Author Archives: eyesvc

Sidley Taps Cooley Atty To Lead VC Fund Formation Team

Sidley Austin LLP has announced the hiring of a former Cooley LLP partner in Palo Alto, California, to lead its newly formalized venture capital fund formation practice as the firm looks…

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Cybersecurity concerns test Paris Olympics preparations

The opening ceremonies of Paris Olympics will take place in just over a week. The event is beginning to look like the banking and payment industries: expect a lot of big data, a large dose of AI, and the ever-present concerns around cybersecurity.

Security professionals prepare for a variety of scenarios that could make a global event a potential target.

The security news source Dark reading reported that Steven Baer is vice president of field sales and services for cybersecurity firm .

Baer said, “I expect to see cyberattacks that are aimed at stealing data, disrupting critical systems, extorting funds, or spreading misinformation and propaganda.” “The Games provide a great opportunity for cybercriminals to take advantage of the vulnerabilities in a high-profile global event.”

According to the technology giant Cisco, the Tokyo Olympics Games will be subjected to an estimated 450 million cyberattacks in 2021. The company is an official Paris 2024 partner and expects eight-times more cyberattacks on the Paris Games.

Cisco is responsible for the network infrastructure and cybersecurity to ensure the safety of the Games. The company announced that it was collaborating with French Cybersecurity Agency ( ANSII), and other key partners such as Atos, and orange. It has been relatively silent about its strategy, other than focusing on the communication and entertainment infrastructure to connect venues, teams and volunteers.

But that hasn’t prevented some of its competitors to weigh in.

Google Cloud and Mandiant, for example, have warned that disruptive operations may target the Games in order to cause psychological effects as well as reputational damage. These could include website defacement, DDoS, wiper malware, and operational technology targeting.

Financially motivated actors may seize this opportunity with ticket scams, theft of personal identifiable information (PII) and extortion. Financially motivated actors could take advantage of this opportunity by committing ticket scams, stealing personal identifiable information (PII), and extortion. Mandiant executives wrote on the Google Cloud Blog.

The blog stated that “Organizations participating in the Games should update the threat profile to reflect the potential new threats they may be exposed to,” “Intelligence about relevant threat actors can inform detection efforts, implement proactive security controls, conduct threats hunting within a networking, and inform cyber-risk assessments linked to Games.”

Cisco will be one of the organizations that will be organized in teams to create a state of the art cybersecurity operations center. This center will monitor and respond in real time to threats using advanced AI and Machine Learning tools. The center will be responsible for overseeing the digital safety of over 500 sites including competition venues and collectives.

The 2024 Paris Olympics organizers also enlisted ” ethical hacker” for stress tests to identify vulnerabilities before they could be exploited. The collaboration also extends to major cyber-security firms like Eviden that contribute to the deployment and security measures. These include artificial intelligence (AI), threat detection systems, and other security measures.

AI will play a significant role in the Olympics, from fraud detection to defense. Blackbird.AI’s Constellation platform is a major component of the cybersecurity measures. It is an AI-based narrative system designed to detect and analyze disinformation narratives. This platform can monitor conversations online across multiple platforms, such as the dark web, news outlets and social media, in more than 25 languages.

According to a post posted on the Blackbird website, the Games were already a target. The French government’s technical service, Viginum, which is responsible for digital vigilance and protection from foreign interference, reported on Nov. 13 that it suspected Azerbaijani threat actors to have carried out a campaign of disinformation aimed at France’s ability to host Games.

This operation is said to have started in July, a year prior to the event. It was allegedly launched amid increased diplomatic tensions between Paris & Baku due to the French government’s open support for Armenia in the Nagorno Karabakh conflict.

It’s a model for the types of attacks and misinformation AI can generate, on the one hand, and the types of attacks it can stop, on the other.

In a recent post by security consulting firm , Teneo, the company stated that organizations should monitor and collaborate with social networking platforms to detect and report false information.

“While the cyberattack threats mentioned above are the most common and expected, it does not exclude the possibility of a cyberattack that could cause panic, injury, or even death,” the company said. “Awareness of the threat landscape, and vigilance by all while at the Games will help keep the primary goal: sports.”

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Semiconductor Startup Financing Looks to Bouncing Back After Lackluster in 2023

Black Semiconductor is the latest chip startup that has made headlines. It raised nearly $275,000,000 — mainly from German government — for its next-gen chips last week.

