Month: May 2024

• NSF funding cuts termed as a ‘national security issue’ by officials during House panel hearing
• NSF Director expresses concern that cuts will lead to lack of funding for crucial research areas, benefiting global competitors
• Chair emeritus of National Science Board describes the cuts as ‘devastating,’ impacting future scientific advancements
• President Biden’s proposed budget seeks to increase NSF funding, but still falls short of CHIPS Act targets
• NSF receives over 40,000 proposals annually but can only fund a quarter, leading to concerns about missed opportunities for valuable research

NSF Funding Cuts: A National Security Concern

In a recent House hearing, officials from the National Science Foundation (NSF) expressed deep concerns over the impact of funding cuts on the agency’s research priorities. Read more

• Egyptian fintech, Bokra, secures $4.6 million in seed funding round to support financial goals for retail and SME investors.
• Bokra addresses challenges like lack of personalized investment planning, fragmented asset-class applications, opaque fee structures, and costly physical assets.
• The app offers balanced financial planning across various asset classes and provides partial ownership of diverse items.
• CEO Ayman El-Sawy emphasizes making high-yield investment opportunities accessible to retail investors through advanced fintech solutions.

• UK tech funding roundup: £99.8m tracked across 12 funding rounds, a 95% decrease
• PolyAI secures Series C funding for AI voice generation technology in customer support
• Steel City Interactive receives early VC funding for a new boxing game
• Purple Dot raises Series A funding for an ecommerce platform reducing unsold stock waste
• Tiney secures Series A funding for a childcare platform supporting ‘micro-entrepreneur’ childminders

UK tech funding roundup: This week’s deals from PolyAI to Alchemie Technology

This week’s UK tech funding deals showcase the diverse range of innovative startups securing investments in various sectors. Read more

• Cylib raises €55M in largest-ever funding for European battery recycling
• Founded in 2022 in Aachen by CEO Lilian Schwich, CTO Paul Sabarny, and COO Dr Gideon Schwich
• Cylib’s proprietary process enables recycling of every component in a lithium-ion battery
• Funding round co-led by World Fund and Porsche Ventures, with participation from Bosch Ventures and others
• Funds to be used for scaling up operations at a brownfield industrial facility in Germany

Revolutionizing European Battery Recycling with Cylib’s €55M Funding

Sustainability in the modern world is a crucial topic, and one area that has been gaining significant attention is battery recycling. Read more

• Bluworks, an Egyptian startup, secures $1 million in pre-seed funding for HR Tech innovations
• Funding led by Khawarizmi Ventures, with participation from angel investors Camel Ventures and Acasia Ventures
• Bluworks specializes in SaaS solutions for blue-collar HR-Tech, offering a mobile-first HR solution
• Focus on streamlining payroll, scheduling, and recognition for blue-collar workers to reduce errors and turnover rates
• Plans to expand into other industries beyond retail and food and beverage, leveraging local understanding and technical capability

Bluworks Secures $1 Million in Initial Funding to Expand HR Tech Innovations

In the realm of HR tech innovations, Bluworks, an Egyptian startup, has made waves by securing $1 million in a pre-seed investment round. Read more

• North Koreans secured remote work contracts with US companies, earning $6.8 million to fund weapons
• US national facilitated North Korean workers in obtaining illicit telework employment
• Over 300 US companies were defrauded in the scheme
• North Korean government infiltrated US job markets to raise revenue for illicit nuclear program
• US charges individuals involved in creating false identities for freelance IT work to fund North Korea’s weapons program

North Koreans Employment: A Closer Look at the Illicit Scheme

In a shocking revelation, it has come to light that North Korean technology workers managed to secure remote work contracts with hundreds of American companies over a period of three years, starting in October 2020. Read more

• Purple Dot secures $10 million in Series A funding for its e-commerce pre-order platform, aiming to expand reach and enhance its platform.
• Sona raises $27.5 million in Series A funding to enhance its workforce management platform for frontline employees.
• Laws of Motion receives $5 million in seed funding to expand its AI sizing technology for e-commerce brands and launch a licensing solution.

