SAN JOSE, Calif., May 7, 2024 — RE Security, the world’s first company specializing in predictive AI cybersecurity, announced that it has filed a wave of patents, demonstrating its thought leadership and technical innovation while leading the next generation of AI cybersecurity. The company also shared today that it was recognized with a number of awards as it heads to RSA Conference 2024 https://rsaconference.com/usa this week in San Francisco.

Multiple Groundbreaking Patents Filed
PRE Security has filed several foundational patents to date that deal with using generative AI systems to predict future alerts based on data analytics performed on historical logs, alerts, and other data signals, as well as around the use of LLMs to develop what PRE Security calls Natural Language Alert Signatures, which are designed to help achieve maximum correlation across all data sets available, not just those with custom integrations.

One of the biggest problems for both cybersecurity vendors and security workers is the difficulty in effective integration of data between disparate tools and sources. “By converting a company’s log and alert data to natural language, we bypass the need for hard-coded regex or syntax-mapping,” said John Peterson, CTO and Co-Founder of PRE Security. “This approach eliminates the need for constant development and maintenance of parsers and custom integrations and is a huge benefit for any company looking to onboard disparate data for better security analytics.”

“The use of LLMs and other generative AI tech in cybersecurity, and especially in the interpretation of data such as logs, alerts, and other signals, is injecting new energy into the capability of cybersecurity solutions. PRE Security is in the vanguard of this movement with creative takes on ingesting logs from any vendor, deriving complex correlations that go beyond today’s XDR solutions, and even delivering proactive guidance and predictions of bad actors and future attacks. These kinds of new approaches will help companies leverage these new technologies and improve their cyber defenses,” explained Richard Stiennon, Chief Analyst at IT-Harvest.

RSA Week Awards
In the days leading up to attending this year’s RSA Conference 2024, PRE Security was honored with several awards, including as winner in three separate categories:  Most Innovative Company, Best Startup Company, best AI Security Solution. “We congratulate PRE Security on being recognized as an award winner in multiple categories of the 2024 Cybersecurity Excellence Awards,” said Holger Schulze, CEO of Cybersecurity Insiders and founder of the 600,000-member Information Security Community on LinkedIn, which organizes the 9th annual Cybersecurity Excellence Awards. “With over 600 nominations, these awards are highly competitive and winning multiple awards is a strong endorsement of our innovative solution and unique value in this emerging market,” said Paul Jespersen, CEO of PRE Security.

PREdictive Vision 
For the past decade in cybersecurity vendors have been focused on improving various Detect & Respond (DR) solutions, such as EDR, CDR, NDR, MDR, and XDR. While most vendors and service providers are focused on trying to reduce the Mean Time To Detect or Respond (MTTD/R), the reality is that most organizations still have MTTD averages measured in weeks if not months. PRE Security asked instead “Why wait for the attack before alerting at all? Why not predict before it needs to be detected?”

Starting with this vision, PRE Security’s predictive analytics solution is designed to work with and enhance existing SOC solutions including major SIEM, XDR, SOAR, Vulnerability Management, Attack Surface Management, and Security Risk vendors. The ability to correlate across all available data and the inclusion of predictions gives organizations a greater understanding of their cyber risk and what they can proactively do to improve and protect their operations, lower costs, ensure their compliance, and reduce their risk.

About PRE Security 
PRE Security is a pioneering predictive AI cybersecurity company using the latest advances in predictive analysis and generative AI to deliver superior security analytics while eliminating the limitations and restrictions of traditional SIEM and XDR solutions. PRE Security Inc is based in Silicon Valley. Learn more at www.presecurity.ai.

Contact:

Paul Jespersen
[email protected]
408-218-9668

SOURCE PRE Security

Since its founding in 2013, LabCentral has supported 278 companies that have created 6,339 new jobs, secured $18.4 billion in funding, launched 132 clinical trials and been awarded 180 new patents

CAMBRIDGE, Mass., May 7, 2024 — LabCentral, the premier Massachusetts-based network of coworking labs designed to accelerate high-potential biotech startups, today unveiled its 2023 Impact Report which covers LabCentral’s first ten years of operation (2013-2023). The report quantifies LabCentral’s unprecedented role as a growth engine in the Massachusetts life sciences industry in its first decade, including resident companies’ aggregated funding, patents, clinical trials and job creation. It also includes LabCentral’s 2023 impact metrics, including science-based operations, expanded facilities and programming.

