Category: General News

• US and Japan to fund infrastructure project PGI Luzon corridor and O-RAN tech
• PGI Luzon corridor to connect Subic Bay, Clark, Manila, and Batangas for high-impact infrastructure investments
• Development Finance Corporation to open regional office in the Philippines for Luzon corridor
• Trilateral meeting to include President Bongbong Marcos Jr., President Joe Biden, and Prime Minister Fumio Kishida
• Funding for O-RAN field trials and Asia O-RAN Academy in Manila to support future commercial deployment

US and Japan Collaborate to Fund Infrastructure Project PGI Luzon Corridor

The announcement of a groundbreaking infrastructure project, the PGI Luzon corridor, is set to take place during a trilateral meeting involving the Philippines, Japan, and the United States. Read more

• Investors prefer Treasury bills and bonds over private funding due to high interest rates
• Central Bank of Nigeria sells trillions in Treasury bills at near-record rates to control inflation
• Monetary Policy Committee raised the Monetary Policy Rate to 24.75%, impacting banks’ ability to support growth
• Analysts urge CBN to reconsider interest rate hikes to support SMEs and economic expansion
• Dr. Muda Yusuf calls for increased capitalization of development finance institutions to aid the private sector

Investors’ Preference for Treasury Bills Over Private Funding

In the realm of investment opportunities, Treasury bills and bonds have taken the lead in attracting investors’ attention, overshadowing private sector funding. Read more

• Luzon corridor funding: US and Japan to provide millions of dollars for Philippine infrastructure and technology projects, including the PGI Luzon corridor connecting key areas.
• O-RAN technology: Governments and industry of US and Japan to fund O-RAN technology field trials in Manila and establish an Asia O-RAN Academy.
• Trilateral Leaders’ Summit: President Marcos, President Biden, and Prime Minister Kishida to discuss enhancing trilateral cooperation and issue a Joint Vision Statement.

• Prime Minister Albanese advocates for public funds to drive clean energy and tech investment, aiming to compete with US President Biden’s spending plans.
• The proposed ‘Future Made in Australia Act’ seeks to boost investment in advanced manufacturing and clean energy projects.
• Concerns raised by the renewable energy industry about the potential impact of the US’s significant green spending plans on Australia’s decarbonization efforts.

• The TNW Podcast explores European tech, discussing quantum advances and funding issues, with a focus on the TNW Conference 2024.
• Europe’s tech industry is rapidly evolving, with a vibrant startup ecosystem and a growing emphasis on quantum technology.
• The TNW Conference 2024 offers scaleups a chance to connect with investors and industry leaders for future growth.
• Podcasts like TNW’s facilitate public engagement in the tech industry and highlight the role of agencies supporting SMEs.

• The U.S. federal science funding landscape faces uncertainty with budget cuts projected for 2025 after a year of increased investment in 2023.
• The 2024 science budget saw reductions in funding for various scientific agencies, including the National Science Foundation and the Department of Defense’s Basic Research arm.
• Political dynamics play a role in the budget cuts, with the House of Representatives targeting science funds despite the President’s efforts to prioritize science research over defense spending.

• Ahold Delhaize and Empire Cos. are part of global grocery companies forming a venture capital fund
• The fund, W23 Global, aims to invest $125 million in emerging grocery technologies over five years
• The fund will address common challenges like personalization, value chain issues, and sustainability
• Ingrid Maes named CEO of W23 Global, with the fund focusing on supporting start-ups and entrepreneurs
• The five retail companies will equally partner in W23 Global, aiming to drive retail innovation and sustainability

Global Grocery Companies Form Venture Capital Fund

In a significant move within the grocery industry, global giants such as Ahold Delhaize and Empire Cos. Read more

• Federal funding of $415 million in fiscal year 2024, the largest ever for the Air Force Research Lab in Rome, supports quantum research, cyber technology, and Counter-UAS efforts.
• Congresswoman Elise Stefanik announced the funding, emphasizing Rome’s leadership in emerging technologies and national security challenges.
• The funding will boost national defense technology, supporting warfighters and strengthening national security.
• Rome Lab’s economic impact on the region, job preservation efforts, and high-tech ecosystem development have been significant.

