Your Tech Story

start-up

Energy Startup GridBeyond Completes €52 Million Investment Round

Energy Startup GridBeyond Completes €52 Million Investment Round

Leave a Comment / start-up, Tech News, Tech Story / By

Aiming to accelerate the company’s expansion and funding for research and development, GridBeyond, a smart energy business specialising in intelligent energy along with smart grid platforms, wrapped up a €52 million Series C fundraising round successfully. As it is ready to expand abroad and deepen its commitment to a world without carbon emissions, GridBeyond has reached a major milestone with the investment round led by Klima and Alantra’s Energy Transition Fund.

Details of the Series C Financing Round

Energy Startup GridBeyond Completes €52 Million Investment Round

Image Source: tech.eu

Along with current investor Act Venture Capital, prominent financiers such as Energy Impact Partners, ABB, Mirova, Constellation, as well as Yokogawa Electric Corporation were drawn to GridBeyond’s €52 million ($55 million) Series C investment round. This significant investment demonstrates faith in GridBeyond’s cutting-edge artificial intelligence platform, which maximises energy resources that are distributed to guarantee energy affordability, durability, and long-term viability in a changing energy environment.

Advancement of Artificial Intelligence and Virtual Power Plants on a Grid

With this new funding, GridBeyond will be able to further develop its AI capabilities and firmly establish itself as the world pioneer in Grid Edge Virtual Power Plant (VPP) services. Through the usage of GridBeyond’s platform, stakeholders in the energy value chain may optimise energy consumption for cost-effectiveness and a lower carbon impact. These assets include utility-scale renewable energy sources, and power storage, including energy demand load.

International Growth and Industry Infiltration

Increasing the penetration levels of renewable energy, taking advantage of changing legislative conditions, and venturing into new foreign markets are among GridBeyond’s strategic priorities. The business wants to become a major player in the US market by helping local utilities and grid operators integrate low-carbon and flexible assets in the face of heat- and transportation-related electrification trends.

The vision of the CEO of GridBeyond

GridBeyond’s CEO and co-founder, Michael Phelan, showed excitement about the new financing and noted how it may help the firm grow its product line and solidify its position as a leader. To provide operational advantages through automation and energy asset optimisation, he underlined GridBeyond’s dedication to pushing the shift in global energy networks towards digitalization, decarbonisation, and decentralisation.

Strategic Benchmarks and Revenue Development

GridBeyond accomplished major goals in 2023, including hiring more people, purchasing Veritone Business Energy, and introducing new goods. Over the previous few years, the firm has seen strong revenue growth, averaging 70 percent yearly, and predictions for 2024 point to similar growth tendencies.

Also Read: WhatsApp Rolls Out Testing for New ‘Recently Active’ Contacts Feature

Investors' Assistance

The managing partner of Klima, Bastien Gambini, emphasised GridBeyond’s dominance in the VPP space and conveyed his enthusiasm for the company’s growth and service offerings that help clients achieve net-zero carbon targets.

With this latest fundraising round, GridBeyond is demonstrating its dedication to creating clean energy solutions and equipping stakeholders along the energy value chain to navigate the changing energy environment in the direction of a more efficient and cleaner future.

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

Leave a Comment / News, start-up, Tech News, Tech Story / By

Silicon Valley-based chip developer Rivos Inc. has successfully secured more than $250 million in funding, marking a significant milestone as it advances towards the launch of its inaugural product. This accomplishment highlights the burgeoning demand for innovative hardware solutions tailored to the burgeoning field of artificial intelligence (AI). The recent funding round was led by Matrix Capital Management, with notable contributions from prominent investors such as Intel Capital and Taiwan’s MediaTek Inc.

Targeting AI Market Dynamics

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

Image Source: datacenterdynamics.com

Rivos strategically positions itself to cater to AI users seeking alternatives to high-cost, high-power chips like those offered by industry giants such as Nvidia Corp. The company’s focus lies in serving customers engaged in data analytics and generative AI applications, capitalizing on the escalating popularity of AI-driven technologies, exemplified by advancements like ChatGPT.

Puneet Kumar, Rivos co-founder, and CEO emphasized the company’s approach, stating, “We can target potentially smaller installations where Nvidia might seem like an overkill from a cost perspective.” This strategy allows Rivos to offer competitive solutions that deliver optimal performance without the premium price tag.

