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OpenAI, an artificial intelligence startup, is close to completing a $6.5 billion funding round. The round is oversubscribed, meaning that investors wanted to invest more money than the company was prepared to accept. Some investors will find out on Friday that they did not make the cut. Strategic investors such as Microsoft, Nvidia, and Apple are likely to be granted access. The deal is expected to value OpenAI at $150 billion, excluding the new investment. Sequoia Capital, a notable existing investor, will not be participating in the round. Thrive Capital is leading the current round with a $1.25 billion investment. [Extracted from the article]

Rocket Lab USA Inc. recently aborted a rocket launch in New Zealand after the countdown reached zero. The cause of the abort was not immediately clear, and Rocket Lab is currently assessing opportunities for a future attempt. The mission was supposed to launch five nanosatellites from Kineis, a startup supported by the French space agency. Rocket Lab stated that they would not be making any further launch attempts that day due to the instantaneous launch requirement of the mission. [Extracted from the article]

Margrethe Vestager, the European Union's antitrust chief, has been appointed as the new chair of the board at the Technical University of Denmark (DTU). She will begin her new role on January 1, 2025, taking over from Karin Markides. Vestager has spent the past decade as Denmark's representative in the EU as commissioner for competition and has also served as executive vice president since 2019. DTU is renowned for its strong PhD programs and support for the Danish startup industry, particularly in biotech. [Extracted from the article]

Israel's second-quarter growth has been revised down due to ongoing conflicts with Hamas and tensions with Hezbollah, which are impacting the economy. Gross domestic product (GDP) rose by 0.7% in seasonally adjusted terms, lower than the initial projection of 1.2%. The decline in exports, excluding diamonds and startup companies, was a major factor in the slowdown. However, investments in fixed assets improved and private consumption grew, although government consumption associated with the needs of war also increased. [Extracted from the article]

Salesforce Inc. is reportedly in advanced discussions to acquire the startup Own for approximately $2 billion. The deal may be announced soon, according to anonymous sources. Own, which focuses on data security for software applications, has received funding from Salesforce Ventures, BlackRock, and Tiger Global. This potential acquisition would be Salesforce's largest since its purchase of Slack in 2021. [Extracted from the article]

Virgin Media O2, the owner of the UK's second-largest fixed network, is seeking outside investors to help fund its newly created network company. The company is working with advisers to raise at least £1 billion by selling a minority stake in the venture, which could be valued at over £5 billion. The stake sale, which could range from 20% to 40%, is expected to begin in October and the company is targeting infrastructure, private equity, pension, and sovereign wealth funds. The move is aimed at better competing with market leader BT Openreach. [Extracted from the article]

TotalEnergies SE, a French energy company, will invest $444 million in a new joint venture with Adani Green Energy Ltd. to develop solar projects in India. The joint venture will have a 50% stake from TotalEnergies and the other half from Adani Green. This investment will increase TotalEnergies' presence in India's growing energy market and allow Adani Green to develop new renewable projects. The joint venture will include a portfolio of 1,150-megawatt solar projects. Last year, TotalEnergies invested $300 million in a joint venture with Adani Green for wind and solar assets in India. [Extracted from the article]

Virgin Media O2, the owner of the UK's second-largest fixed network, is seeking outside investors to help fund its newly created network company. The company is working with advisers to raise at least £1 billion by selling a minority stake in the venture, which could be valued at over £5 billion. The stake sale, which could range from 20% to 40%, is expected to begin in October and the company is targeting infrastructure, private equity, pension, and sovereign wealth funds. The move is aimed at better competing with market leader BT Openreach. [Extracted from the article]

Polestar, an electric-vehicle maker, has appointed Michael Lohscheller as its new CEO. Lohscheller, who previously served as CEO of Opel, VinFast, and Nikola, will take over from Thomas Ingenlath, who has resigned. The company hopes that Lohscheller's leadership will help increase sales in key markets and guide Polestar into its next phase. [Extracted from the article]

Barrenjoey, a Sydney-based investment bank, plans to pay its first-ever dividend after achieving record revenue and becoming a profitable multi-service financial firm. The bank made a net profit after tax of A$34.7 million ($23 million) in the year through June 30. Barrenjoey has expanded from a startup founded by former UBS Group AG Australia leaders to a full-service investment bank with over 320 staff. Barclays Plc and Magellan Financial Group Ltd. are major shareholders in the company. [Extracted from the article]

