Month: July 2024

• Breega, a leading European early-stage fund, has launched a $75 million fund targeting African startups.
• The fund, named “Breega Africa Seed I,” aims to support ventures in South Africa, Egypt, Nigeria, Kenya, and other African countries.
• Breega’s new African fund is led by Melvyn Lubega and Tosin Faniro-Dada, both bringing significant expertise to the table.
• The fund will focus on sectors like agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech, and logistics to drive sustainable solutions.

• Naked Energy secures £17m funding boost for renewable heat vision
• UK-based Naked Energy secures £17m in new equity for global expansion
• Funding led by E.ON Energy Infrastructure Solutions and Barclays
• Naked Energy’s solar system generates power and heat, reducing CO2 emissions
• Investment to support ‘heat-as-a-service’ model for renewable heat deployment

Naked Energy Secures £17m Funding Boost for Renewable Heat Vision

In the realm of renewable energy, Naked Energy, a UK-based solar heat and power technology firm, has recently made waves by securing a substantial £17 million in new equity funding. Read more

• Skincare brand Uncover secures $1.4 million in second seed funding round led by EQ2 Ventures and IgniteXL Ventures
• Uncover, an African beauty brand based in Kenya, utilizes data and African botanicals like Baobab and Rooibos in its products
• Company expands to Nigeria, Uganda, Ghana, and plans to establish presence in the Democratic Republic of Congo
• Funding to support tech platform development, product launches, market expansion, and data-driven approach for melanin-rich skin
• Uncover aims to prioritize women of color, with global demand for its products and partnerships in diaspora markets

Skincare Brand Uncover Secures $1.4 Million in Second Seed Funding Round

In the world of beauty and skincare, diversity and inclusivity have become increasingly important. Read more

• Mastercard Foundation hosts conference on African tech funding to address decline in financial support for technology ventures in Africa
• Conference in Abuja gathered educators, investors, policymakers, and tech leaders to explore strategies for revitalizing funding for tech sector
• Emphasis on pivotal role of technology in advancing education and economic growth in Africa
• Discussions on building resilient and inclusive EdTech ecosystems, promoting digital literacy, and fostering collaboration among stakeholders
• Challenges faced by African EdTech sector include limited internet connectivity, infrastructural deficiencies, and declining funding for startups

Revitalizing African Tech Funding Through Collaborative Efforts

In a bid to address the concerning decline in funding for technology ventures across Africa, the Mastercard Foundation recently hosted a pivotal conference in Abuja. Read more

• 44.01 secures $37M investment in Series A funding for mineralisation technology to eliminate CO2 safely and at scale
• Funding to refine technology, develop commercial-scale projects, and expand deployment internationally
• Technology converts CO2 into rock for permanent removal in less than twelve months
• Investors include Equinor Ventures, Shorooq Partners, Amazon’s Climate Pledge Fund, and others
• Company believes in mineralisation’s role in climate protection and repair, with a focus on global scalability

Climate Tech Company 44.01 Secures $37M Investment in Series A Funding

In the realm of climate technology, the key to combating climate change lies in innovative solutions that can effectively capture and eliminate CO2 emissions. Read more

• Kenyan skincare firm Uncover secures $1.4m funding round led by EQ2 Ventures and IgniteXL Ventures
• Uncover, founded in Kenya, uses K-Beauty tech and African botanicals like Baobab and Rooibos for safe, nourishing skincare solutions
• Operations in Kenya, Nigeria, Uganda, and Ghana with plans to expand to the DRC
• Uncover prioritizes women of color, testing products on African women and seeing global demand
• Funding to support tech platform development, new product launches, market expansion, and personalized skincare solutions for melanin-rich skin

Kenyan Skincare Firm Uncover Secures $1.4m Funding

In the world of beauty and skincare, African brands are making significant strides, with Kenya’s Uncover being a shining example. Read more

• Uncover, Africa’s emerging beauty brand, successfully closed a $1.4m Seed II funding round led by EQ2 Ventures and igniteXL Ventures
• Uncover plans strategic expansion into the Democratic Republic of Congo, Nigeria, Uganda, and Ghana
• Global investors like EQ2 Ventures, igniteXL Ventures, and Chui Ventures support Uncover’s vision for personalized skincare solutions for melanin-rich skin
• Uncover’s data-driven approach and tech platform have fueled significant growth, with a loyal digital community of over 200,000 women
• The African beauty market, identified as the world’s fastest-growing, presents a significant opportunity for Uncover to disrupt with its innovative products and approach

Uncover Closes Oversubscribed Funding Round

Uncover, the rising star in Africa’s beauty industry, has recently concluded a highly successful Seed II funding round, raising an impressive $1.4 million. Read more

• The EIC Accelerator selected 68 deep-tech start-ups for funding in the latest round, providing a total of €411 million in funding, with a blend of grants and equity investments.
• The selected companies will benefit from a combination of grants and equity investments, with 96% receiving the full blended finance option.
• The companies have a diverse geographical spread across 17 countries, with 21% of them led by women.