AI was the main reason why chip startups were able to raise so much money.

Global venture funding for semiconductor chips is on track to rebound this year, after a forgettable year in 2023. Crunchbase data shows that VC-backed startups have raised $5.3 billion this year in only 175 deals.

These numbers are far ahead of last year’s pace, when these startups closed 490 deals totaling less than $8.8 Billion. In 2022, chip companies will have closed 447 deals worth almost $10.9 billion.

reported that last week, Toronto-based AI chip startup tenstorrent was leading a $300 million round led by smartphone maker Samsung.

US Chip Boom

U.S. startups have played a major role in the recent funding boom. Crunchbase reports that domestic startups raised nearly the same amount — $1.2 billion — through almost the same number (24 to 22) of deals as they did last year.

It is important to note PsiQuantum is a major contributor to this number. This company focuses on integrated photonic systems and semiconductor process development. The company received a $620 million financial package from the Australian Commonwealth government and Queensland this spring for building a quantum computing system in Brisbane, Australia. The round is a combination of equity, grants, and loans.

Even without the round, U.S. startup companies would have been ahead of last year. Many of the largest rounds in this year’s financing went to Chinese chipmakers, such as ChangXin Memory Technologies Unisoc, and AaltoSemi. However, some large financings went to U.S. semiconductor startups, including

“Semi was a four-letter term in the Valley. Now it’s sexy,” declared Sriram Viwanathan founding managing partner of San Francisco-based Celesta Capital. Along with Recogni, the deep-tech company’s portfolio also includes SambaNova Systems, based in Palo Alto.

AI effect

AI is the driving force behind so many of the things that are happening in the tech industry.

Artificial intelligence is driving the growth of chip giant . Nvidia has now reached a $3 trillion company. While shares of Astera Laboratories, which provides data and connectivity solutions to some of the largest chipmakers in the industry, including Intel, and Taiwan Semiconductor Manufacturing, are down from their highs, the price is still above the IPO price of March. Astera’s IPO was viewed as a bellwether for both the semiconductor industry and the AI industry.

Both companies show that there is a significant public interest in the chip markets — and this usually translates into VC interest on the private market.

“While the full potential of AI commercialization is not fully demonstrated, the ‘FOMO,’ of the AI race, is pushing a great deal of hot money to the value chain, from AI applications to data-infrastructure to semiconductors,” said Lorin Gui, founding partner of New York-based Recharge capital and an investor in wireless device chip manufacturer Airoha Technology.

“Given the fact that at-scale AI applications often require retooling or a new build of infrastructure there is a strong demand for semis right now,” Gu added.

Gu said that while the space is more competitive, it has also become more creative when it comes to financing. There are more hybrid deals, and investors analyze the risks and capex of the industry in greater detail.

Viswanathan said that the semi-hardware space in relation to AI has received a lot of capital and is “over-inflated.”

Viswanathan says that despite the influx of investors and money in the industry, there are still opportunities at the hardware and silicon level. This includes startups that are looking to improve AI inference – a model’s capability to use new data and make predictions or draw conclusions – to be more efficient.

It is important to keep in mind that chipmaking is an expensive endeavor and is dominated by big players such as Nvidia.

While those in AI may be looking for alternatives to Nvidia it can be difficult for startups to gain traction.

Investors are still willing to take this risk, at least for the moment.

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Illustration: Dom Guzman

Crunchbase Daily keeps you up-to-date with the latest funding rounds, acquisitions and more.

Y Combinator’s batches are smaller now than they were in 2021. However, the accelerator continues to launch the most companies per batch.

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Andrew Lewis: Road to NTDC Spotlight

Andrew, Nate, and Warren Lewis are three-fourths of the Lewis family who have competed at state truck driving championships. Andrew’s great grandfather, also named Warren Lewis, competed in 1950s. (Lewis Family Photo)

Stay up to date with the latest transportation news by receiving TTNews directly in your email. ]

Editor’s Note: This is part one of a three-part exploration of the Lewis family’s relationship to the National Truck Driving Championships.

The National Truck Driving Championships are an exciting and electrifying test that tests your fundamentals, understanding, and professionalism. It has also become a multigenerational affair, with patriarchs often passing on to their kids a sense of pride in every aspect of the industry.

