Your Tech Story

funding

WATTALPS Secures €11M Funding to Make High-Performance Li-ion Batteries More Affordable

WATTALPS Secures €11M Funding to Make High-Performance Li-ion Batteries More Affordable

Leave a Comment / News, Tech News / By

Leading the way in the development of lithium-ion battery technology, WATTALPS has raised €11 million to further its goal of lowering the cost and increasing the accessibility of high-performance batteries. Together with current investors like EIT InnoEnergy, Eximium, as well as the EIC Fund, this large fundraising round, supported by leading European venture capital firms which includes France’s Supernova Invest, the Dutch Move Energy, as well as Ring Capital, will further the company’s aggressive expansion plan.

Increasing Production and Product Offering

WATTALPS Secures €11M Funding to Make High-Performance Li-ion Batteries More Affordable

Image Source: wattalps.com

With the infusion of finance, WATTALPS will be able to raise its production capacity from the existing 2,000 batteries per year at its Moirans site close to Grenoble by eight times. In five years, the company hopes to exceed a one hundred million euro turnover. This expansion will support WATTALPS’s current line of modular, extremely efficient batteries, which uses cutting-edge immersing cooling systems to improve performance, durability, as well as reliability.

Microsoft's Reaction

In addition to increasing production volumes, WATTALPS wishes to expand its product range to better meet the needs of a diversified clientele and to develop in new markets outside Europe.
The organization’s unique cooling architecture considerably improves thermal management and allows faster charging, greater power delivery, and wider temperature flexibility for demanding applications in heavy-duty along with, off-road machinery.

Optimising Market Expansion

The off-road as well as heavy electrical equipment industry is expanding rapidly. It has been estimated that in 2023, the off-road vehicle segment will account for 5.8 million vehicle sales. WATTALPS’ revenue is expected to increase more than three-fold by 2024 and more than five-fold by 2023.

WATTALPS is well-positioned to capitalize on the increasing momentum of the electrification drive.

Also Read: Apple Confirms iPhone 16 Event Date: What to Expect

Future Prospects and Development

WATTALPS plans to expand to even larger premises and employ 40 additional people over the next 18 months. By 2028, the company hopes to have more than 100 employees and contribute to both the economic and industrial growth of the Auvergne-Rhône-Alpes region. Chief Executive Officer Mathieu Desbois-Renaudin positions WATTALPS as a pioneer in the battery technology sector by highlighting the business’s dedication to providing premium, safe batteries and exceptional customer service.

 
Health AI Startup Huma gets $80 Million at near-$1 Billion Valuation

Health AI Innovator Huma Secures $80 Million, Nearing $1 Billion Valuation

Leave a Comment / Health, News, Tech News / By

Huma Therapeutics Ltd., a London-headquartered health AI startup, has successfully raised $80 million in a Series D financing round, pushing its valuation close to the $1 billion mark. This funding round features investments from prominent players such as AstraZeneca Plc, Bayer AG, Hitachi Ventures, and Italy’s Hat Technology Fund.

Impressive Growth and Vision

Health AI Startup Huma gets $80 Million at near-$1 Billion Valuation

Image Source: forbes.com

Huma Therapeutics Ltd. has made significant strides in the health AI sector, doubling its annual revenue to $40 million in 2023 and setting its sights on profitability by the end of the year. The startup, which has now raised a total of $300 million, aims to democratize access to digital health, according to Chief Executive Officer Dan Vahdat. In a video interview, Vahdat likened Huma’s vision to that of Shopify for digital health, emphasizing the company’s goal of enabling both large and small users to benefit from its platform.

“Huma is Shopify, but for digital health,” Vahdat said. “We want to democratize access to users big and small.”

Huma’s platform leverages generative AI to assist developers in reducing costs, accelerating development, and ensuring compliance with global regulations when building health-care applications. The platform’s capabilities extend to configuring disease management tools for patients with conditions such as asthma, diabetes, and cancer. Hospitals and clinics can also utilize Huma’s generative AI services to minimize administrative tasks and reduce the staffing needed for monitoring patients with chronic diseases.

