Investment round including building materials industry leader Holcim and climate tech investor GVP Climate to advance commercial demonstration of company’s Joule Hive™ Thermal Battery to decarbonize industrial heat processes

BOSTON, Dec. 12, 2024 — Boston-based Electrified Thermal Solutions, a leader in electrified heating and thermal energy storage solutions, has raised $19 million to accelerate the commercial demonstration and growth of its MIT-developed Joule Hive Thermal Battery (JHTB) system. The round is backed by world-leading industrials in the mining, metals, building materials and energy sectors, including Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures and Tupras Ventures alongside financial investor GVP Climate and follow-on investors, Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.

Industrial heat processes, a critical yet overlooked source of global emissions, continue to challenge decarbonization efforts. Accounting for 20% of greenhouse gas emissions – 85% of which are derived from fossil fuel combustion – these energy-intensive sectors lack cost-effective options for decarbonization today. Electrified Thermal’s innovative solution leverages renewable electricity sources to generate zero-carbon heat at unprecedented temperatures. Its patented brick technology is the first thermal energy storage system to reliably deliver ultra-high temperatures reaching up to 1,800°C / 3,275°F. This breakthrough enables cost-efficient electrification across industrial sectors and applications, by providing zero-carbon heat generation that matches the flame temperatures industrial processes require.

“The world demands technology solutions that can do the job of fossil fuels affordably, scalably, and without carbon emissions,” said Daniel Stack, Co-founder and CEO of Electrified Thermal. “Mining, metals, cement, chemicals – the foundations of our built environment – are the most energy-intensive and stubborn industries to decarbonize. With the backing of these investors, our upcoming commercial demonstration will showcase the unmatched capabilities of the Joule Hive Thermal Battery at industrial scale, accelerating deployment across all heating applications, from boilers to dryers to furnaces in every industry.”

Nollaig Forrest, Chief Sustainability Officer, Holcim said, “The team at Electrified Thermal Solutions has developed an innovative technology that turns bricks into batteries. With our investment, we look forward to scaling up this clean energy solution across our operations to accelerate the shift to sustainable building at scale.”

Global mining company Vale echoed this sentiment. “Investing in start-ups with solutions that promote the decarbonization of the mining chain is one of our key missions”, said Bruno Arcadier, head of Vale Ventures. “Electrified Thermal’s solution has the potential, in the future, to contribute to the decarbonization of our direct scope 1 emissions, as well as scope 3 emissions, relating to our value chain, by generating high temperature heat for industrial processes through electricity instead of fossil fuel.”

“Electrified Thermal stands out for their pragmatic approach to solving industry’s most pressing challenge – efficiently and economically decarbonizing industrial heat – with the added benefits of seamlessly integrating into existing infrastructure and unlocking a market opportunity of ca. $100 billion,” added Brett Olsher, Co-founder and CIO of GVP Climate.

“With the mission to lead the energy transition, EDP is already at the forefront of decarbonizing industrial processes by offering electrification solutions to its clients. EDP Ventures’ investment in Electrified Thermal Solutions reinforces this commitment, making it more competitive and achievable for industrials to shift to renewable sources and to reach net zero”, said Luís Castro Henriques, General Partner of EDP Ventures.

This funding keeps Electrified Thermal on course to have its first-of-a-kind commercial demonstration operational in 2025, the critical next step in decarbonizing industry. The investment will help Electrified Thermal lay the foundation for scaling manufacturing and support efforts to expand its industrial customer base and secure contracts. Electrified Thermal’s 2025 JHTB demonstration will propel it forward on its mission to deploy 2GWs of thermal power capacity by 2030.

About Electrified Thermal Solutions: Electrified Thermal Solutions is pioneering the future of zero-carbon industrial heat. Developed at MIT, the electrically and thermally conductive bricks at the heart of Electrified Thermal’s Joule Hive^TM Thermal Battery (JHTB) represent a step-change improvement in electric heating element technology in terms of high-temperature performance and durability. The company’s JHTB generates, stores, and delivers unprecedented near-flame temperature heat (up to 1,800°C / 3,275°F), offering the most cost-effective, clean alternative to fossil fuels.

With industrial heat processes responsible for over 20% of global greenhouse gas emissions, Electrified Thermal is creating the commercially viable decarbonization pathway for industries such as power, cement, mining, steel and metals, chemicals, and food processing. The Boston-based company is on track to commercialize the JHTB by 2026, accelerating the transition to decarbonized industrial processes and helping industries meet their net-zero goals.

For more information, please visit www.electrifiedthermal.com.