Andrew Lewis, 22, joined the elite drivers on May 18 when the Maine Motor Transport Association held its annual precision driving championships. Lewis competed in the Pine Tree State contest for the first time. His result was impressive, especially considering his rookie status. Lewis, representing Chapman Trucking and his family, placed second in flatbed.

Lewis grew up around the industry. He admitted that his first word was probably “truck” and his entire world revolved around trucking. He had even volunteered at tournaments before he competed this year. Andrew credits his father Nate for instilling a passion for the industry.

2024 National Truck Driving Championships

Who is:Winners of nine categories at state level who are advancing to the national competition where a Grand Champ will be crowned

What is it?Contestants will be judged based on their written exam, driving skills and pre-trip inspection.

When: Aug. 21-24

Where isIndianapolis

Nate Lewis, an executive in transportation at Tyson Foods is a member of National Truck Driving Championships organizing committee. The committee is preparing for the 87th Annual Showing of what is known as the “Super Bowl of Safety.”

Nate Lewis, Andrew’s grandfather, was a multiple-year winner in state tournaments throughout New England and competed at the nationals on several occasions before joining the organizing committee. Andrew’s grandfather Warren Lewis, his father, won a national title for the sleeper berth category in 2007. Warren Lewis’ father also named Warren competed in 1950s.

For the Lewis family trucking is a way of life and a tradition.

Andrew Lewis, a rookie truck driver from Maine, finished second in the flatbed category at the state’s truck driving championships. (Chapman Trucking)

“I remember that when I was born the first word I said was ‘truck’, according to my father, ” he recalled in a recent interview for Transport Topics, which explored the family’s role in NTDC’s history. “I’ve been in a stroller to a TDC, you know, and I’ve seen trucks. My father wallpapered my bedroom with truck posters to make me like trucks the same way he did. “Seeing trucks from the moment I was born, it became a part me.

It will not surprise you to learn that Andrew Lewis is a trucking genius. He said that his father taught him to be passionate about the role of the trucking industry in the economy and communities.

“Watching my dad, you know, every father’s father is a superhero,” he explained. “And watching my father be very good at what he does, and talking about going across the nation in his truck and carrying these awesome loads… stuff like that made me really want to be that because he seemed so awesome for doing it.”

Chapman Trucking

Founded: 1977

services include longhaul/shorthaul/local/regional, flatbed, dry van and refrigerated box trucks

Warehouse includes cross-docking equipment, short- and long-term storage as well as material handling.

Source: Chapmantrucking.com

Every spring, thousands truckers compete in precision-driving competitions in their home states. In Maine, competitors who are aiming to qualify for the National Tournament promote a safety culture embodied by Lewis family members and others. Andrew described his experience at the state competition, which took place in May. He called it thrilling, inspiring, and consequential.

“It was different because I’ve been going for 18 years to [the truck driving championship]. Since I was born, I’ve missed only two events. It’s always been a part my life.

“I’ve always been involved, even when I was too young to volunteer to help set up the event and do other things. It was different, because I was essentially on the other side. I’ve been someone who helped the competitors and now I am a competitor.”

Andrew finds the trucking competitions a place of camaraderie and tradition. These roadeos became a family passion project.

“It became a part of me.” He explained that he listened to their stories of what trucking used to be like and what it meant for them, and all they did. “And diesel engines, and all that stuff.” Listening to the stories shaped me into who I am today and made one of my greatest passions.

Andrew, who has been in the trucking industry for almost two decades – nearly his entire life – described his deep awareness of an industry that has shaped his journey. Andrew’s safety approach is based on his keen awareness of the contributions made by his family to NTDC. Andrew is proud to celebrate his family’s role in the trucking industry.

Andrew says he will continue the family tradition as he prepares to start his own family. There’s something special about trucking for the Lewis family.

“Everything I have ever done in my lifetime has involved the industry. I don’t feel resentful about it. Some people feel forced to join something, or that they have to do something because it’s their family’s thing. But I want to branch off. “That is who I am.”

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Fierce Foundry Pioneers FemTech Venture Studio is Laser-focused on Propelling Female Entrepreneurs to Success at Next Level

Fierce Foundry, the first FemTech Venture Studio in New York, proudly announces the launch of its studio devoted to supporting female founders within the rapidly growing FemTech industry. This new Venture Studio, with a mission to close the gap between women’s healthcare and the inequality in VC financing for female founders, will co-found FemTech businesses from idea to exit.