“In 2013, LabCentral’s founding team had the bold idea to create a biotech innovation engine in the heart of Kendall Square to let scientists and startup entrepreneurs walk into the facility and start doing meaningful science on day one. Originally, we estimated that our resident companies might create up to 1,000 new jobs over ten years, so it is amazing to see that they have achieved more than six times that number – this is an astounding testament to the economic impact innovative startups can have,” said Johannes Fruehauf, co-founder and president of LabCentral. “We are enormously proud to support our residents’ work towards improving human health, and to have pioneered the Ignite initiative, which is a portfolio of programs to make the biotech industry more equitable and accessible at all levels. We thank our partners who have been part of this journey – residents, sponsors, mentors, the venture community, the Massachusetts Life Sciences Center and so many others – and we look forward to expanding our beneficial impact in the coming years.”

Data from its first decade illustrates LabCentral’s immense impact on accelerating scientific discoveries,  as well as growing the Boston-area biotech industry:

• $18.4 billion in funding – LabCentral companies have raised a total of $18.4 billion in early-stage venture capital, partnership, product revenue, technology licensing and other forms of funding (note: does not include M&A). In 2023 alone, LabCentral resident and alumni companies secured $1.7 billion in funding, including 28.3% of all early-stage (seed and Series A) bio-pharma financing for the state of Massachusetts and 16.3% of all early-stage financing nationwide.
• 6,339 jobs – The 278 companies LabCentral has supported have added 6,339 new life sciences and biotech jobs to the economy, including 447 new jobs in 2023.
• 180 patents – Showcasing the groundbreaking scientific discoveries coming out of its facilities and the potential to build valuable, high-growth businesses around them, LabCentral companies have been awarded 180 patents, including 30 new patents just in 2023.
• 132 clinical trials – LabCentral companies have started 132 clinical trials, including 16 in 2023. As part of those trials, 15,010 participants have been dosed or enrolled.
• Successful exits – As evidence of the value of their research, LabCentral companies have completed 19 IPOs and 29 M&A deals.

LabCentral started in 2013 with 28,000 square feet at 700 Main Street and has grown to now include a full network of coworking labs, including LabCentral 610 and LabCentral 238, as well as the labs it manages, Bayer Co.Lab Cambridge, Pagliuca Harvard Life Lab and Blavatnik Harvard Life Lab Longwood. In total, LabCentral owns or manages more than 243,000 square feet of coworking labs with capacity to support 125 start-ups with approximately 1,000 scientists and entrepreneurs. LabCentral resident companies range from start-ups researching and testing new ideas to growth-stage companies working on process development and scale-up biomanufacturing.

LabCentral’s network of industry sponsors supports its facilities and programs to engage residents and create new opportunities for entrepreneurs and scientists in underrepresented groups in the biotech industry:

• Industry sponsorships – Over the past decade, LabCentral has worked with industry leading sponsors, from major pharmaceutical companies and lab equipment companies to VC firms, law firms, commercial real estate and other professional services companies serving the biotech and life sciences industry.
• Golden Tickets – A unique opportunity for sponsors to directly partner with promising early-stage companies, Golden Tickets offer $50,000 credits towards space at LabCentral’s flagship site in Kendall Square, giving them access to a full range of services, equipment and amenities. LabCentral and its sponsors have awarded 150 Golden Tickets since 2013 with a total value of more than $7.5 million.
• LabCentral Ignite – LabCentral continues to blaze new opportunities and pathways into biotech and life sciences through its Ignite initiative to address racial, gender and other underrepresentation in these fields for entrepreneurs, scientists, lab workers, investors, boards and more. Through its multiple sponsored programs in STEM education, workforce training, community biotech workshops, VC platform and Golden Tickets, Ignite impacted more than 2,600 individuals last year.

Founders, entrepreneurs and scientists looking to accelerate their ideas into potential new therapies can read about the application process and apply for LabCentral residency online.

About LabCentral
A private, non-profit institution, LabCentral is a launchpad for high potential life-sciences and biotech startups with 225,000 square feet of space across Kendall Square in Cambridge, Mass., and the Harvard University campus. Founded in 2013, LabCentral offers a full complement of programming and networking to life sciences entrepreneurs in addition to fully permitted laboratory and office space for early-stage and growing life sciences companies. More information is available at www.labcentral.org.