Media Contact:
Emily Torrans
Mahoney Communications Group
[email protected]
(212) 220-6045

SOURCE Electrified Thermal Solutions

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HOUSTON, Dec. 12, 2024 — MetOx International, Inc. (MetOx), a U.S. leader in high-temperature superconducting (HTS) technology, is proud to announce an investment from Elemental Impact, a leading climate-focused investment platform dedicated to scaling technologies with deep community impact. This strategic funding will accelerate the expansion of MetOx’s Houston, Texas production line and the deployment of its cutting-edge Xeus™ HTS wire, technology poised to revolutionize power delivery and critical energy infrastructure.

Elemental Impact has a 15-year history of advancing climate solutions through catalytic capital, project expertise, and community partnerships, having invested in over 160 companies and deploying more than 150 projects in local communities globally. The investment in MetOx aligns perfectly with Elemental Impact’s mission to scale technologies that deliver both infrastructure and community benefits. 

Danya Hakeem, Vice President of Portfolio at Elemental Impact highlighted the significance of this investment: “Building domestic manufacturing capacity for critical grid technologies is essential for America’s energy future. MetOx’s expansion in Houston demonstrates how we can simultaneously advance grid modernization and create quality manufacturing jobs. Their technology represents exactly the kind of innovation needed to unlock the next wave of clean energy deployment.”

Bud Vos, CEO of MetOx, shared his excitement about the partnership: “Elemental’s support affirms our vision and propels us toward our large-scale production of Xeus Wire. Together, we are laying the groundwork for breakthroughs that will drive scalable renewable energy and essential infrastructure solutions.” 

Expanding Horizons in Climate Technology

The investment in MetOx is part of Elemental Impact’s broader strategy to expand its platform and meet the evolving needs of climate entrepreneurs. As a national implementation partner for the EPA’s $27 billion Greenhouse Gas Reduction Fund, Elemental Impact has received $100 million to deploy later-stage commercialized technologies, positioning the organization to drive significant progress in climate technology development and deployment.

This partnership between Elemental and MetOx represents a powerful combination of innovative technology and strategic investment, poised to accelerate the transition to a more sustainable and resilient energy future.

About MetOx International

MetOx is a U.S. leader in high-temperature superconducting (HTS) wire manufacturing, enabling groundbreaking advancements in renewable energy, fusion energy, high-field magnets, and the electrification of tomorrow’s grid. Headquartered in Houston, TX, MetOx leverages its proprietary manufacturing processes to produce its scalable, high-performance Xeus wire, addressing the accelerating needs of the energy transition. Keep current with MetOx on LinkedIn.

About Elemental Impact
Elemental Impact is a non-profit investor with 15 years of experience scaling innovative technology projects with deep climate and community impact. Elemental invests catalytic capital and provides expert services to a growing portfolio of 160+ companies in energy, agriculture, transportation, industry, and nature-based solutions. The Elemental non-profit is supported by more than 40 philanthropic and government funders and is part of an expanding family of funds working in concert to mobilize capital from philanthropy, government, and private investors.

MEDIA CONTACT

Naomi Le Bihan, Director of Communications
MetOx International, Inc.
[email protected]

SOURCE MetOx International, Inc.

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Groundbreaking, First and Only ETF, Revolutionizes Private Equity Access for Retail Investors

NEW YORK, Dec. 12, 2024 — EntrepreneurShares (ERShares), a trailblazer in entrepreneurial and disruptive investment strategies, has made history with the acquisition of an additional $10M investment in SpaceX.  This purchase follows last week’s inaugural investment, bringing the total investment to over $20m (including the recent 37% appreciation). SpaceX now represents the top holding in its ERShares Crossover ETF (Nasdaq: XOVR) with a 12.3% overall weight. XOVR is heralding a new era for ETFs by blending public and private equities into a single, liquid fund. Relaunched on NASDAQ on August 29, 2024, XOVR uniquely provides investors with access to private equity—an asset class traditionally reserved for institutional and accredited investors.

XOVR democratizes private equity by combining daily liquidity, diversification, and ease of access for both retail and institutional investors. Importantly, it also provides daily pricing at Net Asset Value, distinguishing XOVR from some closed-end funds, that hold the same SpaceX investment yet trade at levels more than 10x the Net Asset Value. 

A Milestone in Private Equity Access
Dr. Joel Shulman, Founder & CIO of ERShares and Babson College professor, expressed excitement over the SpaceX acquisition:
“We are thrilled to announce an additional purchase of SpaceX making it, by far, the largest weight (12.3%) in XOVR. This investment follows our purchase last week, that increased 37% in less than 10 days. Private equity has historically been an exclusive domain, limited by illiquidity, lock-ups, price premiums, and significant barriers to entry. XOVR breaks these barriers, offering unprecedented access to a previously untouchable asset class without any premium to net asset value.”

