Month: July 2024

• Rohlik Group secures $170 million in funding led by EBRD for European expansion
• Zedify receives £4 million investment to expand cargo bike delivery network in the UK
• Mantle raises $20 million in Series C funding for metal 3D printing technology
• OSY Group gains Innovate UK grant for international growth of food preservation technology
• Quantum Rise secures $15 million seed round for AI-driven automation solutions

Rohlik Group Raises $170 Million in Retail Technology Funding

In the world of retail technology funding, Rohlik Group is making waves with its recent $170 million investment. Read more

• Lawmakers advocate for increased border technology funding to combat illicit activity at the U.S.-Mexico border
• House Homeland Security Committee emphasizes the critical role of emerging technologies in deterring criminal activity
• CBP personnel utilized NII technology to scan 7.6 million vehicles, leading to significant narcotics seizures
• Rep. Luis Correa highlights the use of artificial intelligence-assisted devices for quicker inspections and drug detection
• Witnesses stress the need for more trained and experienced CBP agents alongside advanced technology for effective border security

Lawmakers Advocate for Increased Border Technology Funding

Lawmakers on the House Homeland Security Committee have been fervently advocating for greater funding to bolster the use of cutting-edge technology in combating illicit activities along the U.S.-Mexico Read more

• London bio-tech company Tenomix Inc. secures $500,000 funding for colorectal cancer detection technology
• Ontario’s Life Sciences Innovation Fund supports Tenomix’s robotics and AI approach to improving cancer tissue processing
• Weather warnings in parts of Ontario, Quebec, and Atlantic Canada for heavy rainfall from Hurricane Beryl remnants
• Prime Minister Justin Trudeau faces criticism over NATO defence spending pledge in Washington, D.C.
• Various news updates including artist Alex Janvier’s passing, tragic accidents, police investigations, and regional developments

London Bio-Tech Company Secures Funding for Colorectal Cancer Detection

In a significant development in the healthcare technology sector, a London-based bio-tech company, Tenomix Inc., Read more

• Redactive AI secures $11.5 million in seed funding round led by Felicis and Blackbird
• Founded in September 2023 by former Atlassian product managers
• Offers developer platform for building secure AI applications for enterprises
• Already adopted by Australian financial services institutions
• Plans to expand team, operations to San Francisco with funding

AI Seed Funding: Redactive AI Secures $11.5 Million in Funding Round

In a significant move for the AI industry, Redactive AI has successfully secured AUD $11.5 million in a seed funding round. Read more

• Well Health Technologies Corp. secures $15.3 million funding for AI healthcare technology project
• Funding comes from Digital: Canada’s Global Innovation Cluster, previously known as Digital Technology Supercluster
• Well Health leads consortium including Orx.ai, Healwell AI Inc., Tali AI, Phelix, and Simon Fraser University
• AI technology demonstrated with federal Minister of Innovation, Science and Industry François-Philippe Champagne
• Technology praised for time-saving capabilities in medical clinics

AI Healthcare Technology Transforming the Industry

In a significant development for the healthcare industry, Vancouver-based Well Health Technologies Corp. Read more

• Tech funding in Africa hits four-year low amid global VC downturn
• Climate tech receives significant investment, accounting for 45% of all startup funding in Africa
• Fintech secures the most funding for startups raising $1 million or more
• Female-founded and female-led startups receive minimal funding, with majority going to ventures without female founders
• VC investments in Africa drop by 31%, but hope remains as new funds are closed to support early and growth-stage startups

African Tech Funding Hits Four-Year Low Amid Global VC Downturn

In the fast-paced world of technology and startups, the recent news of African tech funding hitting a four-year low amid a global venture capital downturn has raised eyebrows and concerns within the ecosystem. Read more

• Additional Quantum Funding Can Push Global Tech Leadership, Secure National Defense, Meet NATO Spending Targets
• Quantum technologies offer multifaceted opportunities for Canada’s development and security
• Quantum technologies have dual-use potential and strategic applications
• Urgent national security considerations related to quantum computing
• Canada has the potential for global leadership in quantum technology through strategic investments

Unlocking Potential: The Role of Quantum Funding in Tech Advancement

In the realm of cutting-edge technologies and national security, the concept of quantum funding emerges as a pivotal factor in propelling Canada towards global tech leadership, securing national defense, and meeting NATO spending targets. Read more

• Index Ventures raises £1.8bn across two funds for early and growth-stage startups, with plans to invest in UK startups.
• Index Ventures is a prominent investor in the UK, having backed the largest number of British unicorns.
• The firm has launched an $800m venture fund and a $1.5bn growth fund, totaling $15bn raised since its founding.
• AI is a key area of interest for new investment opportunities for Index Ventures and its competitors.