• Baltimore Tech Hub not selected for Phase 2 funding by EDA, but still possible
• Community in Baltimore rallied together after the decision, emphasizing collaboration and partnership
• UpSurge Baltimore leading efforts to support Tech Hubs program with ambitious projects
• Call for public and private sector leaders to actively participate and provide significant funding for Baltimore Tech Hub
• Emphasis on collective impact and the need for sustained momentum to secure future federal funding

Building Towards the Baltimore Tech Hub Vision

In the realm of technological innovation and economic development, the concept of the Baltimore Tech Hub has been a beacon of hope for many in the region. Read more

• VCs are exploring **new sector funding** opportunities as the funding winter begins to ease
• Venture capital funds are exercising greater due diligence and discretion in investments
• $8.3 billion was invested in Indian companies by VCs in April-June 2024, with deal volumes up by 18%
• Sectors such as space tech, semiconductors, and deep tech are gaining interest, alongside SaaS
• Market expectations are improving as interest rates ease, with a focus on manufacturing and younger populations

New Sector Funding: VCs Exploring Opportunities Amid Funding Winter

In the ever-evolving landscape of venture capital funding, VCs are beginning to set their sights on new sectors as the grip of the funding winter starts to loosen. Read more

• IIMA Ventures, formerly IIMA-CIIE, has been a key player in early-stage venture capital in India for over 15 years, funding over 350 startups and focusing on emerging sectors.
• The firm’s investment thesis revolves around supporting entrepreneurs in deep tech, digital inclusion, and climate tech spaces by providing initial institutional funding.
• They have an active portfolio of over 100 companies across various stages, with investments ranging from $25,000 to $3 million, targeting sectors like space tech, healthcare, AI, and financial services.

• Hotel tech startups in the travel industry have raised over $70 million in funding, with a focus on corporate travel, flying taxis, and hotel technology.
• LimoLane, a chauffeur service for businesses, raised $38.2 million for expanding its services globally and enhancing its software platform.
• Volant Aviation Technology secured $13.8 million for developing an electric vertical take-off and landing aircraft for flying taxis.

• Mass. Economic Development Sec. Hao announces $10 million in clean tech grants in Holyoke, supporting innovation and sustainable manufacturing
• Governor Maura Healey’s administration awards $10.2 million to 13 companies and universities through the Massachusetts Manufacturing Innovation Initiative (M2I2)
• Grantees include CapyBara Energy, SolaBlock, and University of Massachusetts Amherst for various clean tech projects
• Clean Crop Technologies in Holyoke receives the largest grant to develop alternative seed treatment using cold plasma technology
• The grants aim to support companies in scaling up innovative technologies, creating jobs, and fostering manufacturing advancements in Massachusetts

Mass.

• UK universities are urging the new Labor government to increase funding for startups spun out of academia to £108 million per year
• Negotiations between universities and startups over term sheets have been lengthy, with technology transfer offices demanding large equity stakes
• The UK is moving towards a system where universities take smaller equity stakes in spinoff companies, depending on the technology being developed
• Lowering the amount of equity universities take and making deal terms clearer could lead to faster negotiations and support the fast-paced tech industry
• Increase in startups spinning out from academia has led to a £5 billion industry, but structural problems hinder their growth, requiring bold moves from the new government

UK Universities Push for Increased Funding for Startups

The tech industry is booming, and countries around the world are racing to capitalize on the AI revolution. Read more

• Sen. Ted Cruz investigates Big Tech funding of Biden administration staff salaries
• Investigation focuses on use of Intergovernmental Personnel Act program for hiring AI employees
• Concerns raised about potential conflicts of interest and influence on federal AI policy
• Big Tech CEOs like Eric Schmidt and Dustin Moskovitz implicated in funding AI fellows in government
• Lack of transparency in federal agencies’ use of Big Tech-funded AI fellows under scrutiny

Ted Cruz Launches Investigation Into Big Tech Funding of Biden Administration Staff Salaries

U.S. Read more

• Quantum industry funding experienced a significant surge in Q2 2024, with $0.8 billion in private capital invested, marking a fourfold increase from the previous year.
• Major funding efforts included Australia’s $940 million investment in PsiQuantum, Quantonation Ventures’ €70 million fund, and Novo Holdings’ €188 million commitment to Nordic start-ups.
• Tensions between the U.S. and China intensified in quantum technology, while nations like Singapore and the United Nations made substantial investments to enhance quantum capabilities.