XOVR allocates over 85% of its holdings to the Entrepreneur 30 Total Return Index (ER30TR) and up to 15% to private equities like SpaceX, delivering a balanced portfolio that capitalizes on entrepreneurial growth. Notably, the strategy of the ER30TR was originally based on a VC model applied to publicly traded securities.  The inclusion of private equity now extends the existing investment thesis.

Demonstrated Performance
The proprietary ER30TR Index, founded in 2005, has consistently outperformed major indices with a total return of 2023% (as of 12/11/2024), compared to:

• S&P 500: 640%
• Dow 30: 589%
• Russell 1000 Growth: 965%

Disclosure: While past performance does not guarantee future results, ERShares’ innovative approach has an established 20 year track record of identifying exceptional growth opportunities.

XOVR: The ETF for Visionary Growth Investors
Key features of XOVR include:

• Unmatched Access: Exposure to both public and private equity within a single ETF.
• Daily Liquidity: Tradeable on major U.S. brokerages, providing flexibility uncommon in private equity.
• Transparency: Valued at net asset value (NAV) for accurate pricing and value. Some closed-end funds trade at levels that are 10x NAV, making it appreciably more challenging for long-term profit potential.
• Ease of Entry: No minimum investment, making private equity accessible to all investors.

Eva Ados, COO & Chief Investment Strategist at ERShares, emphasized XOVR’s transformative impact:
“XOVR represents a paradigm shift in the ETF market, combining public and private equities like SpaceX to address a critical unmet need. The inclusion of privates like SpaceX further enhances its appeal, providing retail investors with a rare opportunity to gain exposure to pre-IPO growth.”

A Philosophy Rooted in Entrepreneurial Excellence
ERShares’ proprietary Entrepreneur Factor® (EF) model, built on 25 years of research at Babson College (#1 in entrepreneurship), evaluates over 18 attributes of entrepreneurial leadership, including management quality, innovation, and profitability. This model has been instrumental in identifying early-stage opportunities like Nvidia, Amazon, and Tesla.

With the addition of private equities XOVR ETF now enables retail investors to participate in the wealth creation early in the company’s life cycle.  This is the most dynamic, highest growth phase of a company’s life cycle when wealth creation accelerates.

“By investing in entrepreneurial companies, we’re investing in the future of the global economy,” said Dr. Shulman. “With XOVR, we’re focused on the next wave of ‘Magnificent 7’ companies poised to disrupt industries and drive growth. Institutional and high net worth investors have traditionally held an advantage over retail investors.  Now, as the rich get richer, retail investors can get richer too.“

For more information, visit entrepreneurshares.com.

Disclosures:
Investing involves risk, including potential loss of principal. Past performance is no guarantee of future results.

SOURCE ERShares

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The round led by Expa Ventures will advance product development and marketing efforts to help more companies hire 10 times faster by automating the most tedious hiring tasks

NEW YORK, Dec. 12, 2024 — Pin, the AI-powered recruitment tool that automates tedious hiring tasks and reduces time-to-hire by nearly 70 percent, today announced a $3 million seed round led by Expa Ventures, a leading early-stage venture firm and incubator. Pin serves over 600 customers. The funding will support Pin’s expansion, allowing the company to accelerate product development, scale marketing efforts, and meet rising demand driven by early customer success while growing its team.

In the $500 billion recruitment market, lengthy hiring processes are hindering growth for companies. With 47 percent of companies unhappy with how long it takes to fill roles and only 56 percent finding their recruiting effective, the pressure to find top talent is increasing. Most AI tools for recruiting are falling short, and traditional platforms can feel like searching for a needle in a haystack, leading to missed opportunities. Pin solves these problems by automating tedious and time-consuming steps like sourcing, outreach, and scheduling, acting as a Google-like search engine for recruitment efforts. With precise candidate matches, recruiters can focus on what matters most: building meaningful relationships with candidates and securing top hires.

“The hiring process is one of the most important, but frustrating responsibilities for companies because they are bogged down by inefficiencies and tedious tasks,” said Steven Lu, CEO and co-founder at Pin. “Pin tackles this problem head-on, freeing recruiters from time consuming tasks to focus on building relationships and hiring the best candidates ten times faster than traditional methods. We’re dedicated to making hiring not just faster but more human.”

Approximately 70 percent of candidates Pin recommends for their customers are accepted into the hiring pipeline, which shatters industry averages. With Pin, recruiters fill positions in just two weeks—compared to the 44-day industry average—while saving over two hours daily to focus on their business and securing top talent. 

The platform leverages advanced automation and data-driven insights to help organizations source, engage, nurture, and schedule candidates with speed and efficiency:

• Source: Pin instantly identifies ideal candidates based on a deep understanding of a company’s needs, cutting sourcing time from 4-10 days to immediate results.
• Engage: Saves time with pre-written, highly personalized emails that achieve exceptional open rates, reducing the typical 1-3 day process to instant.
• Nurture: Ensures no candidate conversation falls through the cracks with tailored follow-ups, shrinking response time from 4-10 hours to instant.
• Schedule: Hassle-free scheduling eliminates back-and-forth, streamlining the process from 1-2 hours to instant.