• Deep Tech Funding: First Momentum introduces Deep Tech Hardware Napkin as a resource for European hardware deep tech teams.
• The Deep Tech Hardware Napkin aims to provide essential knowledge and benchmarks for funding, team composition, product development, and commercialization tailored to Europe’s deep tech sector.
• A survey conducted by First Momentum revealed that teams led by highly technical CEOs tend to secure more funding at Seed and Series A stages.

• Switchee secures £5m to tackle mould in social housing with its technology to prevent mould and lower heating bills
• The company’s internet-connected thermostat measures humidity, temperature, and pressure to analyze data for mould prevention and improved tenant-landlord communication
• Founded in 2015, Switchee aims to create positive social and environmental change by installing its technology in one million UK social housing properties
• The investment will support the development of offerings in smart meter data integration and heat pump compatibility
• Switchee’s devices have been deployed through government-funded initiatives like the Social Housing Decarbonisation Fund, contributing to the reduction of home heating impact on the environment

Tackling Mould in Social Housing: Switchee’s Mission

In a significant development for the housing technology sector, Switchee has secured an impressive £5m in funding to tackle mould in social housing. Read more

• Lynn receives second round of grant funding from CTI, tripling career skills training opportunities at Lynn Tech
• Funding allows Lynn Tech to offer 60 slots for adult education in high-demand occupations
• First cohort graduated with 11 completing welding course and 7 in automotive tech
• Additional funding expands courses to include plumbing, with 200 hours of training over 15 weeks
• Program aims to provide certifications to help participants secure high-wage jobs

Expanding Career Skills Training Opportunities in Lynn

In an exciting development for the residents of Lynn, the city is set to receive a significant boost in career skills training opportunities thanks to a second round of grant funding. Read more

• Up to $1.6 billion in funding allocated for packaging computer chips under the CHIPS Act
• U.S. aims to innovate chip packaging technology to enhance applications like artificial intelligence
• Concerns over U.S. reliance on foreign companies for chip packaging, mainly in Asia
• U.S. industry players working on packaging research independently, while government support is available
• Introduction of the National Advanced Packaging Manufacturing Program with an estimated $3 billion in total funding

Packaging Computer Chips: U.S.

• AI startup funding doubled in Q2, reaching $24 billion, representing 30% of total investments
• AI attracted more investment than all other sectors for the first time since late 2022
• Larger M&A deals in Q2 provided liquidity to venture capital markets, benefiting investors
• Five out of six billion-dollar funding rounds in the quarter went to AI companies
• Overall global startup funding increased by 16% in Q2 to $79 billion, with $11 billion invested in AI infrastructure and compute power

AI Startup Funding Doubled in Q2

AI startup funding saw a significant surge in the second quarter of this year, as revealed by the latest data from Crunchbase. Read more

• iCANX Fund aims to involve tech scholars in entrepreneurship through early-stage investment
• Fund raised 50 million yuan from 15 scholars, led by general partner Alice Zhang
• Scholars urged to move from abstract ideas to high-tech entrepreneurship
• Efforts align with global competition in technology areas like AI
• China’s performance in AI highlighted at World Artificial Intelligence Conference Shanghai

Introducing the iCANX Fund: Empowering Tech Scholars in Entrepreneurship

In the fast-paced world of technology and innovation, the intersection of academia and entrepreneurship has become increasingly vital. Read more

• UK-based Tracebit secures €4.6M in seed funding led by Accel and Tapestry VC
• Tracebit offers cloud threat detection and deception platform, simplifying deployment and scaling
• Company founded in 2023 by Andy Smith and Sam Cox, former Tessian engineers
• Tracebit’s cloud-native APIs deploy customized canaries to identify threats in cloud networks
• Funds will be used to enhance engineering capabilities and expand product range, focusing on accessible deception technology for enterprises

Tracebit Seed Funding: Revolutionizing Threat Deception in the Cloud

In an exciting development in the cybersecurity landscape, London-based Tracebit has successfully raised €4.6M in seed funding. Read more