SM Investments Corp., the Philippines' most valuable company, plans to expand its core property, retail, and banking businesses. The company is optimistic about growth due to factors such as rising employment and incomes, a young population, robust remittances from Filipinos overseas, and a resilient business process outsourcing industry. SM Investments sees opportunities for growth in regions outside of Metro Manila, as well as in logistics and renewable energy. The company recently established a $3 billion multi-issuer euro medium term note program to fund its expansion. [Extracted from the article]

DevRev Inc., an AI startup focused on customer support and other tasks, has raised $100 million in funding from investors including Khosla Ventures, valuing the company at $1.15 billion. Founded in 2020 by CEO Dheeraj Pandey, who also co-founded Nutanix Inc., DevRev uses AI to enhance the efficiency of support, product, and engineering teams. The technology aims to make workers more efficient and allow them to have more free time. Investors are optimistic about DevRev's potential and expect the company to eventually go public. [Extracted from the article]

Flyr, a travel startup that provides software to companies like JetBlue Airways, has raised $295 million in equity and debt in a new funding round. The funding round was led by WestCap and values the startup at $900 million. Other investors included BlackRock funds, Streamlined Ventures, and a subsidiary of the Abu Dhabi Investment Authority. Flyr plans to use the funding to upgrade travel technology and acquire other startups. WestCap Managing Partner Laurence Tosi, previously the CFO of Airbnb, will join Flyr's board. Despite recent challenges in the travel industry, Tosi believes that travel is an underappreciated industry and praised Flyr's quick growth. [Extracted from the article]

Under Armour has acquired Unless Collective, a plant-based fashion startup founded by former Adidas executive Eric Liedtke. Liedtke, who oversaw a period of rapid growth at Adidas, will now serve as Under Armour's head of brand strategy. The appointment comes as Under Armour seeks to revitalize its product offerings and improve consumer engagement. Liedtke's expertise and experience will be instrumental in these efforts. [Extracted from the article]

The article discusses the booming fertility industry in the US, which has seen a significant influx of venture capital and private equity in recent years. However, this growth has raised concerns about the prioritization of profits over patient care. Critics argue that the industry's focus on maximizing earnings may lead to an increase in mistakes and mishaps during treatment, potentially jeopardizing patients' chances of starting a family. The article explores these issues and questions whether the industry's expansion has truly benefited patients. [Extracted from the article]

Applied Intuition, a vehicle software maker, has raised over $300 million in a secondary deal that allowed shareholders and employees to sell shares in the startup. New investor Fidelity Management & Research Company joined existing backers such as General Catalyst and Lux Capital in the financing. Applied Intuition, founded in 2017, initially focused on driving simulations for autonomous vehicle startups but has since expanded to include a broader range of software. The company aims to accelerate the adoption of smart and safe machines, particularly in the self-driving technology sector. [Extracted from the article]

Chinese AI startup Baichuan has reached a valuation of 20 billion yuan ($2.8 billion) after its latest fundraising round. The company raised 5 billion yuan in this round, with financing from the governments of Beijing, Shanghai, and Shenzhen, as well as existing investors including Alibaba, Tencent, and Xiaomi. This development comes as China aims to enhance its capabilities in emerging technologies to counter restrictions imposed by the US. Chinese President Xi Jinping has emphasized the need for increased innovation in response to other countries' dominance in key technologies. [Extracted from the article]

Galaxy Asset Management, led by billionaire Michael Novogratz, has raised $113 million for a venture fund that will invest in early-stage startups focused on cryptocurrency software, infrastructure, and financial applications. The fund, called Galaxy Ventures Fund I LP, aims to have a portfolio of around 30 investments and plans to raise a total of $150 million next year. The fund expects to invest between $3 million and $5 million per project. This fundraising effort reflects a resurgence in venture capital investments in the crypto industry, driven by rising crypto prices and the potential for a more favorable regulatory environment in the US. [Extracted from the article]

