1b

Enterprise, Robotics & AI

Sirion Boosts Enterprise AI Tools Business with Eigen Acquisition, Now Valued at $1B

But look beyond the hype and high-profile deals like the one between OpenAI and PwC last week, and you’ll see that the world is already years into using customer-facing, no-code AI tools for extracting information and working faster. The deal underscores not just the opportunity around increasing demand for AI in the B2B market, but also a wider trend in enterprise IT. Eigen and Sirion are not disclosing the financial terms of the deal, but below is relevant context that tells some of the story. London-based Eigen is led and co-founded by Dr Lewis Liu, an Oxford PhD who studied both art and physics. It says that it works with over 250 large enterprises manages more than 7 million contracts worth $800 billion.

Max Chen
June 6, 2024

Enterprise, Transportation

Polestar Secures $1 Billion Loan to Ensure Success of EV Plans

Polestar secured a $950 million loan from a dozen banks, critical funds needed to keep its EV plans moving forward following Volvo’s decision to pull back its financial support of the electric automaker. Polestar, which has cut 10% of jobs since mid-2023, said it plans to make another 15% cut this year. Polestar currently produces the Polestar 2, Polestar 3, which recently started production in China, and the Polestar 4. The company said it has successfully completed test production runs for the Polestar 3 at its factory in South Carolina. The $950 million loan follows Volvo Cars’ decision last month to reduce its 48% holding in Polestar and let parent company Geely take over financial responsibility.

Ava Patel
February 28, 2024

Venture

Silverfort’s Holistic Identity Security Strategy Raises $116M, Boosts Valuation to $1B

startup, takes an all-in view when it comes to identity security in an organization. So the best way to protect against malicious exploits is to secure identity authentication between any and all of them. “We believe we can actually be that focused identity security layer that covers all the silos,” CEO and co-founder Hed Kovetz said in an interview. As those familiar with security technology know, the space can be sliced and diced into many different domains and approaches. Each point of interactivity essentially involves authentication between apps and therein lies the challenge: each of these can become a potential vulnerability.