Startups & Ventures

🫶 Nvidia is helping humanoid robots learn through Apple Vision Pro instruction

Nvidia is advancing humanoid robotics through its GR00T initiative, which utilizes a new feature called Blueprint for imitation learning. This technique allows robots to learn skills by observing and mimicking human actions. At CES 2025, CEO Jensen Huang explained that users can perform actions using Apple’s Vision Pro, which are then captured as a digital twin for robots to replicate in simulations.

The GR00T system aims to enhance the deployment of humanoid robots in various settings, such as factories and warehouses, by enabling remote teaching through teleoperation. Nvidia's collaboration includes major robotics firms like Boston Dynamics and Agility Robotics, positioning the company as a leader in integrating AI with humanoid technologies.

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🔻 Toyota’s Woven City is open for business and looking for startups

Toyota's Woven City, a 175-acre prototype city near Mount Fuji, is officially open for startups and innovation. Chairman Akio Toyoda announced at CES 2025 that the city aims to create a living laboratory for new technologies and is inviting inventors to join the initiative.

Woven City will launch a pitch competition and offer scholarships to support startups and individuals in developing their ideas. The city will feature projects like autonomous vehicles, electric air taxis, and even rockets, highlighting Toyota's commitment to investing in diverse technologies.

The first phase of Woven City, which began in 2021, includes facilities designed for collaboration among employees, scientists, and entrepreneurs. Toyoda emphasized that while the project may not be immediately profitable, it reflects Toyota's responsibility to invest in the future and support innovation.

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❕ Circular unveils its next gen Ring 2 with ECG functionality and AFib detection at CES 2025

Circular has introduced its next-generation Ring 2 at CES 2025, featuring ECG (electrocardiogram) functionality and AFib (atrial fibrillation) detection. Set to retail for $380, the Ring 2 allows users to monitor heart health by capturing single-lead ECGs using a PPG (photoplethysmogram) sensor.

Improvements over the previous model include a battery life of up to eight days and enhanced sensors for tracking health metrics like sleep. The companion app has also been redesigned for better user experience. The Ring 2, available in gold, silver, black, and rose gold finishes, will launch in multiple countries, including the U.S., U.K., and France, alongside a new Digital Ring Sizing feature for ordering.

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✅ Timekettle’s new earbuds offer real-time translation on calls

Timekettle has introduced its W4 Pro earbuds at CES 2025, featuring real-time two-way translation for phone and video calls. The earbuds automatically translate conversations in 40 languages, with a latency of about three to five seconds. Users can enjoy bidirectional translations without losing voice quality, although translated audio is louder than the original.

The W4 Pro also offers conversation summaries using onboard AI. Additionally, the earbuds maintain the functionality of previous models, allowing users to share earbuds for face-to-face translations. They operate on a new Babel OS, which enhances translation speed and emotional tone. The W4 Pro is priced at $449 and will be available for purchase starting Sunday.

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⚠️ Hydrogen tax credit rules give startups clarity while boosting nuclear and carbon capture

The U.S. Treasury has finalized rules for hydrogen producers to qualify for tax credits under section 45V of the Inflation Reduction Act, providing much-needed clarity for hydrogen startups. These rules, which took over two years to develop, aim to promote cleaner hydrogen production methods and prevent additional greenhouse gas emissions.

Producers can earn tax credits up to $3 per kilogram based on their emissions throughout the hydrogen lifecycle. The new regulations allow existing nuclear power plants to contribute electricity to hydrogen production, and certain fossil fuel plants with carbon capture technology can also qualify. While the rules are welcomed by the industry, some stakeholders seek more flexibility regarding electricity sourcing and requirements. Overall, the legislation is seen as a significant step towards supporting hydrogen as a cleaner alternative in heavy industry and transportation.

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❕FTC orders AI accessibility startup accessiBe to pay $1M for misleading advertising

The U.S. Federal Trade Commission (FTC) has ordered the AI accessibility startup accessiBe to pay $1 million for misleading advertising practices. The FTC found that accessiBe falsely advertised its ability to make websites compatible with screen readers for visually impaired users and concealed its compensation of reviewers without proper disclosure.

The proposed order will require accessiBe to refund customers and prohibits the company from overstating its product's capabilities. Advocacy groups have criticized accessiBe's products as ineffective, claiming they can hinder the functionality of screen readers and fail to comply with the Americans with Disabilities Act (ADA). The order is open for public comment for 30 days before becoming final.

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❕ Uber CEO Dara Khosrowshahi resigns from self-driving truck startup Aurora’s board

Dara Khosrowshahi, CEO of Uber, has resigned from the board of Aurora Innovation, a self-driving truck startup. His decision, effective January 2, 2025, was made to focus on his responsibilities at Uber and to reduce external commitments, with no disagreements reported with Aurora. Khosrowshahi joined Aurora's board after Uber sold its self-driving unit to the company in 2020 as part of a $400 million investment deal.

Shailen Bhatt, COO for AtkinsRéalis, will replace Khosrowshahi on the board. This resignation comes shortly after Aurora's general counsel announced plans to step down. Uber maintains a collaborative relationship with Aurora through its freight platform, although it also partners with other self-driving tech companies.