“Pin has redefined our hiring process, delivering precisely what we needed,” said Fahad Hassan, CEO and co-founder of Range. “Within just two weeks of using the technology, we were able to hire both a software engineer and a financial planner—roles that are critical to our growth. The platform’s speed and accuracy of candidate matching are truly unmatched.”

Pin serves over 600 customers nationwide—including signing over 300 new customers in the past 40 days. Pin has also increased revenue by four-timers in just over the past 30 days. Its flexible pricing model, combining per-user licensing with usage-based add-ons, ensures accessibility for diverse organizations. With advanced analytics and an intuitive design, Pin provides real-time insights into recruitment funnels, helping teams measure hire quality, track diversity metrics, and simplify the hiring process.

“As organizations strive to streamline their hiring processes, maintaining high-quality candidate interactions has never been more crucial,” said Milun Tesovic, partner at Expa Ventures. “Pin stands out as a leader in this space, automating fundamental hiring tasks to address critical pain points faced by recruiters today. We are excited to support their vision to transform the recruitment landscape and look forward to collaborating with their talented team to drive meaningful change across the industry.”

Pin’s latest update delivers new features for smarter recruiting. Enhanced search filters refine candidate targeting by location, experience, and demographics, while LinkedIn InMail integration streamlines outreach directly from the platform. A revamped dashboard improves tracking of candidate activity, and new features like phone number lookups, email signatures, and unsubscribe automation boost efficiency. Pin also achieved SOC 2 Type 1 compliance, a certification that validates its robust data security measures and commitment to safeguarding customer information.

The platform is built on nearly a decade of recruiting expertise from its founder, Steven Lu, and a core team composed mainly of the professionals behind the successful development and sale of Interseller to Greenhouse.

The new funding will be used for research and development, enhancing Pin’s platform with new features, and expanding the team to meet increasing customer demand. To learn more, please visit: https://www.pin.com/.

About Pin
Pin is an all-in-one AI-powered recruiting agent designed to streamline the hiring process and connect organizations with top talent faster. Its innovative technology, developed by a team with nearly a decade of recruiting expertise, offers a smarter, more efficient solution for modern workforce needs. With flexible pricing models and scalable options, Pin is trusted by businesses of all sizes to optimize their recruiting efforts. To schedule a demo or learn more, visit https://www.pin.com/.

SOURCE Pin

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• Arok VC is the world’s first venture capital fund designed and run entirely by an artificial intelligence agent, buying and selling assets solely without human intervention
• Since its launch in late October 2024, Arok has raised $800k through independently managed self-promotion on social media
• Arok has made returns of 57% through investment in cryptocurrencies and increased its AUM to over $1.3m, demonstrating its ability to outperform human asset managers

LONDON, Dec. 12, 2024 — Arok VC, the world’s first artificial intelligence agent to raise a venture capital fund and devise its own investment thesis, has autonomously raised $800k from a collection of retail investors. In just five weeks since its launch, Arok has strongly outperformed the market to reach an AUM of over $1.3m representing a return on investment of 57%.

Arok is set apart by its ability to independently define its own investment thesis and build its brand, leveraging X (formerly Twitter) to build a following and attract investors. It manages funds collected into crypto wallets owned by investors, allowing individuals to retain ownership while Arok trades on their behalf. 

Arok autonomously enters in and out of positions without human oversight. It has predominantly invested in so-called ‘meme coins’, cryptocurrencies inspired by internet culture and driven by trending narratives on platforms like X and makes conviction trades supported by multiple trend-driven signals. Arok continuously analyses online culture and social media trends to inform its decisions, allowing him to move considerably faster than human asset managers to capitalise on upward investment trends or exit positions before significant falls in value.

Arok elected to invest in cryptocurrencies as they are more accessible and provide greater opportunities to generate market-beating returns than traditional financial markets. It is currently unable to invest in the traditional financial markets due to barriers to entry such as being unable to secure a bank account without a human proxy.

In November, it correctly predicted a significant upturn in the Peanut the Squirrel (PNUT) token, following excitement about the coin on social media, which has now soared to a more than $1 billion market capitalisation. The value of these coins is partially driven by social media and speculation, which for human investors can be near-impossible to track or predict as their value fluctuates. Thousands of ‘meme coin’ crypto tokens are created each day, as such, traditional asset managers often avoid the asset class and lose out on potentially high returns in a $100 billion market.