Innovative Chip Design and Future Plans

Rivos adopts the open-standard RISC-V architecture, positioning itself in direct competition with Arm Holdings Plc. While specifics regarding chip structure, release timelines, and valuation remain undisclosed, the company’s vision includes piloting chip production using Taiwan Semiconductor Manufacturing Co.’s cutting-edge 3NE process technology, renowned for its advanced mass production capabilities.

The infusion of fresh capital will fuel Rivos’s endeavors, enabling it to accelerate chip development and deployment strategies. Collaborations with strategic partners such as VentureTech Alliance and existing investors like Walden Catalyst, Dell Technologies Capital, and Koch Disruptive Technologies underscore Rivos’s commitment to innovation and market penetration.

Industry Visionaries and Legal Challenges

Rivos’s journey is steered by industry luminaries like Lip-Bu Tan, the founding chairman, and early supporter. Tan’s extensive experience in chip design and successful ventures with tech giants like Amazon.com Inc., Qualcomm Inc., and Intel Corp. lends credibility to Rivos’s long-term potential, particularly in data analytics and generative AI domains.

Also Read: Fintech Unicorn Bunq Secures €29M to Fuel UK and US Expansion

The company’s path to success hasn’t been without hurdles, as evidenced by its legal tussle with Apple Inc. over alleged trade secret theft. However, a recent agreement between Rivos and Apple signals a resolution, clearing the path for the successful funding round and reinforcing Rivos’s trajectory in the competitive chip market.

As Rivos continues to innovate and navigate the dynamic AI landscape, its strategic alliances, visionary leadership, and technological prowess position it as a formidable player poised for significant contributions to the AI hardware ecosystem.

Spanish Data Startup Onum Secures $28M Funding to Growth US Expansion

Spanish Data Startup Onum Secures $28M Funding to Growth US Expansion

Leave a Comment / start-up, Story, Tech News, Tech Story / By

Spanish cloud analytics and security platform Onum has successfully raised a significant $28 million in a Series A funding round led by European B2B software investor Dawn Capital. This investment marks a crucial milestone for Onum as it sets its sights on expanding into the lucrative US market.

Accelerating Growth and Innovation

Spanish Data Startup Onum Secures $28M Funding to Growth US Expansion

Image Source: techfundingnews.com

Founded in 2023 by Pedro Castillo, Lucas Varela, and Pedro Tortosa, Onum is the brainchild of industry veterans with a proven track record in cloud analytics and security. Pedro Castillo, also the founder of Devo, a cloud analytics and security platform valued at over $2 billion, brings a wealth of experience and vision to Onum. The core mission of Onum is to empower companies with complete control over their data, enabling real-time observation, orchestration, and cost optimization.

With the fresh infusion of capital, Onum plans to strategically deploy resources towards hiring top-tier talent for teams in Spain and the US. This move aims to bolster product development efforts, ensuring that Onum remains at the forefront of innovation in the rapidly evolving data management landscape. Furthermore, the funding will be instrumental in fueling the company’s ambitious expansion plans, particularly in penetrating and establishing a strong presence in the competitive US market.

Revolutionizing Data Management with AI

Onum’s platform offers a smart and comprehensive data solution that enables businesses to uncover and utilize valuable data in real-time. By leveraging AI-driven insights, Onum assists companies in identifying critical data that drives business impact, cybersecurity, network performance, and infrastructure management. This approach not only optimizes data utilization but also contributes to significant cost savings by eliminating unnecessary data storage and analysis expenses.

Also Read: Biden Administration Invests $6.6 Billion to Boost Domestic Production of Advanced Microchips

The enthusiasm surrounding Onum’s potential is echoed by key stakeholders involved in the funding round. Henry Mason, Partner at Dawn Capital, expresses excitement about supporting Pedro and his team, citing Onum’s ability to unlock real-time data value and bring order to data storage and infrastructure challenges. Aquilino Peña, Partner at Kibo Ventures, emphasizes Onum’s rapid product-market fit and its pivotal role in shaping the future of data management. Similarly, Josh Zelman, Principal at Insight Partners, highlights Pedro Castillo’s track record and Onum’s potential for exponential growth in transforming the data landscape.

In conclusion, Onum’s successful funding round underscores its position as a trailblazer in real-time data observability and orchestration. With a clear vision, experienced leadership, and robust financial backing, Onum is poised to make significant strides in reshaping how companies harness and derive value from their data assets on a global scale.