• US CHIPS Program funding for semiconductor R&D put on hold due to overwhelming demand, exceeding initial expectations
• Commerce Department halts plans to provide financial support for semiconductor research and development facilities
• Department remains committed to investing $11 billion in semiconductor R&D through other programs
• Commerce Secretary Gina Raimondo acknowledges challenge in allocating funds amidst high demand
• CHIPS Program Office to host webinar on April 9 to clarify R&D support strategies and future directions

Understanding the Impact of the CHIPS and Science Program Funding Hold

In a recent development, the Commerce Department has decided to put a temporary hold on its plans to provide financial support for semiconductor research and development facilities under the CHIPS and Science Act. Read more

• Effort for ‘tech hub’ funding in Tulsa receives political boost from U.S. Sen. Markwayne Mullin
• Tulsa designated as a “Tech Hub” by the federal government, potentially receiving up to $70 million in funding
• Tulsa Innovation Labs leading the THETA initiative focusing on advanced autonomous technologies
• Mullin emphasizes the importance of technology in diversifying the state’s economy
• Mullin supports embracing artificial intelligence for positive advancements

Effort for ‘Tech Hub’ Funding in Tulsa

In a significant move towards establishing Tulsa as a prominent tech hub, U.S. Read more

• HD, a health tech startup, secures USD 5.6 million in funding round led by SBI Ven Capital
• WasteX raises USD 450,000 from P4G Partnerships for biochar production
• Viruma receives funding from Cyber Agent Capital for prop tech platform development
• Animoca Brands invests in USD 25 million funding round of Xion blockchain platform
• Updates on 14 China and India deals in Asia Pacific tech funding landscape

HD Secures USD 5.6 Million in Series A Funding

In recent tech funding news, HD, a health tech startup, has successfully secured USD 5.6 million in a Series A funding round. Read more

• Diageo provides seed funding to accelerate glass industry decarbonisation in North America and India through Glass Futures expansion
• Partnership aims to explore new technologies and system-wide approaches to reduce glass carbon emissions in key markets
• Diageo’s collaboration with Glass Futures has already led to significant carbon footprint reductions in the UK
• Investment reflects Diageo’s commitment to ESG goals and reducing Scope 3 carbon emissions by 50% by 2030
• Glass Futures’ expertise and industry networks crucial for advancing global glass circularity and sustainability

Diageo’s Investment in Glass Industry Decarbonisation

In an effort to accelerate the decarbonisation of the glass industry, Diageo, a global leader in the beverage alcohol industry, has recently announced a significant seed investment to support the expansion of Glass Futures’ activities into North America and India. Read more

• Early green tech failures in Europe’s Innovation Fund raise doubts about its success in supporting new clean technologies
• The Innovation Fund aims to prevent key industries from moving to the US by investing in zero-carbon technologies
• Despite backing major projects, like the world’s first green steel plant, manufacturing and hydrogen sectors have faced challenges
• The Fund collects money from polluting industries to invest in clean technologies, with a focus on reducing CO2 emissions
• Europe’s green manufacturers struggle with competition from US subsidies and cheap Chinese products, impacting projects like solar panel manufacturing and green hydrogen production

Understanding the Green Tech Failures in Europe

The European Union’s ambitious plan to transition to a zero-carbon economy by the middle of the century has hit some roadblocks, with early green tech failures casting doubts on the effectiveness of the €40 billion Innovation Fund. Read more

• The carbon-tech subsegment within the climate tech category presents attractive opportunities for early-stage investors, with a focus on carbon-capture startups and emissions measurement software.
• Climate tech encompasses various sectors such as mobility, energy, industrial processing, food, and the built environment, offering alternatives to high-carbon processes and innovative solutions for climate change mitigation.
• VC investment in climate tech saw rapid growth from 2021 to the end of 2022, but challenging market conditions have recently reduced deal activity in the sector.

