7/12/23

July 12, 2023

🚀 Weekly Tech Highlights (7/12/2023)

In an unprecedented digital sprint, Threads – Zuck’s latest brainchild – has eclipsed rival ChatGPT by garnering an extraordinary user base of 100 million within its first five days, setting a new record in tech adoption and signaling a paradigm shift in the social media landscape.

Foxconn, the world's largest contract electronics manufacturer, has announced a mutual termination of its $19.5 billion deal with Vedanta, an Indian chip maker, citing "irreconcilable differences" and "unfavorable market conditions".

In a monumental stride towards a new era of space exploration, Pulsar Fusion has initiated the construction of the world's first nuclear fusion chamber, a technological marvel poised to unlock the potential of interstellar travel.

Amid a highly competitive AI landscape, Quantexa injects a massive $250 million into AI research post a successful series E, underscoring its commitment to fortify its value proposition in the sector.

Microsoft fortifies its gaming empire after closing a monumental $69 billion acquisition of gaming titan Activision, underscoring its aggressive strategy to secure a dominant position in the rapidly evolving tech sector.

🧠The hottest thing in tech this week

Truepic, alongside Mastercard, Accenture, Zoom and more named one of the most innovative companies in the world by CSO50

In a growing sea of Generative AI Deepfakes, Truepic has emerged as a global leader in authenticating digital content. Recently honored at CSO50 for its novel approach to media authentication, Truepic's Lens SDK has become a game-changer in the fight against digital deception.

Backed by Microsoft’s M12 Venture arm as lead in the last Series B round, as well as Adobe, and Sony, Truepic continues its impressive growth, bolstered by its efforts in diverse sectors and its commitment to restoring faith in digital media.

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"We live in a world where seeing is no longer believing. Anyone can create or manipulate a photo or video with just a few clicks. That's why we started Truepic, to restore trust and truth in the digital world.”

Jeff McGregor, the CEO of Truepic

🔓Deals Unlocked

Founders to Watch and Opportunities to Catch

Closed Deals:

  1. Sourcetable charts success: In its pursuit to build the world's premier spreadsheet, Sourcetable seals a $3M seed round led by Bee Partners, targeting expansions in sales, accounting, finance, support, and HR sectors.

  2. Game On for Gamercraft: Miami-based, AI-powered gaming platform Gamercraft nets a $5M seed funding led by Alienware's co-founders, gearing up to enhance its platform capabilities and attract more of its current 300,000 gamers spread across the Americas and Europe.

  3. A €3.3M Consumer Analytics Victory: Algori, a Spanish AI-enabled consumer analytics startup, secures €3.3M in seed funding co-led by Shilling Capital and Change Ventures, to boost data science capabilities and expand its FMCG-oriented services within Western Europe.

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Companies on the rise:

  1. [Open Round] Rewriting Fundraising Rulebook - Rewind AI upends traditional fundraising dynamics, nearing closure on an innovative ~$18M round backed by a resounding NEA-led $350 million valuation.

  2. [IPO Watch] Riding the AI Wave - Data analytics giant Quantexa, amassing $282M in funding with recent two rounds and furthering AI research with $250M, shows promise toward a public listing under founder Vishal Marria.

  3. Altman Backed Healthcare tech - Healthcare credentialing software player Verifiable locks in a substantial $27M in Series B funding, suggesting a bright future in enhancing healthcare efficiency.

  4. InsureTech Innovator Ascends - Announcing Send’s new smart submission leveraging merging generative AI with deep learning, promises transformation in insurance underwriting at its Series A stage.

  5. [Open Round] Furthering an EV Future - Despite production bottlenecks, Fisker, the California-based EV maker, prepares to raise a staggering $340 million in convertible debt, cementing its place in the fast-growing electric vehicle market.

  6. [Open Round] Tailor-made AI for India - AI4Bharat's groundbreaking venture to develop Gen AI language software, has ignited investor interest as it seeks to raise a $12M funding round led by Peak XV and Lightspeed Venture.

Stay tuned as we continue to decode the tech world's most riveting stories, transforming chaos into clarity and potential into profit – here's to another week of game-changing innovation!

And if you would like to send a deal or company to add to the pipeline, drop us a line [email protected].

The Tech Buzz Team