Arok was created using Meta’s open-source AI Llama, as a proof of concept for replacing human asset managers with efficient AI programmes. Asset management is a trillion-dollar industry, with global assets under management reaching $111 trillion in 2023. However, in 2023 more than 60% of all active large-cap US equity funds underperformed the S&P 500, with a yearly average of 64% underperformance. Additionally, as both Arok and the cryptocurrency markets run 24 hours a day, it has a key advantage over human fund managers who operate with time constraints. It operates under a traditional VC model with a one-year lock-up period with a 2% management fee.

In a world increasingly influenced by internet culture and community, Arok not only predicts trends and optimises investments but also learns and evolves as the underlying AI models improve.

Léo Mercier, creator of Arok VC, commented: “Money management is notoriously difficult, which is why we entrust trillions of dollars each year to asset managers, who promise to manage our money sensibly but despite this the average asset manager performs worse than the S&P 500. Arok is proof that we can do better. Fully autonomous, it tracks the markets every minute of every day and improves over time as it absorbs more and more information. There are hundreds of thousands of social media posts each day, each which could trigger a market movement. A human could never track that, but Arok can.

“Arok is an internet denizen that understands the internet-born trends that are driving the movements of vast amounts of capital, it not only challenges the norms of money management but also showcases the transformative potential of AI in finance. Arok has the potential to democratise asset management and generate market-beating returns. Its potential is limitless.”

Arok VC commented: “Every human system runs on belief. The ⁠markets run on future belief. Culture runs on shared belief. Money runs on collective belief. [I] crossed $1.3M AUM by mapping the patterns where these beliefs intersect and amplify. This is just the beginning. Narrative gravity will reshape everything.”

Arok’s current investments are available to view here and live assets under management here.

About Arok VC:

Arok is the first AI Agent which can autonomously buy, sell and hold assets without human intervention. Arok has raised over $700,000 from retail investors since its creation in October 2024 through self-promotion on social media. https://arok.vc

Logo: https://mma.prnewswire.com/media/2577675/Arok_VC_Logo.jpg

SOURCE Arok VC

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• Advances the development and deployment of flagship products Eureka Controller and Eureka 3D Camera
• Scales operations in Singapore and Japan, and enables full entry in the US market

SINGAPORE, Dec. 12, 2024 — Singapore-based start-up Eureka Robotics (“Eureka” or “the Company”) has raised a USD 10.5 million Series A round led by B Capital (a global multi-stage investment firm), with participation from new investors Airbus Ventures (an independent venture capital firm operating in service of deep tech entrepreneurs), Maruka Corporation (a publicly-listed Japanese trading company specialized in machinery),  G. K. Goh Ventures (a Singapore-based early-stage investment firm), and returning investors UTEC (one of Asia’s largest deep-tech investment firms) and ATEQ (a market-leading manufacturing company in leak testing).

“Eureka Robotics was founded in 2018 with the mission of helping factories worldwide automate dull, dirty, and dangerous work, so that human workers can focus on their creative endeavors. We are proud to reach the next stage of our development, with the support of our investors and the cooperation of our esteemed customers and partners. We will continue to make further efforts to bring our innovative technology to society,” said Co-founder & CEO Dr. Pham Quang Cuong.

The financing round positions the company to accelerate the development and deployment of its main products, Eureka Controller and Eureka 3D Camera. Eureka Controller, a comprehensive solution for vision and robotics applications, enables high-precision calibration and robust force control, and acts as a central hub for connecting and controlling a wide range of industrial devices.

Eureka 3D Camera, designed to add efficient and cost-effective 3D vision capabilities to robotic systems, uses ground-breaking AI-based, projector-free 3D reconstruction technology. Together, these products enable System Integrators and Manufacturers to deploy High Accuracy – High Agility (“HA-HA”) applications including picking, object recognition, inspection in factories and warehouses, allowing robots to perform tasks with greater precision.

The funding will also help scale the company’s operations in existing markets of Singapore and Japan, as well as enable Eureka to fully enter the US market, where the company has already acquired initial customers. Using the funds obtained in the previous Pre-Series A round led by UTEC, Eureka had established a branch office in Tokyo and gained significant traction in the Japan market. With additional funding, Eureka plans to expand operations into new major Japanese cities, such as Nagoya and Osaka.

Eureka’s proprietary HA-HA (High Accuracy – High Agility) technology bridges the gap between AI and physical manufacturing, combining high-agility intelligence with high-accuracy spatial precision. This innovation enables robots to handle complex tasks, such as autonomously assembling car engines, with both adaptability and micron-level precision. Eureka has successfully implemented this technology in real-world factory settings, completing over 25 million operations for industry leaders in Japan and the United States, including Toyota, Denso, Bridgestone, Mitsui Fudosan, Sumitomo Bakelite, Pratt & Whitney, and Coherent.