• Israeli tech funding sees significant boost in Q2 2024, raising $2.9 billion
• Wiz cybersecurity firm secures record $1 billion funding round
• Six deals over $100 million contribute to funding increase
• Return of foreign investors despite recent conflicts and controversies
• Concerns over startups registering outside Israel, potential brain drain

Israeli Tech Funding Sees Remarkable Surge in Q2 2024

Israeli tech startups have witnessed a significant upswing in funding during the second quarter of 2024, marking a noteworthy milestone in the industry’s trajectory since 2001. Read more

• Sun Cable OGs raise $1.7 million Seed round for their carbon removal & recycling startup, Fugu
• Fugu, co-founded by Mac Thompson and Dr Luke Marshall, plans to scale up units to extract millions of tonnes of CO2 by 2030
• The team aims to produce 2000 carbon-capture machines annually by 2032, with a focus on cost-effective and scalable technology
• Fugu targets a market worth $150 billion by 2030, offering clean CO2 for various industries and e-fuel production
• Investible investment manager Ben Lindsay describes Fugu’s technology as “artificial lungs for the planet,” designed for rapid deployment and energy efficiency

Sun Cable OGs Raise $1.7 Million Seed Round for Their Carbon Removal & Recycling Startup, Fugu

In the world of sustainability and environmental innovation, the latest buzz surrounds the Australian startup, Fugu, co-founded by Mac Thompson and Dr. Read more

• Restaurant SaaS provider allO secures $5 million in funding for expansion in Germany and Europe
• Partnerships with major companies like Google, UberEats, Wolt, Lieferando, Stripe
• Founders include immigrants and former Wolt and Deliveroo employee
• Focus on serving ethnic-owned restaurants in Europe
• Achieved 10x growth in annual recurring revenue and 4x growth in average revenue per user

Restaurant SaaS Funding: allO Secures $5M

In the bustling world of restaurant technology, the news of allO securing $5 million in Seed funding has sent ripples of excitement through the industry. Read more

• Leiden University researchers secure NWO funding for three projects, including a CT scanner for eye cancer, energy-efficient software development, and a test to identify male chick eggs
• NWO’s Open Technology programme awards a total of 5 million euros to seven projects, with an additional 700,000 euros contributed by the business sector and other organizations
• The CT scanner project aims to improve the precision of proton therapy for eye cancer treatment by developing a cone-beam CT scanner for the eyes
• The energy-efficient software project focuses on developing a methodology using AI-driven co-design to generate efficient code for future computer hardware, with sustainability as a key performance indicator
• The project to identify male chick eggs early in the incubation period aims to provide an ethically responsible alternative to the practice of destroying male chicks in the poultry egg industry

Securing Funding for Tech Research: Leiden University’s Success Stories

In the world of technological research, securing funding is a crucial step towards bringing innovative ideas to life. Read more

• Australian venture funding saw a boost in 2024 due to big raises, with notable investments in various sectors such as insurtech, green hydrogen, and plastics recycling.
• Cut Through Venture’s data highlights the dominance of mega deals in the funding landscape, with AI startups leading the sector deal count and receiving significant attention.
• Investor sentiment in the June quarter showed positive trends, with increased funding market favorability and confidence in deploying capital across all stages of startups.

• Runway is aiming for a major funding boost of $450 million to push its valuation to $4 billion, showcasing significant strides in AI-powered video generation.
• Runway, founded in 2018, has been a pioneer in AI-enhanced video editing, introducing groundbreaking tools like Gen-1, Gen-2, and Gen-3 Alpha models.
• The company’s innovative AI Magic Tools streamline workflows and inspire new storytelling methods, attracting collaborations with leading entertainment and media organizations.