• New projects sought for €500m Disruptive Technologies Innovation Fund
• Fund aims to encourage collaborations between industry and research sector for innovative technologies
• Ministers launch Call 7 of the Fund in Mullingar, Co. Westmeath
• Fund supports projects in areas like quantum technologies, digital transformation, and AI
• Projects must align with Ireland’s Research Priority Areas and demonstrate positive contribution to sustainability targets

New Projects for the €500m Disruptive Technologies Innovation Fund

The Disruptive Technologies Innovation Fund (DTIF) has been a pivotal initiative in encouraging collaboration between industry and research sectors to develop and commercialize groundbreaking technologies. Read more

• North Koreans posed as American tech workers to fund weapons, defrauding over 300 US companies
• A US national aided North Korean IT workers in securing illicit telework employment, earning $6.8 million
• North Korean workers attempted to infiltrate US government agencies for information
• The scheme involved creating false identities and running a “laptop farm” to appear as if based in the US
• North Korea relies on deploying IT workers overseas, along with cyberattacks, to fund weapons programs

North Koreans Posing as American Tech Workers

In a shocking revelation, it has come to light that North Korean technology workers have been posing as American tech workers to secure remote work contracts with hundreds of US companies. Read more

• Green hydrogen startup Hysata secures $111 million in investment
• Ocean 14 Capital Fund announces over $200 million for ocean health investment
• Uber acquires Delivery Hero’s Taiwan business for nearly $1 billion
• ByHeart raises $95 million for commercial launch in the US
• Rize receives $14 million in Series A funding to expand into Vietnam and Indonesia

Green Hydrogen Investment: Hysata’s Impressive $111 Million Raise

In the realm of sustainable energy, green hydrogen has been gaining significant traction as a clean alternative to traditional fossil fuels. Read more

• State funding secured for P-TECH program in Rochester Public Schools
• Amendment in $43 million education finance bill allocates funds for P-TECH program
• Program is a public-private partnership with Mayo Clinic, IBM, and RCTC
• Funding will support program’s students and long-term outcomes study
• Superintendent and partners express gratitude for legislative support

RPS Reacts Positively to State Funding for P-TECH

In recent exciting news for the Rochester Public School’s P-TECH program, Minnesota state legislators have approved additional funding to support this innovative initiative. Read more

• Lita released Valida zkVM and Valida C Compiler Toolchain, claiming speed and efficiency advantages
• Entangle’s mainnet release after two years of development with Photon Messaging feature for omnichain development
• Alvara Protocol launches testnet for DeFi-based fund management system
• Hashgraph Association partners with Qatar Financial Centre for $50 million Digital Assets Venture Studio
• KYVE Grants Program: Phase 0 offers up to $50,000 funding per approved grant for utilizing trustless datasets

Unlocking Speed and Efficiency: Lita Introduces Valida ZkEVM

In the ever-evolving landscape of blockchain technology, speed and efficiency are crucial elements that can make or break a platform’s success. Read more

• Enterprise Ireland, the state agency, revealed its latest funding figures in a report, investing €24m in 156 Irish start-ups in various sectors and locations.
• The agency supports Irish businesses to scale abroad and was named the largest venture capital investor in Europe in 2022.
• Enterprise Ireland hosted its annual Start-Up Day, bringing together founders, investors, and accelerators for networking and discussions.

• Pittsburgh innovation funding is set to receive a significant boost from federal and state programs like the CHIPS and Science Act, the Inflation Reduction Act, and the Build Back Better Challenge.
• The funding initiatives aim to drive economic growth in Pittsburgh through place-based strategies, particularly in the advanced industry sector.
• Federal funds, such as the $280 billion CHIPS and Science Act, are supporting local tech development, including semiconductor research at institutions like the University of Pittsburgh.

• Startups in the hydrogen energy sector are receiving significant venture capital funding, with over $1 billion raised in the past four months, surpassing the total amount raised in the previous year.
• Hysata, an Australia-based company working on electrolyzers, secured $110 million in a recent Series B round co-led by BP Ventures and Templewater.
• Koloma, a Denver-based startup focusing on geologic hydrogen resources, raised $246 million in a Series B round led by Khosla Ventures.

