All posts tagged: 60M

US invests m in enhanced geothermal systems

US invests $60m in enhanced geothermal systems

The US Department of Energy (DOE) has selected three projects to receive $60m funding to demonstrate the efficacy and scalability of enhanced geothermal systems. The projects, funded under the landmark Bipartisan Infrastructure Law, will focus on utilising innovative enhanced geothermal systems to harness the Earth’s abundant heat resources. The goal is to showcase geothermal energy’s potential in providing reliable, cost-effective electricity to millions of US homes and businesses, aligning with the Biden administration’s ambitious objective of achieving 100% clean electricity by 2035. Jennifer Granholm, US Secretary of Energy, commented: “These projects will help us advance geothermal power, including into regions of the country where this renewable resource has never before been used. “These pilot demonstrations will help us realise the full potential of the heat beneath our feet to reduce carbon emissions, create domestic jobs, and deliver clean, cost-effective, reliable energy to Americans nationwide.” Harnessing geothermal energy resources Geothermal resources currently generate about four gigawatts of electricity in the United States. However, advancements in enhanced geothermal systems could potentially provide 90 gigawatts of firm, flexible …

Xreal raises M for consumer AR glasses

Xreal raises $60M for consumer AR glasses

Do you want to get the latest gaming industry news straight to your inbox? Sign up for our daily and weekly newsletters here. Xreal has raised $60 million to build its business of making consumer augmented reality (AR) glasses. This latest infusion of capital will be directed towards research and development as well as the expansion of its manufacturing facilities, crucial for scaling up production of Xreal‘s globally acclaimed augmented reality (AR) glasses. The funding comes after Xreal showed off its Xreal Air 2 Ultra AR glasses at CES 2024, the big tech trade show in Las Vegas earlier this month. It also announced its latest partners like BMW and Qualcomm. Founded in 2017, Xreal has won substantial support from notable backers, including Alibaba, Nio Capital, Sequoia, Kuaishou, and Gentle Monster. The company did not disclose the investor for this strategic round. To date, the company has raised $300 million. The $700 Xreal Air 2 Ultra. “This latest strategic fundraising round reinforces our position in the global AR market, it skyrockets our expansion goals, and …

More than a third of Facebook Marketplace ads could be scams – with customers losing up to £60m in 2023, study finds | UK News

More than a third of Facebook Marketplace ads could be scams – with customers losing up to £60m in 2023, study finds | UK News

More than a third of adverts on Facebook Marketplace could be scams – with UK customers potentially losing nearly £60m on the platform in 2023, an investigation has found. Facebook Marketplace allows people to buy and sell new and used items such as cars, watches, games consoles, air fryers, shoes and handbags. The TSB retail banking chain, whose fraud team contacted 100 sellers on the online marketplace, calculated that UK buyers are losing just over £160,000 a day after making purchases on the site. The team engaged with the seller in each case to determine whether the items were genuinely for sale or scams. The team found 34% of the listings were fraudulent, with the sellers using tactics known to be commonly used by fraudsters. These included directing the fraud experts, who they thought were buyers, to fake websites. They also refused to allow the viewing of an item in person and demanded advanced fees. TSB also discovered items advertised as “brand new” for hundreds of pounds less than their real retail price. For example …

UK council could go bust due to £60m hole in special needs spending | Special educational needs

UK council could go bust due to £60m hole in special needs spending | Special educational needs

A council has warned that it could in effect become insolvent this year because of the huge financial deficits it has racked up on special education needs, in the latest development in the local government funding crisis. Most councils in England have overspent their budgets on special education needs and disabilities (Send) since 2015, when the government extended the age range of young people who qualify for Send support without providing councils with the necessary funding. These deficits have fed into councils’ overall education budgets – known as the dedicated schools grant (DSG). Bournemouth, Christchurch and Poole (BCP) council has accumulated a combined deficit of around £60m on its DSG budget in recent years and says it cannot eradicate it without making unacceptable cuts to Send services and mainstream school budgets. Moreover, a recent BCP council report warned that its financial solvency is at imminent risk because of government accountancy rules. Normally, education deficits impact on councils’ overall financial health. However, because so many councils have been overspending their education budgets, since 2020 the government …

Cloud-native cybersecurity startup Aqua Security raises M and remains a unicorn

Cloud-native cybersecurity startup Aqua Security raises $60M and remains a unicorn

Aqua Security, an Israeli cybersecurity startup that helps companies protect their cloud services, has raised $60 million in funding, extending its previously announced $135 million Series E round of funding to $195 million. Founded in 2015, Tel Aviv- and Boston-based Aqua Security claims customers such as PayPal, Netflix, and Samsung, who use the Aqua platform for services spanning cloud workload protection (CWPP); cloud security posture management; Kubernetes security posture management; software supply chain security; risk and vulnerability scanning; malware protection; and more. The company has now raised around $325 million since its inception, and with its Series E extension round Aqua ushers in lead investor Evolution Equity Partners, a venture capital firm substantively focused on the cybersecurity industry and which launched a new $400 million fund two years ago. Existing Aqua Security investors including Lightspeed Venture Partners, Insight Partners, and StepStone Group also participated in the round. In an arid funding landscape where much beyond low single-digit seed rounds are hard to come by, Aqua’s latest cash injection could indicate a degree of investor confidence …

