Founder Daudi Barnes started the company in 2019 to augment the work of his previous company, Advanced Mobile Propulsion Test.
The Colorado-based startup already operates one test stand, called Sunshine, which AMPT stood up in 2010.
“The market is just really, really expanding really fast right now,” Animas project manager Graham Dudley explained.
So they’ve had four plus years of design and development that they have to reboot on, and that’s really, really expensive and hard for your schedule prediction.
Its a competitive edge in the space propulsion market, which has become increasingly crowded as the cost to launch spacecraft to orbit has dropped.
The modern world is dependent on a vast network for extracting, processing, transporting and ultimately consuming hydrocarbons like crude oil and natural gas.
Instead of reducing humanity’s dependence on hydrocarbons — which is impossible or undesirable or both, depending on who you ask — Terraform Industries’ solution is to produce this resource, using electricity and air, via a system it calls the Terraformer.
Today, the startup is announcing that it has commissioned a demonstrator Terraformer and produced synthetic natural gas for the first time.
Roughly the size of two shipping containers, the Terraformer consists of three subsystems: an electrolyzer, which converts solar power into hydrogen; a direct air capture system that captures CO2; and a chemical reactor that ingests both these inputs to produce pipeline-grade synthetic natural gas.
The startup says that improvements are already in the works to bring these prices down even further to ensure that its synthetic natural gas hits cost parity with conventionally sourced liquified natural gas.
Welcome to TechCrunch Fintech (formerly The Interchange)!
TC reporter Tage Kene-Okafor reported on how Uber led a $100 million investment into African mobility fintech Moove as the startup’s valuation hit $750 million.
He also wrote about how Zone raised $8.5 million to scale its decentralized payment infrastructure.
Dollars and centsNon-sexy industries can appeal to investors too.
The YC-backed startup raised $4.1 million last year with the goal of serving high-earning millennials and Gen Zers.
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.
Sign up for TechCrunch Fintech here.
As conversational AI begins to take over the world, chatbots are being given a new lease of life.
Parcel delivery giant DPD recently had to disable part of its online support chatbot after it swore at a customer.
The demand for conversational AI is skyrocketing, and is set to explode to a mind-boggling $38 billion globally by 2029.
However, regulated sectors are still grappling with Natural Language Understanding (NLU) and Large Language Models (LLMs).
While an LLM might be able to sound like a human and understand context, regulated industries need high guard rails on an AI-driven approach.
The valuation reassessment comes at a time when Reliance is expected to undertake initial public offerings for both Jio Platforms and Reliance Retail.
In 2020, Jio Platforms raised over $20 billion from a series of investments by companies like Meta, Google, Silver Lake, Vista Equity Partners and others.
Reliance Retail, which raised about $7 billion in 2020, recently raised about $1.85 billion at $100 billion valuation.
The investment bank also expects the Indian telecom industry to hike tariff in the second half of the year, it said.
“On enterprise business we see three areas where Jio Platforms could capitalize on: government contracts, SMEs and corporates (by offering VAS),” BofA added.
