Month: May 2024

• The San Francisco Bay Area has emerged as the global leader in AI technology and funding, with over 50% of venture funding for AI-related startups going to companies in the region.
• OpenAI’s ChatGPT reaching 100 million users in Q1 2023 marked the beginning of a significant increase in funding for Bay Area AI startups, culminating in a $10 billion investment from Microsoft.

• Nigerian EdTech CEOs of startups have raised significant funding, exceeding $100,000, amid a growing EdTech industry in Sub-Saharan Africa.
• The EdTech sector in Nigeria is expected to reach $107.90 million by 2024, presenting investment opportunities despite disparities in education quality between urban and rural areas.
• CEOs like Ojiugo Uche of Genti Media, Ugochukwu of 9jacodekids, Eyitayo Ogunmola of Utiva, Dimeji Falana of EDVES, Sam Emmanuel of Semicolon Africa, Nathan Nwachukwu of Klas, Osayi Izedonmwen of Teesas Education, Ope Bukola of Kibo School, Honey Ogundeyi of Edukoya, Adewale Yusuf of AltSchool Africa, and Sim Shagaya of uLesson Education Limited are leading innovative EdTech startups in Nigeria.

• More money is flowing into African climate start-ups, but a significant funding gap remains, with the continent needing $277 billion annually to meet its 2030 climate goals.
• Private sector funding for climate tech start-ups in Africa has been growing, with businesses raising over $3.4 billion since 2019, but there is still a need to address risks like currency instability to attract more investors.

• South Africa’s startup ecosystem has shown the most resilience in the funding downturn, with several startups successfully raising follow-on funding rounds.
• Factors contributing to South Africa’s resilience include a combination of business culture, macroeconomic conditions, and fundraising environment.
• South Africa was the only ecosystem in sub-Saharan Africa to see an increase in average valuations in 2023, attracting venture capital in terms of deal value and volume.

• African startups raised $75 million in April in 25 deals, marking a 47% drop from the previous year.
• Funding activity in April was the second-lowest since 2021, with only 25 deals above $100k reported.
• Startups in Nigeria and Kenya received 30% and 29% of the funding respectively from the Big Four countries.
• Fintech led in deal numbers, with 25% of the funding going to this sector.

• Founders Fund leads $9 million financing round for composites startup Layup Parts
• Layup Parts founded by Zack Eakin, Hanno Kappen, and Elisa Suarez with experience in tech and manufacturing
• Layup aims to revolutionize composites manufacturing with faster turnaround times and lower costs
• Emphasis on software development to streamline manufacturing processes
• Funding to be used for factory expansion, equipment, hiring, and software development

Transforming Composites Manufacturing: Layup Parts Secures $9 Million Financing Led by Founders Fund

Layup Parts, a composites startup founded by Zack Eakin, Hanno Kappen, and Elisa Suarez, has made significant waves in the industry by securing a $9 million round of financing led by Founders Fund. Read more

• Sports Tech HQ Inc. has secured $4.5 million in state funding from the Indiana Economic Development Corp. for the next two years, doubling the initial investment made two years ago.
• The funding comes from the state’s 21st Century Research and Technology Fund and aims to deepen the organization’s capacity and broaden its reach in building Indiana’s sports technology sector.
• Several sports-tech startups, including Edge Sound Research, Ganance, DaVinci Wearables, and Wiistream, have announced plans to establish a presence in Indiana due to Sports Tech HQ’s efforts.

• Tech giants and startups are investing billions in AI infrastructure, training, and development, with Microsoft planning a $3.3 billion AI data center in Wisconsin, startup Atlan raising $105 million for its AI-ready data stack, and Mistral AI seeking funds at a $6 billion valuation for open-source language models.
• Microsoft announced a $3.3 billion investment in a data hub in Wisconsin to educate employees and manufacturers on optimizing AI use, generating jobs, training workers, and collaborating with local partners.