Expanding Global Reach

With the new funding, Huma plans to further develop its platform and expand its global presence. Currently, Huma’s technology is employed by 3,000 hospitals and clinics, and the platform boasts 1.8 million active users across more than 70 countries. The company has established collaborations with half of the world’s top 20 drugmakers, showcasing the platform’s utility in managing various health conditions. For instance, a product developed for asthma management has garnered 140,000 users in the US within a year.

The healthcare AI landscape is rapidly evolving, with a growing number of providers turning to artificial intelligence to streamline costs and improve healthcare delivery times. Other notable players in the sector include K Health, which raised $50 million for its chatbot service that pre-screens patients before they consult with primary care physicians. Additionally, non-invasive blood-testing company Karius Inc. and medical-image sharing firm PocketHealth Inc. have also secured financing this year.

Also Read: Huawei Invests $1.4 Billion in Shanghai Center Amid Intensifying Chip Wars

As Huma continues to expand its footprint and innovate within the health AI domain, its recent funding success marks a significant milestone in its journey towards revolutionizing digital health.

Accel Launches $650 Million Fund to Support European and Israeli Tech Startups

Accel Launches $650 Million Fund to Support European and Israeli Tech Startups

Leave a Comment / News, Tech News / By

Accel, a venture capital firm, announced on Tuesday the opening of a $650 million fund intended to assist early-stage companies in Israel and Europe. This action highlights Accel’s ongoing dedication to promoting innovation in these areas, where the startup investment scene is dominated by early-stage rounds.

Accel's Dedication to Israeli and European Startups

Accel Launches $650 Million Fund to Support European and Israeli Tech Startups

Image Source: communicationstoday.co.in

Accel has invested in more than 200 firms since opening its London office in 2000, becoming a prominent force in the European startup scene. This new $650 million fund—the ninth of its kind—will help startups all the way up to Series A. This fund is the same size as Accel’s most recent U.S. early-stage fund, demonstrating the company’s faith in the Israeli and European markets.

Prioritise High-Growth Industries

Accel’s general partner Harry Nelis emphasised how the European tech landscape has changed in the last 25 years. Investments currently being made include AI video startup Synthesia, care home marketplace Lottie, and cybersecurity companies Cyera and Oasis. Accel’s investment approach will persist in emphasising industries that tackle urgent problems, like artificial intelligence (AI), smart commerce, and cybersecurity.

Market Patterns and Indices of Recovery

With €16.3 billion invested in the first quarter of this year, up from €13.7 billion in the same period last 2023, venture investing in Europe appears to be rebounding. Even though these numbers are less than the peak years of 2021 and 2022, a recalibrating of the industry could result in growth that is more sustainable. The capacity to raise significant capital in this setting points to a promising future for innovation investments.

Notable Contributions and Effects

Supercell and Spotify are only two examples of the prosperous European firms that Accel has previously supported. This latest fund from the corporation is intended to support comparable high-potential businesses. According to a research published by Accel last year, 1,451 new firms were formed by workers of 248 venture-funded unicorns in Europe and Israel, demonstrating a flourishing ecosystem.

Emerging Markets: Prospects for the Future

Nelis highlighted up-and-coming digital hotspots like Romania and Lithuania, where businesses like Vinted and UiPath are making big progress. Accel intends to use its new fund to invest in 25–30 businesses, demonstrating a wide-ranging hunt for creative startups in many regions.

Also Read: Uber to Acquire Delivery Hero’s Foodpanda Business in Taiwan for $950 Million

Concentration on AI

Despite the increased excitement surrounding AI, Accel plans to continue taking a balanced approach and concentrate on useful and significant AI applications. Nelis thinks that by utilising the knowledge of significant hubs like Facebook AI Research in Paris and DeepMind in London, Europe is well-positioned to succeed in AI application companies.

In summary, With its latest $650 million fund, Accel is making a sizable bet on the prospects of Israeli and European firms. Accel wants to empower the next generation of tech innovators by focusing on early-stage startups in high-growth sectors. This approach reaffirms Accel’s commitment to helping ambitious founders and advancing technological improvements in these areas.