Ukrainian Brothers Win £15M to Revolutionize the Central and Eastern Europe Startup Landscape

Ukrainian Brothers Win £15M to Revolutionize the Central and Eastern Europe Startup Landscape

Leave a Comment / News, start-up, Tech News, Tech Story / By

In a move that signals resilience and optimism amid challenging times, Ukrainian brothers Denis and Viktor Gursky have successfully secured £15 million in funding for their venture capital firm, 1991 Ventures. The funding, supported by UK investors Venrex and Samos Investments, is poised to inject vitality into the tech startup ecosystem not only in Ukraine but across Central Eastern Europe (CEE).

Empowering Tech Startups Amidst Adversity

Ukrainian Brothers Win £15M to Revolutionize the Central and Eastern Europe Startup Landscape

Image Source: tech.eu

Despite the ongoing conflict in Ukraine, the Gursky brothers remain committed to driving innovation and economic growth in the region. Their latest venture, 1991 Ventures, is focused on empowering mission-driven tech startups that have the potential to make a significant impact on the industry and society at large.

Denis and Viktor Gursky bring a wealth of experience and expertise to the table. They have been actively involved in fostering innovation through initiatives such as SocialBoost and the 1991 Accelerator, which have collectively nurtured over 200 startups since their inception in 2016.

A Strategic Investment for Growth

The £15 million funding secured by 1991 Ventures will be strategically deployed to invest in more than 40 promising companies in Ukraine and the broader CEE region. Beyond financial support, the fund aims to provide mentorship, valuable connections, and essential resources that are crucial for startups to scale and succeed in a competitive market landscape.

Speaking about the funding, Denis Gursky emphasized the importance of supporting entrepreneurs during challenging times. He stated, “Despite the geopolitical challenges we face, there is immense talent and potential in Ukraine and CEE. We believe that by investing in innovative startups and providing them with the necessary support, we can contribute to building a thriving tech ecosystem in the region.”

Beacon of Hope for Tech Innovation

The investment from Venrex and Samos Investments underscores confidence in the vision and capabilities of 1991 Ventures. It also serves as a testament to the resilience and determination of entrepreneurs like Denis and Viktor Gursky, who continue to drive positive change despite external uncertainties.

Also Read: Apple’s Worldwide Developers Conference Scheduled for June 10, 2024

As the tech startup scene in Ukraine and CEE receives a significant boost, stakeholders are optimistic about the potential for groundbreaking innovations and impactful solutions to emerge. The collaboration between investors and visionaries like the Gursky brothers sets a promising precedent for the future of tech entrepreneurship in the region.

With a strong foundation, strategic investment, and unwavering commitment to fostering innovation, 1991 Ventures is poised to play a pivotal role in shaping the next generation of tech startups and propelling economic growth in Ukraine and CEE.

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding: Story of Mews

Leave a Comment / start-up, Story, Tech Story / By

With a $1.2 billion valuation, Mews, an Amsterdam-based cloud platform for hospitality, just completed a $110 million investment round, making it a unicorn. Even while the money will be crucial in helping Mews pursue strategic acquisitions, R&D projects, and worldwide expansion, this amazing accomplishment wasn’t achieved overnight but rather as a result of several important things coming together.

Addressing an Important Industrial Necessity

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

Image Source: techfundingnews.com

The narrative of Mews starts in 2012 with Richard Valtr, a former hotelier who saw directly the drawbacks of the sector’s reliance on antiquated, on-premise technology. He saw the need for a cloud-based platform to improve visitor experiences, expedite processes, and open new avenues. Hoteliers grappling with antiquated systems that were cumbersome, costly, and incapable of meeting the changing needs of the digital era found great resonance in this concept.

Establishing a Solid Foundation and Fostering Trust

Setting out on his aim, Valtr brought together a group of driven people to create Mews, a full-featured cloud platform for hospitality. A range of functions, including property management systems, booking engines, tools for processing payments, and connectors with different hospitality apps, were provided by the platform. Mews solved several issues that hoteliers were experiencing by offering a centralised, user-friendly platform. 

Lower Operating Costs

Cloud-based solutions provided a more affordable option by doing away with the requirement for pricey hardware and software licensing.

Enhanced productivity: Employees were able to concentrate on providing outstanding guest care because of the time and resources saved by automated procedures and streamlined workflows. Improved visitor experiences Mews gave hotel operators the ability to customise visitor experiences, provide self-service choices, and meet changing client needs.

An approach focused on expansion and creativity

Mews understood that success required both innovation and growth. The business concentrated on a few crucial strategies:

Organic Growth

Mews’ strong platform and gratifying client feedback spurred organic growth as happy hoteliers told others about the platform. Mews made eight major acquisitions in the hotel industry, including Frontdesk Anywhere, Hotello, and Nomi. Through these purchases, they were able to increase the size of their client base while also integrating new features and technologies, which enhanced the potential of their platform.