• Ontario budget includes top-up for existing programs and supports healthtech procurement
• Ontario government prioritizes investments in infrastructure and healthcare due to economic challenges
• Commitments to technology sector include additional funding for Invest Ontario Fund and creation of Health Technology Accelerator Fund
• Plans to invest in Regional Innovation Centres, advanced research computing, digital twins for infrastructure projects, and Critical Minerals Innovation Fund
• Ontario Securities Commission developing rules to support angel investor groups and broaden sources of capital

Ontario Budget Boosts Healthtech Initiatives

The latest annual budget from the Government of Ontario has captured attention for its renewed focus on the province’s technology sector, particularly in the realm of healthtech. Read more

• Elon Musk supports call for tech industry accountability, joining Marc Andreessen in questioning funding of controversial activist causes
• Andreessen criticizes tech leaders for supporting “terrible activists” involved in “horrendous things” over the past decade
• Musk endorses Andreessen’s statement, sparking discussions on potential impact on tech industry and business community
• Andreessen, a prominent figure in tech, has previously challenged Musk’s views but both share concern for ethical implications of industry funding
• Musk’s endorsement of accountability highlights shared commitment to addressing ethical concerns in tech industry

Elon Musk’s Support for Tech Accountability

Elon Musk, the CEO of Tesla Inc, has recently joined Marc Andreessen in advocating for greater accountability in the tech industry. Read more

• Ecosystem tech funding model is essential for high-risk, high-return tech investments to address social and ecological imbalances.
• Comparative advantage is dynamic and requires the right development strategy to create value growth.
• Real estate prices impact household and corporate wealth, affecting banks’ credit portfolios.
• Successful tech funding models involve a combination of attracting innovative companies, providing support services, and seed funding.
• Long-term savings institutions like CPF and EPF contribute to financial stability and support development through investments in technology and infrastructure.

• Recent developments have clouded critical federal funding for the U of A’s Giant Magellan Telescope project.
• The National Science Board recommended capping funding for Extremely Large Telescope projects at $1.6 billion.
• The GMT and Thirty Meter Telescope projects are part of the U.S. Extremely Large Telescope program.
• The GMT has raised significant private investment, unlike other notable telescopes funded solely by the government.

• The fiscal year 2025 budget includes funds for broadband expansion, tech innovation, and digital equity.
• The proposed budget earmarks $6 billion for enhancing internet affordability and $112 million for rural broadband infrastructure.
• Initiatives integral to President Joe Biden’s economic vision include reducing costs, stimulating job growth, and protecting consumers.
• The budget prioritizes semiconductor manufacturing, tech talent attraction, and safe artificial intelligence development.

• The U.S. receives failing grades for defense modernization in a scathing report card
• The report emphasizes the need for better coordination between government, private sector, and military
• The U.S. is struggling to maintain a competitive advantage against China and other adversaries
• Lack of stable funding and appropriations dysfunction in Congress hinder defense innovation
• The report questions Congress’ commitment to scaling critical technologies due to funding issues

The U.S.

• The Greater Baltimore Committee (GBC) roundtable discussed the Tech Hub designation and Phase 2 funding
• The Baltimore region was designated a federal Tech Hub in October 2023, granting access to $10 billion in funding over five years
• The Phase 2 application focuses on Biotechnology and Artificial Intelligence, seeking $70 million in federal funding
• The proposal aims to create a sustainable workforce pipeline, establish biomanufacturing facilities, and foster innovation
• The consortium estimates the Tech Hub investment could create 32,700 direct jobs and generate $8 billion in real value-add

Understanding the GBC Roundtable Discussion on Tech Hub Funding

In a recent roundtable discussion hosted by the Greater Baltimore Committee (GBC) at Coppin State University, key figures such as U.S. Read more

• Chemring Group rises on EU funding; Bytes Technology Group slumps due to CEO resignation
• Currys lifts guidance and reports strong sales post-Christmas period
• Chemring receives €66.7m from EU for ammunition production; Bytes CEO resigns over undisclosed share transactions
• Bytes reports record financial year with double-digit growth in profit and revenue
• Marshalls downgrades profit outlook for 2024 due to challenging end markets

FTSE 250 Movers: Chemring Boosted by EU Funding

In the dynamic world of the stock market, the FTSE 250 index experienced some significant movements recently. Read more

• The U.S. government has outlined a five-year plan to utilize CHIPS Act funding for semiconductor industry development
• The plan focuses on R&D, manufacturing, education, and ecosystem development for balanced funding
• The National Strategy on Microelectronics Research aims to accelerate research advances and bridge infrastructure from research to manufacturing
• The strategy emphasizes growing and sustaining the technical workforce and creating a vibrant innovation ecosystem
• Collaboration across public and private sectors, assisting start-ups, and enhancing education are key components of the plan