• Africa’s tech ecosystem is attracting billions of dollars in venture capital funding, driven by dynamic startups reshaping industries and unlocking new opportunities.
• Fintech sector dominates African market with mobile money solutions offering accessible financial services to unbanked populations.
• E-commerce and Retail Tech experiencing growth with platforms like Jumia leading the way in online shopping experiences.
• E-health startups addressing healthcare infrastructure challenges through telehealth services and digitization of patient records.

• Rochester state senators Liz Boldon and Carla Nelson clash over funding for RPS P-Tech program
• P-Tech program prepares students for careers in nursing and information technology
• Boldon proposes funding cuts for Rochester program, sparking disagreement with Nelson
• Nelson advocates for restoring program funding, facing opposition from DFL members
• Rochester’s P-Tech program faces financial uncertainty due to changes in state funding structure

Rochester Senators Clash Over P-TECH Program Funding

In Rochester, the state senators Liz Boldon and Carla Nelson have found themselves embroiled in a heated debate regarding the funding of the P-TECH program in Rochester Public Schools. Read more

• Triomics, a leader in oncology automation, has successfully raised $15 million in funding to advance their GenAI-powered platform for streamlining oncology workflows
• Hysata, a green hydrogen startup based in Wollongong, secured an impressive $172 million in Series B funding, marking Australia’s largest-ever Series B round by a cleantech startup
• Doohly, an outdoor advertising startup, raised $500,000 in pre-Seed funding to expand its digital-out-of-home (DOOH) offering
• Xefco, a Sydney-based startup specializing in innovative coating technologies for the textile industry, secured $10.5 million in a Seed extension round
• Kashcade, a fintech startup, obtained an additional $1 million in funding to expand into the R&D lending space, alongside securing a $22 million warehouse facility for non-dilutive capital solutions.

• Pipedream secures $13 million seed raise for hyperlogistics
• Invent Analytics raises $17 million in Series B funding for retail planning solutions
• Made With Intent raises £1.5 million to enhance online retail customer targeting
• Wayve receives $1.05 billion Series C investment for embodied AI in autonomous driving
• OSY Group gets £750,000 funding to extend shelf-life of food produce

Retail Technology Funding Roundups: Exploring Recent Investments in Retail Tech Innovations

Retail technology funding is on the rise, with various companies securing significant investments to drive innovation and growth in the industry. Read more

• £1.9bn UK tech investment tracked by UKTN, with a 32% week-on-week increase
• Wayve secures Series C funding for AI software in autonomous vehicles
• Abound offers AI-powered loans up to £10,000 with reduced defaults
• Iwoca provides loans to small and medium-sized businesses with debt financing
• Dendra in climate tech restores ecosystems with AI-analysed imagery

UK Tech Funding Roundup: Exciting Investments from Wayve to FungALL

In the fast-paced world of UK tech funding, this week saw a flurry of deals across various sectors, showcasing the diversity and innovation present in the country’s startup ecosystem. Read more

• Ali Partovi, a renowned technology influencer, has launched a venture capital fund to support and mentor emergent computer science scholars in North America.
• Partovi’s journey began in the 1980s during the Iran-Iraq war, leading to his passion for computer science and eventual emigration to the U.S. where he excelled at Harvard University.
• Co-founder of successful startups like LinkExchange, iLike, and Code.org,

• Vermont is vying for significant federal funding to enhance its newly designated “Tech Hub” focused on GaN technology
• OnLogic, a tech company in South Burlington, is hosting a GaN testing lab and requires federal funding to expand its facilities
• Vermont has submitted a Phase Two pitch for $36 million to fund various GaN projects, including a design center and prototyping center
• The state is competing against around 20 other pitches for federal funding, with only a few expected to be selected
• The Tech Hub aims to accelerate technological innovation in critical areas such as wireless charging and medical devices, with potential for further development in Phase 3 if funding is secured

Vermont Tech Funding Pitch

In the bustling tech scene of South Burlington, Vermont, a significant opportunity is on the horizon. Read more

• Aid for Rural Education Access Initiative receives UK funding for tech ecosystem awareness in Nigeria
• Project aims to address environmental impact of Nigeria’s expanding technology sector
• Initiative includes evidence generation, knowledge management, capacity development, awareness campaigns, and policy advocacy
• Goal is to promote eco-conscious practices in technology sector and reduce digital carbon footprint
• Collaboration with various stakeholders to implement nationwide citizen engagement strategy