• Cover Genius secures $80 million in Series E Funding led by Spark Capital
• Existing investors Dawn Capital, King River Capital, and G Squared also participate in the funding round
• Cover Genius achieved 107% year-on-year growth in 2023 and maintained 145% Net Revenue Retention
• The funding will be used to accelerate growth initiatives, focusing on advanced technology like AI-driven claims handling
• Cover Genius transforms insurance distribution with its XCover platform, offering customisable protection solutions to global businesses

Cover Genius Secures $80m in Series E Funding

Cover Genius, an insurtech specializing in embedded protection, has made headlines by successfully completing its Series E funding round, securing an impressive $80 million. Read more

• Laws of Motion secures $5 million in seed funding for AI FitTech licensing
• Funding from Corazon Capital, The Scout Program at Sequoia Capital, and others
• Expansion planned for AI sizing technology licensing solution
• Company aims to revolutionize fashion industry with size-inclusive approach
• New SaaS offering to enhance customer experience and reduce returns

Laws of Motion Secures $5 Million in Seed Funding for AI FitTech Licensing

In the realm of retail technology and innovation, Laws of Motion has made significant strides by securing $5 million in seed funding for its AI FitTech licensing solutions targeted towards brands and retailers. Read more

• Provenance, a sustainability communications platform, secures $5 million in funding led by S4S Ventures and Nordic Eye, aimed at expanding its network growth and enhancing data capabilities
• The platform validates sustainability claims for over 230 consumer packaged goods brands globally, enabling transparent communication of social and environmental impact at the point of sale
• Provenance boasts the largest database of validated sustainability claims, streamlining the process for retailers and brands to manage and syndicate such data across various channels
• The funding will also support the development of an AI platform for CPG sustainability data, aligning with Provenance’s mission to empower consumers with validated sustainability information
• Key figures from S4S Ventures and Nordic Eye emphasize the importance of sustainability in business, praising Provenance for providing essential data and frameworks to drive growth and consumer trust

Provenance Secures $5 Million Funding Round for Tech Sustainability

In a groundbreaking move for the sustainability tech sector, Provenance, a leading sustainability communications platform, has successfully secured a $5 million funding round. Read more

• Cover Genius secures $80 million in Series E funding round led by Spark Capital, known for backing Twitter and Slack.
• The company has raised a total of $245 million to date, with support from existing investors like Dawn Capital and King River Capital.
• Cover Genius focuses on embedded protection and plans to target key markets such as travel, retail, ticketing, and logistics.

• Wind Energy Locations: Caeli Wind, a Berlin-based platform, secures €11M in funding to evaluate and promote wind energy sites.
• Funding Round: Series A funding of €11M led by Notion Capital and joined by Santander Alternative Investments and HTGF.
• Market Development: Caeli Wind attracted international investors due to successful market development in Germany.
• Technology and Impact: Caeli Wind’s AI-driven analysis system accelerates wind turbine setup, reducing time by 18 months.

• Melbourne Uni-backed medical manufacturing startup Neo-Bionica secures $5 million from Breakthrough Victoria
• Neo-Bionica offers end-to-end medical device prototype development and manufacturing support
• The funding will enhance Neo-Bionica’s manufacturing capabilities, facilities, and market presence
• Neo-Bionica CEO Ludovic Labat expresses excitement for the company’s growth and expansion plans
• Breakthrough Victoria aims to support local startups in developing and manufacturing medical technology, despite facing criticism and funding challenges

Melbourne Uni-Backed Medical Manufacturing Startup Neo-Bionica Receives $5 Million Boost from Breakthrough Victoria

Medical manufacturing startup Neo-Bionica, backed by the University of Melbourne, has recently secured a significant investment of $5 million from Breakthrough Victoria. Read more

• Cover Genius closes $80M in Series E Funding led by Spark Capital
• Achieved 107% year-on-year growth in 2023
• Maintained 145% Net Revenue Retention by partnering with global digital businesses
• Focus on key markets like travel, retail, ticketing, and logistics
• Plans to invest in cutting-edge technology, including AI claims handling, to expand protection solutions

Cover Genius Closes $80M in Series E Funding

In the fast-evolving world of insurtech, Cover Genius has made significant waves by closing an impressive $80M in Series E funding. Read more

• Senate Working Group led by Chuck Schumer unveils AI Policy Roadmap calling for $32B funding boost
• Four senators co-led bipartisan meetings with industry and academia to develop roadmap
• Eight AI policy priorities highlighted, including increased funding for AI innovation and workforce impact consideration
• Recommendations cover areas like critical infrastructure, elections, privacy, transparency, and national security
• Roadmap aims to stimulate bipartisan AI legislation, maintain U.S.

