google-site-verification=cXrcMGa94PjI5BEhkIFIyc9eZiIwZzNJc4mTXSXtGRM Instead of raising a new fund, Global Founders Capital will use Rocket Internet funds - 360WISE MEDIA
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Instead of raising a new fund, Global Founders Capital will use Rocket Internet funds

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Global founders’ capitala Berlin-based early-stage VC firm with close ties to German startup factory Rocket Internet will develop into the enterprise arm of Rocket Internet.

The VC had previously raised two $1 billion funds, and just a few years ago his name was featured in dozens of deals a yr. But then the situation calmed down. Now we all know why: in the longer term, the corporate will invest exclusively from Rocket Internet’s balance sheet.

Last yr Financial Times. announced that Global Founders Capital is within the midst of a major strategic change. A couple of weeks ago, the VC firm reached out to TechCrunch to verify the pivot and discuss the reasoning behind the change.

“To be transparent, there have been quite a few changes at Global Founders Capital in recent years – in terms of fund structure and team composition,” Global Founders Capital partner David Sainteff (pictured above) told us.

Sainteff said the corporate has decided it shouldn’t be the fitting time to lift one other fund since it shouldn’t be a good time to speculate since it doesn’t imagine there are numerous good opportunities that meet the corporate’s criteria and that it doesn’t need more capital to retain competing against other investors to shut a deal.

Global Founders Capital was originally structured as a traditional VC firm with several limited partners participating within the funds. With its first fund, it supported future unicorns comparable to Personio, Revolut and SumUp. With the second fund, the corporate invested in several TechCrunch-covered firms comparable to Pennylane, Ankorstore and Seyna.

Before joining Global Founders Capital seven years ago, Sainteff worked for Rocket Internet he was an investor in Global Founders Capital from the start. Therefore, there was a close bond between them from the very starting.

“After launching the second fund, we decided not to raise another one. Instead, we will use Rocket Internet’s capital,” he confirmed. “We have EUR 300 million on our balance sheet to use for venture investments. We are not planning any collections.”

Honestly, that is a little strange because the corporate’s performance to date seems pretty good. According to Sainteff, the primary fund will generate returns of 3x to 4x. “For the second fund, it is (to say) much too early,” he continued. “But we have some clear winners like Pennylane. We have entered the pre-seed stage and the company is worth over €1 billion.”

The new strategy signifies that Global Founders Capital is now much smaller than it was once, with only five partners left: Fabricio Pettena, Don Stalter, Cedric Asselman, Sainteff and, of course, Rocket Internet co-founder and CEO Oliver Samwer.

The new version of the corporate will also focus exclusively on early-stage investments, in addition to opportunities for further investments in later rounds (series A, B, C, etc.).

Has Global Founders Capital decided not to lift a third fund since it didn’t receive sufficient support from potential limited partners or because of the present technology downturn in comparison with 2021 (aside from the AI ​​boom)? The decision probably relied on each aspects.

“It wasn’t the best time to raise funds with (limited partners),” Sainteff told us. “We believe it was difficult to introduce the need for capital.”

“It’s easy to make a decision when you have EUR 300 million in the bank,” he added. “If other VC firms were in the same boat, they would make the same decision. We do not rule out the possibility of obtaining a fund if the conditions are favorable.”

For now, the pivot is reversing much of the fund’s earlier expansion, because it expanded into more geographies, technology areas and financing stages and added the Global Founders Capital name to a number of deals.

This article was originally published on : techcrunch.com
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Alphabet-owned Intrinsic uses Nvidia technology for its robotics platform

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The first news from this yr’s Automate conference comes via the Alphabet X Intrinsic spinout. On Monday, during an event in Chicago, the corporate announced that it is going to incorporate plenty of Nvidia solutions into its Flowstate robotics application platform.

This includes the Isaac Manipulator, a set of core models designed to create workflows for robotic arms. The offer was introduced at GTC in March and has already been joined by a few of the biggest names in the commercial automation industry. The list includes Yaskawa, Solomon, PickNik Robotics, Ready Robotics, Franka Robotics and Universal Robots.

The collaboration focuses particularly on gripping (grabbing and lifting objects) – considered one of the important thing ways to automate production and order success. Systems are trained on large datasets to perform tasks that run on hardware (i.e., hardware agnosticism) and across objects.