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❕ Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays

Bench, a Canadian accounting startup backed by $113 million in venture capital, abruptly shut down on December 27, 2024, leaving thousands of small business owners unable to access their accounts during tax season. The shutdown followed multiple rounds of layoffs and issues with their AI and automation strategies, which failed to deliver promised efficiencies.

The sudden closure was caused by a bank calling in their venture debt, leading to immediate layoffs without severance. However, media attention surrounding the shutdown prompted interest from potential buyers. Jesse Tinsley, CEO of Employer .com, quickly negotiated a deal to acquire Bench, saving many jobs and customer accounts.

Despite the acquisition, uncertainties remain about Bench's future, including concerns over service quality and the lack of prior accounting experience at Employer .com. The company plans to rehire former staff and honor existing customer contracts but faces challenges in ensuring a smooth transition.

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⚡️ Apheris rethinks the AI data bottleneck in life science with federated computing

Apheris, a startup focused on addressing data access challenges in life sciences, is leveraging federated computing to enable secure AI model training without transferring sensitive health data. Founded by Robin Röhm, Apheris has secured $8.25 million in Series A funding, bringing its total funding to $20.8 million. The company's approach allows computations to occur locally where the data resides, enhancing privacy and compliance.

Apheris has pivoted from a federated learning framework to focus on serving data owners in the pharmaceutical sector, achieving significant revenue growth. Its software, the Apheris Compute Gateway, is already utilized by the AI Structural Biology Consortium, which includes major pharmaceutical companies. The startup aims to unlock valuable data while addressing data owners' privacy concerns, which is crucial for the broader impact of AI in the field.

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🔵 KoBold Metals, which uses AI to help find critical minerals for the energy transition, raises $491M

KoBold Metals, an AI-powered startup focused on discovering critical minerals for the energy transition, has raised $491 million out of a targeted $527 million funding round. The company aims to develop a significant copper deposit it recently discovered in Zambia, with plans for about 60 other exploration projects.

KoBold uses artificial intelligence to analyze large datasets to improve the success rate of mineral prospecting, which historically has been quite low. The funding will support the development of this copper resource, estimated to cost around $2.3 billion. Previous investors include high-profile figures such as Bill Gates and Jeff Bezos.

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🔺 Internal SpaceX documents show the sweet stock deals offered to investors like a16z, Gigafund

Internal SpaceX documents reveal significant stock deals offered to select investors, including Andreessen Horowitz (a16z), Gigafund, and others, allowing them to purchase shares at a steep discount. For instance, in a May 2022 tender offer, shares were sold to employees at $70 each, a notable drop from the $270 price during primary sales. This disparity arises because employees hold common stock, while investors typically acquire preferred stock with added benefits like dividends and liquidation preferences.

The documents show that preferred shareholders would be owed the first $6.67 billion in the event of a sale, a figure expected to increase with additional funding. Notably, a16z was authorized to buy nearly 4.3 million shares, while Gigafund, associated with SpaceX board members, and other firms also received substantial allocations. Despite the favorable terms for these investors, the documents highlight the complexities and potential risks for common shareholders, especially in a low-sale scenario.

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🔄 OpenAI failed to deliver the opt-out tool it promised by 2025

OpenAI has not delivered the promised "Media Manager" tool, which was intended to allow creators to control how their works are used in AI training data. Initially announced in May, the tool aimed to identify and manage copyrighted content but has reportedly not been prioritized internally. OpenAI has faced criticism over its current ad hoc opt-out methods, which many creators find inadequate.

The company is also dealing with multiple lawsuits from artists and creators claiming unauthorized use of their works. Despite missing its self-imposed deadline, OpenAI has not provided updates on the Media Manager's status or potential launch date. Experts express skepticism about whether such a tool could effectively address creators' concerns or resolve ongoing legal issues surrounding AI and intellectual property.

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🫶 Gupshup investor cuts value of its stake again, implying new valuation of $486M

Fidelity has reduced the estimated value of its stake in Gupshup, a business messaging platform, by 7.7% last month, bringing the total decrease to over 65% since its initial investment in mid-2021. The asset management firm now values its holding at $5.62 million, down from $6.09 million the previous month.

Originally, Fidelity invested $16.2 million at a valuation of $1.4 billion. Gupshup's current valuation is now estimated at $486 million. The company, founded in India 17 years ago, raised $340 million in 2021 from various investors, including Tiger Global and Malabar Investments.

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📣 After ups and downs, food delivery startup Epicery closes shop

French food delivery startup Epicery is shutting down after nine years of operations, citing ongoing economic challenges and a negative EBITDA of -€4.69 million in 2023 on sales of €2.57 million. The company, which focused on premium groceries and local deliveries, struggled as inflation altered consumer spending habits.

Epicery had previously thrived during the COVID-19 pandemic and received a majority investment from Geopost in late 2021. However, recent developments in the food delivery market and increased competition led to its decline. Despite having around 25,000 recurring customers and 1,100 local shops, it couldn't achieve the scale needed as part of a larger corporate group.