• AI Funding Boom sees tech investors entering Hollywood with deals like David Ellison’s purchase of Paramount Pictures and Thrive Capital’s investment in A24
• Traditional Hollywood practices of burning through funds evident in recent failures like Quibi, highlighting the risk in the industry
• VC and private equity funding in movies and entertainment dropped in 2023 compared to 2022, signaling a shift in investment trends
• Potential for AI to revolutionize Hollywood production processes and marketing strategies, leading to cost-cutting and modernization
• Debate on the effectiveness of AI in predicting movie success, with skepticism from industry insiders and tech leaders questioning the sustainability of the AI investment trend

AI Funding Boom: Transforming the Tech & Hollywood Landscape

In the midst of Hollywood’s struggles and Silicon Valley’s continued innovation, a new trend is emerging – the convergence of technology and entertainment. Read more

• UK tech industry secures nearly a third of European VC funding in 2024, with £7.4 billion invested
• London leads with a 30% rise in investment, surpassing major European cities like Paris and Stockholm
• Cambridge sees an 83% surge in VC investment, reaching £517 million, driven by AI, fintech, and energy sectors
• Notable deals include Wayve’s $1.05 billion for self-driving car tech and Monzo’s £104.6 million funding round
• The UK tech sector’s robust performance in 2024 signals recovery and growth, with a focus on building a skilled workforce for sustained innovation and competitiveness.

• Israeli AI construction tech firm Buildots secures $15 million funding primarily from Intel Capital
• Buildots utilizes AI software to enhance efficiency and accuracy in the construction industry
• Funding round includes participation from prior investors, bringing total financing to $121 million
• Buildots CEO emphasizes the impact of AI on progress tracking and analytics in construction
• Intel Capital highlights AI’s potential to revolutionize construction management and efficiency

Israeli AI Construction Tech Firm Secures $15 Million Investment from Intel Capital

Buildots, an Israeli business specializing in construction technology, recently announced that it has successfully raised $15 million in funding, with Intel Capital leading the investment charge. Read more

• Aina Abiodun of VertueLab is raising a fund to support climate tech startups addressing urgent climate needs
• VertueLab, a nonprofit, is investing in North American climate companies focusing on climate adaptation and greenhouse gas emissions reduction
• The organization offers programs for startups, including accelerators, grant assistance, and initiatives for diversity and equity
• Abiodun emphasizes the importance of adaptation and resilience technologies alongside mitigation efforts
• Washington State is seen as a promising hub for climate tech, but there is a need for more support for later-stage startups and education on emerging opportunities

Climate Tech Startups: A Growing Industry in Urgent Need of Solutions

In the realm of climate tech startups, one leader stands out for her commitment to addressing the urgent needs of communities grappling with the impacts of a changing climate. Read more

• Circuit House Technologies secures USD 4.3 million funding led by Stellaris Venture Partners and 3one4 Capital
• Co-founders Abhishek Goyal and Varun Alagh participate in the seed round
• Funds to be used for research and development on hardware and software
• Circuit House aims to launch India’s next-generation consumer electronics brand
• Founders Raghu Reddy and Kailash S focus on home entertainment products and connected devices segment

Circuit House Technologies Secures USD 4.3 Mn Funding Led by Stellaris Venture Partners and 3one4 Capital

Circuit House Technologies, a burgeoning player in the consumer electronics industry, has recently made waves by securing a substantial USD 4.3 million in funding. Read more

• Dutch fund LUMO Labs plans to invest €100m in tech companies with a positive impact on society, focusing on areas like social care, education, climate, and sustainable living.
• LUMO Labs has already secured commitments of €25m and aims to raise the total amount within a year, making it one of the largest Dutch impact funds.
• The fund was founded by software entrepreneurs Andy Lürling and Sven Bakkes, who initially invested their own money before launching a fund in 2020 for external investors.

