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NALA Secures $40M to Revolutionize Payments Across Africa and Beyond

NALA Secures $40M to Revolutionize Payments Across Africa and Beyond

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UK-based fintech company NALA has successfully secured $40 million in Series A funding to further its mission of enhancing payment systems across Africa and extending its global reach. This recent round of investment brings NALA’s total funding to over $50 million, following a $10 million raise in 2022. The company’s vision is clear: to construct robust payment rails that facilitate seamless financial transactions into the African continent, thereby supporting both individual and business needs in an increasingly interconnected world.

NALA Secures $40M to Revolutionize Payments Across Africa and Beyond

Image Source: financialit.net

NALA’s consumer money transfer app stands as a testament to this vision, enabling users in Europe, the UK, and the US to send secure and reliable payments to 11 African countries within seconds. This functionality underscores NALA’s commitment to making day-to-day financial transactions and business operations more efficient and reliable across Africa. Additionally, NALA’s B2B platform, Rafiki, enhances this capability by offering lightning-fast payment solutions to both individuals and businesses on the continent, promoting smoother and quicker financial interactions globally.

Remarkable Growth and Future Ambitions

NALA’s impressive growth over the past year highlights its effective business model and the increasing demand for its services. The company reported a tenfold increase in revenue, achieved profitability, and maintained positive cash flow over the last 12 months. Additionally, the past 20 months have seen a staggering 34-fold increase in transaction volume, reflecting the rising trust and reliance on NALA’s financial solutions. The team has also expanded significantly, growing from just seven members to over 100, and now serves a customer base of 500,000.

The recent $40 million funding round, led by Lauren Kolodny of Acrew Capital, saw participation from existing investors like DST Global and Amplo, alongside new investors including Norrsken22, HOF Capital, and fintech founders such as Ryan King of Chime, Vlad Tenev of Robinhood, and the founder of Klarna. This influx of capital will be instrumental in accelerating NALA’s global ambitions, with a primary focus on expanding its consumer business beyond Africa to cater to the global migrant diaspora.

Also Read: Apple Watch X: The Most Wanted Features and Upgrades

As NALA continues to build community-powered financial solutions, the company is well-positioned to revolutionize payments in Africa and beyond, fostering greater financial inclusion and accessibility. This latest funding round not only signifies investor confidence in NALA’s vision but also marks a pivotal step towards achieving their goal of constructing the payment infrastructure for the Next Billion.

Apple Watch X: The Most Wanted Features and Upgrades

Apple Watch X: The Most Wanted Features and Upgrades

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Between the recently announced WatchOS 11 upgrade and the Apple Watch Series 9’s Double Tap functionality from last year, Apple’s smartwatch keeps taking minor but important steps forward. But the company may have big plans in store for this year’s Apple Watch, if a report from Bloomberg turns out to be accurate. Apple could break away from its typical naming convention and call its next smartwatch the Apple Watch X (read as 10) in honor of the device’s 10th anniversary, similar to the iPhone X, according to the report.

Anticipated Features and Design Overhaul

Apple Watch X: The Most Wanted Features and Upgrades

Image Source: macrumors.com

The so-called Apple Watch X, which may debut this year or in 2025, could reportedly have a thinner design, a new mechanism for attaching bands, a micro-LED screen, and blood pressure monitoring. The new watch may also be more power-efficient thanks to a new type of OLED display panel, according to Korean news outlet The Elec. There are plenty of ways Apple could improve its smartwatch. The company could turn its watch into an even smarter and more helpful health assistant with more artificial intelligence integration. Since Double Tap is relatively new, there’s a lot of opportunity for updates and optimizations that make it more convenient than actually tapping the screen. Changes like these could be particularly important as Apple faces fresh competition from Google’s Fitbit, which plans to launch new AI-powered features this year, and Samsung’s upcoming Galaxy Ring.

With WatchOS 11, Apple is starting to address some of the Apple Watch’s shortcomings by adding features long requested by users, such as the ability to customize activity goals by the day. The upcoming Vitals app in WatchOS 11 will show when certain health metrics measured overnight may be out of whack, indicating Apple’s focus on more personalized health tracking. 

More AI Integration and Customization

Future Apple Watches could indeed include more AI-powered health tools. Bloomberg reports that the tech giant is working on an AI-fueled coaching program that’ll provide Apple Watch wearers with tailored suggestions and advice. Apple also just announced a bunch of upgrades to Siri, so it wouldn’t be surprising to see more improvements to Apple’s virtual helper make their way to the watch, too. The rise of generative AI has opened up new possibilities for making data easier to understand by delivering answers in a more conversational way. 

Also Read: The Success Story of Google’s Eric Schmidt

Double Tap, a feature that allows users to interact with the watch by tapping their thumb and index finger together twice, is another area ripe for enhancement. While it currently lets users perform actions like scrolling through widgets or answering calls, more customization options could make it even more useful. For example, allowing users to choose whether Double Tap advances their widget stack or performs specific actions within apps could significantly enhance the user experience.