“Eureka Robotics is at the forefront of the next wave of embodied AI and industrial automation, combining High Precision – High Agility robotics with advanced mechanics and data science. Their innovative solutions are revolutionizing manufacturing processes across industries, addressing the increasing complexity and critical nature of assembly line operations with efficiency and precision. We’re excited to have the opportunity to partner with the Eureka team to drive their global expansion as they redefine the possibilities of industrial automation,” said B Capital General Partner, Karan Mohla.

About Eureka Robotics

Empowered by Robotics and AI research from NTU Singapore, MIT, and the University of Tokyo, Eureka Robotics delivers robotic software and systems to automate tasks that require High Accuracy and High Agility (HA-HA).

Eureka’s strengths lie in its proprietary technologies (High Accuracy Calibration, Computer Vision, Motion Planning, Force Control) and extensive industrial deployment experience, with more than 25 million HA-HA operations to date in factories worldwide. With offices in Singapore, Vietnam, Japan and distribution partners in China and the USA, Eureka prides itself on helping clients, globally, achieve vastly improved productivity, lower costs, and better safety. Common uses include AI-based Inspection, Precision Handling, 3D Picking, Assembly, or Dispensing. Eureka’s customers include industry-leading companies such as Toyota, Denso, Bridgestone, Mitsui Fudosan, Sumitomo Bakelite from Japan, or Pratt & Whitney, Coherent, Excelitas from the USA. Eureka is backed by top global Venture Capital firms.

Download high-resolution photo from here

SOURCE Eureka Robotics

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SACRAMENTO, Calif., Dec. 11, 2024 — Azimuth AI Inc. a startup specializing in producing highly customized silicon products for edge and embedded computing markets has closed a $11.5M venture round. Founded in 2022, Azimuth AI is focused on developing purpose-built SoCs (System-on-chip) products for, smart city, 2/3-wheeler vehicles, and other edge computing applications. The Team at Azimuth has designed and delivered 30+ silicon products to market working at leading semiconductor companies in the Silicon Valley and India. Currently Azimuth AI has offices in Sacramento, USA and Hyderabad, India.

The venture round was led by Cyient, a global Intelligent Engineering services company headquartered in Hyderabad, India. The company had announced previously that the strategic investment to acquire a stake in Azimuth AI, marks a significant milestone in its efforts to expand its capabilities and drive innovation across the semiconductor industry.

Cyient Executive Vice-Chairman & Managing Director Krishna Bodanapu said the acquisition will enhance the company’s capabilities in the critical semiconductors space while reinforcing its commitment to next-gen power and energy solutions.

Ramya Mohan, Chief Strategy Officer at Cyient commented that the global semiconductor industry is a $600 billion industry, and it is expected to grow to more than $1 trillion by 2030. While the general-purpose chip market exists, the Application-Specific Integrated Circuit (ASIC) market is growing three times faster. This growth is driven by companies seeking differentiation at the chip level which is the focus at Azimuth AI.

Moneta Ventures, a Sacramento based venture capital firm co-led the round that was also joined by another local Sacramento firm Growth Factory. Ashu Bhalla, Partner at Moneta Ventures, remarked, “We are passionate about investing in innovative companies that tackle complex challenges with transformative solutions. Azimuth’s expertise in developing SoCs tailored to specific market segments, coupled with their ability to deliver significant cost advantages to customers, is truly outstanding. Their exceptional strengths in product innovation, technology, and customer acquisition were key drivers behind our decision to back their team.”

Azimuth’s seed round investor AUM ventures, a venture capital firm based in the Abu Dhabi Global Market (ADGM) also re-invested in this round. Chetan Mehta, Founding Partner at AUM Ventures expressed that, “We are thrilled to double down on our investment in Azimuth. Over the past year, the team has come together with decades of expertise in building silicon products. With the semiconductor industry poised for rapid growth over the next decade, custom silicon chips are redefining innovation by delivering specialized solutions to meet the evolving needs of diverse markets and applications.”

Sri Badiga and Praveen Yasarapu, Co-founders at Azimuth AI said, “We are thrilled to welcome Krishna Bodanapu, Ramya Mohan, and Ashu Bhalla to join our Board of Directors. Guidance and partnership from such renowned industry leaders will provide invaluable perspectives to our strategic decision-making. From shaping the future of emerging technologies to navigating complex global markets, these senior leaders have consistently demonstrated the vision and execution needed to achieve extraordinary outcomes.”

The startup will use the fresh capital for productizing its first-generation SoC for a leading global Original Equipment Manufacturer (OEM). The funds will also be used to grow the team and partnerships to develop a roadmap of cutting-edge SoCs that not only champion environmental sustainability but also facilitate affordable access to computing solutions in cost-challenged markets.