This signifies that picking methods may be transferred to different settings, quite than having to coach each system for each scenario. As humans learn to lift things, the motion may be adapted to different objects in several settings. For probably the most part, robots cannot do that – at the least not yet.

Image credits: Internal

“In the future, developers will be able to use ready-made, universal grasp skills like these to dramatically speed up their development processes,” Intrinsic founder and CEO Wendy Tan White said within the post. “For the broader industry, this achievement shows how basic models can have a huge impact, including making today’s large-scale robot programming challenges easier to manage, creating previously unfeasible applications, reducing development costs, and increasing agility for end users.”

Early tests of Flowstate were conducted on Isaac Sim, Nvidia’s robotic simulation platform. An internal customer, Trumpf Machine Tools, worked on a prototype of the system.

“Trained in Isaac Sim using 100% synthetic data, this universal grasping skill can be used to create sophisticated solutions that can perform adaptive and versatile object grasping tasks in simulation and in real life,” says Tan White of Trumpf’s work with platform. “Instead of coding specific grippers to grip specific objects in a specific way, efficient code for a specific gripper and object is automatically generated to perform the task using the base model.”

Intrinsic also works with Alphabet’s DeepMind on position estimation and path planning, two other key points of automation. In the case of the latter, the system was trained on over 130,000 objects. The company says the systems can determine the orientation of objects in “a matter of seconds,” which is a vital a part of with the ability to pick them up.

Another key element of Intrinsic’s cooperation with DeepMind is the flexibility to operate multiple robots concurrently. “Our teams tested this 100% ML-generated solution to seamlessly coordinate four separate robots working in a scaled-down simulation of an automotive welding application,” says Tan White. “Each robot’s motion plans and trajectories are automatically generated, collision-free and surprisingly efficient – ​​they perform about 25% better than some traditional methods we have tested.”

The team can be working on systems that use two arms concurrently – a configuration more suited to the emerging world of humanoid robots. This is something we’ll be seeing loads more of in the following few years, whether or not they’re humanoid or not. Moving from one arm to 2 opens up a complete world of additional applications for these systems.

This article was originally published on : techcrunch.com
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Women in AI: Catherine Breslin helps companies develop AI strategies

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To give women AI academics and others their well-deserved – and overdue – time in the highlight, TechCrunch is publishing a series of interviews specializing in the extraordinary women who’re contributing to the AI ​​revolution. We’re publishing these articles all year long because the AI ​​boom continues, highlighting key work that usually goes unnoticed. Read more profiles here.

Catherine Breslin is the founder and director Kingfisher Laboratories, where he helps companies develop AI strategies. She has spent over 20 years as a man-made intelligence scientist and has worked for the University of Cambridge, Toshiba Research and even Amazon Alexa. Previously, she was an advisor to VC fund Deeptech Labs and director of solutions architect at Cobalt Speech & Language.

She accomplished her bachelor’s degree on the University of Oxford after which obtained her master’s and doctorate degrees on the University of Cambridge.

Briefly speaking, how did you start in artificial intelligence? What drew you to the sphere?

I at all times liked maths and physics in school, so I made a decision to review engineering at university. This is where I first learned about artificial intelligence, even though it wasn’t called artificial intelligence back then. I used to be intrigued by the thought of ​​using computers to process speech and language, which is straightforward for us humans. I then began a PhD in voice technology and worked as a researcher. We’re at some extent where there’s been lots of recent progress in artificial intelligence, and I feel like there is a huge opportunity to create technology that may improve people’s lives.

What work in AI are you most happy with?

In 2020, at first of the pandemic, I founded my very own consulting firm with a mission to offer real-world AI expertise and leadership to organizations. I’m happy with the work I’ve done with my clients on different and interesting projects, and that I’ve been in a position to do it in a extremely flexible way around my family.

How do you take care of the challenges of the male-dominated tech industry, and by extension, the male-dominated AI industry?

It’s hard to measure exactly, but about 20% of the AI ​​field is made up of ladies. In my opinion, this percentage decreases with age. For me, among the finest ways to take care of that is to construct a support network. Of course, support can come from people of any gender. But sometimes talking to women who’ve been in an analogous situation or seen the identical problems is reassuring and it’s great to not feel alone.

Another thing for me is to consider carefully about what to spend my energy on. I imagine we are going to only see lasting change when more women take up senior and management positions, and that will not occur if women devote all their energy to fixing the system slightly than advancing their careers. There must be a realistic balance between pushing for change and specializing in your personal day-to-day work.