Refreshworks Raises €750K to Accelerate AI in Dutch Businesses

Refreshworks Raises €750K to Accelerate AI in Dutch Businesses

Leave a Comment / Artificial Intellegence, News, Tech News / By

In a bid to accelerate AI-driven transformations within Dutch businesses, Refreshworks, a prominent player in AI consultancy and solutions, has successfully raised €750K in funding. This investment round witnessed the participation of eleven angel investors specializing in technology, compliance, safety, and consultancy domains.

Empowering Dutch Businesses with AI

Since its inception in 2016 by Diederik Klever and Ebel Slijp, Refreshworks has been at the forefront of empowering Dutch enterprises with AI-driven solutions. The company’s core focus lies in offering consultancy services, developing AI solutions, and ensuring the seamless integration of AI technologies within clients’ organizational frameworks.

Refreshworks Raises €750K to Accelerate AI in Dutch Businesses

Image Source: crunchbase.com

Refreshworks employs a meticulous approach to AI implementation, starting with comprehensive business scans to assess potential impacts. Subsequently, tailored strategies, roadmaps, and implementation plans are devised. The company further deploys skilled interim teams comprising AI architects and engineers to provide ongoing support and facilitate a smooth transition for clients.

Recognitions and Impact

Last year, Refreshworks received the prestigious FD Gazelle Award, solidifying its position as one of the fastest-growing companies in the Netherlands. The company boasts a robust portfolio, having partnered with over 250 entities including renowned names like AkzoNobel, Brunel, and Girav. Through its technological interventions, Refreshworks has generated a remarkable €120 million in business impact.

Simon Neefjes, the founder of TBWA\NEBOKO and soon-to-be shareholder of Refreshworks, emphasized the pivotal role of AI in sustaining business competitiveness. Neefjes highlighted Refreshworks’ prowess in not only introducing companies to AI but also ensuring comprehensive tool implementation for long-term success.

Also Read: SoftBank’s Arm Plans to Launch AI Chips Next Year Amid Huge Global Demand

Ebel Slijp, Managing Partner at Refreshworks, expressed enthusiasm regarding the broader integration of AI across Dutch businesses. Slijp emphasized AI’s significance in fostering growth, innovation, and ultimately, maintaining the Dutch economy’s global relevance. The company’s mission to position the Netherlands as an AI market leader has garnered substantial support from clients and investors alike.

With the newly secured funding, Refreshworks is poised to further propel AI-driven transformations, enabling Dutch businesses to leverage cutting-edge technologies and spearhead the 4th industrial revolution.

Scan.com

Scan.com raises $12m for US and UK expansion

Leave a Comment / News, Tech News / By

An ineffective public medical system has provided an ideal environment for health IT businesses to thrive, tackling issues like shortages of staff and enhancing radiologists’ software infrastructure. One such business is Scan.com, a healthcare imaging firm with offices in London that links patients with facilities for MRI, ultrasound, CT scans & X-ray scans.

Scan.com
Image Source: techcrunch.com

As it seeks to improve on its latest U.S. debut, the firm today revealed that it has raised twelve million dollars in an initial round of funding.

Also Read: Google TV now has over 800 ad-supported free channels

The issue, stated by Scan.com, lies in the fact that regardless of whether a patient can schedule an initial visit with a doctor, the referral procedure that follows to obtain the necessary scan can take months to complete, and they may then endure waiting even longer for the results to arrive.

Scan.com is collaborating with numerous scanning facilities to provide users with convenient reports that are complete with clickable graphics and are provided within a week. This allows people to get healthcare imaging services regardless of a general practitioner’s referral.

By paying in advance to guarantee their scan, members of Scan.com’s digital referral program are then scheduled for a virtual meeting with a doctor within forty-eight hours.

If a scan reveals a critical issue, the patient is placed in Scan.com’s urgent findings pathway, during which a clinical team gets in touch with them to talk about the findings and provide advice to determine what to do next.

“Our clinical team offers consultations and guidance to all patients once they’ve booked, which is a core part of the service we offer,” Scan.com CEO Charlie Bullock explained to TechCrunch. “Their time is included in our scan pricing, which is why we take payment at the point of booking. During the consultation, the clinician can amend the scan type, add or amend body parts, and ensure the scan is both safe and medically justified for the patient’s needs.”

