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Energy Startup GridBeyond Completes €52 Million Investment Round

Energy Startup GridBeyond Completes €52 Million Investment Round

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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.

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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

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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

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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.

Fluid Topics Leads with €15M for Revolutionary GenAI Customer Service

Fluid Topics Leads with €15M for Revolutionary GenAI Customer Service

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The €15 million Series B fundraising round led by Kennet Partners has been completed, marking a key milestone for Fluid Topics, a leading digital platform that specialises in automated customer care. This significant investment demonstrates Fluid Topics’ dedication to using cutting-edge technology—in particular, Generative AI—to improve user experiences and transform customer support procedures.

Unveiling the Platform for Fluid Topics

Fluid Topics Leads with €15M for Revolutionary GenAI Customer Service

Image Source: fluidtopics.com

The Software-as-a-Service (SaaS) platform from Fluid Topics is a revolution in data management as it combines technical documentation, databases, and promotional materials in a fluid manner to provide customers with extensive product information. With the use of the platform’s advanced algorithms and Generative artificial intelligence (AI) tools, organisations can offer efficient and customised support to a large number of users by providing customised information in response to their requests.

Generative AI's Potential in Customer Support

The platform of Fluid Topics relies heavily on generative AI, which makes it possible for sophisticated natural language processing technologies to contextualise user queries and provide accurate answers instantly. With the help of this revolutionary technology, Fluid Topics is able to provide users with personalised results that cater to their individual requirements and interests, going beyond the limitations of standard keyword-based searches. The Fluid Topics platform adapts over time to maximise effectiveness and user happiness by continually learning from user interactions.

Plans for Growth and Market Capability

Fluid Topics is well-positioned to boost its expansion ambitions, especially in the profitable American market, where it presently conducts 60% of its business, following its successful conclusion of the Series B fundraising round. The funding will help Fluid Topics build a committed staff in the US, enhancing its capacity to assist US clients and create valuable alliances.

Collaborating with Kennet Partners

The worldwide presence of growth equity partner Kennet Partners will greatly aid Fluid Topics’ growth trajectory and market expansion. Kennet Partners, which has workplaces in California and London, offers a strategic network and in-depth knowledge that can help Fluid Topics expand into the US and other markets.

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Persistent Innovation and Guidance

Fluid Topics continues to be steadfast in its dedication to innovation and customer-focused solutions. The company’s leadership in utilising cutting-edge technology to produce corporate value and customer happiness is demonstrated by its success in utilising Generative AI to improve knowledge management and customer assistance.

In summary, Fueled by a recent Series B fundraising round, Fluid Topics is well-positioned to change the future of digital customer support as it enters its next chapter of development and expansion. Fluid Topics, bolstered by Kennet Partners and a solid foundation in Generative AI-driven options, is well-positioned to spearhead the revolution in customer support process transformation and provide unmatched value to organisations globally.

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

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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.

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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.

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

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Borderless AI, a disruptive AI-powered startup in the Employer of Record (EOR) sector, has announced a significant milestone today by securing $27 million in seed funding. This funding will fuel the company’s mission to leverage generative AI for automating and expediting the onboarding, management, and payment processes for international team members, revolutionizing the global HR landscape. The investment was led by Susquehanna and Aglaé Ventures, with participation from other institutional investors.

Disrupting Traditional Norms

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

Image Source: forbes.com

Borderless AI’s innovative AI agent, Alberni, is set to revolutionize how companies approach global hiring. Unlike the conventional 7-10 business days required for onboarding in multiple countries, Alberni can navigate complex processes in any country within a mere 10 minutes. This breakthrough slashes through compliance, payment, tax law, and onboarding hurdles, empowering businesses to operate seamlessly across borders.

Industry Leaders and Visionaries

Founded by serial entrepreneur Willson Cross and Lyft’s founding investor Sean Aggarwal, Borderless AI’s strategic vision aligns with the evolving landscape of vertical-specific AI solutions. With companies like Harvey and Sierra paving the way in other sectors, Borderless AI introduces AI agents to HR, envisioning them as commonplace tools akin to websites and mobile apps in previous decades.

“AI agents are the future of HR, streamlining complexities like payroll setup, time-off requests, and employment agreements,” stated Willson Cross, Co-founder, and CEO of Borderless AI. “Our platform, powered by conversational AI and available in 170 languages, ensures geographic expansion and successful business operations globally.”

Transforming Global Workforces

Alberni’s capabilities extend beyond basic onboarding tasks; it can tackle intricate employment law, finance, and tax queries, catering to the demands of distributed global workforces. This transformative technology not only accelerates hiring but also enhances compliance, cost-efficiency, and scalability for businesses of all sizes and industries.

“Our mission is to democratize access to global job opportunities, empowering talented individuals worldwide,” expressed Sean Aggarwal, Executive Chairman, and Co-founder of Borderless AI. “By removing geographic barriers through AI-driven HR solutions, we’re fostering economic empowerment and reshaping the future of work.”

Borderless AI’s clientele includes diverse organizations such as the popular dating app Raya, global architecture firm MG2, and venture-backed fintech startup Affiniti, showcasing the broad applicability and impact of their AI solutions across sectors.

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A Path to Global Success

Collaborating with strategic partners like Cohere, Borderless AI has developed a proprietary data platform augmenting Cohere’s Large Language Model (LLM). This partnership emphasizes trust, accuracy, and innovation at the core of their technology, reinforcing Borderless AI’s position as an industry leader in AI-driven HR solutions.

With a growing demand for technologies facilitating international hiring complexities, Borderless AI’s AI agent represents a pivotal advancement in the EOR market. By compressing timelines from days to minutes and providing comprehensive HR support, Borderless AI is spearheading a transformative shift in global workforce management.