• Biden administration awards $504 million in grants to a dozen tech hubs to boost production of critical technologies and create jobs
• Program aims to accelerate growth in industries like biomanufacturing, clean energy, AI, and climate resilient infrastructure
• Funding supports STEM education, workforce training, and aims to secure a leading role in the lithium supply chain
• Selected projects include lithium battery manufacturing, quantum information technology hubs, and remote sensing technology
• Funding provided through the CHIPS and Science Act of 2022, with emphasis on expanding advanced industries beyond traditional tech strongholds

Overview of the Biden Tech Hub Funding Plan

The Biden administration recently made headlines by awarding $504 million in grants to 12 tech hubs across the United States as part of its initiative to boost the production of critical technologies and foster job creation in innovative industries. Read more

• Hebbia Ventures secures $130m investment from Andreessen Horowitz and Google Ventures
• Growth strategy led by new Head of Legal Ryan Samii
• Focus on Matrix product for document analysis and comparison
• Emphasis on multi-modal AI capabilities and leveraging different types of data
• CEO George Sivulka highlights Hebbia’s role in revolutionizing AI technology and its deployment across leading asset managers, law firms, banks, and Fortune 100 companies

Investment Hebbia Ventures: Hebbia Secures $130m Investment from Andreessen Horowitz and Google Ventures

Hebbia, a fintech and legal tech startup, has recently made headlines by securing a substantial $130 million investment in a Series B funding round. Read more

• Hundreds of tech companies are seeking to profit from homeland security initiatives, particularly along the U.S.-Mexico border.
• The Electronic Frontier Foundation (EFF) has released a comprehensive dataset of vendors supplying technology for AI-powered homeland security efforts.
• The dataset profiles over 230 companies offering various technology products and services to U.S. Department of Homeland Security components.
• The industry is rapidly growing, with a focus on artificial intelligence, machine learning, and autonomous technology.

• DIANA accelerator tech seeks solutions for 5 defense and security challenges
• Start-ups from NATO countries can apply for funding and mentorship
• Focus areas include energy, data security, sensing, human health, and critical infrastructure
• Successful companies can receive up to €300,000 in funding
• Program aims to boost innovation, economic growth, and security in society

DIANA Accelerator Tech: NATO’s Focus Areas for New Round of Funding

In the realm of defense and security innovation, NATO’s Defense Innovation Accelerator (DIANA) has taken a significant step forward by announcing a new set of five defense and security challenges for the second year of its accelerator program. Read more

• South Florida ClimateReady Tech Hub lands $19.5 million federal startup funding for climate change protection efforts
• Miami-Dade Innovation and Economic Development Office leads the hub serving four counties
• Federal funding part of a larger $504 million initiative for 12 Tech Hubs across the nation
• Miami-Dade Mayor highlights the economic and job creation potential of the initiative
• Tech Hub aims to develop scalable innovations for climate change challenges, creating high-paying jobs and generating new revenue

South Florida’s Climate ‘Tech Hub’ Secures $19.5M Federal Startup Funding

In a significant move to bolster defenses against climate change in South Florida, the region has secured $19.5 million in initial federal funding for the South Florida ClimateReady Tech Hub. Read more

• Healthtech-1 secures £2.7 million in seed funding to enhance primary care technology, focusing on automation solutions to streamline admin tasks and improve efficiency in GP practices.
• The platform currently automates new patient registrations and lab report filings, aiming to reduce errors in manual tasks, with plans to expand to 90% of the market by next year.
• Healthtech-1 is developing Automated Lab Reports to automate a significant portion of normal and abnormal results, potentially freeing up the equivalent of 2 million appointments annually if expanded to 46% of England’s GP practices.

• NHS funding opportunity: £4.2 billion allocated in 2024 Spring Budget for healthcare sector, focusing on digital transformation for operational efficiency and patient care.
• Uncertainty: Potential impact of government change on fund utilization and driving lasting positive change in healthcare sector.
• Technology investment: £3.4 billion designated for NHS over three years to enhance system functionality through technology, with a focus on AI benefits.

• Fabrito, a B2B fabric marketplace, secures significant funding led by Green Trunk Ventures.
• Angel investors include key figures from OYO, Laurus Bio, and McKinsey.
• The investment aims to enhance technology infrastructure, specifically in SaaS, for fabric suppliers and fashion brands.
• Fabrito plans to address traditional fabric sourcing challenges like fragmented supply and high MOQs by strengthening relationships in India’s textile hubs.

• Tech funding boost expected to create thousands of new jobs in Tulsa
• $51 million federal grant awarded to Tulsa Innovation Labs for tech innovations
• Grant to go to Tulsa Hub for Equitable & Trustworthy Autonomy, led by Tulsa Innovation Labs
• Up to 56,000 new jobs projected over the next 10 years in Tulsa
• Tulsa selected as one of 12 cities designated as “tech hubs” by the U.S.