Los Angeles-based dental startup, Pearl Inc., has raised $58 million in a funding round led by Left Lane Capital, valuing the company at $400 million. Pearl uses machine learning and an FDA-approved AI technology to improve the accuracy and speed of dental health diagnostics. The company has received regulatory clearance in 120 countries and aims to address the issue of underdiagnosis in dentistry. Co-founder and CEO Ophir Tanz believes that AI will inevitably be used in medicine, and investor David Sacks predicts that Pearl's technology will become an industry standard. The company's goal is to go public through an IPO. [Extracted from the article]

Compliance startup Vanta Inc. has raised $150 million in funding, bringing its valuation to $2.45 billion. The funding round was led by Sequoia Capital and included new investors such as Goldman Sachs Alternatives and JPMorgan Chase & Co. Vanta has also seen significant growth in its customer base, which includes Atlassian Corp. and Modern Health Inc., and is projected to generate over $100 million in revenue this year. This funding will be used to further develop the company's work in artificial intelligence. [Extracted from the article]

The US government is cautioning tech startups and venture capital firms about the potential risks of accepting foreign investments that may be connected to hostile nations seeking to obtain sensitive data and technology or undermine American businesses. The concern is being highlighted by multiple US intelligence agencies in a joint bulletin. The bulletin emphasizes the need for vigilance and warns that such investments can pose threats to both the economic and national security of the United States. The government has increased scrutiny of investments from countries it considers adversaries, particularly China, due to the potential dual-use nature of advanced technologies. The bulletin also mentions that some suspicious firms may structure their investments to avoid scrutiny during reviews by the Committee on Foreign Investment in the US. Startups are advised to be cautious about funding sources with complex ownership structures and foreign investors who route their investments through intermediaries. The bulletin concludes by stating that startups could face consequences such as being denied government contracts or funding if foreign threat actors gain influence within their firms. [Extracted from the article]

Iconiq Capital, an investment firm that manages the wealth of Silicon Valley's elite, has raised $5.75 billion for a new venture-focused fund. This marks a significant increase from their previous fund, indicating the continued concentration of funds in a few major venture capital firms. Iconiq has seen success with IPOs of its portfolio companies, such as Snowflake Inc. and Airbnb Inc., and currently holds investments in Canva Inc. and Pigment. Founded in 2011, Iconiq is a relatively new player in the industry. [Extracted from the article]

Iconiq Capital, an investment firm that manages the wealth of Silicon Valley's elite, has raised $5.75 billion for a new venture-focused fund. This significant amount of funding highlights the continued concentration of capital in a small number of large venture capital firms. Iconiq's seventh growth fund surpasses its previous fund's target of $3.75 billion. The firm has seen success with initial public offerings of its portfolio companies, such as Snowflake Inc. and Airbnb Inc. Its current portfolio includes Canva Inc. and Pigment. [Extracted from the article]

Google is leading a funding round for Indian mobile content provider Glance, with the goal of expanding the startup's reach. The funding round is expected to raise up to $250 million and is still in the negotiation phase. Google's investment in Glance reflects its efforts to compete with other tech giants like Microsoft, Meta Platforms, and Amazon in India's growing market. Glance offers a curated screensaver for mobile devices and has over 300 million users worldwide. The startup previously received funding from Google in 2020 and a $200 million investment from Mukesh Ambani in 2022. [Extracted from the article]

Arrcus Inc., a networking software startup, has raised $27 million in funding from investors including Nvidia Corp. The San Jose-based company plans to use the funds to expand globally and improve its technology. Arrcus's software helps optimize data flow, which is crucial as the adoption of artificial intelligence increases and networks need to handle growing traffic. The startup collaborates with companies like Nvidia, Broadcom Corp., and Intel Corp. [Extracted from the article]

ElevenLabs, an AI startup that specializes in voice cloning, has partnered with Reality Defender, an AI detection service, to combat the increasing threat of deepfakes during an important election year. This collaboration allows Reality Defender to access ElevenLabs' data and models to better detect AI-generated audio, while ElevenLabs can use Reality Defender's tools to enhance its own safeguards against misuse. The partnership highlights the growing risks of deepfakes, which can be used for various purposes, including political manipulation and creating false scenarios. Both companies are working to address these concerns and ensure the responsible use of AI technology. [Extracted from the article]