UK Tech Funding: AREAi Receives Support for Tech Ecosystem Awareness

In a significant development, the Aid for Rural Education Access Initiative (AREAi) has secured funding from the United Kingdom government to bolster efforts in promoting awareness about the environmental impact of Nigeria’s rapidly expanding technology ecosystem. Read more

• Future of RCTC P-TECH program at risk of losing state funding, potentially leading to shutdown
• Rochester Superintendent Kent Pekel discusses funding options and potential outcomes for the program
• Republican Senator Carla Nelson emphasizes the importance of maintaining P-TECH funding for long-term planning and success
• DLF Senator Liz Boldon supports P-TECH funding and clarifies her stance on recent legislative amendments
• Final decision on P-TECH funding expected before the end of the legislative session on May 22nd

The Future of RCTC P-TECH Program

The future of the RCTC P-TECH program is hanging in the balance as it faces the risk of losing state funding. Read more

• Health tech startups are seeking overseas funding to overcome local lending challenges, with HealthCap Africa securing nearly $100 million in additional investment to support tech-enabled healthcare solutions.
• The Central Bank of Nigeria’s aggressive interest rate hikes have made it difficult for entrepreneurs to secure loans locally, prompting the establishment of alternative financing solutions like HealthCap Africa.
• African healthtech innovators are attracting significant investment from abroad, with $167 million raised in 2023 despite a slight decline from the previous year.

• Fintech startup Archive Intel secures $1M seed funding led by Social Leverage
• The startup aims to address compliance issues in financial communications archiving for wealth firms
• Industry faces significant fines due to shortcomings in communication archiving tools, leading to penalties by regulators
• Archive Intel’s platform offers multi-channel communication archiving and analysis for financial services firms
• Funding will be used to enhance AI capabilities, broaden communication connections, and support growth

Fintech Startup Archive Intel Secures $1M Seed Funding

Archive Intel, a fintech startup specializing in communications archiving and compliance solutions for wealth firms, has hit a noteworthy milestone with the successful acquisition of $1 million in seed funding. Read more

• Irish game-tech Jamango raises $2.5m in pre-seed funding round led by Elkstone and Delta
• Co-founded by Adam Dalton, Richard Whelan, and Jeremy Klarenbeek
• Developed browser-based game creation platform for user-generated games
• Mission to empower the next generation of game creators
• Funding to accelerate platform development ahead of planned launch

Irish Game-Tech Jamango Secures $2.5m Funding

Irish game-tech company Jamango has successfully raised $2.5 million in a pre-seed funding round led by Elkstone Partners and Delta Partners. Read more

• University student inventors at the University of Minnesota, led by Professor Steven Saliterman, developed a light-based treatment device for Reynaud’s phenomenon, a condition causing circulation issues in extremities.
• The student inventors faced challenges of limited funding and lab resources but persevered by scavenging for components and building prototypes.
• The device, now patented and heading for clinical trials, was tested by the student inventors on themselves due to pandemic-related research restrictions.

• Impact-focused startups have a unique opportunity to attract investment by aligning their missions with societal and environmental needs during a global downturn in VC funding.
• Startups must demonstrate a strong connection between financial viability and positive social or environmental effects to appeal to impact investors.
• Participation in impact-focused grants and accelerators can provide startups with capital and credibility within the impact investing community.

• Leading Welsh innovation hub, Tramshed Tech, secures funding to boost tech projects
• Introducing new initiatives in 2024 to support student spinouts and creative tech projects in Wales
• Programs aim to accelerate innovation and entrepreneurship, funded by Department for Science, Innovation and Technology
• Convergent Content Scaler offers a 12-week program for scaling creative tech projects, with support from various partners
• UniVentures is a 16-week virtual incubator supporting student startups from Welsh universities, prioritizing traction and providing access to mentors and investors

Empowering Innovation in Wales with Tramshed Tech’s Funding Boost

In a significant development for the Welsh tech scene, a leading Welsh innovation hub has secured funding to bolster tech projects across the region. Read more

• UK startup OSY Group secures funding to advance commercialization of Xtend, an antimicrobial packaging coating that extends the shelf life of various food types.
• The funding will also support team expansion at OSY Group’s Manchester International Office Centre location near Manchester Airport.
• Xtend is a water-based coating that punctures and kills microbes on packaging surfaces, proven to be food safe and compliant with regulations.