UK ministers approved £60m payments to Saudi royals to maintain arms deal, court told | UK news

Cabinet ministers and Whitehall mandarins approved payments totalling £60m to Saudi royals and high-ranking officials over decades to secure and maintain a huge arms deal, a court heard on Monday. The accusation was made by Tom Allen, a barrister representing one of two men who are being prosecuted for corruption in a longstanding arms deal between the UK and Saudi Arabia. Allen alleged that British politicians – including unnamed “secretaries of state and ministers” – approved, facilitated and encouraged the payments over many years to ensure that leading Saudis gave huge arms contracts to British firms. Senior members of the British government and military figures were “absolutely in the thick” of organising the payments, a large slice of which went to a Saudi prince, he said. He also claimed that the British and Saudi governments engaged in what he called a “deniable fiddle” to conceal the payments if they came to light. At Southwark crown court in London, the Serious Fraud Office is prosecuting the two men, Jeffrey Cook, 67, and John Mason, 81, for …

Electric seaglider startup Regent takes flight with M in new funding

Electric seaglider startup Regent takes flight with $60M in new funding

The promise of electric aviation has been weighed down by the limited range of batteries and the long certification process. Regent co-founder and CEO Billy Thalheimer, who previously worked at Aurora Flight Sciences, has looked to maritime — and more specifically, electric seagliders — for the answer to these two challenges. “How can we do something that’s all electric and sustainable in that 50 up to hundreds of miles range and deal with the certification side?” Thalheimer told TechCrunch in a recent interview. The answer, he contends, is to combine hydro-foiling watercraft and electric aviation. These electric seagliders operate like a boat at docks and in harbors, take off from wave-tolerant hydrofoils, and fly within one wingspan of the surface over open water. Importantly, a seaglider is a class of vehicle called a wing-in-ground effect vehicle, or WIG, which internationally and domestically is under maritime jurisdiction. Receiving certification via maritime law, which is a multi-year process, doesn’t lower the bar of safety, Thalheimer said, adding it simply gives the company a more straightforward regulatory process …

Recapitalization, M Series D support growth of e-commerce financier Clearco

Recapitalization, $60M Series D support growth of e-commerce financier Clearco

Clearco announced several recapitalization efforts Wednesday, including a $60 million Series D round and new asset-backed financing. The facility provides up to $100 million in financing capacity and will support $850 million of Clearco originations over the next two years. Toronto-based Clearco uses AI and proprietary machine learning-based technology to underwrite businesses and help customers fund inventory and marketing invoices of between $10,000 and $2 million. To date, the company has financed over 10,000 companies with more than $2.5 billion. The company was founded as Clearbanc in 2015, and provided capital to e-commerce founders growing their businesses without equity dilution, hidden fees or compounding cost of capital. Today marks a turnaround for a company that’s had its share of ups and downs over the past year. At the beginning of this year, the company made a second round of layoffs and saw its co-founder and CEO Michele Romanow step down. That’s when Andrew Curtis, who joined the company in July 2022, was named CEO. He told TechCrunch that his goals when stepping into the role …

Open Banking led to a FinTech boom — As Brite raises M, account-to-account payment grows

Open Banking led to a FinTech boom — As Brite raises $60M, account-to-account payment grows

The move towards Open Banking payments, especially in the EU, effectively kicked-off the FinTech boom. Open Baking standards meant that FinTech startups could create Wallets and effectively become Banks, or at least “Neo Banks,” in practical day-today-terms. Today, digital wallets are now the leading payment method globally in e-commerce, with a 49% share, according to the Global Payments Report by Worldpay. That said, so-called account-to-account (A2A) payments are on a streak, with the global A2A transaction value surpassing $525 billion in 2022, due to real-time payment rails now being available. There’s been a growing number of startups now taking advantage of this A2A boom, among them Trustly out of Stockholm, which to date has raised €23 million. However, they may now feel some heat from their other Stockholm-based neighbour, Brite Payments, which has today announced a Series A fund-raise of $60 million funding led by specialist B2B software investor Dawn Capital. Also joining the round was German/US VC Headline (the re-branded eVentures) and existing investor Incore (out of Sweden). Prior to this round, Brite had …

Corti, an AI ‘co-pilot’ for healthcare clinicians, raises M

Corti, an AI ‘co-pilot’ for healthcare clinicians, raises $60M

Artificial intelligence continues to be a major force in the world of healthcare, and in one of the latest developments, a Copenhagen startup called Corti has raised $60 million to expand its contribution to the field: an AI assistant designed to support healthcare clinicians with patient assessments in real time. Prosus Ventures and Atomico are leading the Series B investment, with previous backers Eurazeo, EIFO, and Chr. Augustinus Fabrikker also participating. The company is not disclosing anything about its valuation, but it has been on a roll in terms of customers and usage. When it last raised money, a Series A of $27 million almost exactly two years ago 2021, it was assisting in 15 million consultations annually. Now it says that it works with 100 million patients a year, where it is getting used 150,000 times a day, works out to almost 55 consultations annually across Europe and the U.S. It claims that its tools can help healthcare workers be up to 40% more accurate in “outcome-predictions” and 90% faster in their administrative tasks. …