Melissa Wallace, Fierce Foundry’s Founder and CEO, said: “Fierce Foundry has a mission to break down barriers and redefine FemTech entrepreneurship. We are also committed to investing in women and the economy.” “By cofounding companies led and founded by strong female founders we will unleash the potential of innovation for women’s health, wellness, and wellbeing.” This will ultimately lead to more exits and, in turn, more investment in women, both female founders and those who benefit from their products.

In recent years, the FemTech industry has experienced exponential growth. Fierce Foundry defines FemTech as “technology for women’s health, wellness, and the people who are part of their lives”, encompassing technologies that address women’s needs. The representation of female entrepreneurs is still disproportionately low. According to McKinsey & Company’s recent studies, only 1.9% venture capital funding will go to female-founded startup companies in 2023. This is despite the fact that women make up 40% of entrepreneurs worldwide.

Fierce Foundry is led by a team of visionary leaders and industry veterans who are committed to promoting diversity and inclusion. The team has decades of experience in venture capitalism, technology, and health care. They bring a wealth of expertise and a passion for driving change in the FemTech eco-system. Fierce Foundry includes members of the FemHealth Founders team, which was recently shut down. This innovation hub was focused on empowering women founders to build and run profitable, women-centric businesses that offer solutions to women’s healthcare-related issues.

This exceptional coalition, under the umbrella of Fierce Foundry is bringing their experience, mission, and vision to bear to move the needle in favor of female FemTech entrepreneurs. Fierce Foundry, in line with its commitment to female founders and funders, hosted the Female Founders and Funders event. The event was a huge success for all attendees. The venture studio hosted the NY Tech Week FemHack hackathon. The result was impressive: seven teams, each with an impressive product. The panel of Katie Dunn and Katie Schuele, Jade Kearney Christine Hong and Laura Hamilton evaluated results. Team Gently came in second, followed by Team Theia. The other five teams were equally impressive.

Sponsors included Fembuild Collective. Ellevoy, NY Post. Tip Top Cocktails. Monarch. For more information about Fierce Foundry and its upcoming events, visit our website www.thefiercefoundry.com.

Fierce Foundry

6 Mountain Way s

West Orange, NJ 07052

Media Contact: Lauren Banyar Reich

Email: lreich@lbrpr.com

About Fierce Foundry

Fierce Foundry, a pioneering venture studio, is dedicated to supporting and scaling up women-led startups in the FemTech sector (female technologies). Our mission is empower female founders through the provision of resources, mentorship and capital. We envision an inclusive entrepreneurial ecosystem, where women can thrive. They will then reinvest into other women-led businesses, creating a cycle of growth.

Fierce Foundry’s studio model is different from traditional venture capital, which invests in a portfolio. Our model develops ideas internally and matches them with the best founders. It then builds and launches these ideas through a four-stage structured process. Fierce Foundry, founded by Melissa Wallace aims to bridge a significant funding gap for female entrepreneurs using this unique studio model.

This release has been published on openPR.

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VC roundup – Blockchain startups receive $109.3m funding

This week, the blockchain sector saw 34 startups collectively raising $109.3 million in various funding rounds, from series A to grants.

VC roundup: blockchain startups secure $109.3m in major funding rounds - 1
Crypto fundraising for week of 09 – 15, Jun 2024 | Source: Crypto Fundraising

The top funding rounds highlight a diverse range of innovative projects pushing the boundaries of web3, privacy, identity, and more. Here’s a breakdown of this week’s biggest fundraising efforts:

Nexus Laboratories secures $25m series A round

Nexus Laboratories, a web3 startup specializing in zero-knowledge-powered scaling and privacy tools, raised an impressive $25 million in a series A round. 

Lightspeed Venture Partners and Pantera Capital co-led the investment, with contributions from Dragonfly Capital, Faction Ventures, and the Blockchain Builders Fund. 

This funding follows a previous $2.2 million seed round in 2022 and, according to the company, will be used to support its development of a new zero-knowledge virtual machine called Nexus 1.0.

Layer3 raises $15m to change onchain identity

New York-based Layer3 raked in the second-highest amount of the week, closing a $15 million series A funding round.

