and Apple, with a focus on advancing sodium-ion battery technology for a more sustainable future

Revolutionizing Battery Technology with Seed Funding in Chicago

In a significant move that is set to revolutionize the battery industry, Bedrock Materials, a cutting-edge startup specializing in eco-friendly sodium-ion batteries, has secured an impressive $9 million in seed funding. Read more

• AI music company Suno raises $125 million in latest funding round, with investors including Lightspeed Venture Partners and Nat Friedman and Daniel Gross.
• Suno’s technology allows users to generate voice, lyrics, and music from simple text prompts, offering different subscription plans for song creation.
• The company has a team of advisors and investors, positioning itself as one of the most advanced AI music models in the market.

• Dave Friedberg unveils ‘boosted breeding’ technology at Ohalo with $100m funding, a potential gamechanger in crop breeding
• Ohalo ensures progeny of two plants get all desired traits by controlling genes transfer
• ‘Polyploid’ plants with higher yields created through gene editing techniques
• Ohalo’s technology enables production of uniform seed for farmers, saving time and money
• Industry response to Ohalo’s innovations includes excitement and skepticism among breeders

Revolutionizing Crop Breeding with Boosted Breeding Technology

In a groundbreaking development for the agricultural industry, Dave Friedberg, CEO of Ohalo, has introduced a new ‘boosted breeding’ technology that is poised to transform the way crops are bred. Read more

• Livepeer announced the launch of an “AI subnet” for processing AI inference and compute jobs, using the Livepeer protocol for discovery and payments.
• COTI V2 introduced a devnet with Garbled Circuits for enhanced blockchain privacy.
• Common launched Common AMM, a multi-chain DeFi suite providing anonymity through shielded token pools.
• Ogle is developing Glue, a blockchain aimed at enhancing security in crypto-finance projects.

• Humors Tech, an innovative healthtech company, secures Rs 2 crore pre-seed funding from Venture Catalysts for its breath-based health screening device Respyr
• Respyr uses AI, IoT, and patented biomarker analysis for early disease detection and health monitoring
• The device aims to revolutionize healthcare by providing proactive, personalized, and accessible health monitoring
• Founded in 2021 in Bangalore, Humors Tech integrates AI, deep tech, and IoT with clinical research for innovative healthcare platforms
• Other recent funding news includes Nexus-backed Blueshift raising $30M and Jai Kisan securing $30M led by Mirae Asset

Humors Tech Secures Rs 2 Crore Pre-Seed Funding

Humors Tech, a prominent healthtech company renowned for its revolutionary breath-based health screening device Respyr, has recently secured a significant pre-seed funding of Rs 2 crore from Venture Catalysts. Read more

• European labs, led by imec, are set to receive $2.7 billion in funding under the European Chips Act to develop and test advanced computer chips.
• The funding aims to establish a pilot line for sub-2 nanometre chips to support European industry, academia, and start-ups in accessing costly chip manufacturing technology.
• Top chipmakers like TSMC, Intel, and Samsung are already working on 2 nanometre chips in commercial plants, costing up to $20 billion euros.

• Alpha Intelligence Capital, an investor in AI companies like OpenAI, is raising a $250 million tech fund with backers including Temasek Holdings Pte.
• The fund has garnered $160 million and is set to close by September, with early investments in companies like OpenAI and FlexAI.
• Temasek Holdings Pte, a state-owned entity in Singapore, is among the investors in the new fund.

• Temasek, a Singapore investment company, backs Alpha Intelligence Capital’s new $336 million tech fund, which focuses on AI investments.
• AIC has raised $160 million for their second fund, with government-owned entities from France and Singapore participating.
• The fund’s early investments include OpenAI and FlexAI, with a focus on companies deploying AI for applications, cyber security, and gaming.
• AIC’s previous investments include SenseTime Group, and the fund is in discussions with additional investors to close the fund.

• Reactive Technologies secures £25 million in funding round led by M&G, BGF, and Breakthrough Energy Ventures for global expansion.
• The company’s innovative GridMetrix® technology addresses grid stability challenges in the face of increasing renewable energy integration.
• Demand for Reactive’s solutions is rising as renewable energy deployment grows globally.
• The investment from M&G’s Catalyst will support Reactive’s mission to facilitate the energy transition to a net-zero future.

