And it did reduce its loss from operations by nearly half, from $506 million in 2022 to $267 million in 2023.
Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft.
In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated.
Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
This could be chalked up to small monetary potatoes if Canoo reaches its revenue forecast for 2024 of $50 million to $100 million.
VCs double down on fintech Coast, which aims to be the Brex for ‘real-world’ industriesThe expense management arena is a crowded one, with well-funded players such as Brex, Ramp and Navan all clamoring for market share.
While Coast declined to divulge hard revenue figures, CEO Simon told TechCrunch that it saw about 550% increase in annualized revenue and payment volume growth in 2023.
That growth prompted its existing investors to double down on the company, while attracting a new backer as well.
Today, Coast is announcing that it has raised an additional $25 million in venture capital and $67 million in debt financing.
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Deep tech is on the rise in Europe, fueled in part by the match between AI and a local flavor of math excellence.
The deep tech fund will focus on computing, industry and life science.
The report, which was published this Wednesday, highlights 50 European deep tech companies, but more as an editorialized showcase than as a ranking.
While the firms may overlap in investments, they don’t fully see eye to eye on the “deep tech” term.
“For us, deep tech is a natural fit, as we’ve always been very close to research at Elaia,” she said.
Zuckerberg reportedly met Samsung’s executives, including Samsung executive chairman Jay Y. Lee, Wednesday night to discuss potential collaborations around AI chips, semiconductors, and extended reality.
Nvidia continues to dominate the global market for AI chips, leaving a big opportunity for countries that have traditionally been strong in processors or reignite their innovation instincts.
To that end, the social media giant has been ramping up its efforts to secure AI chips, and has been working on its own in-house AI chip, Artemis, for its data centers.
Big tech companies like Microsoft, OpenAI, Amazon, and Google have equally been scrambling for AI chips to support their AI ambitions.
Just yesterday, Zuckerberg met LG Electronics CEO William Cho in Seoul during his tour of Asia.
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