ParaFi and Greenfield Capital co-led the effort. Electric Capital and King River also participated in the round.

Layer3’s omnichain identity and distribution protocol streamlines user engagement and token distribution across more than 25 blockchains, serving millions of users globally. According to the company, this funding will help it push for further adoption and innovation of its technology in the crypto space.

NEAR Foundation spinout Nuffle Labs garners $13m

The NEAR Foundation announced the formation of Nuffle Labs, securing $13 million in funding in the process. 

The initiative aims to advance NEAR’s modularity and promote decentralized development. The funding includes a grant from the foundation and investments from Electric Capital, Canonical Crypto, Fabric Ventures, and Robot Ventures, among others.

Nuffle Labs said it will use NEAR’s data availability and fast finally layer products to offer rollups and enhance ecosystem development.

Ava Protocol completes $10m seed funding

Ava Protocol, formerly known as OAK Network, raised $10 million in seed funding, split between an initial $5.5 million round and a subsequent $4.5 million seed+ round. 

Investors such as Electric Capital, Taisu Ventures, and Shima Capital back Ava’s vision of intent-centric, event-driven autonomous transactions for Ethereum and beyond.

This funding supports the development of cross-chain smart contract automation, enabling contracts to execute based on predefined conditions.

Irys concludes $8.9m strategic round

Irys, formerly Bundlr Network, also successfully raised $4.8 million in a strategic funding round led by Lemniscap. 

The startup focuses on improving on-chain data management and combating misinformation.

With over 1.9 billion transactions processed, it aims to use the funds to develop systems that improve the scalability and efficiency in blockchain ecosystems.

Symbiotic secures $5.8m for shared security protocol

Another crypto startup that benefited from venture capital funding this week was Symbiotic, a developer of a shared security protocol. It raised $5.8 million in a seed round led by Paradigm and cyber.Fund. 

On June 12, the company stated that it would use the funds to expand its operations and development efforts, focusing on enabling decentralized networks to bootstrap sovereign ecosystems through customized restaking implementations.

Kima Network raises $5m in pre-seed funding

Finally, Israel-based Kima Network also announced the closing of a $5 million pre-seed funding round led by Blockchange Ventures and FinSec Innovation Lab. 

The startup aims to bridge traditional financial services with decentralized finance (defi) tools through its decentralized settlement protocol. 

Other backers in the pre-seed included Outlier Ventures, Big Brain Holdings, and Maven Capital. The funds will help Kima develop its web3 settlement infrastructure.

Paradigm’s new $850m fund

This week’s crypto VC activity came against the backdrop of an announcement by Paradigm, a prominent crypto-focused venture capital firm, of a new $850 million fund. According to the company, this fund will target crypto projects in their earliest development stages. 

Reports about Paradigm raising this fund had surfaced in early April, with the June 13 announcement confirming the plans and positioning Paradigm at the forefront of the next wave of crypto projects. 

The firm has been an early supporter of key industry players like Uniswap, the decentralized exchange; Optimism, an Ethereum layer 2 solution; and Flashbots, a project focused on MEV concepts.

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Zscaler and NVIDIA join forces to upskill Gen AI with Zero Trust

Gen AI integration

NVIDIA’s AI portfolio, including NVIDIA NeMo Guardrails and NVIDIA Morpheus, is used to introduce new AI capabilities.

These will increase the ability to process information from Zscaler’s Zero Trust Exchange platform.

This integration of AI analysis on the vast amount of data flowing through Zscaler ZDX Copilot can enable more proactive threats detection and Zscaler ZDX Copilot’s ability to defend and simplify IT and Network operations.

The data processing capabilities provided by Zscaler and NVIDIA’s collaboration are essential for implementing a zero trust security model. zero-trust relies upon a continuous verification of the identity, context and risk associated with each access request before granting it access. This means analysing vast data signals in real time to establish trust dynamically.

Pat Lee, NVIDIA’s VP of Strategic Partnerships, said that the integration of NVIDIA AI software portfolio into Zscaler’s ZDX Copilot will provide developers with the security and protection they need to detect cyber anomalies, and accelerate IT safety.

The Zscaler ZDX Copilot was announced just last month. It is a digital experience monitoring tool of its kind that provides insights on network, device and application performance. This allows IT support and operations to be simplified at scale.

