AI Collaboration in Singapore: Nvidia unveils AI accelerator, Merck acquires EyeBio, Amazon ponders MX Player buyout, and further developments
In the world of technology and innovation, several significant developments are taking place. Here's a roundup of some of the latest news:
Avelos Therapeutics Secures Funding
Avelos Therapeutics, a Research and Development company focusing on novel anti-cancer drugs, has successfully completed a Series B funding round, raising KRW 17 billion (USD 12.3 million). The financing includes participation from NEA, Foresite Capital, and the Biogen subsidiary, with the intention of listing on the Kosdaq stock market after securing two additional clinical-stage substances. Avelos also plans to identify Korean research partners and facilitate global technology transfer in 2025 with the funds raised.
Amazon Close to Acquiring MX Player
Reports suggest that Amazon is close to acquiring MX Player, a popular video streaming platform in India, from Times Internet for around USD 50 million. Should the acquisition go through, the addition of MX Player is expected to strengthen Amazon's MiniTV offerings in India. It's important to note that Times Internet acquired MX Player in a USD 140 million deal in January 2018.
Funding for Startups and Accelerators
- DiFacto, a robot automation solutions provider, has secured INR 400 million (USD 5.2 million) from Stakeboat Capital in its Series A funding round.
- Euler Motors, a New Delhi-based commercial electric vehicle manufacturer, has raised INR 2 billion (USD 24 million) in a Series C funding round.
- Sengine, a provider of artificial intelligence-powered interior design solutions, has secured an angel funding round led by Hong Kong X Technology Fund, CWB Capital, and the Chongqing Center for Construction Robotics (CQCRC), with participation from Wanhua Ecological, GoldenHome Living, and Detao Capital.
- The Global chipmaker Nvidia has partnered with Tribe and Digital Industry Singapore (DISG) to launch the Ignition AI Accelerator in Singapore. The accelerator aims to enhance AI value discovery, create a vibrant ecosystem for AI startups, and push the boundaries of AI capabilities, with an initial combined investment of USD 3 million and a four-month program for up to 15 startups.
- Nvidia and Tribe will also collaborate with Enterprise Singapore to provide funding support to qualified AI startups through the Startup SG Tech scheme.
Funding for Other Sectors
- FarMart, a Gurugram-based food supply platform, has raised INR 240 million (USD 2.8 million) from ResponsAbility Investments.
- Conservation of Momentum Green Energy, a Hefei-headquartered provider of materials and components for proton exchange membrane (PEM) electrolyzers, has raised an angel funding round led by Dangkan Tongchuang Capital, with Yuanhe serving as the exclusive financial advisor.
- Lhoopa, a Philippines-based prop tech startup, has reportedly made the first close of its Series B funding round, led by Wavemaker Partners.
- Ultrahuman, a Bengaluru-based wearable tech startup, has raised USD 35 million in a Series B funding round.
Merck Acquires EyeBio
Pharmaceutical giant Merck has agreed to acquire EyeBio, an ophthalmology-focused biotechnology company, for up to USD 3 billion. The Merck-EyeBio deal is expected to conclude in the third quarter of 2024.
These developments underscore the ongoing innovation and investment in various sectors, from healthcare to technology and beyond. Stay tuned for more updates as these stories continue to unfold.
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