Month: July 2024

• Schumer announces $40 million in Tech Hub funding for Buffalo-Rochester-Syracuse region
• Buffalo-Rochester-Syracuse region selected as one of 12 Tech Hub award winners in the nation
• Federal investment to boost Upstate New York’s workforce training, innovation, and supply chains
• Tech Hub designation aims to attract global companies to Western New York
• Funding to be used for projects led by UB, Monroe Community College, and Syracuse University to address growth challenges and benefit the community

Schumer Announces $40 Million in Tech Hub Funding for Buffalo-Rochester-Syracuse Region

In a groundbreaking development for the Buffalo-Rochester-Syracuse region, U.S. Read more

• Clemson University, as part of SC Nexus, receives $12.5 million federal funding for eGRID upgrade
• Investment aims to expand electrical grid simulator for rapid testing of new energy innovations
• Duke Energy eGRID facility at Clemson to become a leading facility in energy technology
• Upgrade project, called Economic Development through Grid Emulation (EDGE), enhances power rating to 25 MW
• Enhanced capabilities attract investment in South Carolina energy economy

Upgrade of Duke Energy eGRID Facility at Clemson University

In a significant development for the advancement of energy technology, Clemson University, as part of the SC Nexus for Advanced Resilient Energy consortium, has received a substantial $12.5 million investment from the U.S. Read more

• Wisconsin Biohealth Tech Hub to receive nearly $50M in federal grant funding
• U.S. Sen. Tammy Baldwin announces the $49 million federal grant funding for the tech hub
• The hub aims to make Wisconsin a global leader in personalized medicine
• State funding, industry commitments, and Microsoft’s data center campus support the tech hub
• Projects include the Wisconsin Health Data Hub and workforce development initiatives

Wisconsin Biohealth Funding: A Game-Changer for the State’s Tech Hub

The Wisconsin Biohealth Tech Hub is set to receive a substantial boost with nearly $50 million in federal grant funding, marking a significant milestone for the state’s biohealth sector. Read more

• US awards 12 regional ‘Tech Hubs’ funding to boost America’s competitiveness
• Silicon Valley’s entrepreneurial culture and tech opportunities
• CHIPS and Science Act aims to strengthen US semiconductor industry
• Tech Hubs program provides $10 billion over five years for high-potential regions
• Phase 2 of Tech Hubs program awards $504 million to 12 designees for specialized projects

US Tech Hubs Program: Boosting Regional Innovation and Investment

In the ever-evolving landscape of technology and innovation, the United States has always been at the forefront, with Silicon Valley serving as a beacon of success and ingenuity. Read more

• Baltimore region misses out on $70 million federal tech hub funding
• Baltimore and surrounding counties chosen for federal Tech Hubs Program
• U.S. Department of Commerce awards grants to 12 tech hubs in other states
• Biden administration initiative aims to boost tech economies in overlooked communities
• Baltimore’s proposed projects aimed to create jobs and focus on AI and biotechnology

Baltimore Tech Hub Misses Out on Federal Funding

In a disappointing turn of events for the Baltimore region, the area failed to secure up to $70 million in federal funding designated for tech hubs. Read more

• EDA announced $500M for Tech Hubs, none for Baltimore and Philadelphia
• DC-based Economic Development Administration’s Phase 2 project implementation funds narrow 31 tech hubs to 12 awardees due to lack of appropriations
• Tech hubs received $10 billion through CHIPS and Science Act, but Congress only allocated $541 million so far
• Baltimore and Philadelphia did not receive funding in the latest round, but may be eligible for future grants with additional appropriations
• Greater Baltimore Committee receives $500,000 federal funds to strengthen their reapplication for tech hub funding

Introduction: Understanding the EDA’s $500M for Tech Hubs

In the world of technology and innovation, securing funding for tech hubs is crucial for the growth and development of local economies. Read more

• A $100 million defense tech fund, the Anzu-Green Critical Technologies Fund, has been established by J.A. Green & Co. and Anzu Partners to support companies in cybersecurity, artificial intelligence, and aerospace.
• The fund will invest in companies at the Series B stage, providing $3 million-to-$6 million investments, and aims to combine Anzu’s technology and company-building skills with J.A. Green & Co.’s

• NestEgg, a fintech platform based in Amsterdam, secures funding from Germany’s STYX to expand financial services across Europe
• Partnership with STYX allows NestEgg to improve platform and service standards for homeowners and investors
• Homeowners can access home equity through NestEgg’s platform by selling a percentage of their home’s future value to investors
• STYX supports visionary entrepreneurs and aims to transform cities and buildings for a greener future
• STYX envisions home equity becoming a liquid and tradable asset class, potentially traded on the Amsterdam Stock Exchange

NestEgg Amsterdam Funding: Revolutionizing Home Equity Release

Amsterdam-based fintech platform, NestEgg, has recently made headlines by securing a significant investment from Germany’s STYX. Read more

• President Joe Biden designates 31 new regional tech hubs across the U.S., including one in Montana, aimed at advancing technology.
• Montana’s Headwaters Tech Hub, led by Accelerate Montana, receives a $41 million grant to create jobs in optical and laser technologies.
• The consortium plans to focus on photonics, autonomy, artificial intelligence, and machine learning for applications like self-driving vehicles and agriculture.