As Apple prepares for the next iteration of its smartwatch, the potential for innovation is immense. Whether through enhanced AI capabilities, new health features, or design improvements, the Apple Watch X could set a new standard in the smartwatch market, continuing Apple’s legacy of combining technology and style seamlessly.

Foxconn Invests $551 Million to Two New Projects in North Vietnam

Foxconn Invests $551 Million to Two New Projects in North Vietnam

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According to state media, Foxconn Singapore has been granted permission to invest $551 million in two projects aimed at producing smart entertainment items and smart system components in Quang Ninh, a region in northern Vietnam.

The New Ventures of Foxconn

Foxconn Invests $551 Million to Two New Projects in North Vietnam

Image Source: moneycontrol.com

The most prominent contract electronics manufacturer and assembler in the world, Foxconn, is still growing throughout the world. The Taiwanese behemoth has obtained a permit for a $263.7 million project to produce smart entertainment items with a yearly production rate of 4.18 million units through its unit Foxconn Singapore. Furthermore, a $287.2 million investment will support the 12.4-hectare site’s development of smart-system technology. The official start of production for both projects is scheduled for May 2027, with development expected to conclude by July 2026.

Vietnam Strategic Investments

Foxconn’s substantial investments throughout the years demonstrate the company’s dedication to Vietnam. The corporation has made more than $3.2 billion in investments since joining the nation in Southeast Asia in the 2000s. The northern regions of Bac Ninh and Bac Giang are home to the majority of its production facilities. Foxconn furthered its industrial diversification last year when it disclosed that it would invest $250 million in Quang Ninh to produce telecom and electric car parts.

Increasing Production Capabilities

In addition to the publicly disclosed projects, Foxconn has been given permission to invest $383 million in a factory that makes printed circuit boards.. This action is in line with Foxconn’s plan to diversify its sources of supply outside of China by making large investments in Vietnam as well as India.

Also Read: Danish Startup Kvantify Raises €10M to Integrate Quantum Computing with Life Sciences

In summary

Foxconn is attempting to diversify its production capacity and lessen its reliance on any one nation, as evidenced by its significant investments in Vietnam. An important step in Foxconn’s growth has been reached with the $551 million investment in smart entertainment items and smart system equipment in Quang Ninh. The company puts itself in a position to fulfill the rising demand for sophisticated electronics and intelligent systems throughout the world as it keeps looking for new prospects and improving its production capabilities.

 
Danish Startup Kvantify Raises €10M to Integrate Quantum Computing with Life Sciences

Danish Startup Kvantify Raises €10M to Integrate Quantum Computing with Life Sciences

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A €10 million seed funding round led by Danish venture capitalist Dreamcraft, biotech financier Lundbeckfonden BioCapital, alongside private investment firm 2degrees, has been shut down by Danish quantum software developer Kvantify. Other notable investors include Danish lead quantum VC 2xN, an international startup investor with a focus on certain industries, and EIFO, which is well-known for its investments in NIL Technology and EvodiaBio.

Usage of Funds

Danish Startup Kvantify Raises €10M to Integrate Quantum Computing with Life Sciences

Image Source: techfundingnews.com

With the help of this finance, Kvantify will be able to maintain its position as the industry leader in quantum computing while concentrating primarily on creating applications for the health sciences. The investment will hasten the development of novel approaches that use quantum computing to address challenging issues in the discovery of drugs and other fields. It will also encourage the advancement of quantum computing techniques for chemical simulations, increasing their industry-wide application.

The Company's Concept

In 2022, Nikolaj Zinner, Hans Henrik Knudsen, and Allan Grønlund launched Kvantify intending to enable enterprises without specialized skills to leverage the revolutionary power of HPC and quantum computing. Acknowledging the potential of new technologies to address intricate problems that go beyond the capability of traditional computers, they put together a team of highly skilled specialists in cloud computing, chemistry, mathematics, and physics to meet their challenging objectives.

What Operates the Business?

Kvantify uses high-performance computing and quantum technology to develop ground-breaking answers to challenging problems in science and industry. Its goal is to eventually make quantum computing technology broadly available and a useful tool for companies all around the world.

Investor Opinion

Quantum computing can provide accuracy and derisking to the early stages of drug development, enabling speedier speed to market, according to Jacob Falck Hansen, a partner at Lundbeckfonden BioCapital. We are thrilled to collaborate with Kvantify to bring medicine development and quantum computing together. Dreamcraft General Partner Carsten Salling continued, saying,

We are excited to work with Kvantify to bridge quantum computing and drug development.” Carsten Salling, General Partner at Dreamcraft, added, “We cannot wait to see how Kvantify will help solve today’s seemingly impossible problems.” Marco Stutz, Partner at Redstone, noted, “Kvantify’s interdisciplinary team and innovative approach are perfectly placed to bring tremendous value to commercial markets.”

techfundingnews.com

Also Read: MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

About Kvantify

Kvantify’s tactical emphasis on using quantum computing for the life sciences, a field where advances in computing can significantly enhance outcomes, shows great promise. It is well-positioned to make significant contributions thanks to its solid financial backing from reliable investors and a knowledgeable founding team. The startup’s goal to democratize complicated computing technology is in line with current movements toward making quantum computing more widely available and useful.