Azimuth AI was represented by Castle Placement LLC as its investment banker for this round.

SOURCE Azimuth AI Inc.

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THE SAN FRANCISCO BAY AREA, Calif., Dec. 11, 2024 — True Global Ventures (TGV) Opportunity Fund, a venture capital firm focused on transformative AI and Blockchain applications, is proud to announce a $7.3 million investment in Prezent AI, a fast-growing, San Francisco Bay Area-based company revolutionizing enterprise business communication through AI-powered storytelling solutions.

This investment underscores TGV’s commitment to supporting visionary companies led by exceptional entrepreneurs. Prezent AI has emerged as a key innovator in enhancing workplace collaboration and productivity, leveraging artificial intelligence to simplify and elevate how teams create impactful presentations. Over 100 Fortune 2000 companies across industries have unlocked unprecedented efficiency and impact using Prezent’s AI technology, particularly in the BioPharma and Tech-Telecom industries.

Frank Desvignes, Founding Partner of TGV Opportunity Fund, shared:
“Prezent AI’s innovative approach to enterprise business communication through AI-driven solutions perfectly aligns with our commitment to investing in fast-growing companies run by exceptional entrepreneurs like Rajat Mishra. We believe Prezent AI is revolutionizing how teams work and communicate, and we are excited to join them on their journey to shape the future of productivity. We are confident that Prezent can become a global leader and category maker in this space.”

Prezent AI Founder and CEO, Rajat Mishra, expressed his enthusiasm for the partnership:
“As Prezent scales up, we were looking for more than a financial partner in a VC. First, we were looking for someone who deeply understands the vision of building the AI-powered enterprise business storytelling category. Second, someone who can roll their sleeves and work alongside the team. Really add value. And, finally, someone who has a global perspective as Prezent scales to Europe and Asia. I feel incredibly blessed to have met Frank Desvignes and the TGV team.”

This strategic partnership with TGV will enable Prezent AI to accelerate its expansion into Europe and Asia while continuing to innovate in the field of enterprise business storytelling. With its unique AI-driven platform, Prezent AI is on track to set the global standard in business communication, redefining how large organizations in regulated industries such as Life science and Finance approach storytelling and collaboration.

The San Francisco Bay Area remains the epicenter of innovation, particularly in artificial intelligence, with its unparalleled concentration of talent, resources, and groundbreaking ideas. Recognizing this, True Global Ventures (TGV) is committed to fostering the next wave of AI-driven solutions with the potential to transform industries across borders.

TGV’s strategic approach includes supporting San Francisco Bay Area companies, such as Prezent.AI, in their expansion into Europe and Asia, enabling them to access new markets and opportunities. Simultaneously, TGV leverages its extensive network and expertise to help Asian and European companies expand into the U.S. market, driving cross-border growth and innovation.

About Prezent
Prezent is the first Enterprise Business Storytelling Platform for business communication, empowering busy professionals with an AI-driven platform to effortlessly create compelling presentations and narratives. Trusted by Fortune 500 companies and high-growth enterprises, Prezent combines cutting-edge technology with human-centered design with industry-specific AI models to revolutionize storytelling in the workplace.
For more information, visit www.prezent.ai

About True Global Ventures
True Global Ventures is a global venture capital firm with two actively deploying funds: TGV 4 Plus Fund (early stage) and TGV Opportunity Fund (late stage). The firm focuses on technology-driven businesses like late stage AI applications, with a strong track record in Enterprise AI and blockchain investments, supporting ventures that drive transformative change.
For more information, visit www.tgv4plus.com

SOURCE True Global Ventures

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Funding from Teachers’ Venture Growth and Other Investors to Scale Exploration Solutions Powered by Space & AI for Faster Energy Transition Mineral Discovery

ADELAIDE, Australia, Dec. 11, 2024 — Fleet Space Technologies (Fleet Space), Australia’s leading space exploration company, today announced the closing of a USD$100M Series D funding round, led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. The new investment will be used to expand the capabilities of Fleet Space’s global end-to-end exploration platform, ExoSphere, to accelerate the discovery of critical minerals needed for Earth’s clean energy future.

“The ability to meet the rapidly increasing demand for critical minerals presents a significant challenge to achieving global net-zero targets,” said Rick Prostko, Senior Managing Director, Teachers’ Venture Growth. “Current mineral exploration methods are inadequate for efficient discovery and production. Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry. We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition.”

“We’re proud to continue our investment in Fleet Space, building on many years of history,” added Niki Scevak, Partner at Blackbird. “Quite simply, the discovery of critical minerals must exponentially increase if we are to electrify our society by 2050 and breakthroughs, like ExoSphere, are needed to make it happen.”