• Medal secures $13 million funding to develop contextual AI desktop assistant Highlight
• Highlight is a cross-platform desktop app that records screen material and allows users to ask context-based inquiries to a Large Language Model (LLM)
• OMERS Ventures partner suggests LLMs could utilize Medal’s core technology for contextual prompts
• Highlight captures screen material and sends it to ChatGPT, Claude, and Perplexity for processing
• OpenKylin updates its AI personal computers to reduce dependence on foreign systems, supporting on-device LLMs and AI assistants

Medal Secures $13M Funding for Highlight: A Contextual AI Desktop Assistant

In a recent development, Medal, a company known for its video game clipping services, has successfully secured $13 million in funding for the development of its new project, Highlight. Read more

• UK retains top spot in Europe for tech sector venture capital investment
• UK tech companies raised more than France and Germany combined
• London remains Europe’s leading center for tech investment
• Dealroom data shows significant funding for energy and generative AI companies
• Hopes for increased venture capital funding, UK now third-largest market

UK Tech Investment Continues to Soar

In a time where technological advancements are shaping the future, the UK stands out as a beacon of innovation and investment in the tech sector. Read more

• Defense tech startup Helsing raises $489 million in funding, led by General Catalyst, valuing the company at $5.4 billion
• Helsing develops AI software to enhance weapons capabilities in drones and jet fighters, improving battlefield decision making
• The company has been active in Ukraine and the Baltic states amid concerns of aggression from Russia
• Despite a slower year for global venture funding in defense tech, Helsing’s funding round is the sector’s second largest ever
• Anduril remains the largest defense tech funding recipient with a $1.5 billion Series E round in late 2022

Defense Tech Startup Helsing Raises at $5.4B Valuation

In the realm of defense technology, the recent news of Helsing, a startup specializing in artificial intelligence software for defense applications, raising $489 million in funding at a valuation of $5.4 billion has caught the attention of investors and industry observers alike. Read more

• Energy sector remains top for VC funding in Europe, with generative AI representing 10% of funding
• European tech investment surges in first half of 2024, signaling ecosystem recovery
• Massive funding rounds in generative AI and energy push Europe’s VC funding to nearly $30bn
• Energy sector raises $5.6bn, with hydrogen companies like HysetCo securing significant investments
• Generative AI sector sees strong growth, with AI investments now comprising 18% of all VC funding in Europe

The Impact of AI on Energy Boosting Europe’s VC Funding to $30bn

In a recent report by Dealroom, it was highlighted that energy and generative AI are leading the charge in Europe’s venture capital (VC) funding, with the continent seeing a significant surge in tech investment in the first half of 2024. Read more

• Tamil Nadu plans to unveil policies on Deep Tech and Artificial Intelligence (AI) and establish a Deep Tech fund to support innovation and economic growth
• The state aims to align with the Centre’s Deep Tech Policy and focus on technology product design, innovation, and fostering new enterprises
• Efforts are being made to encourage start-ups in Tamil Nadu through mentorship, providing space, and creating employment opportunities within the state
• Different policies may be developed for Deep Tech and AI based on incentives, regulations, standards, applications, and compliance considerations
• Collaboration agreements have been signed with various organizations to support technology transfers and foster Industry-Academia partnerships in emerging and Deep Tech fields

Understanding Tamil Nadu’s Deep Tech Fund Initiative

In a recent announcement made by Tamil Nadu’s IT Minister, the state is gearing up to unveil policies on Deep Tech and Artificial Intelligence (AI), along with the establishment of a Deep Tech fund. Read more

• Romania’s Funding Rounds in H1 2024 show significant momentum in the tech ecosystem with a total of €65.5M raised by the top 10 players.
• Diverse group of companies in various sectors like fintech, healthcare AI, developer tools, collaboration platforms, and sports tech received substantial investments.
• Strong investor confidence is evident in the funding rounds, setting the stage for continued growth in Romania’s technology sector.

• Early Game Fund II makes cross-border investment in Polish-founded cybersecurity startup Relock
• Relock offers real-time protection for company APIs and data exchange to detect immediate threats
• Early Game Ventures’ second fund worth €60M focuses on investing in technology startups in Romania and the region
• Relock’s new high-frequency secrets rotation engine enhances security for APIs and other critical uses
• Early Game’s investment in Relock supports their strategy of leading early funding rounds for promising startups, emphasizing the importance of cybersecurity in the evolving digital landscape

Investing in Cross-border Innovation: Early Game Fund II Backs Polish-founded Relock

In the fast-paced world of technology startups, venture capital firms play a crucial role in fueling innovation and driving growth. Read more

• Mantle secures $20 million in Series C funding to expand metal 3D printing technology for precision tooling
• The funding round led by Schooner Capital and joined by existing investors will support market expansion and scaling of manufacturing
• Mantle’s advanced manufacturing platform, TrueShape, aims to revolutionize the global tooling industry
• Heyco Products, a US-based manufacturer, benefits from Mantle’s technology to reduce time to market and enhance toolroom efficiency
• The global demand for moulded parts and toolmaking is increasing, driving manufacturers to seek innovative solutions like Mantle’s metal 3D printing technology

Mantle Bags $20M in Series C Funding to Expand Metal 3D Printing Technology

Metal 3D printing technology has been gaining significant traction in various industries due to its ability to revolutionize manufacturing processes. Read more