 
China Says US Targeting of AI Not Helpful for Healthy Development

China Says US Targeting of AI Not Helpful for Healthy Development

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China has expressed significant resistance to U.S. efforts that target investments in artificial intelligence (AI) within its territory, claiming that these moves could cause splits in the world and impede the advancement of AI technology. China’s U.N. Ambassador Fu Cong made this declaration on Monday in response to the U.N. General Assembly’s passage of a resolution that was written by China and intended to improve international cooperation on AI capacity-building.

US Draft AI Investment Regulations

China Says US Targeting of AI Not Helpful for Healthy Development

Image Source: foxnews.com

Citing possible risks to U.S. national security, the United States this month unveiled proposed regulations that would forbid or require notification of certain investments made in China in the fields of artificial intelligence and other technologies. 

These actions are part of a larger campaign to keep US knowledge from supporting China’s technological innovations and positioning it as a dominating player in international markets.

China's Resolute Reluctance

Ambassador Fu Cong stated their position is that these sanctions are not right. He underlined that American measures do not support the development of an inclusive and equitable economic climate and urged Washington to change course. According to Fu, the limitations would lead to inconsistent norms and regulations, which would fracture global governance in addition to impeding the development of AI technology.

Encouraging a Collaborative Enterprise Environment

The international community is urged to guarantee a just, transparent, inclusive, and non-discriminatory business environment throughout the lifecycle of AI systems, according to a recently adopted U.N. resolution that was drafted by China. 

In order to develop safe, secure, and reliable AI technology, international cooperation is essential, as this resolution emphasizes.

"We don't believe that the U.S. government's position or decision will be helpful to the healthy development of AI technology, and will, by extension, divide the world in terms of the standards and rules governing AI," Fu said, emphasizing the significance of international unity in AI governance.

reuters.com

Also Read: Biden Administration Invests $504 Million to Develop 12 Nationwide Tech Hubs

An Appeal for Reversal

In response to an executive order that President Joe Biden signed in August of last year, the U.S. Treasury Department published these proposed regulations. This executive order is part of a larger strategic effort to protect American technological leadership and stop vital knowledge from being transferred to China, which might increase its technological might.

China’s call for lifting the U.S. limits on AI investments underscores the need for a more coordinated and cooperative approach to the development and regulation of AI technology, even while the debate over these investments rages on. The result of this geopolitical struggle will probably influence how international AI governance develops in the future.

 
Biden Administration Invests $504 Million to Develop 12 Nationwide Tech Hubs

Biden Administration Invests $504 Million to Develop 12 Nationwide Tech Hubs

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The Biden administration announced on Tuesday a significant investment of $504 million in implementation grants aimed at bolstering a dozen technology hubs spread across Ohio, Montana, Nevada, Florida, and other locations. This move is part of a broader strategy to foster technological advancement across the United States, ensuring that innovation is not confined to a handful of metropolitan areas like San Francisco, Seattle, Boston, and New York City.

Biden Administration Invests $504 Million to Develop 12 Nationwide Tech Hubs

Image Source: wkbn.com

The funds will support groundbreaking work in quantum computing, biomanufacturing, lithium batteries, computer chips, personalized medicine, and other cutting-edge technologies. Commerce Secretary Gina Raimondo emphasized the untapped potential spread throughout the nation, stating, “The reality is there are smart people, great entrepreneurs, and leading-edge research institutions all across the country. We’re leaving so much potential on the table if we don’t give them the resources to compete and win in the tech sectors that will define the 21st century global economy.”

Strategic Allocation of Funds

The $504 million investment is sourced from the Commerce Department’s Economic Development Administration. This strategic allocation follows President Joe Biden’s October 2023 designation of 31 tech hubs, as part of an effort to distribute technological growth and opportunities more evenly across the country. Raimondo highlighted the administration’s commitment to securing additional funding to ensure all designated tech hubs receive the necessary resources to thrive.

Nationwide Technological Renaissance

This comprehensive funding initiative aims to decentralize technological innovation, enabling a more balanced and inclusive growth of the tech industry. By investing in diverse regions, the Biden administration seeks to tap into the vast reservoir of talent and potential existing across the country, fostering a robust and competitive technological ecosystem.

Also Read: Billionaire Xavier Niel Bids $4.1 Billion to Take Over Millicom

The $504 million grants represent a significant step towards a more equitable distribution of resources, positioning various regions to become leaders in the next wave of technological advancements. As these tech hubs develop, they are expected to drive economic growth, create jobs, and pave the way for the United States to maintain its leadership in global technological innovation.