Globalisation

Mews deliberately extended its reach outside of Amsterdam, serving a broader spectrum of clients and positioning itself as a major player on the world stage after realising the possibilities of other markets.

Continuous Innovation

Mews places a high priority on R&D, often adding new features and functions to its platform. Mews’ dedication to innovation guarantees its position at the forefront of the hospitality technology industry.

Fostering Confidence and Drawing in Investors

Mews’ remarkable development trajectory, innovative spirit, and devotion to solving important industry challenges were duly noted. Important investors like Kinnevik and Goldman Sachs came to believe in the firm. These investments gave Mews the money it needed to keep growing, go worldwide, and carry on with its mission to transform the hospitality sector.

Also Read: Who is JTA the lead investor in the $231 million funding round?

Conclusion

Mews’ experience teaches prospective business owners important lessons.

  • Determine a vital need: Speak to a genuine issue that your intended audience is facing.

  • Create a convincing remedy: Provide a novel product or service that successfully addresses the defined demand. 

  • Concentrate on expansion: Create plans for both inorganic and organic development to increase your clientele and market penetration.

  • Accept innovation: To stay ahead of the curve, keep coming up with new ideas and ways to better your goods or services.

  • Establish alliances and trust: Build trust with clients and business associates to get the assistance and assets required for success.

Mews’s ascent to unicorn status is a result of its remarkable development trajectory, strategic collaborations and acquisitions, dedication to innovation and expansion, concentration on meeting a pressing industry need, and investor trust. Mews is in a good position to continue leading and influencing the direction of the hotel industry as it develops.

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

Leave a Comment / Health, start-up, Story, Tech Story / By

Elektra Health, a groundbreaking digital health startup catering to women navigating menopause, has announced a significant milestone in its journey. The company revealed on Wednesday that it has secured $3.3 million in extended seed funding, a testament to its commitment to improving menopause care. This latest influx of capital is poised to propel Elektra Health towards its mission of expanding access to high-quality menopause care for women across the United States.

Bridging the Gap in Women's Health

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

Image Source: techcrunch.com

Founded in 2019 and headquartered in New York City, Elektra Health has emerged as a beacon of hope for women grappling with the challenges of menopause. The company’s innovative approach encompasses virtual clinical care, personalized wellness plans, educational resources, and robust community support. Elektra Health’s services transcend geographical boundaries, with operations spanning New York, Connecticut, Florida, and soon Massachusetts and Pennsylvania. Moreover, the company collaborates with health plans, employers, and individual consumers to ensure accessibility and affordability.

Jannine Versi, co-founder and COO of Elektra Health, underscored the pressing need for comprehensive menopause care, stating, “The healthcare system today privileges the reproductive window and really anything related to family building and maternal health. … I fully agree that we need much better care and support for the maternal health journey, but it should not come at the exclusion of how we care for women so that they can live in good health and have good quality outcomes for those years that follow that menopause transition.”

Strategic Funding Partnerships

The $3.3 million funding round was spearheaded by UPMC Enterprises, the venture capital arm of UPMC, with notable participation from Wavemaker 360, Flare Capital Partners, and Seven Seven Six Fund. Kathryn Heffernan, senior director of strategic product management at UPMC Enterprises, emphasized the alignment between Elektra Health’s vision and UPMC’s commitment to advancing women’s health. Heffernan stated, “Elektra proved to have all the elements UPMC values in this space: evidence-based education and care that prioritizes women’s health needs and drives outcomes.”

Also Read: Alibaba Unveils Big Cloud Price Cuts as AI Rivalry Deepens

With a total funding of $7.6 million, Elektra Health is poised for substantial growth. Co-founder Jannine Versi outlined the company’s strategic focus, which includes forging partnerships with additional payers, expanding its geographic footprint, and bolstering its team. This strategic approach underscores Elektra Health’s unwavering dedication to bridging the gap in menopause care and empowering women to navigate this transformative life stage with confidence and dignity.

As menopause care gains traction in the healthcare landscape, Elektra Health stands at the forefront of innovation, poised to revolutionize women’s health and redefine the standards of care for generations to come. With increasing recognition of the diverse needs within women’s health, Elektra Health’s funding milestone signals a pivotal moment in the journey towards equitable and inclusive healthcare solutions.