Category: AI and Robotics

• AI tech funding in the UK faces a £1.3bn cut, which could harm the country’s competitiveness in the global tech landscape, according to startups and VCs.
• The funding reduction includes £500m for the AI Research Resource and £800m for a supercomputer, raising concerns about the future of UK startups.
• Critics argue that these cuts may drive startups to relocate to countries with more favorable funding environments, such as the US.

• UK technology funding of £1.3 billion for AI and supercomputers has been revoked by the new government, impacting various technology projects initiated by the previous Conservative administration.
• The cuts include £800 million intended for an exascale supercomputer at the University of Edinburgh, which was meant to advance research across multiple fields.
• A £500 million commitment for the AI Research Resource (AIRR) has also been annulled, despite the previous £300 million already being allocated.

• Government AI cuts include the cancellation of £1.3bn in funding for technology and artificial intelligence research, impacting the UK’s ambition to be a global tech superpower.
• The funding, initially pledged by the previous Conservative government, included £800m for a supercomputer at Edinburgh University and £500m for AI Research Resource.
• The new Labour government cited the need for economic stability and balancing the budget as reasons for the cuts, despite criticism from industry leaders.

• AI funding cuts in the UK include the cancellation of a £1.3 billion budget for various technology and AI projects, which has raised concerns among experts about the future of innovation in the sector.
• The scrapped funding consisted of £800 million for an exascale supercomputer and £500 million for the AI Research Resource, although £300 million for the AI Research Resource remains intact.

• Labour funding for a supercomputer and AI projects has been pulled, totaling £1.3bn, as the Department for Science, Innovation and Technology stated it was not allocated in the budget.
• The funding included £800m for a next-generation exascale supercomputer at the University of Edinburgh and £500m for the AI Research Resource, though £300m for the latter will continue.
• Labour emphasized the need for difficult spending decisions to restore economic stability and will consider future investments in technology after developing an AI Opportunities Action Plan.

• UK funding technology initiatives have been significantly impacted as the Labour government shelves £1.3bn promised by the Conservatives for technology and AI projects, jeopardizing the planned supercomputer.
• The funding included £800m for an exascale supercomputer at the University of Edinburgh and £500m for the AI Research Resource, which is now uncertain due to claims of unfunded commitments by the current government.

• UK tech funding has been significantly impacted, with the Labour government shelving £1.3 billion of promised investment for tech and AI projects previously proposed by the Conservatives.
• The Department for Science, Innovation and Technology indicated that no new funding was allocated in the prior Conservative administration’s spending plans.
• Key projects affected include an £800 million exascale supercomputer at the University of Edinburgh and £500 million for the AI Research Resource, although £300 million for the latter will proceed as planned.

• Britain tech funding plans, including a £1.3 billion package for domestic tech and AI projects, have been shelved by the new Labour government.
• The funding was initially promised by the former Conservative leadership but has been scrapped as part of efforts to stabilize the country’s finances.
• Key projects affected included an £800 million exascale supercomputer at Edinburgh University and a £500 million AI Research Resource fund.

• AI funding projects in the UK have been cut by £1.3 billion as part of a cost-cutting scheme implemented by the new Labour government.
• The funding was originally pledged by the previous Conservative government and aimed to support technology and AI-related initiatives.
• Significant impacts include the withdrawal of £500 million for the AI Research Resource scheme and the scrapping of plans for an exascale supercomputer at the University of Edinburgh.

• Tezi’s AI Hiring Assistant aims to streamline the hiring process for HR teams, having secured $9 million in seed funding to enhance its innovative solution.
• The AI agent leverages advanced language models to efficiently sift through resumes, identify qualified candidates, schedule interviews, and automate initial correspondence.
• Unlike existing tools that rely on basic keyword matching, Tezi provides deeper insights and automates multiple stages of recruitment for a more comprehensive approach.

• Cogniquest Bags Funding to help enterprises digitise documents, raising seed funding from Cedar-IBSi Capital and over 25 Indian angel investors.
• Founded in 2022, Cogniquest has developed a context-aware AI platform that captures key data points and generates actionable insights.
• The startup claims to offer 200X faster document processing and has clients including major IT companies like Infosys and Tech Mahindra.
• The funding will be used to scale technology development, expand use cases, and strengthen the team, particularly in finance and banking sectors.