SOURCE LabCentral

Funding Round to Accelerate Growth for the Leading Provider of AI-powered Data Infrastructure for Financial Institutions

NEW YORK, May 7, 2024 — Daloopa, the world’s first AI-powered fundamental and historical data provider, today announced that it has closed on its $18 million Series B round led by Touring Capital with participation from Morgan Stanley and existing investor, Nexus Venture Partners.

Daloopa CEO Thomas Li said, “Daloopa is thrilled to have Touring Capital and Morgan Stanley as investment partners. We have spent many years leveraging AI to build a data infrastructure that delivers the most complete, accurate and rapid fundamental data to top-performing financial institutions across the buy-side and sell-side. Before Daloopa, data discovery was painful, driven by manual processes that led to errors and took time away from important and meaningful analysis-based work. Finding the right investment partners that understand this and align on our innovative approach to creating solutions was critical.”

The funds will be used to further innovate Daloopa’s proprietary algorithm and build product solutions that further improve the quality of fundamental data in the financial services industry, as well as accelerate Daloopa’s go-to-market strategy. In addition, the firm intends to expand to new markets, especially in Europe and Asia to meet greater demand.

“Daloopa is a pivotal addition to Touring’s investment strategy of partnering with AI-driven technology companies,” said Priya Saiprasad, Co-Founder and General Partner at Touring Capital. “Their unparalleled value proposition as a market leader providing a proprietary database of mission-critical financial data sets them apart for their accuracy, speed, and comprehensive coverage. Moreover, the founding team’s unique blend of deep domain expertise with technical and operational proficiency perfectly positions them to become the most accurate database for financial data. We are thrilled to be working with Daloopa on this next phase of category disruption and growth.”

Abhishek Sharma, Managing Director, Nexus Venture Partners, said, “Daloopa is using AI as a wedge to disrupt the multi-billion-dollar financial data space.  Daloopa’s innovative AI-powered approach is bridging the gap between the reporting of financial data at its source and its consumption in financial analyst workflows. We’re excited that Daloopa is rapidly becoming the table stakes ‘must-have’ tool for financial analysts. It’s a privilege for us to have been part of the Daloopa journey since day zero. We are proud to double down in this round and further continue our support.”

“Today, we count hundreds of the largest financial institutions as partners and customers, and we look forward to accelerating growth and deepening these partnerships in the years to come,” Li said.

About Daloopa

Headquartered in New York, Daloopa developed the world’s first AI-driven technology to source, organize and distribute the most complete and accurate historical dataset globally. The firm’s AI-first approach is helping many of the leading buy-side and sell-side financial institutions globally – including hedge funds, private equity firms, mutual funds, corporates and investment banks – meet time-critical data discovery requirements during earnings and model building workflows to accelerate an analyst’s time to insight. Daloopa bypasses many of the shortfalls of all-in-one solutions, providing the deepest, most accurate set of data on publicly traded companies globally in the fastest time possible with AI. With steady exponential user growth, Daloopa has been recognized as an innovator in the fundamental data industry. For more information, visit daloopa.com.

CONTACT:

Kari Litzmann
Head of Marketing
[email protected]

SOURCE Daloopa

For full View: https://orange.inc/special

The financing round was led by Shogakukan, Globis Capital Partners, ANRI, SBI Investment, JIC Venture Growth Investments, Miyako Capital, Chiba Dojo Fund, Mizuho Capital, Mitsubishi UFJ Capital, and GFR Fund.

The funds will be used to develop a localization product based on deep learning models and to launch their digital manga store in the summer of 2024.

About the Global Manga Industry

Orange is an entertainment technology startup from Japan dedicated to the manga industry. The company leverages deep-learning technology to address significant global market opportunities and historical development challenges within the traditional production of the Japanese art form.

The global manga market has shown substantial growth, with a compound annual growth rate (CAGR) of 10%, and is expected to reach USD 42.2 billion market in 2030 (Manga Market 2023 report by Grand View Research, Inc.). This traditional entertainment in Japan has evolved into a global IP industry, reflecting an expanding audience for manga and its adjacent industries, such as anime.