• Vietnamese tech startups experience a significant decline in funding in the first half of 2024
• Seed-stage funding drops by 29%, early-stage investments decrease by 41%, and no funding for late-stage startups
• Ho Chi Minh City leads in funding, followed by Hanoi, highlighting regional investment distribution
• Top-performing sectors include transportation and logistics tech, edtech, and retail, with substantial funding increases
• Key investors like CyberAgent Capital and Insignia Ventures Partners drive investment activity despite challenges, with a focus on AI technology and software-as-a-service startups

Funding Halves for Vietnamese Tech Startups in First Half of 2024

The landscape of tech startup funding in Vietnam experienced a significant shift in the first half of 2024, with a notable decline in investment compared to previous periods. Read more

• Endo Health, a Korean digital healthcare startup based in Silicon Valley, has secured pre-seed funding from top-tier US investors, including Andreessen Horowitz and Krew Capital.
• The total funding exceeds 1.3 billion won (USD 9.3 million) and will be used to revolutionize chronic disease management, starting with diabetes.
• Endo Health’s AI-driven personalized digital healthcare service focuses on diabetic and pre-diabetic patients, utilizing continuous glucose monitors to collect real-time data for effective condition management.

• Seaya has closed a €300M climate-tech fund, Seaya Andromeda, with key investors including Iberdrola and BNP Paribas Group
• The fund aims to invest in 25 climate-focused companies by 2027, focusing on energy transition and sustainable practices
• Seaya’s total assets under management now exceed €650M, making it the largest VC investor in Spain
• The fund is led by Investment Partners Pablo Pedrejón and Carlos Fisch, targeting deep-tech climate entrepreneurs
• Seaya has already made investments in companies like Recycleye and 011h, with plans to make 25 investments by 2027

Seaya Andromeda Fund: A Game-Changer in Climate Tech Investments

Venture capital firm Seaya has made headlines by closing the Seaya Andromeda fund, a groundbreaking move in the realm of climate tech investments. Read more

• Seaya closes €300 million climate-tech fund, Southern Europe’s biggest investment vehicle for impact-driven companies
• LPs in the fund include Iberdrola, Nortia, Santander, BNP Paribas Group, Next Tech Fund, and Bpifrance
• Seaya’s ‘Andromeda’ fund focuses on energy transition, decarbonization, sustainable food value chain, and circular economy
• Fund investments promote a sustainable society by reducing waste and pollution
• Seaya plans to make 25 investments by 2027, with a focus on female-founded and climate tech companies

Seaya Andromeda: Southern Europe’s Largest Climate-Tech Fund Investment

Seaya, a prominent venture capital firm with a focus on impact-driven companies, has recently closed a groundbreaking €300 million climate-tech fund named Seaya Andromeda. Read more

• UK tech funding stable in H1 2024, with $6.7 billion raised, a 2% decrease from the previous year
• Late-stage investments declined by 23% to $3 billion, while seed-stage funding dropped by 7% to $540 million
• Twelve 100M+ funding rounds in H1 2024, with companies like Wayve, Abound, and Monzo raising significant amounts
• Only one unicorn created in H1 2024, with 195 acquisitions taking place, including Darktrace’s acquisition by Thoma Bravo for $5.3 billion
• London dominates UK tech funding, with BGF, Y Combinator, and Octopus Ventures as top investors in H1 2024

UK Tech Funding Landscape in H1 2024

In the fast-paced world of technology startups, keeping track of funding trends is crucial to understanding the health and growth of the industry. Read more

• Seaya Andromeda, Southern Europe’s first Article 9 climatetech fund, raises €300M
• LPs of the fund include Iberdrola, Nortia, Santander, BNP Paribas Group, Next Tech Fund, and Bpifrance
• Seaya’s total AUM now exceeds €650m, making it the largest VC investor in Spain
• Andromeda fund focuses on investing in impact-driven growth companies in energy transition, decarbonisation, sustainable food value chain, and circular economy
• Seaya plans to make 25 investments by 2027, with a focus on providing support to deep-tech climate entrepreneurs

Seaya Andromeda: Southern Europe’s Pioneering Article 9 Climatetech Fund

In the realm of climate-conscious investing, Seaya Andromeda has emerged as a trailblazer in Southern Europe with the launch of its Article 9 climatetech fund, raising an impressive €300 million. Read more

• Salter Brothers Tech Fund invests $4.9 million in veteran B2B software venture Marketboomer
• Marketboomer, founded in 1995, operates in 23 countries with a cloud-based procurement marketplace
• Investment to fuel growth in Australian market, expand in South East Asia and UK
• Salter Brothers Tech Fund takes 20% stake, aims for revenue diversification and global expansion
• Marketboomer CEO highlights collaborative synergies with Salter Brothers for significant growth opportunities

Salter Brothers Tech Fund Backs Veteran B2B Software Venture Marketboomer in $4.9 Million Raise

In a significant move within the tech investment landscape, the Salter Brothers Tech Fund has recently backed the veteran B2B software venture, Marketboomer, in a substantial $4.9 million funding round. Read more

• Madhouse, Africa’s leading hub for creativity and innovation, provided $10,000 seed funding to AfrikoHub, an AI-powered platform connecting businesses with afro-centric content, through its Lens-Based Incubation Programme.
• The African creative industry faces challenges such as funding accessibility, intellectual property protection, and limited training support, with initiatives like Madhouse’s programme crucial in addressing these obstacles.
• Significant investments have been made in the creative industry in Africa, including a $500-million Creative Industry Support Fund by Afreximbank and a $170 million loan by the African Development Bank to digital and creative enterprises in Nigeria.

• LawPro.ai Inc. secures seed funding from venture capital firms Scopus Ventures and The Legal Tech Fund
• LawPro.ai’s automation platform streamlines legal processes, particularly in medical lawsuits, enhancing client interaction
• Funding will be used to scale the platform and develop new technologies for the legal sector
• Automation and AI tools are changing how law firms bill clients, potentially reducing billable hours
• Despite the impact of technology, many lawyers still rely on billable hours as a measure of value and struggle with alternative fee arrangements and technology evaluation.