Category: General News

• Tech stocks valuation has contributed significantly to the New Zealand Superannuation Fund reaching a record $76.6 billion, up from $65.4 billion the previous year.
• The increase is attributed to strong global share market returns driven by declining inflation, positive macroeconomic data, and optimism surrounding generative AI technology.
• Approximately half of the fund is passively invested in global and domestic stocks, with a quarter in fixed income and another quarter in alternative investments, which have yielded positive returns.

• Tech Philanthropy Fund: WhatsApp founder Jan Koum has established a new $1.5 billion philanthropic initiative, the K18n Foundation, which is part of a larger philanthropic operation alongside his Koum Family Foundation.
• Koum has predominantly supported Jewish causes and has been active in philanthropy since selling WhatsApp, contributing around $100 million annually through his foundations.
• K18n Foundation, reportedly linked to Koum, received nearly $1.6 billion in 2022 and operates as a supporting organization of the Silicon Valley Community Foundation, which manages its board and activities.

• Israeli Innovations succeed as war impedes funding, with companies like Gaius AI and Dig Robotics continuing to innovate in AI and robotics despite a 55% drop in fundraising.
• Gaius AI has developed a technology that integrates AI into extrusion machines, significantly reducing food waste and costs in the $360 billion food market, aiming for AI-controlled food production within five years.
• The Israeli high-tech industry, crucial to the economy, has faced challenges due to the war, prompting the Israel Innovation Authority to launch a NIS 35 million fund to support companies expanding into affected regions.

• China inventors have filed 1,020 patents with US funding, a small fraction of China’s global patents, potentially threatening the renewal of a 45-year-old science and technology pact between the US and China.
• Since 2010, research funded by US agencies has resulted in over 1,000 patents for China-based inventors, with many in sensitive fields like semiconductors and medical technology.
• The patents include 197 in pharmaceuticals and 154 in biotechnology, with significant funding coming from the Department of Health and Human Services and the Department of Defense.

• The Net Zero Funding Gap highlights the need for diverse revenue streams, especially as the UK faces a £22 billion public finance shortfall, prioritizing public sector funding over net zero commitments.
• The UK government aims to become a clean energy superpower, yet requires hundreds of billions in new investments to meet its ambitious net zero targets.
• Economic challenges across Europe are delaying or canceling crucial green investments, with countries like Germany and Scotland scaling back their net zero plans.

• The Sovereign Tech Fund will invest €686,400 in FreeBSD infrastructure modernization to enhance security, regulatory compliance, and developer experience.
• The investment will focus on five key projects: Zero Trust Builds, CI/CD Automation, reducing technical debt, modernizing security controls, and improving SBOM tooling.
• Work will be managed by the FreeBSD Foundation and is set to begin in August 2024, continuing through 2025.

• Google has reached a deal to fund California journalism and an AI initiative, avoiding the proposed “link tax” that would require payment to news outlets for content distribution.
• The agreement, which requires legislative approval, includes nearly $250 million in funding over five years, with most allocated to local newsrooms and a new “News Transformation Fund” managed by UC Berkeley.
• Governor Gavin Newsom supports the deal, viewing it as a significant step for local journalism, while some lawmakers and journalists’ unions criticize it as insufficient and lacking transparency.

• Climate-tech funding in the USA is leading globally, while China is falling behind in this sector.
• The Economic Times offers comprehensive coverage of business news and updates, including the Union Budget 2024.
• Key challenges are anticipated for CS Setty as he assumes leadership at SBI.
• Recent developments suggest that audit firms may change their behavior due to new regulatory punishments.
• There are questions regarding Google’s position in the AI race, influenced by work-from-home policies and patent filings.

• The half-billion-dollar Tech Hubs investment aims to enhance America’s semiconductor manufacturing, autonomous systems jobs, and biomanufacturing capabilities through regional coalitions awarded $504 million from the EDA.
• Leaders from awarded coalitions, such as Rob Simpson, Jennifer Hankins, and Andrew Kossack, have ambitious goals for their regions, including significant job creation and technological advancements.
• The funding is part of the CHIPS and Science Act and represents a critical opportunity for the U.S.

• Vietnam’s climate tech funding ecosystem needs strengthening urgently as the country is heavily invested in reducing carbon emissions and fulfilling net zero commitments amidst significant climate change risks.
• A report highlights that climate change could cost Vietnam 12-14.5% of GDP annually by 2050, with the country seeing a surge in venture capital funding from 3% in 2019 to 19% in 2022.