Peak Energy, an energy-storage startup, has received $55 million in funding to expand production of sodium-ion batteries as an alternative to lithium-ion technology. The funding round was led by Xora Innovation and joined by existing backers Eclipse Ventures and TDK Ventures. Peak plans to use the funding to build a US factory and aims to offer long-duration storage systems for grid-scale storage. Sodium-ion batteries have a longer cycle life than lithium-ion batteries and are sourced from natural rock salts and brines, making them cheaper and more readily available. However, sodium-ion batteries have lower energy density and are not well-suited for the electric-vehicle market. [Extracted from the article]

Former UK Conservative energy minister, Chris Skidmore, has opened an investment bank called Desmos Capital Partners to support green-energy startups. The bank will provide advice to early-stage clean-energy companies seeking to raise at least £5 million ($6.5 million) from venture capital funds and family offices. Skidmore believes that there is a disconnect between investors and potential green investments, and hopes to address this issue by providing funding and support to these companies. Desmos Capital Partners will officially launch in September and will have offices in London, Paris, Dubai, and Toronto. [Extracted from the article]

Wiz Inc., a cloud security startup run by Israelis and headquartered in New York, is in talks with Google's parent company Alphabet Inc. for a potential acquisition that could be worth up to $23 billion. Wiz has experienced rapid growth due to its early identification of cloud security as a lucrative market, with 40% of Fortune 100 companies as its customers and $350 million in annual recurring revenue. The potential deal would be Alphabet's largest-ever acquisition, but it could still face antitrust hurdles. If completed, it would be the largest-ever acquisition for an Israel-founded company. [Extracted from the article]

San Francisco Compute Co., a new startup, aims to address the challenge of accessing enough computing power for artificial intelligence (AI) startups. The company plans to create a trading platform for compute power, allowing smaller players to buy access in smaller increments. The startup has raised $12 million in funding, led by tech entrepreneur Jack Altman, and has already secured 8,000 Nvidia AI chips to kickstart its platform. SF Compute's founders, Evan Conrad and Alex Gajewski, came up with the idea after struggling to access compute power for their own AI music startup. The company's early customers include research labs and other startups. [Extracted from the article]

Health AI startup Huma Therapeutics has raised $80 million in Series D financing, bringing its total funding to $300 million and valuing the company at nearly $1 billion. The funding includes investments from AstraZeneca, Bayer, Hitachi Ventures, and Hat Technology Fund. Huma uses generative AI to help developers build healthcare apps, cut costs, and comply with regulations. The company plans to use the funding to expand its platform and reach a wider global audience. [Extracted from the article]

Swedish startup Enerpoly AB is aiming to revolutionize the energy-storage industry by transforming alkaline batteries into an affordable option. The company has recruited former executives from Northvolt and acquired machinery from bankrupt company Nilar AB to aid in its production plans. Enerpoly's zinc-ion technology, which uses abundant and inexpensive materials, has the potential to significantly reduce battery costs and address a large portion of the market. The company plans to start production later this year or early 2025 and aims to serve as a blueprint for future gigafactory production. [Extracted from the article]

Standard Bots, an artificial intelligence robotics startup, has raised $63 million in funding, with a majority of the funding coming from a recent $39 million Series B round led by General Catalyst. Other investors include the Amazon Industrial Innovation Fund and Samsung Next. Standard Bots builds AI-powered robotic arms that automate tasks such as complex assembly and food preparation. The company is developing a transformer-based AI model to train the robots, allowing them to observe human demonstrations and learn from them. Standard Bots plans to produce its robots in the US and has doubled the size of its team in the past year. [Extracted from the article]

Standard Bots, an artificial intelligence robotics startup, has raised $63 million in funding, with a majority of the funding coming from a recent $39 million Series B round led by General Catalyst. Other investors include the Amazon Industrial Innovation Fund and Samsung Next. Standard Bots builds AI-powered robotic arms that automate tasks like assembly and food preparation. The company is developing a transformer-based AI model to train the robots, allowing them to observe human demonstrations and learn from them. Standard Bots plans to use the funding to ramp up research and development, production, and hiring, and intends to produce its robots in the US. [Extracted from the article]