The Nvidia NeMo Guardrails is a critical component in the ZDX Copilot. It protects organisations by assessing the potential risks of generative AI systems.

NVIDIA’s NIM microservices also facilitate efficient and scalable generative AI modeling, allowing Zscaler’s data protection suite to leverage the power of large language models to deploy Gen AI models that are state-of-the art and multi-modal.

Zero trust’s AI Future

The two tech giants will combine their expertise in Zero Trust Security and cutting-edge AI technology to redefine the boundaries for cybersecurity innovation. They can also implement layered solutions that help implement zero trust – a concept gaining in popularity in today’s threat environment.

Zscaler and NVIDIA have found a way to maintain the concept of zero-trust on large networks by integrating AI-powered copilot technology, predictive and Gen AI and advanced data processing abilities.


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Hacking Courses to Master ChatGPT for Cybersecurity: Ethical hackers can learn how to hack using ChatGPT.

The AI revolution is reshaping the world of cybersecurity.

EH AI Threat Report reported.

EC-Council listened to the cybersecurity industry. We are ready to fight AI using AI as the threats evolve.

Free AI Cybersecurity Toolkit With EC-Council Certification

EH), brings to you FREE CyberAI Courses with EC-Council Certifications. EC-Council provides three free courses to equip cybersecurity professionals with the necessary skills to leverage ChatGPT or AI effectively:

  1. ChatGPT For Ethical Hackers This course explores the practical applications of ChatGPT to ethical hacking. Learn how to use ChatGPT for automated vulnerability assessments, to simulate sophisticated attacks, or to enhance your penetration testing toolkit. Integrating ChatGPT with your ethical hacking techniques will help you uncover hidden vulnerabilities. This will improve the security of your system.

You will gain cybersecurity skills by using ChatGPT.

  • Fundamentals for Ethical Hackers
  • ChatGPT Prompts: Reconnaissance & Scanning
  • ChatGPT for Social Engineering
  • Exploring Credentials – Passwords and Fuzzing With ChatT
  • Web Security: Perform SQL Injection Blind Injection and XSS using ChatGPT
  • ChatGPT: How to use the application function
  • Advanced Exploit Development using ChatGPT
  • Analyse code with ChatGPT : Detecting vulnerabilities
  • ChatGPT: Enhancing Cyber Defense
  • Ethical hacking reporting and ChatGPT best practices
  1. ChatGPT: Threat Intelligence and Detection: This course focuses on the use of artificial intelligence for analyzing danger information, identifying drifts, creating extensive danger reports, and using artificial intelligence for analyzing danger information. Students will learn how to integrate ChatGPT into their workflows for threat detection, allowing them to identify potential threats faster and more accurately.

You will gain cybersecurity skills by using ChatGPT.

  • ChatGPT: Cyber Threats and How to Optimize it
  • Mastering Threat Intelligence With ChatGPT
  • ChatGPT for Intelligence Gathering and Analysis
  • Futureproofing against AI Cyber Threats
  • Putting Knowledge into Practice
  1. Generative AI in Cybersecurity: This comprehensive class explores the broader uses of generative AI including ChatGPT in cybersecurity. Participants will learn how generative AI enhances various aspects of cybersecurity, from automating routine tasks to generating advanced policies. The course will also cover ethical considerations and the best practices for AI in security.


ChatGPT Cybersecurity skills you gain:

  • Decoding Generative Artificial Intelligence and Large Language Models
  • LLM Architecture: Security Controls and Design Patterns
  • LLM Technology Stacks and Security Considerations
  • Open-source vs. closed-source LLMs: Making a choice
  • Hands-on: Prompt Engineering & LLM Fine-tuning

Visit: https://www.eccouncil.org/


Above *FREE courses for AI Cybersecurity Tool Kit are only available to active certified members after course completion.

Conclusion

ChatGPT’s integration into cybersecurity practices is a significant advance in the field. By utilizing its capabilities, cybersecurity professionals and experts in network security can avoid developing threats and upgrade their guarded methods. The free courses that come with each EC-Council certificate offer a great opportunity to gain insight and expertise in using ChatGPT for network protection. Hacking with ChatGPT is the future of cybersecurity. Stay one step ahead of cyber threat actors.

Enroll today in these courses and transform your approach to cybersecurity using the power of ChatGPT!