Utilizing CHIPS Act Funding for R&D Advancements

The U.S. Read more

• Pentagon trims tech research funding request; AI, networking flat
• Defense Department seeks $143.2 billion for research and development in fiscal year 2025
• Funding for key technology research priorities to remain steady or decrease slightly
• Constraints from the 2023 Fiscal Responsibility Act impact spending outlook
• Investments in basic research, advanced technology, AI, and cyber capabilities maintained

The Impact of Pentagon Trimming Tech Research Funding

In a recent development, the Pentagon has made adjustments to its tech research funding request for the upcoming fiscal year. Read more

• Tech VC Keith Rabois threatens to cut off funding to Republicans who vote against TikTok ban bill
• House expected to pass bill forcing ByteDance to sell TikTok due to national security concerns
• Rabois’ threat could influence undecided Republican lawmakers on the bill
• Former President Trump and Elon Musk oppose the legislation, complicating support
• Senate prospects for the bill remain uncertain, potential for ByteDance to sell TikTok within six months if passed

TikTok Ban Threat: Tech VC Keith Rabois Flexes Funding Power

In a dramatic turn of events, Republican lawmakers are facing intense pressure from tech venture capitalist Keith Rabois, who has threatened to halt funding to those who do not support the bill aimed at banning TikTok in the United States. Read more

• Pentagon requests $500 million for stockpile replenishment, aiming to spur tech industry
• Funding request tied to supplemental funding stalled in Congress, with focus on China as pacing challenge
• Budget documents outline $10 billion for ballistic missile activities, cyber operations support, and autonomous systems
• Senate supplemental bill includes $1.9 billion for Taiwan, while House proposes smaller $66 billion bill
• 2025 budget allocates $142 billion for R&D, $17 billion for advanced technologies, and $144 million for innovative startups

Pentagon’s Focus on Stockpile Replenishment and Tech Industry Funds in 2025 Budget

The Pentagon’s recent budget request for 2025 reveals a strategic focus on stockpile replenishment and funds aimed at spurring growth in the tech industry.

• Green Tech Funding remains a critical challenge in Asia, as highlighted at the Asia Green Tech Summit.
• VinFast, a Vietnamese company, is leading the way in electrifying public transit to promote sustainable urban development.
• Decarbonization Partners and Hoi Ping Ventures emphasize the importance of strong fundamentals and financial support from traditional institutions for green technology ventures.
• The Asia Green Tech Summit discusses the potential of hydrogen as an alternative energy source and the need for a unified regional approach to sustainability.

• Mega-cap tech stocks dominate many ESG funds, including Nvidia, Amazon, Microsoft, Apple, Meta Platforms, and Alphabet.
• ESG funds aim to invest in top performers across industries while considering environmental, social, and governance factors.
• Technology stocks are favored in ESG funds due to being cleaner industries, with IT stocks accounting for over 30% of allocations in some funds.
• Investor interest in ESG funds remains strong despite financial advisors pulling back from recommending them.

• Melinda French Gates supports a funding challenge to aid teens in navigating the digital world
• Young Futures, a new nonprofit, is hosting funding challenges to promote digital wellbeing for youth
• Two $1 million funding challenges per year will support organizations aiding youth wellbeing
• The first challenge, “Lonely Hearts Club,” focuses on fostering teen social connection
• Pivotal Ventures, Susan Crown Exchange, and The Goodness Web collaborate to fund Young Futures for youth mental health and wellbeing

Melinda French Gates Backs Young Futures in Tech Funding Challenge

In a world where technology plays an increasingly dominant role in the lives of young people, the need to navigate the digital landscape safely and effectively has never been more critical. Read more

• United Kingdom announces £37.3 million tech fund for developing countries
• UK-funded mobile technology improving livelihoods globally
• Mobile for Development Programme focuses on women, climate change, and innovative solutions
• UK funding supports digital hubs in Pakistan and digital skills training in Uganda
• GSMA Mobile for Development Foundation partnership aims to drive socio-economic impact through digital innovation

United Kingdom Tech Fund: Revolutionizing Lives in Developing Countries

The United Kingdom has taken a significant step towards empowering developing countries by unveiling a £37.3 million tech fund. Read more