Khalid Latief & Jasper Nissim, two doctors who organized testing for the patients they treated, launched Scan.com about five years ago after growing frustrated with the inefficiencies in the process. Scan.com debuted its service in the United States two months back, and as of now, it has about 30 staff working in both the UK as well as the US.

Also Read: South Korea fines Google $32 million for squeezing out rival

With an additional 12 million USD in cash on hand, Scan.com is well-positioned to keep up its U.S. broadening and expanding the scope of its offerings to include things like DEXA scans, echocardiograms, as well as mammograms. The company is also well-funded to pursue business contracts with companies that offer digital health services, staff benefits platforms, and other trade associations.

“Medical imaging covers such a variety of modalities that our focus is to launch as many of these as we can,” Bullock said. “Alongside scans, we also want to design pathways to add value for our patients, such as guided injections for pain relief, or adding in-vitro testing and pathology solutions to our preventative screenings to make them more comprehensive.”

Elron Electronic

Elron Electronic, A Well-Known Name In The Israeli Venture Capital Industry.

Leave a Comment / Story, Tech Story / By

Since 1962, Elron Electronic has been a well-known name in the Israeli venture capital industry. The company’s primary focus is initial investing, using knowledge across numerous sectors and significant strategic alliances to provide funding and support to potential Israeli digital startups, assisting them in realising their ambition to become great global leaders.

About The Company

Elron Electronic is a Tel Aviv-based Israeli technology holding firm that has been engaged in creating, financing, and developing more than 30 companies since its founding in 1962. It is regarded as one of the cornerstones of Israel’s high-tech sector. The company is active in various industries like medical technology, clean technology, information technology, semiconductors, and telecommunications. The businesses under Elron now have annual revenue of almost $5 billion. The company is headquartered in Haifa, Israel.

History

With the assistance of Dan Tolkowsky of the Discount Investment Corporation, Uzia Galil launched Elron in 1962. Shimon Peres, a defense minister at the time, visited Elron in 1966, and Uzia persuaded him to find a new business that would create minicomputers for defense uses. Initially known as Elbit Computers, the new business was a partnership between Elron Electronic and the Israeli Ministry of Defense (each holding 50 percent of the company). In 1967, the business unveiled the Elbit-100 minicomputer as its first product. Over the years, the business has evolved to become Elbit Systems, a global defense electronics company. Avraham Suhami, a brilliant engineer who had just received his Ph.D. from the Technion, was persuaded by Uzia to work with him in 1969 to launch a new business called Elscint that would concentrate on the innovation of scientific and medical solutions. The company produced MRI and CT scanners, among other pieces of medical imaging technology. Elscint was the first Israeli business to launch an IPO on NASDAQ in 1972. Elscint’s earnings increased to $311 million by 1996.

Current Holdings

Elron commemorated its 50th anniversary in 2012 and made the announcement that the company would only be investing in medical devices going forward. As of 2013, it held stakes in seven businesses operating in this sector, including Brainsgate, Given Imaging, and Pocared.

Elron Electronic
Image source: www.technion.ac.il

Founder – Uzia Galil

After a brief stint of working with Motorola in the US, Uzia Galil was introduced to the technology sector and decided to launch Israel’s debut high-tech startup firm. He founded the business in a buddy’s (Benjamin Sandller’s) apartment in Haifa while he was still in the Navy. The company’s initial offerings were measurement devices for use in electrical and medical applications. Uzia left the Navy in 1958, but the business failed to make enough money, so he took a job at the Technion’s physics lab. It was then that Dan Tolkowsky was introduced to Uzia. Dan, who found Uzia’s theories fascinating, persuaded the management of Discount Investment Corporation to provide funding for the business. Elron officially began operations in 1962 with a valuation of $160,000 and achieved $1 million in annual revenue within three years.

CEO – Ari Bronshtein

After acting as co-CEO of Elron from May 2009, Mr. Bronshtein has been the company’s CEO since June 2010. In the past, he was also the director of Elron. He provides a wealth of experience in company growth, financial management, and managing technological enterprises. He has held a number of executive positions at Bezeq, Comverse, and Tadiran. He currently holds directorships in Cellcom Israel, as well as other businesses belonging to the Elron and IDB groups. Mr. Bronshtein graduated from Tel Aviv University with a BA in Finance and Management and a Master in Finance & Accounting.