• DecoverAI secures US$2 million in seed funding led by Leo Capital to develop a revolutionary “Legal Brain” AI system for legal professionals
• Funding to enhance DecoverAI’s technology, including Generative Defence feature, to provide more accurate legal insights and strategies
• ElectricPe receives US$3 million in pre-series A funding led by Green Frontier Capital to expand its EV super-app and market presence
• ElectricPe’s platform offers comprehensive solutions for EV users, including access to chargers, financing, and post-purchase services
• Green Frontier Capital supports ElectricPe’s growth journey in driving EV adoption and consolidating EV services on a single platform

DecoverAI Secures $2 Million Seed Funding

In a move set to revolutionize the legal technology sector, DecoverAI, a cutting-edge legal tech startup, has successfully secured $2 million in seed funding. Read more

• Western Circle introduces AI technology to enhance responsible access to online funding in the UK
• The AI technology aims to revolutionize lending by improving speed, accuracy, and responsibility in financial assistance
• The technology supports ethical lending practices and tailors services to meet individual customer needs
• Western Circle’s mission is to make financial assistance more accessible and responsible for everyone
• The company remains committed to innovation, customer-centricity, and transforming the financial assistance landscape in the UK

Revolutionizing Online Funding Access with Western Circle’s AI Technology

Western Circle Announces Groundbreaking AI Technology to Enhance Responsible Access to Online Funding Across the UK

In today’s fast-paced world, access to financial assistance is crucial for many individuals facing unexpected expenses or financial challenges. Read more

• osapiens secures US$120m funding for AI-Powered ESG tech from Goldman Sachs
• Climate action is crucial to limit global warming to 1.5 degrees as per the Paris Agreement
• osapiens HUB, an AI-powered platform, simplifies ESG compliance for over 1,300 global customers
• The platform supports compliance with various ESG regulations and helps mitigate risks in operations and supply chains
• Notable customers like Continental and Coca-Cola North America utilize osapiens HUB for product traceability and business improvement

Revolutionizing ESG Compliance with osapiens’ AI-Powered Solutions

In a world where climate change is a pressing issue, companies are increasingly looking towards Environmental, Social, and Governance (ESG) practices to drive sustainability and accountability. Read more

• Legal tech company DecoverAI secures $2 million funding from Leo Capital
• ITR filing guide includes revised filing date and penalties for late submission
• Mutual funds show interest in Reliance Industries’ disruptor stock
• Luxury car favored by affluent young Indians for driving pleasure
• Piyush Goyal asserts India’s alignment with global stance on China restrictions

Legal Tech Company DecoverAI Secures $2 Million in Funding Round Led by Leo Capital

Legal tech company DecoverAI has recently made headlines by successfully raising $2 million in a funding round led by Leo Capital. Read more

• Educatly secures $2.5 million funding to enhance AI-powered education solutions in MEA region
• Funding led by TLcom Capital and Plus VC, with participation from Egypt Venture and HBAN syndicate
• Educatly focuses on guiding students in educational and professional decisions using AI technology
• Platform offers comprehensive information on 1,100 universities across 90 countries
• Goal to reach 7 million students by end of 2024, expanding operations across Africa and the Middle East

Revolutionizing Education with AI-Powered Solutions

In a groundbreaking development for the Middle East and Africa (MEA) region, Educatly has recently secured $2.5 million in funding to enhance its AI-powered education solutions. Read more

• Quantum internet research benefits from £160m funding, with a focus on creating a high-security quantum internet impervious to hackers
• Heriot-Watt University in Scotland leads a groundbreaking quantum research hub to advance ultra-secure quantum internet technology
• Quantum technology harnesses unique properties of atoms and subatomic particles to enhance cybersecurity and enable breakthroughs in various fields
• The Integrated Quantum Networks (IQN) Hub aims to establish large-scale quantum networks for secure communications and a hack-free internet
• UK government invests in five quantum technology hubs, aiming to make Britain a quantum-enabled economy by 2035, with a focus on practical solutions for healthcare and security.