SoftBank Group Corp. has acquired UK semiconductor startup Graphcore Ltd. in an effort to strengthen its investments in chips and artificial intelligence. Graphcore, which designed a new type of chip called an IPU for AI applications, struggled to gain customers despite its $2.8 billion valuation in 2020. SoftBank's acquisition of Graphcore follows its 2016 takeover of Arm Holdings Plc, another UK semiconductor company. The financial terms of the deal were not disclosed. [Extracted from the article]

Standard Bots, an artificial intelligence robotics startup, has raised $63 million in funding, with a majority of the funding coming from a recent $39 million Series B round led by General Catalyst. Other participants in the funding round include the Amazon Industrial Innovation Fund and Samsung Next. Standard Bots builds AI-powered robotic arms that automate tasks such as complex assembly, food preparation, and dishwashing. The company plans to use the funding to expand research and development, production, and hiring. They are also developing a transformer-based AI model to train the robots. The company intends to produce its robots in the US, with manufacturing facilities in Glen Cove and a new facility opening in Long Island in September. [Extracted from the article]

Headway, a mental health startup, is raising a new funding round that values the company at $2.3 billion, double its valuation from the previous year. The funding round, led by Spark Capital, brings in about $100 million for the company. Headway connects people with therapists and offers services such as looking up benefits and booking appointments. The startup, founded in 2019, expanded its services to all 50 states and works with over 25 insurance plans. The company's rapid valuation growth is notable in a challenging period for startups that are not focused on artificial intelligence. [Extracted from the article]

Fireworks AI, a two-year-old artificial intelligence startup, has achieved a valuation of $552 million in a funding round led by Sequoia Capital. Other investors in the round include Nvidia, Advanced Micro Devices, and MongoDB. Fireworks AI offers tools that make it easier for companies to adopt generative AI, providing access to over 100 models on its platform. The company helps businesses customize and fine-tune models to meet their specific needs, and its customers include DoorDash and Verizon. Fireworks AI plans to use the funding to expand its workforce and partnerships with other AI companies. [Extracted from the article]

SoftBank Group Corp. has acquired UK semiconductor startup Graphcore Ltd. in an effort to strengthen its investments in chips and artificial intelligence. Graphcore, based in Bristol, designed a new type of chip called an IPU for AI applications. Despite being valued at $2.8 billion in 2020, the company struggled to gain customers and brought in $2.7 million in sales on $204.6 million in losses in 2022. SoftBank's acquisition of Graphcore follows its 2016 takeover of Arm Holdings Plc, another UK semiconductor company. Former employees of Graphcore were informed that their shares were worthless prior to the acquisition. [Extracted from the article]

Helsing, a defense startup, has raised €450 million ($487 million) in venture capital funding to expand its presence in European nations bordering Russia. The company develops artificial intelligence software to enhance weapons capabilities and improve battlefield decisions. Helsing has been active in Ukraine since 2022 and is in talks with countries on NATO's eastern flank. The latest funding round values the company at €4.95 billion ($5.4 billion). Helsing aims to open outposts across the region and has committed to spending €70 million on Baltic defense projects over the next three years. [Extracted from the article]

Despite recent challenges faced by high-profile internet firms in India, such as Paytm and Byju's, venture capital investor Bejul Somaia of Lightspeed Venture Partners believes that India's startup economy still offers attractive investment opportunities. Paytm has been affected by a regulatory order that impacted its payments bank affiliate, while Byju's has faced corporate governance issues and legal challenges. However, Somaia highlights India's political stability, booming capital markets, and the central bank's management of interest rates and inflation as factors that make it an appealing destination for venture capital. Lightspeed has raised $500 million for its India and Southeast Asia fund and has invested in companies such as Zepto, Udaan, and Razorpay. The firm is also looking to capitalize on the growing demand for artificial intelligence infrastructure. [Extracted from the article]

Fireworks AI, a two-year-old artificial intelligence startup, has achieved a valuation of $552 million in a funding round led by Sequoia Capital. The company aims to make it easier for businesses to adopt generative AI by providing access to over 100 models through its platform. Fireworks AI does not build its own models, but instead helps companies customize existing models to meet their specific needs. The startup's customers include tech companies like DoorDash and Verizon. Fireworks AI plans to use the funding to expand its workforce and partnerships with AI companies. [Extracted from the article]