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ISIF invests $65m into SOSV funds focusing on biomanufacturing

Nick Ashmore, ISIF’s Director of Innovation, said that he wanted start-ups in Ireland to develop new technologies for precision fermentation and biomanufacturing.

The Ireland Strategic Investment Fund has invested $65m into two funds run by US venture capitalist SOSV, which focus on biomanufacturing.

ISIF is Ireland’s sovereign investment arm. It supports economic activity and job creation in Ireland. Its latest investment is a $32.5m contribution to SOSV’s Ireland Biomanufacturing Fund. This fund will invest in companies in the Series A and later stages that are locating advanced biomanufacturing operations or precision fermentation in Ireland.

The firm’s recently-announced Fund V, its largest-ever investment, will receive an additional $32.5m. This fund is aimed at deep tech start-ups who innovate in the climate and healthcare spaces.

SOSV is an Irish-American investment firm based in Princeton, New Jersey. It makes 200 investments a year, ranging from pre-seed through to Series A and beyond. It runs start up programmes in New York, Newark, and San Francisco. Around 80 start-ups graduate each year. It also has operations at Cork.

Michael McGrath, Minister of Finance, stated that the latest ISIF investments are part of a series showing the State fund’s dedication to “investing into the ever-growing sector of biomanufacturing” and commented on how Ireland is now a “hub for Biomanufacturing”.

“Ireland has a great opportunity to become a leader in the emerging biomanufacturing industry, a high value, high skilled sector that will allow Ireland leverage its existing capabilities in the food, pharmaceuticals and renewable energy sectors, as well as the emerging opportunities for food and drink manufacturing and research,” said ISIF Director Nick Ashmore.

“ISIF makes this investment to support Ireland’s development of a biomanufacturing industry, including renewable energy and bio-based feedstocks, as well as an export-focused economic system that needs sustainable sourced goods to be competitive.”

ISIF announced in April a commitment of EUR278m to three new climate investments. These investments will support offshore wind developers, renewable energy developers, and energy transition startups. ISIF stated at the time that its total climate investment since 2021 has reached EUR636m. This is more than 63% of ISIF’s goal to invest EUR1bn into climate projects before 2026.

“Together, with SOSV, we want to build strong incentives for start-ups to make Ireland their home to develop new technologies in precision fermenting and biomanufacturing as well as scaling what they can achieve,” Ashmore added.


Disclosure: SOSV has invested in Silicon Republic.

Discover how the latest tech trends will impact tomorrow’s world with our new podcast Future Human: The Series. Listen to the podcast on Spotify, Apple or wherever else you get your podcasts.

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KSRTC’s Namma Cargo truck services flounder | Bengaluru News

Bengaluru: Namma CargoThe Logistics servicesKarnataka State Road Transport Corporation’s efforts to generate revenue from commercial activities have not been successful.

The initiative, which included the addition of 20 trucks to its freight business by Dec 2023 and announced plans to expand it to 100 vehicles within a single year, has not yielded the desired revenue because of multiple factors.

A majority of the fleet, which generated Rs 10 lakh in revenue this year is now used for internal purposes. The corporation’s bus fleet freight services generate substantial revenue, more than Rs 2 crore each month. During its launch KSRTCThe company aims to generate Rs 100 crore in revenue annually with its expanded Namma Cargo Fleet.

According to a senior KSRTC representative, there are many private companies in the market that offer competitive rates, provide credit, goods loading/unloading, tracking, monitoring, and supply chain management system.

“Cargo truck service is new to us. We too faced challenges, just like any other venture. We do not have a dedicated staff to load and unload goods. Bookings have been difficult to get because of this. In the private sector drivers also serve as supervisory staff. We cannot entrust our drivers with these tasks.

The corporation also expected to secure business from public sector enterprises and other government bodies, but that did not happen.

Currently, 14 of the 20 trucks are used for internal transport of materials to workshops or depots. “We used to use our old buses modified for the transportation of tools and material required in workshops or depots. We have now deployed trucks to this end. Currently, all cargo trucks are in operation. “None of the vehicles is off the road,” said an official.

To overcome these challenges, management has decided that they will approach the government to seek exemptions under the Karnataka Transparency in Public Procurement Act. This will allow them to secure bookings with govt-run businesses, federations and boards, as well as other entities. The corporation is also looking at partnering with private companies for operational purposes.

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