• Government AI funding is a top priority in the Senate working group’s policy roadmap, aiming to increase federal research funding for AI innovation.
• The bipartisan Senate AI Working Group, including Sens. Rounds, Heinrich, Young, and Schumer, released the roadmap to address various AI-related issues.
• Recommendations in the roadmap include reaching $32 billion in annual spending on non-defense AI innovation, funding accounts related to AI under the CHIPS and Science Act, and authorizing the National AI Research Resource.

• Sports Analytics Funding: Stupa Sports Analytics secures INR 280 million in Pre-Series A funding for global AI solutions, led by Centre Court Capital and PeerCapital.
• Vision and Mission: Stupa aims to redefine the sports industry with AI-driven solutions for athletes, federations, and fans globally, leveraging AI and machine learning for player performance analytics and sports digitization.
• Expansion Plans: With the funding, Stupa intends to hire top AI/ML talent, target global markets like the US and UK, and broaden its technological offerings across various sports disciplines.

• Incredible bags $1m pre-seed funding to revolutionize credit management
• London-based FinTech startup secures investment from notable figures in the industry, including Mark Ransford and Atomico angels
• Incredible’s mobile platform uses Open Banking and AI to automate credit card debt repayments and consolidate debts
• Funding will be used to launch platform and app, expanding coverage to various credit products
• CEO Yaseen Rostom aims to simplify credit management for all consumers, transforming it into an empowering financial aspect

Incredible bags $1m Pre-Seed Funding to Revolutionize Credit Management

Incredible, the London-based FinTech startup, has recently made waves in the industry by securing $1m in pre-seed funding aimed at revolutionizing credit management for consumers. Read more

• IFC invests $5 million in Sturgeon Capital Fund to support tech startups in Central Asia
• Sturgeon Emerging Opportunities II, LP managed by Sturgeon Capital focuses on fintech, agritech, and healthtech startups
• Sturgeon Capital aims to help entrepreneurs scale businesses and create long-term employment opportunities
• The fund targets Central Asia but also seeks opportunities in other emerging markets like Egypt and Pakistan
• IFC’s investment in Sturgeon is part of the Startup Catalyst program to address funding gaps in venture capital ecosystems

Sturgeon Capital Fund: IFC’s $5M Investment in Central Asia Tech Startups

In a significant move to bolster the digital economies of Central Asia and provide vital support to early-stage tech startups in the region, the International Finance Corporation (IFC) has announced an investment of up to $5 million in the Sturgeon Emerging Opportunities II, LP fund. Read more

• Innovation Industries launches new €500M fund to support deep-tech startups in Benelux and Germany
• Fund receives contributions from Invest-NL, European Investment Fund, and pension funds PME and PMT
• Focus on investing in technology companies addressing societal challenges like energy, healthcare, and agrifood
• Invests €10 to 30M in companies with longer development timelines and positive impact on UN Sustainable Development Goals
• Innovation Industries manages €475M in three funds, collaborating with Dutch universities and research institutes

Amsterdam’s Innovation Industries Launches New €500M Fund

In a significant move for the tech investment landscape, Innovation Industries, a well-known fund manager, has unveiled its latest venture – the Innovation Industries Fund III. Read more

• Niqo Robotics secures $13 million in Series B funding to expand innovative agricultural technology, led by Bidra Innovation Ventures
• Founded in 2015 by Jaisimha Rao, Niqo Robotics specializes in advanced AI-driven solutions for farming efficiency and sustainability
• Niqo’s technology integrates deep learning AI camera for precise agrochemical application, reducing chemical usage by up to 90%
• The spot spray technology uses computer vision and AI to differentiate plants from soil, minimizing environmental impact and cutting farmers’ expenses
• With over 90,000 acres commercialized and 1,800 farmers benefited, Niqo Robotics showcases the potential of robotics and AI in sustainable agriculture

Niqo Robotics Secures $13 Million in Series B Funding

In the realm of agricultural technology, securing funding is crucial for companies to innovate and expand their offerings. Read more

• Insurtech startup BimaPay secures $2 million funding to expand tech-driven insurance solutions, aiming to enhance insurance accessibility and affordability through innovative technological solutions.
• Founded by Hanut Mehta, Mohit Gupta, and Kapil Garg, BimaPay specializes in real-time digital financing, offering insurance premium finance and supporting insurance intermediaries with cash flow requirements.
• The funding will fuel BimaPay’s expansion within the financial inclusion and insurance sectors, facilitating greater integration into India’s financial landscape.