What advice would you give to women trying to enter the sphere of artificial intelligence?

Artificial intelligence is a big and exciting field with lots happening. There can also be an enormous amount of noise surrounding what can look like a relentless stream of documents, products and models being released. It’s unattainable to maintain up with every thing. Moreover, not every article or study result shall be significant in the long term, regardless of how flashy the press release. My advice is: find a distinct segment that you just actually need to grow in, learn every thing you possibly can about it, and tackle the issues that you just are motivated to unravel. This offers you the solid foundation you wish.

What are probably the most pressing issues facing artificial intelligence because it evolves?

Progress over the past 15 years has been rapid, and we have seen AI move out of the lab and into products without having to step back to properly assess the situation and anticipate the implications. One example that involves mind is how much of our voice and language technology works higher in English than in other languages. This doesn’t mean that researchers have ignored other languages. Significant effort has gone into the technology of languages ​​aside from English. However, the unintended consequences of higher English technology mean that we create and implement technology that doesn’t serve everyone equally.

What issues should AI users pay attention to?

I believe people ought to be aware that AI just isn’t a silver bullet that may solve all problems in the following few years. Creating a formidable demo could also be quick, but it surely takes lots of effort to construct an AI system that performs consistently well. We shouldn’t lose sight of the undeniable fact that artificial intelligence is designed and built by people, for people.

What is one of the best approach to construct AI responsibly?

Building AI responsibly means incorporating diverse views from the very starting, including those of shoppers and anyone impacted by your product. Testing your systems thoroughly is vital to make sure you understand how well they perform in various scenarios. Testing gets a status for being boring in comparison with the joy of coming up with recent algorithms. However, it is amazingly necessary to know in case your product really works. Then it is advisable to be honest with yourself and your customers about each the capabilities and limitations of what you are constructing in order that your system doesn’t get abused.

How can investors higher promote responsible AI?

Startups are creating many recent applications of artificial intelligence, and investors have a responsibility to rigorously consider their financing decisions. I’d like to see more investors speak out about their vision of the long run we’re constructing and the way responsible artificial intelligence suits into it.

This article was originally published on : techcrunch.com
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Hyundai puts $1 billion into AV startup Motional, and Elon pulls the plug on Tesla Supercharger team

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Welcome back tabout TechCrunch Mobility – Your central hub for news and insights on the way forward for transport.

Before I get to all the news – and there was a whole lot of it! — I actually have a very important update for all my lovely readers. TechCrunch Mobility Moves to Thursdays! This might be the same newsletter crammed with industry news and insights that may land in your inboxes on Thursday morning. Register here free of charge – just click TechCrunch Mobility!

Starting an electrical vehicle Fisker laid off more employees to “preserve cash” as bankruptcy loomed; transport company Ola fired about 180 employees and ousted CEO Hemant Bakshi just 4 months after he was appointed to the position; and Lidar company shine reduced its 700-person workforce by 20% as a part of a restructuring to adopt an asset light business model.

Oh, and then it was Tesla CEO Elon Musk, which laid off the automaker’s global Supercharger network team. This perplexing decision comes just as drivers of non-Tesla electric vehicles gain access to the grid.

This will not be to say that the entire transportation sector was surrounded by economic storm clouds. There were also brighter moments. Let’s go test it out!

Little bird

In the wake of the big Tesla Supercharger culling, we talked to a number of people small birds, including those that were laid off and people working for other automotive manufacturers. As I discussed above, Elon Musk gutted Tesla’s global supercharging organization of about 500 people. Insiders at several different automakers – all of that are implementing Tesla’s charging technology – said they do not expect this to occur. “Shocked” and “stunned” are the most typical expressions I actually have heard.

For employees, there was an absence of communication from HR in the hours immediately following the mass layoff. Some told me that neither they nor their former co-workers received details about the severance package and that communication had completely fallen through. Several of those people received severance emails by Friday. Everyone I contacted still couldn’t understand why Musk fired the Supercharger team, a corporation that is prime to Tesla and its electric vehicle sales. Others surmised that only Elon and perhaps the former Supercharger team principal, Rebecca TinucciI’ll ever know the answer.

Offers!

money for the station

It’s been a minute since we heard about an autonomous vehicle startup raising a big amount of cash – or any money in any respect. Everything modified this week when Moving due to the company’s kindness, he achieved a big, multi-million victory Hyundai.