• Gcore secures $60 million in Series A funding for investment in AI technology and platform, led by Wargaming
• Funds to be used for AI servers powered by NVIDIA GPUs and to enhance global low-latency AI infrastructure
• Constructor Capital and Han River Partners also participate in funding round, emphasizing Gcore’s unique value proposition
• Gcore positioned to lead high-speed AI model training and inference globally, targeting enterprise and SMB demand
• CEO Andre Reitenbach highlights the company’s role in the upcoming AI revolution, connecting the world to AI through innovative solutions

Gcore Raises $60 Million in Series A Funding

Gcore, a prominent player in the AI technology investment space, has recently made headlines by securing a significant $60 million in Series A funding. Read more

• Monarch Tractor secures largest-ever funding round in Agricultural Robotics history, raising $133 million in Series C funding.
• Monarch Tractor recognized internationally for innovative agricultural solutions, including fully electric, driver-optional smart tractor and farm management platform.
• Funding to support development of cutting-edge AI products, expansion domestically and globally, and path to profitability.
• Monarch’s focus on sustainability and profitability in farming industry, addressing challenges like labor shortages and sustainability demands.

• Elly Analytics, a U.S.-based startup, secures $1M seed funding to develop ad-driven analytics platform with focus on AI
• Founders Seva Ustinov and Kirill Kasimskiy started the company in 2022, stemming from frustration with data limitations in marketing platforms
• Company integrates first-party data from various channels to provide accurate attribution and data-driven insights for clients globally
• Achieved threefold year-over-year growth, serving clients in diverse industries and optimizing ad spend for up to 20% increase in revenue
• Competitors include Rockerbox, Ruler Analytics, and others, but Elly Analytics stands out by targeting multiple industries and creating customer profiles across devices

Ad-Driven Analytics Business Secures $1M Seed Funding

Elly Analytics, a U.S.-based Read more

• Responsible AI Fund launched by Anthropic and Menlo Ventures with $100 million for AI innovation
• Anthropic and Menlo Ventures collaborate to promote responsible AI development
• Fund aims to accelerate AI research while managing associated risks
• Focus on transparency, accessibility, and societal impact of AI technology
• Initiative emphasizes responsible and controlled AI advancement

Exploring the Anthropic Anthology Fund: A $100 Million Initiative for Responsible AI Innovation

In the fast-paced world of technology, advancements in artificial intelligence (AI) continue to shape our future. Read more

• AI startup Cohere valued at $5.5 billion in new funding round
• Cohere focuses on large language models for businesses, attracting customers like Notion Labs and Oracle
• Series D funding round of $500 million led by Canadian pension investment manager PSP Investments
• Cohere led by co-founder Aidan Gomez, known for seminal research paper “Attention Is All You Need”
• Cohere’s model Command R+ competes with rivals like OpenAI, generating $35 million in annualized revenue

AI Startup Cohere Valued at $5.5 Billion in New Funding Round

Artificial intelligence startup Cohere Inc. Read more

• Nvidia participates in $80M funding round for Israeli AI disease model company CytoReason
• CytoReason develops AI-driven disease models to enhance understanding of human diseases and drug treatments
• The company’s platform enables comparison of treatments, prioritization of drug programs, and real-time updates for informed decision-making
• CytoReason aims to reduce research and development times, improve success rates, and provide molecular-level insights to therapeutic area leaders
• Six of the world’s top 10 pharma companies, including Pfizer, utilize CytoReason’s technology for data-driven decisions in various therapeutic areas

Israeli AI Company CytoReason Secures $80M Funding with Nvidia’s Support

In a significant development for the Israeli artificial intelligence (AI) landscape, CytoReason Ltd. Read more

• Anthropic launches $100 million AI fund with Menlo Ventures to support early-stage startups using AI technology
• The Anthology Fund mirrors Apple’s iFund partnership with Kleiner Perkins, providing credits and resources to AI startups
• AI development is moving faster than iPhone development, with funding for AI startups doubling in the second quarter
• Anthropic aims to establish a feedback loop by partnering with developers to improve its products
• Anthropic competes with OpenAI and aims to build a community of innovative AI companies with the Anthology Fund

Anthropic Launches $100 Million AI Fund with Menlo Ventures

Artificial intelligence startup Anthropic has teamed up with Menlo Ventures to launch a $100 million fund aimed at backing early-stage startups and promoting the use of Anthropic’s cutting-edge AI technology. Read more

• 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

• 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.

• 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

• 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

• 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

• 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