• Rochester P-TECH program funding debate divides lawmakers Nelson and Boldon
• P-TECH offers hands-on nursing and technology experience, associate’s degree
• Program partnership with RPS, Mayo Clinic, and IBM, cost-free for students
• Current legislative session discussing state funding for P-TECH, potential cuts
• Senator Nelson pushes for continued support, Boldon seeks funding resolution

Rochester P-TECH Funding Debate:

In Rochester, Minnesota, the funding for the Rochester Public Schools’ P-TECH program has become a point of contention between local lawmakers. Read more

• Australian hydrogen start-up Hysata secures $172 million in oversubscribed Series B funding round
• Hysata’s alkaline electrolyser technology boasts 95% efficiency, outperforming incumbent technologies by 20%
• The funding round attracts global energy and funds management giants, including bp and Templewater
• Hysata aims to target hard-to-abate industries such as steel, chemicals, and heavy transport
• The funding will be used to expand production capacity and further develop technology towards gigawatt scale manufacturing

Australian Electrolyser Start-up Attracts Global Backing

In a significant development for the Australian clean tech industry, the hydrogen start-up Hysata has secured substantial financial backing from global energy and funds management giants. Read more

• Tech Goes Home program in Chattanooga receives nearly $2 million in state grants to help 3,300 residents acquire and utilize laptop computers
• The Enterprise Center, the operator of Tech Goes Home, wins the largest state award for digital training under the Digital Skills Education and Workforce Development program
• The program aims to bridge the digital divide by providing computer training and equipment to low-income individuals
• The new funding will expand services to multiple counties in Tennessee and support digital adoption
• The program director, Sammy Lowdermilk, highlights the expansion of services to reach more people in the Chattanooga region and neighboring counties

Tech Goes Home Program Receives State Grants

The Tech Goes Home program in Chattanooga has secured nearly $2 million in state grants over the next two years to assist 3,300 local residents in acquiring and utilizing laptop computers. Read more

• Apple’s new iPad Pro ad, titled “Crush!”, features an industrial press crushing various objects into the new tablet, sparking outrage in Hollywood and creative industries.
• Many in Hollywood, including Hugh Grant and Justine Bateman, criticized the ad as a visual representation of the tech industry’s negative impact on cultural industries.
• Actor Luke Barnett commented on the ad, suggesting a darker initial concept involving favorite characters being shot.

• Clean tech startup Hysata secures $172 million in Series B funding, the largest in Australia for a cleantech startup
• Hysata develops high-efficiency electrolyser for green hydrogen production to decarbonize industries like steel and transport
• Funding led by bp Ventures and Templewater, with participation from various strategic and financial investors
• Hysata plans to scale up production capacity for electrolyser technology to drive down hydrogen production costs
• Hysata aims to expand globally, increase employee count to over 200, and achieve energy efficiency surpassing 2050 targets

Clean Tech Startup Hysata Secures $172 Million in Series B Funding

Clean tech startup Hysata, led by CEO Paul Barrett, has made waves in the green hydrogen industry by raising an impressive $172 million in Series B funding. Read more

• Dallas-based OptMyCare, a clinically engineered AI platform in healthcare & risk management, has raised $3 million in Series A funding led by LiveOak Ventures.
• The funding will accelerate customer acquisition, refine technology, onboard key personnel, and add healthcare and technology leaders.
• OptMyCare’s platform addresses holistic care, social determinants of health, and behavioral health to mitigate risk and healthcare costs.
• The company’s product combines precision analytics with actionable risk stratification solutions for multiple chronic conditions.