However, only a fraction of works—according to Orange’s research, approximately 2% of manga released annually in Japan—has been formally translated and made available in English, partly due to the difficult and lengthy translation process and the limited number of translators. Adding to this, the global piracy market for manga was $ 5.5 billion in 2022 (Content Overseas Distribution Association), which significantly harms the industry and the rights of wonderful creators and artists.

Orange’s Challenges

Orange is breaking through these issues by developing innovative technologies that enhance the capacity of localization and enable the worldwide simultaneous distribution of manga, working closely with several publishers.

Orange has been developing a manga-dedicated localization system since it was founded. It enables significant efficiencies in the localization process of manga by integrating cutting-edge computer vision and natural language processing technologies developed by a top-class deep learning engineering team.

Their proprietary system uses their localization operation process, enabling a capacity for Japanese-to-English localization of up to 500 manga volumes per month. This is 5x more than the current production capacity of the whole localization market, according to Orange’s estimates. Orange will also work on localizing manga into other languages, ensuring that manga fans across the world can enjoy manga in their native languages.

In the summer of 2024, the company will also launch a digital manga store named “emaqi” in the US. “emaqi” will include titles localized by Orange. It will feature recommendations suggested by AI technology and manga influencers to offer new and fun experiences to all manga fans in the US.

Goals and Vision

“Since we were founded in 2021, our vision has been to share ‘all manga’—the manga that has moved us and that we dearly love—in all languages across the globe,” said Shoko Ugaki, Founder and Chief Executive Officer. “Manga covers a wide and diverse variety of themes. Our goal is to foster a global society where manga is an everyday joy for everyone, from children to adults.”

For additional information, please visit our website or contact our press team. 
Website: https://orange.inc

About Orange Inc.

Founded in 2021, Orange, Inc. has been focusing on its mission of “creating a world where everyone enjoys manga” by developing manga localization technology for mass localized publishing. We wish to empower the life of each manga fan, regardless of nationality, age, or gender, through delivering diverse and unique manga. We strive to pass down the joy of manga to future generations.

Contact:
Orange Inc.
[email protected] 

SOURCE Orange Inc.

LOS ANGELES, May 6, 2024 — Flossy, a company bringing high quality, affordable dental care to everyone, today announced that it has closed a new equity round with Forecast Labs, a consumer venture group within Comcast NBCUniversal. Forecast Labs has worked with leading fintech and health companies such as Public.com, Nurx, and Acorns. Current investors TTV Capital and The Family Fund also participated in the round, along with new investor, B Capital.

Flossy is the first pay-as-you-go discount dental solution that connects patients with and without dental insurance to a highly rated dentist in their area, with discounts on all services, including orthodontics and cosmetics. According to the American Dental Association, one-third of adults aged 19 to 64 don’t have any dental benefits, and this number is even higher for seniors, 70% of whom don’t have insurance. When dental issues arise, these groups historically had to choose between paying 100% of expensive procedure fees out of pocket or forgo treatment altogether, which can lead to even more health problems like heart attacks and strokes. A recent study showed that patients who go to the emergency room to treat preventable dental conditions cost taxpayers, hospitals, and the government about $2 billion a year. Flossy is giving people a way to receive care from a high-quality dentist, for an affordable price.

“With dental insurance plans being confusing and costly, and tens of millions going without any coverage at all, far too many Americans are having to choose between their health and their financial wellbeing,” said Miles Beckett, co-founder and CEO of Flossy. “Our country’s dental problem is only going to increase as the population ages. In just a few years, for the first time ever, there will be more senior citizens in the country than children under 18. To meet this rising demand, the nation’s dental spending is forecasted to hit $230 billion by 2030, up from $165 billion in 2022. With this funding and partnership from Forecast Labs, Flossy will be able to help even more people receive and afford the quality dental care they deserve.”

Flossy currently operates in seven states including Arizona, New Jersey, Pennsylvania, and Washington DC. With this investment, Forecast Labs will promote Flossy in its current and future regions via TV and streaming advertising to raise awareness of Flossy’s affordable and accessible solution for dental care. This past year, Flossy expanded into five states and launched “Flossy for All,” a version of its platform for people with dental insurance, to help them pay for the high-cost care that their dental plans don’t cover, including cosmetic procedures.

“Dental insurance is broken and in spite of paying hefty insurance premiums, far too many people are left with unexpectedly high out-of-pocket costs for dental procedures. We are really excited about how Flossy has built a scalable and patient friendly business that can help reduce the cost of dental care, for millions of Americans, regardless of their insurance status.” Said Arjun Kapur, Managing Partner at Forecast Labs.