Hyundai’s total commitment is $1 billion, but there are necessary details. Here’s the way it breaks down. Hyundai invested $475 million directly in Motional as a part of a broader deal that included the buyout of three way partnership partner Aptiv. Hyundai is spending one other $448 million to purchase Aptiv’s 11% stake in Motional.

Slightly history: Motional was founded in 2019 as a $4 billion three way partnership between Hyundai and Aptiv. Motional has spent the last several years developing autonomous vehicle technology, working toward a goal of launching a robotaxi service using Hyundai Ioniq 5 autonomous vehicles in 2024. As Motional and Hyundai grow closer, the corporations announced production-ready co-development plans in November versions of the all-electric robotaxi Ioniq 5 – it looks like Aptiv has begun to grasp its own financial constraints. In January, Aptiv president and CEO Kevin Clark signaled that the company would scale back its stake in Motional and stop allocating capital to the enterprise on account of the high costs of commercializing a robotics business and the long path to profits.

This decision, although not particularly surprising to the industry insiders I talked to, still put Motional and Hyundai in a difficult situation. Will Hyundai raise the bar? Would outside investors step in? Hyundai answered the call.

My query is: will Motional, with Hyundai’s blessing, search for other investors? It will all depend on how much capital Motional burns through and whether it continues to pursue the same robotics goals. If so, it appears the company will eventually need more capital.

Other offers that caught my attention…

LiNova EnergyCalifornia-based startup developing polymer cathode batteries has raised $15.8 million in a Series A financing round led by Catalus Capital, joined by Saft, a subsidiary of TotalEnergys, Chevron Technology Ventures and a consortium of investors.

Rivian received a powerful $827 million incentive package from the state of Illinois, which might be used to construct production lines for its next-generation electric vehicle, the R2.

Viking holdingsa luxury cruise operator backed by private equity firm TPG and the Canada Pension Plan Investment Board, raised $1.54 billion in its IPO.

Brzeg XSwedish electric boat manufacturer founded in 2016, collected EUR 8.5 million recent funding from several anonymous existing donors, including founder Konrad Bergström.

Noteworthy reading and other interesting facts

ADAS

The National Highway Traffic Safety Administration initiated an investigation into Ford BlueCruise hands-free driver assistance system after it was found to be lively during two recent crashes that resulted in multiple deaths.

NHTSA has taken one other big step for the industry and finalized a brand new one Federal Motor Vehicle Safety Standard which is able to enable automatic emergency braking, including the possibility of detects and mechanically brakes in front of a pedestrian, which might be standard on all passenger cars and light trucks by September 2029. The agency said this safety standard will significantly reduce rear-end collisions and pedestrian accidents. NHTSA doesn’t select the technology that automakers must use. Many computer vision and lidar corporations have contacted me to find out how this may benefit their business models.

Autonomous vehicles

Co-author of the most lively contributor Tim Stevens takes us behind the scenes of the first part Autonomous Racing League an event in Abu Dhabi during which an autonomous automotive faced a Formula 1 driver. His approach? Yes, there have been fights; he also noticed a whole lot of progress.

Electric vehicles, charging and batteries

Think back to last yr Henry Fisher proudly debuted two prototypes that may catapult his eponymous electric vehicle startup into the mainstream? TC reporter Sean O’Kane has learned that the engineering company that helped develop the vehicles is suing Fisker for $13 million in damages. Read more to find out about this process and some others.

This week’s wheels

Image credits: Emma Hall

I passed the baton to the associate of the most lively contributor Emma Hall this week for a test drive of the recent, fully electric Acura ZDX Type S. You can read the entire review here and I also suggest you watch her video advanced hands-free driver assistance system in the vehicle. For those that want to try an extended read, here’s the gist.

Hall expected joy and delight. Instead, it was more meh. Here’s one reason. The Type S weighs over 6,000 kilos. Even if the weight is evenly distributed from front to back, it’s a whole lot of weight to barter a corner. She liked the firm controls, but there wasn’t much feedback.

“Torque is always good coming out of corners and body roll is controlled, but I don’t feel the delight,” she wrote, adding that the Type S’s 275/40 Continental Premium Contact 6 summer tires offer loads of grip, but the low-profile sidewall combined with the harder run-flat rubber compound meant the ride was a bit harsh.

Hall’s pursuit of a totally electric SUV that is fun to drive around the corners continues.

This article was originally published on : techcrunch.com
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