• Research Funding Delays hinder scientific progress, as the pursuit of grants often overshadows meaningful community engagement and impactful projects in academia.
• Junior faculty members face immense pressure to secure major grants quickly, leading to a focus on flashy projects that attract funding rather than addressing urgent climate issues.
• Many academic projects receive funding for being related to climate change but fail to deliver actionable solutions, contributing to a phenomenon termed “climate delay.”

• NASA STEM Projects are supported through the MOSAICS program, which fosters mentorship between college faculty and NASA researchers while enhancing career development for students in STEM fields.
• A total of $6 million has been awarded to 20 teams from emerging research institutions across the U.S. to promote access to NASA research opportunities.
• The MOSAICS program, previously known as the Science Mission Directorate Bridge Program, aims to include historically underrepresented academic institutions in NASA’s research endeavors.

• Oklahoma CareerTech funding received over $4 million from the Oklahoma Education Lottery Trust Fund, totaling $4.61 million in scholarships and grants for the upcoming school year.
• A total of 180 grants were awarded, with nearly $4.2 million allocated to technology centers and K-12 school districts.
• CareerTech awarded 437 scholarships for the 2023-24 school year, amounting to over $420,000.
• The funds are utilized to enhance classroom resources, including equipment for various training programs and educational technology for K-12 districts.

• Philly Tech Hub efforts continue despite Philadelphia not being selected for initial EDA implementation awards, with stakeholders committed to ongoing collaboration and improvement.
• The EDA plans to seek additional funding in the future, having initially appropriated $10 billion through the CHIPS and Science Act, with only $541 million allocated so far.
• The Greater Philadelphia Region Precision Medicine Tech Hub, known as PROPEL, has an $80 million proposal that includes input from over 100 organizations and aims to enhance governance, biomanufacturing, workforce, and entrepreneurship.

• ARPA-E is Cleantech’s favorite shadow VC, quietly funding innovative early-stage energy projects to enhance U.S. energy security and reduce greenhouse gas emissions.
• Established in 2007, ARPA-E provides no-strings-attached funding, supporting high-risk projects that traditional investors may avoid, aiming for commercialization rather than profit.
• Despite funding over 1,590 projects since its inception, the agency’s success metrics, including 157 spawned companies and 30 exits, may seem low due to the long development timelines of climate tech.

• Senate tech spending includes a $25 million allocation for the Technology Modernization Fund (TMF), which is less than the administration’s request of $75 million but more than the House’s zero allocation.
• The Senate Appropriations Committee has advanced multiple funding bills, with a focus on enhancing government technology accounts amid ongoing concerns about TMF’s funding sustainability.
• The Senate bill proposes $30 million for the Information Technology Oversight and Reform account, significantly more than the House’s $8 million allocation, but still below the administration’s request.

• Climate innovation funding requires significant capital, with estimates suggesting over US$200 trillion needed by 2050 for the green transition.
• Funding climate solutions involves long and complex processes, as seen in the hypothetical case study of GreenCementCo’s journey from concept to market.
• The climate tech capital stack includes a variety of funding sources with different risk appetites, return expectations, and timelines.
• Building the climate tech capital stack quickly requires new policy and funding structures, talent development, and incentivizing private funding.

• Midlands Technical College awarded $1 million grant to expand construction program
• Lowe’s Foundation’s Gable Grants program aims to train more workers in skilled trades
• South Carolina experiencing rapid population growth and increased construction activity
• Midlands Tech plans to build new training space and double teaching capacity
• Partnership with Lowe’s addresses critical workforce shortage in Midlands of South Carolina

The Midlands Tech Construction Program Expansion: A Boost for SC’s Growing Trades Industry

In a significant move to address the growing demand for skilled workers in the construction industry in South Carolina, Midlands Technical College has been awarded a $1 million grant from the Lowe’s Foundation to expand its construction trades program. Read more

• Nearly $100 million in commitments announced by the Biden Administration, government, academia, and civil society to enhance federal tech hiring and promote public interest tech.
• Funding details include $48 million from the National Science Foundation for programs like ExLENT and ReDDDoT to support diverse learners in emerging tech fields and embed ethical considerations in technology development.
• Department of Defense, with support from OMB and OSTP, will launch a Trusted Advisors Pilot program to provide AI and tech experts for agency hiring needs and support Biden’s executive order on AI.