Helsing, a defense startup, has raised €450 million ($487 million) in venture capital funding to expand its presence in European nations bordering Russia. The company develops artificial intelligence software to enhance weapons capabilities and improve battlefield decisions. Helsing has been active in Ukraine since 2022 and is in talks with countries on NATO's eastern flank. The latest funding round values the company at €4.95 billion ($5.4 billion). Helsing aims to open outposts across the region and has committed to spending €70 million on Baltic defense projects over the next three years. [Extracted from the article]

Lilium NV, a flying taxi startup, is on the verge of finalizing a deal to sell 100 electric flying taxis to Saudi Arabia's state-owned airline. The agreement, which was arranged in late 2022, is expected to be announced at an upcoming event at Lilium's headquarters near Munich. The company's aircraft, featuring small ducted fans and two pairs of wings, is set to begin flying in 2026. Lilium's stock rose 2.7% following the news. [Extracted from the article]

French startup Bioptimus has released an artificial intelligence (AI) model called H-optimus-0, which has been trained on hundreds of millions of images to aid in disease research and diagnosis. The model is capable of identifying cancerous cells and detecting genetic abnormalities in tumors. Bioptimus aims to bring transparency to the field and accelerate advances by making the model open source. However, concerns about the use of AI in medical diagnosis persist, with a survey finding that 60% of patients would feel uncomfortable with their doctors relying on AI for healthcare. [Extracted from the article]

(Bloomberg) -- Germany saw a surge in startup companies compared with last year, with 15% increase recorded in the first half reported by the country's startup association. Software was key, with an unprecedented number of businesses created, accounting for a fifth of the total. That trend was driven by increased digitalization and use of artificial intelligence.©2024 Bloomberg L.P.By Marilen MartinReported by Author [Extracted from the article]

Venezuelan business mogul Ricardo Cisneros has signed a deal with Petróleos de Venezuela SA (PDVSA) to form a joint venture called Petrocabimas. The venture aims to increase oil production in the western Zulia state and is projected to quadruple current production to 50,000 barrels a day by 2026. This partnership comes as President Nicolás Maduro seeks to attract new partners to revive the country's oil industry and reduce debt. Cisneros, who chairs Cisneros Corporation, has a history of expanding his family's business empire and his son is involved in a Florida-based private equity fund that acquired stakes in a Venezuelan paint maker. [Extracted from the article]

The United Nations Development Programme, in collaboration with African governments and the private sector, plans to raise $1 billion to establish technology hubs across Africa. The first hub will open in Lagos, Nigeria, with additional hubs launching in Kigali, Rwanda; Accra, Ghana; and Lusaka, Zambia. These hubs aim to support over 10,000 youth-led tech firms and startups in various sectors, such as finance, agriculture, and healthcare. This initiative comes as a boost for African technology and startup firms, which experienced a decline in venture capital inflows in 2023. The hubs will be named "timbuktoo" after the renowned trade center in Mali, and the initiative has also established University Innovation Pods in 13 African cities to foster research and development. [Extracted from the article]

Hebbia, an AI startup, has raised $130 million in funding to develop its software that uses artificial intelligence to help businesses analyze and answer complex questions. The funding round was led by Andreessen Horowitz, with participation from Index Ventures, Google Ventures, and Peter Thiel. Hebbia's software analyzes various types of documents and data sources to provide more detailed and accurate responses to queries. The company's approach has attracted notable customers, including the US Air Force, and it plans to use the funding to conduct research and hire more software engineers. [Extracted from the article]

Suzuki Motor Corp. has launched a $40 million fund in India called Next Bharat Venture, aimed at investing in small rural businesses and improving its presence in the Indian market. The fund will focus on startups related to agriculture and microfinance, and will also provide training to rural entrepreneurs. Suzuki hopes that this initiative will help it reach a wider audience and create business opportunities in underserved areas. The fund will be led by Vipul Nath Jindal and operate out of three offices in Gujarat, Bangalore, and Hyderabad. [Extracted from the article]