Neurostimulation therapy, subsurface intelligence, Apple's car project fail, Musk's lawsuit against OpenAI, and many more...
What's Up Tech? #172
Welcome to our 172nd newsletter, written with 🖤 by Arnaud Savouré and Justine Pelisson.
Fundraisings from last week with Mainstay Medical, Exodigo, Powerdot and Unseenlabs
News from last week with Microsoft and Mistral AI’s partnership, Elon Musk’s lawsuit against OpenAI, and Apple’s car project cancellation
Internships & Job offers of the week
Enjoy the read! 🌞
🔬 Mainstay Medical secured $125M to power innovation in chronic back pain relief (🇮🇪)
Ireland-based company Mainstay Medical, known for developing and providing neurostimulation therapy for the treatment of chronic lower back pain, just raised $125M. Their innovative technology involves implanting a device that delivers mild electrical impulses to the spine, helping to alleviate pain and improve the quality of life for individuals suffering from chronic back pain.💪
The funding will support clinical trials, R&D, and potential commercialization, marking a significant step in addressing a prevalent health issue.🌐
Mainstay Medical Announces US$125 Million Equity Financing Transaction
📡 Exodigo raised $105M to lead underground mapping revolution (🇮🇱)
Israeli-based Exodigo just closed a $105M series A round. Known for its groundbreaking work in revolutionizing underground mapping using artificial intelligence (AI), the company provides comprehensive subsurface intelligence by combining powerful sensors, 3D imaging, cloud computing simulations, and a proprietary AI platform. 🏗️
Exodigo's technology helps visualize and understand what lies beneath the surface. Their innovative approach significantly reduces costs, minimizes risks, and enhances the efficiency of construction projects. 🌍
Exodigo Closes $105 Million Series A to Lead Underground Mapping Revolution
🔋 Powerdot secured €100M to transform Europe's EV landscape (🇵🇹)
Powerdot, the Lisbon-based energy tech startup and a leading player in EV charging infrastructure, secured €100M in funding to enhance its smart grid solutions. 🚗
The funding fuels the expansion of Powerdot's charging network, technological advancements, and partnerships, reinforcing its commitment to sustainable mobility. Boasting over 5,000 active charging points, Powerdot aims to revolutionize EV charging across Europe for a cleaner future. ⚡
Powerdot Secures €100 Million in Capital Raise to Propel Sustainable Mobility Across Europe
✈️ Unseenlabs raised €85M to track clandestine ships (🇫🇷)
French Spacetech startup Unseenlabs secured an €85 million Series C funding round to expand its satellite constellation for tracking illegal activities at sea. 🌊
Unseenlabs utilizes a constellation of satellites to detect and track clandestine ships worldwide, even when they turn off their Automatic Identification System (AIS). The startup sells this data mainly to government organizations monitoring illegal maritime activities. With plans to launch 10 more satellites by 2025 and expand its client base in North America and Asia, Unseenlabs aims to stay ahead in the market against competitors like HawkEye 360. 🛰️.🌿
Spotting Pirates from Space: French Spacetech Unseenlabs Raises €85m
🤝 Microsoft partners with Mistral, offering AI models on Azure
Microsoft has entered a partnership with French startup Mistral AI, making its AI models accessible on Azure. This move diversifies Microsoft's AI offerings beyond its prominent investment in OpenAI. As part of the deal, Microsoft will hold a minority stake in Mistral, amidst regulatory scrutiny over its significant backing of OpenAI. 🔍
Mistral, based in Paris, specializes in open source and proprietary large language models (LLM) akin to OpenAI's ChatGPT. Its latest proprietary model, Mistral Large, will debut on Azure, with plans for availability on other cloud platforms in the near future. 🫡
📜 Elon Musk sues OpenAI for breach of contract over AI mission
Elon Musk filed a lawsuit against OpenAI and CEO Sam Altman, alleging breach of contract regarding the startup's original mission. Musk claims OpenAI's alliance with Microsoft deviates from making AI breakthroughs freely available to the public, focusing instead on proprietary tech for profit. 🛑
Musk, who donated $44mn to OpenAI, left its board in 2018 due to disagreements with Altman. The lawsuit challenges whether OpenAI's GPT4 model qualifies as artificial general intelligence (AGI), seeking clarification from the court. Musk's xAI competes directly with OpenAI. OpenAI disputes Musk's claims, asserting its independence and denying attainment of AGI. The lawsuit is part of a broader legal and regulatory scrutiny surrounding OpenAI. ⚖️
Elon Musk sues OpenAI accusing it of Putting Profit before Humanity
🍏 Apple cancels autonomous electric car project, lays off workers
Apple announced that it would discontinue its secretive autonomous electric car project, halting all work and laying off hundreds of employees. Some workers will transition to generative AI projects, while others have 90 days to find new roles or face termination….😨
With around 1,400 employees on the car project, the decision reflects shifting priorities amid scrutiny on autonomous vehicles and electric vehicle investments by major automakers. Apple's "Project Titan" began in 2014 with ambitions ranging from Tesla-like electric cars to fully autonomous vehicles. Despite hiring automotive industry veterans and exploring partnerships with companies like Canoo, Apple ultimately opts to exit the automotive sector. 🔌
Apple Cancels Its Autonomous Electric Car Project and is Laying Off Some Workers
Internships
VC Analyst - RAISE (Paris)
Working Student Investment Team - EnBW New Ventures (Cologne or Karlsruhe)
Jobs
VC Associate - XAnge (Paris)
Investment Analyst - Primo Ventures (Milano)
Investment Analyst - D11Z (Heilbronn)
👉 If you’d like to discover more offers, you can check our job board just here or fill this form to submit a new one.
You can also read more about baby vc on our website and follow our updates on LinkedIn, or directly reach out to us at hello@baby-vc.co! 🤝
The whole baby vc crew 🖤