For more information about Flossy, visit http://www.flossy.com

SOURCE Flossy

Company’s AI Models Revolutionize the Way Private and Public Debt Markets Extract Unstructured Data for Timely Decision Making

NEW YORK, May 6, 2024 — Alphastream, a pioneer in private credit analysis, today announced a seed round from Motive Ventures, along with the expansion of the company’s leadership team. This dual advancement marks a critical step in Alphastream’s goal to reshape the private credit market landscape.

Since its founding in 2019, Alphastream has been at the forefront of applying AI to enhance the understanding and efficiency of credit market transactions. The company’s cutting-edge technology transforms complex financial documents into actionable, precise information in under five minutes, offering an accuracy rate exceeding 95%. With the capability to identify over 800 deal terms from over 3,000 distinct data points, Alphastream’s platform is not just fast and efficient; it’s revolutionary.

With new funding and an enhanced leadership team, Alphastream is poised to deepen its impact on the market, offering clients tools that not only streamline analysis but also empower analysts with instant access to critical data and trends. Among its current client base is a top 5 alternative asset manager and 2 of the top 10 credit rating providers.

Vijay Gudipalli, CEO at Alphastream, commented, “We are excited to announce a strategic investment from Motive Ventures. As a leading financial services investor, with significant capital, extensive industry expertise, value-added capabilities, and deep industry relationships, we believe Motive Ventures is the ideal partner to support Alphastream in its goal to create long-term value.”

Vijay continued, “I am also excited to announce Chis Ucko as Alphastream’s new CRO and Bala Subramanian as COO. Chris is a seasoned executive with a rich background in financial technology and strategic business development. Bala brings an immense amount of experience as an operator in the credit space. Together they will drive Alphastream’s strategic and commercial direction to take the company through our next phase of growth.”

Most recently, Chris played a variety of roles at CreditSights (part of Fitch Group) including President, Chief Operating Officer and Global Head of Research. His extensive experience and leadership in the Credit Markets makes him a perfect match for making the Alphastream vision a reality.

Prior to joining Alphastream, Bala was Chief Product and Technology Officer at CreditSights and a member of their Executive Committee. Bala was at S&P Global for more than a decade where he held a number of leadership roles, including Head of Technology for M&A and Partnerships, Chief Development Officer of S&P Capital IQ, CTO of S&P Dow Jones Indices and a member of S&P Global’s Venture Investment Committee.

Charles Teschner, Industry Partner at Motive Partners, commented, “We are thrilled to support Alphastream in transforming the private credit markets. The company and its management team have created a differentiated approach to serving private credit analysis leveraging the power of AI. Alphastream unlocks the insights hidden in the growing mountain of unstructured data, driving value for asset managers and other credit decision makers.”

About Alphastream

Founded in 2019, Alphastream specializes in AI purpose built for the credit markets. Initially partnering with global rating agencies, Alphastream has expanded its client base to include investment firms, financial institutions, and other fixed income players. Alphastream today has over 150 experts across bases in New York, Singapore, and Bangalore.

About Motive Ventures

Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe. Motive Ventures is based in Berlin, Amsterdam, London and New York. Motive Partners is a specialist investment firm focusing on venture, growth equity and buyout investments in technology-enabled financial and business services companies. Motive Partners brings differentiated expertise, connectivity, and capabilities to create long-term value in financial technology companies. More information on Motive Partners can be found at www.motivepartners.com.

SOURCE Alphastream.ai

BASEL, Switzerland , May 6, 2024 — Allegria Therapeutics (“ALLEGRIA”), a Swiss biotech company redefining the treatment landscape of therapeutics for mast cell-mediated diseases, announced today a Seed Financing of USD 3.5 Million by founding investor Forty51 Ventures.

Furthermore, the company announced the appointment of co-founder Maria van Dongen, PhD as Chief Executive Officer. Dr. van Dongen brings broad industry experience with a strong track record in Pharma. She previously held positions at amongst others Johnson & Johnson, where she facilitated external partnerships aiming at e.g., the effective targeting of RNA processing and the discovery of peptide-based therapeutics. Previously, she led numerous R&D projects that included the discovery of highly innovative orally active broad-spectrum influenza antivirals, and an R&D platform dedicated to pharmaceutical interventions for disease prevention.