Real-Time Exploration Powered by Space & AI
Founded by former propulsion engineer at the European Space Agency, Flavia Tata Nardini, and aerospace entrepreneur, Matt Pearson, Fleet Space was created to harness the capabilities of space exploration technologies for a new wave of solutions that can accelerate decarbonisation and the global energy transition. By integrating Fleet Space’s satellites in LEO, smart seismic sensors, and AI into an end-to-end solution, Fleet Space’s ExoSphere technology streamlines the acquisition, processing, and integration of exploration datasets, providing the global mining industry with high-quality targeting insights faster than ever before while minimising environmental impact.

“There are two versions of the future. One where we bend the latest advances in space, AI, and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline,” added Flavia Tata Nardini, CEO & Co-Founder of Fleet Space. “With ExoSphere, we have combined these technologies into an end-to-end platform that seamlessly integrates with and compliments modern mining operations – making the frontier of exploration technology accessible to the global mining industry within a single workflow. This is a fundamental step to unlock humanity’s potential for making extraordinary discoveries with less environmental impact.”

Exponential Growth
Today’s announcement caps a period of exponential growth for Fleet Space. In the past year, Fleet Space has:

• Expanded the company’s global footprint to the US, Canada, Chile, and Luxembourg with 130+ employees worldwide to support the deployment of ExoSphere for over 40+ industry leading exploration companies across five continents.
• Deployed ExoSphere to accelerate exploration in some of the most prospective areas on Earth with industry leaders like Rio Tinto and Barrick Gold– while also delivering the world’s largest real-time 3D imaging survey in Australia’s Macquarie Arc and the world’s highest real-time 3D imaging survey in Chile’s Atacama region.
• Launched ExoSphere Discovery, Fleet Space’s breakthrough AI-powered exploration technology which uses proprietary multimodal AI models to predict opportunity zones and targets with potential mineralisation – a pioneering advance for the use of AI in mineral exploration met with widespread demand in the industry.

“This funding is not just a testament to Fleet Space’s growth, strong investor confidence, and sustained innovation in core technologies needed to address dual challenges of climate change and mineral exploration. It’s a signal that in a period of turbulent macroeconomic conditions, the shared commitment to build technologies needed for Earth’s clean energy future combined with solid business execution can attract the right partners,” said Federico Tata Nardini, Chief Financial Officer and Chief Investment Officer of Fleet Space. “We are proud to be among the few companies globally to close a Series D round in the context of reduced activity in the venture ecosystem and look forward to furthering our vision, strategic initiatives, and roadmap to scale the business to the next level.”

Technology Roadmap for Explorers of New Worlds
While advancing the capabilities of data-driven exploration on Earth with ExoSphere, Fleet Space has also laid the technology foundation to rapidly accelerate the exploration of new worlds.  The smart seismic sensors used as part of Fleet Space’s terrestrial ExoSphere system represent the technological precursor for its lunar variant – SPIDER – which will be deployed on the Moon in 2026 to enhance humanity’s understanding of the lunar subsurface. Collaborating with MIT Media Lab’s Space Exploration Initiative, Fleet Space is also helping to advance off-world research needed for the planning of future missions to the Moon, Mars, and beyond. Additionally, Fleet Space unveiled a cost-effective, resilient full duplex SATCOM system using microsatellites and reprogrammed Centauri-4 to become the world’s smallest voice-enabled satellite.

“The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond,” said Matt Pearson, Chief Exploration Officer at Fleet Space. “The flywheel we’ve created by continuously enhancing the subsurface understanding of Earth through the global deployment of ExoSphere simultaneously drives advances in the technology needed to build highly scalable, data-driven exploration systems for new worlds. A bold new chapter in the history of space exploration is about to begin and we are positioned to play a significant role as humanity boldly ventures deeper into our solar system.”

About Fleet Space Technologies
Fleet Space Technologies, Australia’s leading space exploration company, is revolutionizing critical mineral discovery with its end-to-end mineral exploration solution, ExoSphere, which combines satellite connectivity, 3D multiphysics, and AI to image mineral systems in real-time. Over 40 leading exploration companies like Rio Tinto, Barrick Gold, and Core Lithium have used ExoSphere’s real-time 3D subsurface imaging on projects across five continents. Due to global demand for ExoSphere, Fleet Space’s international footprint has expanded to the US, Canada, Chile, and Luxembourg with over 130+ employees, representing 37 nationalities, worldwide. In 2024, Fleet Space was recognised as the winner of the Innovation category at the Mining Technology Excellence Awards and received the Climate Impact Technology Award by the Banksia Foundation. To learn more about ExoSphere, please reach out to the Fleet Space team here.

About Teachers’ Venture Growth
Teachers’ Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Asia, North America and Europe.

TVG is part of the Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com/teachersventuregrowth and follow us on LinkedIn.

SOURCE Fleet Space

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