• Israeli Tech Fund 97212 Ventures closes $20 million fund to support Israeli tech founders
• Fund provides access to New York resources, senior advisors, and early customers for Israeli startups
• Founder Eyal Bino, previously involved in establishing NYC as a hub for Israeli tech
• Fund focuses on B2B enterprise technologies, digital health, fintech, prop tech, and logistics
• Fund has already invested in 14 startups, including Remepy, Beti, and Ritual

Israeli Tech Fund: 97212 Ventures Closes $20 Million Fund

Israel has long been known as a hotbed for technological innovation, producing a plethora of successful startups and unicorns. Read more

• The Scots Gov Funding package of £5 million aims to support high-growth businesses and entrepreneurs in Scotland.
• The funding is part of the Scottish Government’s commitment to implementing the recommendations of the Logan report and Ana Stewart’s Pathways report.
• Codebase and Scottish EDGE are partnering to enhance support for businesses and entrepreneurs.
• Deputy First Minister Kate Forbes highlighted the importance of innovation in Scotland’s economy and the government’s support for start-ups.

• Bedrock Materials secures $9 million seed funding and establishes R&D headquarters in Chicago, focusing on eco-friendly sodium-ion batteries.
• Chicago Mayor Brandon Johnson welcomes Bedrock Materials, highlighting the city’s tech ecosystem and talent pool.
• Bedrock Materials plans to open a larger production site in Chicago and has secured incentives from the Illinois state government.
• The company’s decision to locate in Chicago is driven by the strong materials science research institutions in the area.

• Versogen, a startup firm, is set to receive $4.7 million in federal funding for hydrogen research as part of a regional effort to advance clean hydrogen production.
• The U.S. Department of Energy has identified Versogen as one of four Delaware institutions receiving significant federal funds to research, produce, and distribute clean hydrogen.
• Versogen is collaborating with multiple universities to develop a more durable and cost-effective anion-exchange membrane for clean hydrogen production, aiming to lower costs for producers.

• Several tech startups, including Alkira, Harness, WekaIO, Restaurant365, Voxel51, and PolyAI, have secured significant VC funding rounds.
• Alkira raised $100 million in Series C funding, led by Tiger Global Management, bringing their total funding to $176 million.
• Harness received $150 million in financing to expand its platform, integrate generative AI, and enhance its go-to-market strategy.
• WekaIO raised $140 million in a Series E funding round led by Valor Equity Partners, with contributions from various other investors.

• Drexel University invests $450,000 in 3 new startups across manufacturing, sustainability, and cosmetics
• The Innovation Fund aims to support early-stage companies in the university’s ecosystem
• Selection criteria for winning companies include societal impact and founder passion
• Undergraduate students participate in due diligence process with investment advisory committee
• Course exposes students to the workings of early-stage startup companies and encourages innovation across various fields

Drexel’s Investment in Startups

In a move to foster innovation and entrepreneurship within its community, Drexel University has recently announced its investment of $450,000 in three new startups across various sectors. Read more

• Pixevia secures €1.5M funding for AI-powered stores expansion in US and Europe
• Technology platform offers real-time receipts in AI-driven stores across various formats
• Partnership with Lithuanian supermarket giant IKI leads to creation of five autonomous stores
• Funding round led by Iron Wolf Capital, with new investors Coinvest Capital and Omni Commerce Ventures
• Funds to be used for planned expansions in the US and Europe, targeting venues like sports arenas, university campuses, and airports

AI-powered Stores Revolutionizing Retail Landscape

In a significant development for the retail industry, Lithuanian retailtech startup PIXEVIA has secured €1.5 million in new funding to bolster the expansion of AI-powered stores in the US and Europe. Read more

• Global focus on climate action increasing, with countries investing in the Green Climate Fund (GCF) for sustainable development.
• GCF aims to shift towards low-emission, climate-resilient development in over 120 countries, requiring adherence to Environmental Sustainability Goals (ESGs) for funding.
• Africa, despite low emissions contribution, faces severe impacts from climate change affecting various sectors and livelihoods.
• Nigeria, rich in resources, faces challenges like deforestation and rising sea levels, threatening cities like Lagos.

• Major hedge funds made significant investments in tech companies during the first quarter
• Hedge funds trimmed their investments in Alphabet but increased their holdings in Microsoft
• The investments were focused on the tech sector
• The shift in investments was notable among hedge funds
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Investing in Hedge Fund Investments

Hedge funds are known for their aggressive investment strategies and high-risk, high-reward approach. Read more

• The Healthcare Fundraising Tracker at Fierce Healthcare covers significant funding rounds in the health tech and digital health industries, profiling companies like Lore Health and SmarterDx.
• Lore Health secured $80 million in funding from Polaris Ventures for its AI technology and social network aimed at combating loneliness and promoting healthy lifestyles.
• SmarterDx raised $50 million in series B funding to enhance its clinical AI technology that helps health systems improve revenue integrity and care quality.