Your usual host Kirsten Korosec is taking a much deserved vacation, so I’ll be walking you through this week’s transportation news.
A little birdImage Credits: Bryce DurbinA lot of little birds have been talking to senior reporter Sean O’Kane about what is going on behind EV startup Fisker.
Other deals that got my attention …Euler Motors, an Indian manufacturer of commercial EVs, raised $24 million in a Series C extension.
Gireve, a French B2B platform for EV charging, raised €20 million to expand further in Europe and internationally and develop new services.
Zoox plans to test its robotaxis in Austin and Miami this summer, making them the Amazon-backed company’s fourth and fifth test cities.
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.
Stock-trading platform Robinhood is diving deeper into the cryptocurrency realm with the acquisition of crypto exchange Bitstamp.
With Bitstamp under its wing, Robinhood says that it will be better positioned to target retail and institutional crypto investors across Europe, Asia, and the U.S., with Bitstamp currently holding more than 50 licenses and registrations to operate in these markets.
“The acquisition of Bitstamp is a major step in growing our crypto business,” Robinhood’s crypto general manager Johann Kerbrat said in a statement.
“The Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors.
Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.”
But as the data analytics and AI boom drives organizations to expect more of data models, many of the old paradigms are proving difficult to manage — and exceptionally brittle.
Now, five years later, Keydunov and Tiunov have a veritable business on their hands, having launched a subscription-based service built on Cube — Cube Cloud — that adds automated workflows and enterprise-focused governance and deployment tooling.
An illustration of Cube’s semantic data layer.
Image Credits: Cube“Cube Cloud is a universal semantic layer that is an independent, yet interoperable, part of the modern data stack that sits between your data sources and data consumers,” Keydunov said.
Keydunov says that the open source Cube project has surpassed 10 million downloads, while Cube Cloud is now installed on around 90,000 servers.
Oda, the Norway-based online supermarket delivery startup, has confirmed layoffs of 150 jobs as it drastically scales back its expansion ambitions to focus on just two markets, its homebase and Sweden, the homebase of Mathem, an online grocery that Oda merged with last year.
Online grocery is hard — complex orders with perishable items and a multi-temperature supply chain in a highly price sensitive category,” Oda’s CEO, Chris Poad, wrote on LinkedIn last week (before the layoffs were announced).
Prior to the pandemic, Oda – founded in 2013 – carved out a place for itself as one of the strong regional players in online grocery delivery in Europe.
But by late 2022 Oda was raising $151 million at a valuation of $353 million.
Local publication e24 says Kinnevik and other existing backers Summa Equity and Verdane are expected to provide the bulk of the NOK600 million ($57 million) Oda is reportedly raising.
Why vector databases are having a moment as the AI hype cycle peaks GenAI spurs demand for vector search startups, but database giants are also taking noteVector databases are all the rage, judging by the number of startups entering the space and the investors ponying up for a piece of the pie.
“Working with visual search and robotics at Amazon was when I really looked at vector search — I was thinking about new ways to do product discovery, and that very quickly converged on vector search,” Clark told TechCrunch.
“I think the same is likely to happen with vector databases,” Zaitsev told TechCrunch.
“Our pitch is, ‘we do advanced vector search in the best way possible.’ It is all about specialization.
At some point, users will face limitations if vector search is a critical component of your solution.”
Kenyan B2B e-commerce company MarketForce is winding down its B2B e-commerce business that served informal merchants (mom-and-pop stores) after a turbulent two-year period that saw it scale down operations severely.
The shutdown of the B2B e-commerce arm dubbed RejaReja comes months after MarketForce withdrew the service from all its markets, including Nigeria and Kenya, save for Uganda.
At its peak, it employed more than 800 people and served 270,000 informal merchants.
MarketForce had raised $42.5 million, including $40 million debt-equity in a Series A round in 2022 at over $100 million valuation, to fuel the business.
Several B2B e-commerce companies in Africa have also scaled back operations as the funding crunch persists.
Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups.
Despite this general downturn, certain segments like generative AI continue to attract significant funding, indicating a selective yet substantial interest in specific AI applications.
AI investment is slowing down for a few reasons, like the crowded market and the steep costs of building big AI models.
Investors are getting pickier and want to see real, solid returns instead of just throwing money at hopeful growth.
(That isn’t stopping them from raising billion-dollar funds focusing on AI, of course.)
Midas, a fintech startup that allows people in Turkey to invest in U.S. and Turkish equities, says it has raised $45 million in a funding round led by Portage Ventures of Canada.
The startup is aimed at Turkey’s retail investor market and claims to have more than 2 million users.
That’s in a country of 80 million,” Egem Eraslan, CEO and founder of Midas, told TechCrunch.
The company has plans to expand beyond Turkey, and aims to target countries in the MENA region.
Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters.”
Sources tell us that Lacework — a cloud security startup that was valued at $8.3 billion post-money in its last funding round — is in talks to be acquired by another security player, Wiz, for a price of just $150–$200 million.
Wiz — valued at around $10 billion — is one of them.
The company is positioning itself as a one-stop-shop for all things cloud security en route to its IPO.
Earlier this month Wiz acquired Gem Security for $350 million, and it sounds like the M&A will not end with Laceworks.
We are always exploring compelling M&A opportunities that will enhance both our technological capabilities and business expansion, as we strive to build the world’s leading cloud security platform.”