• Education Budget Updates: Funding for UGC decreased by 60.99%, while grants for central universities increased by over Rs 4,000 crore in the 2024-25 interim budget.
• Early stimulation for 0-3 years covered by a Government program, providing high-quality preschool instruction daily.
• ‘Poshan bhi Padhai bhi’ program launched for Early Childhood Care and Education (ECCE) to establish a high-quality preschool network.
• National Research Foundation ‘Anusandhan’ operationalized to strengthen R&D ecosystem, with a Rs.

• Tennessee Tech University achieves all-time record for research funding, surpassing $46 million in fiscal year 2024
• Growth in research at Tennessee Tech is exponential, with nearly 200 research activations supporting the record funding
• University’s strategic goal of $40 million in annual research funding exceeded by $6 million a year ahead of schedule
• Notable project contributing to record funding is a $10 million grant for deploying smart grid technologies in rural areas
• Division of Research & Economic Development aims to further increase research activities, scholarship, and impact to benefit faculty and students.

• The White House announced funding commitments to bolster tech talent through government, academia, and civil society collaborations.
• The Department of Defense will launch the Trusted Advisors Pilot to create a pool of STEM and AI experts for agency support.
• The National Science Foundation will provide $48 million for research, ExLENT, and ReDDDoT programs to advance technology fields.
• Industry and academia commitments, along with NSF funding, total nearly $100 million for public interest technology advancement.

• New funding of £600,000 from The Rigby Foundation supports 300 tech careers in the West Midlands
• Generation UK charity administers the funding to address youth unemployment in key sectors like tech
• SCC, a tech services provider, will support the program with staff volunteering and equipment
• The Rigby Foundation aims to promote social mobility in the region through charitable work
• Partnership with Generation UK to provide high-demand skills to young people in the West Midlands

Supporting 300 Tech Careers in the West Midlands

The latest initiative to support young people into tech careers in the West Midlands has received a significant boost with new funding worth £600,000. Read more

• Senator Rosen and President Sandoval secured nearly $21 million in federal funding for the Lithium Loop Tech Hub in Reno
• The funding will support new lithium workforce initiatives, invest in STEM education, and bolster workforce opportunities, including for Native American and Indigenous students
• The Tech Hub program aims to transform U.S. regions into globally competitive innovation centers
• Senator Rosen and President Sandoval held a roundtable discussion with labor and Tribal leaders to discuss the opportunities brought by the funding
• The University of Nevada, Reno will lead Nevada’s Lithium Loop Tech Hub effort with over 75 partners, supported by the $21 million from the Economic Development Administration

Senator Rosen and President Sandoval Secure Funding for Lithium Loop Tech Hub

In a significant development for northern Nevada, U.S. Read more

• DIPA urges government to extend input tax credit for telecom towers in upcoming budget to reduce costs and benefit consumers
• Industry body seeks clarity on eligibility of related infrastructure and accessories for input tax credit to avoid financial exposure
• DIPA emphasizes the importance of accelerating digital infrastructure development to secure the nation’s digital future
• Implementation of industrial electricity tariffs for telecom infrastructure and amended RoW rules recommended for cost reduction and streamlined deployment
• Industry awaits clear guidelines on telecom rules to define networks, fair RoW grants, and separate telecom infrastructure from property considerations

Digital Infrastructure Development in India

In recent times, the push for enhancing digital infrastructure development across India has gained significant momentum. 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

• 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.

• 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.

• European startups secure significant funding in H1 2024
• Wayve raises $1.05B for AI technology in London
• HR Path secures €500M for HR digital transformation in Paris
• Abound raises €0.9B for affordable loans using AI in London
• Mistral AI gets €468M for generative AI models in Paris

1. Wayve – Revolutionizing Automated Driving with $1.05B Fundraised

In the realm of autonomous driving technology, Wayve, a London-based company, has made significant strides by raising a whopping $1.05 billion in funding in the first half of 2024. Read more

• Netherlands funding rounds: Top 10 funding rounds in the Netherlands in H1 2024, with 9 companies actively hiring
• Dutch tech ecosystem: Netherlands climbing to 13th place in global startup ecosystems, generating $96B in value
• Picnic: Online supermarket with sustainable model, raised €355M, based in Amsterdam, hiring
• Mews: Cloud-based property management system, raised €101.39M, based in Amsterdam, currently hiring
• DataSnipper: Automation platform for auditing, raised €92.53M, based in Amsterdam, hiring

The Netherlands Funding Rounds: Top 10 Companies Hiring in H1 2024

The Netherlands has been a hotspot for innovation and entrepreneurship, with a growing number of tech startups gaining recognition globally. Read more