ALLEGRIA’s R&D activities focus on mast cells as mediators of allergy and inflammatory diseases, a class of indications that constitutes an increasing burden world-wide.

More and more patients suffer from the impact that these conditions have on their quality of life. The associated socioeconomic burden is huge, and despite the growing medical need, the therapeutic treatment options are still notoriously limited with overall poor outcome.

With the current financing, ALLEGRIA will progress a differentiated portfolio of proprietary therapeutic approaches around targets that selectively modulate mast cells to more effectively address patients’ needs.

ALLEGRIA collaborates with world leading partners in fundamental mast cell biology, drug discovery and preclinical drug evaluation including Prof. Marcus Maurer, Managing Director of the Institute for Allergy Research at Berlin’s Charité and Dr. Philipp Starkl, Principal Investigator at the Medical University of Vienna.

Forty51 Ventures have been instrumental as an early stage financial and operational supporter in the formation of the company. ALLEGRIA was incorporated in Basel, Switzerland, a broadly recognized hotspot for biotech and pharma.

ABOUT ALLEGRIA THERAPEUTICS

Allegria Therapeutics was founded in Basel, Switzerland by Forty51 Ventures in 2023. Pursuing a differentiated portfolio of proprietary therapeutic approaches around biological targets that selectively modulate mast cells, Allegria plans to redefine the treatment landscape for allergy and mast cell-mediated inflammatory diseases. For more information, please visit www.allegriatx.com

ABOUT FORTY51 VENTURES

Forty51 Ventures is a venture capital firm with its core strategy focused on company formation in Biotech. Forty51 Ventures leads and co-leads early financing rounds of its growing portfolio which includes both academia, Pharma and Biotech spin-outs. www.forty51ventures.com

Contact:
Maria van Dongen,
+31 6 2709 4143 

Logo – https://mma.prnewswire.com/media/2403516/Allegria_Therapeutics_Logo.jpg

SOURCE Allegria Therapeutics

HONG KONG, May 6, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has announced a strategic investment in four consumer-oriented products from Web3 venture studio EVG. These include multi-chain SocialFi infrastructure Open Social Protocol, decentralized collaboration network Zeek, strategy card game Legend of Arcadia and real-time strategy game Last Odyssey.

“EVG is a leading early-stage builder in Asia, driving meaningful innovations in some of the fastest growing verticals like SocialFi and GameFi. We’re excited to support its efforts through our strategic investment and network, and look forward to advocating our shared vision in driving mass adoption in the Web3 space,” said Jeff Ren, Partner of OKX Ventures.

OKX Ventures sees potential in these consumer-oriented initiatives, particularly in their ability to integrate real use cases and gamified mechanisms into social and gaming experiences. This investment will help accelerate the adoption of these disruptive technologies among mainstream audiences in a fun and engaging way.

“With the underlying technologies getting readier than ever, consumer adoption is primed to take off this cycle. And Asia is at the frontier of SocialFi and GameFi, two of the biggest use cases that could onboard the next billion users to Web3. We are humbled to have the support on these novel experiments from OKX Ventures,” said Allen Ng, Co-founder & CEO at EVG.

OKX Ventures is recognized for its forward-thinking approach and ability to identify innovative projects with transformative potential. By investing in EVG’s projects, it aims to tap into the innovative power of EVG and leverage its expertise in Asia to drive product-market fit in the social and gaming sectors.

About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, focusing on exploring the best blockchain projects on a global scale and supporting cutting-edge blockchain technology innovation.

Find out more about OKX Ventures here.

For further information, please contact:
[email protected]  

About EVG

Everest Ventures Group (EVG) is a Web3 operating group dedicated to driving the mass adoption of Web3. With a team of 300 builders, it has launched a diverse portfolio of products for the future of digital interaction across use cases. EVG has also invested and contributed to the making of 100+ projects globally, such as Animoca Brands, Berachain, Yuga Labs, Celestia and Wormhole.

For more information, please visit www.evg.co.