Co-founder Édouard Morhange expressed pride in connecting local retailers with e-commerce, while Geopost has offered support to Epicery's employees in finding new roles. Although Epicery's model faced challenges, there is optimism among some stakeholders that similar ventures could succeed in the future.

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🔻 Bench to be acquired after abruptly shutting down

Bench, a VC-backed accounting startup, abruptly shut down, leaving thousands of customers locked out of their accounts. The company will be acquired by Employer .com, which focuses on HR tech, for an undisclosed amount. Employer .com plans to revive Bench's platform and assist customers in accessing their data. Customers can choose to either port their data or continue their service under the new ownership.

The shutdown caused significant disruption, especially with tax season approaching. Bench had previously claimed over 35,000 clients, but the actual number was around 12,000. Following the acquisition, Employer .com aims to maintain service quality and potentially enhance offerings using its resources. Bench employed over 600 people, some of whom are being called back to ensure a smooth transition.

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⚙️ Cleantech Funding Weakened In 2024

In 2024, cleantech funding has experienced a notable decline, reaching its lowest level in four years. While overall investment is down and deal counts have decreased, certain sectors like carbon capture and hydrogen are still seeing growth. Notably, major funding rounds occurred for companies such as Pacific Fusion, which raised $900 million for its fusion technology, and Intersect Power, which secured over $800 million for clean energy projects.

Despite the downturn in equity funding, there has been a shift towards debt financing, with several large debt deals collectively bringing in over $14 billion. This trend indicates a maturing market where infrastructure-heavy companies are opting for project finance.

Looking ahead, investors are cautiously optimistic, particularly regarding growth in energy efficiency and grid optimization, while anticipating potential policy changes under a new U.S. administration. The second half of 2024 showed stronger investor support, particularly for large funding rounds, suggesting a hopeful outlook for the future of cleantech investments.

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🫶 Africa’s newest fintech unicorns are winning by keeping their feet on the ground

Africa's fintech landscape is evolving, with new unicorns like South Africa's TymeBank and Nigeria's Moniepoint recently achieving valuations over $1 billion. These companies have successfully adapted fintech models from mature markets to meet the needs of a largely unbanked population.

Both firms emphasize a hybrid approach, combining digital banking with physical touchpoints to enhance customer engagement. TymeBank offers low-cost banking services through retail partnerships, while Moniepoint uses a network of small business agents to facilitate transactions. This strategy acknowledges the region's reliance on cash and the need for in-person interactions, contrasting with purely digital models seen in developed countries.

As these companies grow, they plan to expand into other markets while continuing to innovate within Africa's informal economy. Their success highlights a broader trend in fintech that could serve as a blueprint for future startups in various industries across the continent.

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🍎 Apple pulls remaining Lightning-based devices from European stores

Apple has removed its last Lightning-based devices, including the iPhone SE and iPhone 14 series, from its online stores in Europe to comply with the EU's new common charging solution, which mandates USB-C ports. This directive, effective December 28, 2024, aims to reduce electronic waste and address market fragmentation.

The Lightning-based Magic Keyboard was also pulled from sale. While these devices are no longer available in the EU, they remain for sale in other regions. A new iPhone SE with USB-C and upgraded features is expected to be released in 2025. The directive also includes requirements for fast charging and improved labeling for consumer clarity.

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🚨 Israeli tech CEO who was severely wounded in Gaza sells startup for about $100 million

Itamar Ben Hemo, a 49-year-old Israeli tech entrepreneur, voluntarily joined the military reserves after the October 7 Hamas attack. During a mission in Gaza, he was shot, suffering severe injuries that required extensive recovery time in the hospital. Despite his challenges, his startup, Rivery, continued to operate, focusing on AI-driven software integration. Recently, Rivery was acquired by Boomi for around $100 million, enhancing Boomi's capabilities in real-time data integration.

Throughout his recovery, Ben Hemo remained actively involved in the company, holding meetings and engaging with investors from his hospital bed. Boomi's CEO, Steve Lucas, praised Ben Hemo’s resilience, emphasizing the importance of quick AI adoption for businesses. The ongoing conflict in Israel has led to significant risks for tech companies, but there are signs of recovery in the industry, with increased startup exits and venture funding.

Tragically, another Rivery employee, Itay Galea, was killed in the conflict, and Ben Hemo ensured his family would benefit from the acquisition. Now fully recovered, Ben Hemo expresses excitement for future opportunities, marking this sale as his second successful exit.

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🚨 Terraform Labs co-founder Do Kwon will face fraud charges in the US

Do Kwon, co-founder of the collapsed cryptocurrency firm Terraform Labs, will be extradited from Montenegro to the U.S. to face federal fraud charges. Kwon is also facing charges in South Korea related to the crash of Terraform's cryptocurrencies, TerraUSD and Luna, which resulted in over $40 billion in investor losses.

Following a civil trial, Kwon and Terraform Labs were found liable for fraud by the U.S. Securities and Exchange Commission and agreed to pay $4.5 billion to settle the case. Kwon was arrested in March 2023 at a Montenegrin airport while attempting to fly to Dubai. The timeline for his extradition to the U.S. remains unclear.

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