For media inquiries, please contact:
Gemma Lo
Email: [email protected]
TG: @gemmalo

SOURCE OKX Ventures

AUSTIN, Texas, May 4, 2024 — U.S.-based tech startup Iozera, in collaboration with the Government of Morocco, announces an initiative set to transform the AI industry. Iozera has announced the signing of a Memorandum of Understanding (MOU) for the establishment of a pioneering 386MW Data Center and AI Hub in Tetouan, Morocco. This strategic partnership is designed to democratize access to advanced AI computing resources, enhancing availability of GPU-based processing for researchers, startups, and businesses in the U.S., Morocco, and globally. A key feature of this initiative is its commitment to sustainability, leveraging Morocco’s robust renewable energy resources to power the facility.

The MOU signing event is scheduled for May 8th, 2024, at 4:30 PM at the Capital Factory in Austin, Texas. Distinguished attendees will include His Excellency Mr. Mohcine Jazouli, the Moroccan Delegate-Minister to the Head of Government for Investment, Convergence, and the Evaluation of Public Policies, Her Excellency Dr. Ghita Mezzour, Moroccan Minister Delegate to the Head of Government in charge of Digital Transition and Administrative Reform as well as a prominent delegation from the Moroccan Government and AMDIE (the Moroccan Investment and Export Development Agency). Additionally, a special delegation from Taiwan’s Pegatron, including CTO James Shue, will be present, underscoring the significant commitment to this transformative project.

The event is open to the public, and members of the AI and tech community are invited to attend. Following the MOU signing, an AI mixer and networking event will commence featuring a complementary selection of exquisite Moroccan delights and refreshments.  Notable guest speakers, including James Shue, CTO of Pegatron, Ahmed Bennis, General Manager of Tanger Med Zones, Timothy Ngo and Takeshi Hirota, Co-Founders of Iozera, will also take place. Guests are asked to register via the Eventbrite link below and check-in at the Capital Factory, 701 Brazos St, Austin, TX 78701, at 4:30 PM on the day of the event.

https://www.eventbrite.com/e/ai-connex-x-capital-factory-welcomes-the-kingdom-of-morocco-ai-mixer-tickets-889875540697

Eureka Park: A Visionary Renewable Energy-Powered Project

Eureka Park is set to establish a premier global technology AI Hub in Tetouan, Morocco, centered around the 386MW Hyperscale AI Data Center named Iozera. Located just 12km away from the coast of Spain, it includes three additional facilities designed to enhance the data center’s capabilities far beyond traditional data center services.

Facilities at Eureka Park:

Iozera AI Data Center: Engineered for advanced AI computation and traditional data storage, attracting leading tech companies and researchers from around the world.

GenV Data Management Services: Focuses on AI training, data management, labeling, and annotating, creating employment opportunities while also pioneering secure AI training/modeling.

Ryse Research: An incubation and education center that nurtures startups and also prepares Moroccans for employment within Eureka Park.

AI Expo: Showcases the latest global AI advancements from startups and large enterprises, and promotes a tech-savvy culture, enhancing Eureka Park’s visibility and drawing international attention.

Renewable Energy Utilization:

Noor Solar Power Complex:

The Noor Solar Power Complex, located in Ouarzazate, is one of the world’s largest solar farms and a beacon of Morocco’s renewable energy ambitions. This facility uses concentrated solar power (CSP) technology, which involves mirrors or lenses to concentrate a large area of sunlight onto a small area. Electrical power is produced when the concentrated light is converted to heat, which drives a heat engine (usually a steam turbine) connected to an electrical power generator. The Noor Complex is particularly innovative due to its ability to store solar energy in the form of heated molten salt, allowing for power generation even after sunset. This capability significantly enhances the reliability and stability of solar power, providing a continuous, sustainable energy source for the Iozera Data Center.

Koudia Al Baida Wind Farm:

Located in the windy region near Tetouan and close to the Eureka Park site, the Koudia Al Baida Wind Farm is another critical component of Morocco’s renewable portfolio. This wind farm capitalizes on the consistent winds from the Atlantic, converting kinetic energy from wind into electricity using turbines. This source of power is not only sustainable but also cost-effective, further reducing operational costs for Iozera.  The project is currently being repowered to reach a goal of 100MW.

Eureka Park is designed to be a green innovative ecosystem that not only leads in AI technology but also significantly contributes to Morocco’s economic and technological growth. Construction is set to begin in Q4 of 2024 and be operational by Q2 of 2026, ready to host clients and visitors for the 2030 World Cup in Morocco.

Media Contact:
Timothy Ngo
[email protected]

SOURCE Iozera.ai