Morning Thrust | Weekly Highlights (92nd Edition: 15.09.2024)

Welcome to the 92nd edition of Morning Thrust ,?your?weekly dose?of?highlights?in future tech,?space economy,?sustainability,?smart cities,?supply chain,?logistics and more! In this edition (15.09.2024), we bring you the?most exciting?developments shaping?our world.?Stay informed and?ahead of the curve?with our curated insights.?Let's dive in!

OpenAI is in negotiations to secure $6.5 billion at a $150 billion valuation, up from its previous $86 billion valuation. Thrive Capital is leading the funding round, with participation from Microsoft, Apple, and Nvidia, while OpenAI is also seeking $5 billion in debt from banks.

Elon Musk is projected to become the world's first trillionaire by 2027, with his wealth growing at an annual rate of 110%. Currently the richest person globally with a net worth of $251bn, Musk's Tesla could also exceed $1tn in value by next year. Despite his financial success, Musk has faced controversies, including recent feuds with Brazil’s Supreme Court and criticism over social media posts.

OpenAI has launched o1, a new generative AI model designed to fact-check itself and improve reasoning by spending more time on queries. Available as o1-preview and o1-mini, it's currently limited in functionality and costly, with significant performance gains in tasks like coding and data analysis. Despite its advanced features, it still has limitations, including occasional errors and slower response times.

Adobe will introduce its new generative AI video creation tool, Adobe Firefly Video Model, later this year. This tool, set for a limited beta release, allows users to generate video clips from text and image prompts, and includes features for camera angles and motion. Adobe's move into the AI video space aims to enhance its suite for creative professionals, joining a market already exploring similar innovations.

谷歌 Wallet is beta testing a feature to convert US passports into digital IDs, which will be accepted at select TSA checkpoints and for other uses. The update also includes the ability to add prepaid commuter cards, import transit tickets from Gmail, and receive notifications for pass changes.

The UK government has proposed a new bill that could grant digital assets like Bitcoin and NFTs greater legal protections as "personal property." This move aims to modernise property rights to include digital assets, addressing regulatory gaps and providing clearer legal remedies for disputes and theft. The bill is currently under review in Parliament and could bring significant changes to how digital assets are treated in legal contexts.

‘Hospital at home’ startup Doccla has secured ￡35 million ($46 million) for European expansion, enhancing its “virtual bed” technology. Initially successful in the UK and Ireland, Doccla plans to enter new markets like Germany, Austria, and France, while also supporting virtual clinical trials. The funding will help scale operations and advance its data insights business.

Adtech startup InMobi Advertising has secured $100 million in debt financing from Mars Growth Capital to boost its AI capabilities and fund potential acquisitions ahead of a planned IPO next year. This funding will support InMobi's AI advancements and its goal of a $10 billion valuation, with annual revenue projected to exceed $700 million.

谷歌 has lost its appeal against a €2.42 billion antitrust fine from the EU over its shopping comparison service, with the Court of Justice upholding the decision. Meanwhile, 苹果 faces a $15 billion tax bill after the EU won an appeal against an earlier ruling on illegal state aid. Both decisions underscore the EU's firm stance on regulating major tech companies.

苹果 ’s AirPods Pro 2 have been granted FDA approval to function as over-the-counter hearing aids following a software update. This move, enabled by the FDA's recent decision to allow the sale of hearing aids without prescriptions, aims to improve accessibility for those with mild to moderate hearing loss.

Smartcat has secured $43 million in Series C funding led by Left Lane Capital, bringing its total funding to $70 million. The AI-driven translation platform, serving over 1,000 corporate clients including 20% of the Fortune 500, aims to enhance its services and expand its team. Despite the rise of AI in translation, Smartcat continues to integrate human expertise to address the nuances often missed by automated systems.

Indian food delivery giant Swiggy is considering boosting its IPO by $150 million to target a total raise of up to $1.4 billion, potentially making it one of India’s largest listings this year. Scheduled for a shareholder vote on October 3, the revised plan includes a fresh issue of ?50 billion ($600 million) and a $800 million offer from existing investors. Swiggy, valued at $10.7 billion in early 2022, aims for a $15 billion valuation amid growing competition in the quick-commerce sector.

Alpha Partners has launched its third fund, raising $153 million, a significant increase from its previous fund. Founded by Steve Brotman, the firm focuses on pro-rata investments, helping early-stage VCs maintain ownership in promising startups. With a track record including notable exits and a strategy aligned with current market trends, Alpha Partners continues to be a key player in venture capital.

Waymo will expand its partnership with Uber, allowing users in Austin and Atlanta to hail its autonomous robotaxis via the app from early 2025. Waymo already operates in Phoenix, and Uber will manage the fleet while Waymo handles operations and support. This comes amid ongoing federal investigations into Waymo's safety practices.

European VC firm Atomico has secured a record $1.24 billion across two funds to support early- and growth-stage startups. The new funds include $485 million for Series A and seed stages, and $754 million for Series B through pre-IPO stages. This significant fundraising effort reflects Atomico's shift to bolster later-stage investments amid a downturn in the global venture capital market.

Inversion Space has secured a $71 million contract from SpaceWERX to advance its autonomous reentry capsule technology, aiming for a 2026 demonstration. This breakthrough could revolutionise terrestrial cargo transport by enabling precise landings anywhere on Earth. The company is also set to launch a pathfinder capsule on SpaceX 's Transporter-12 mission in October.

Elon Musk has announced that SpaceX will launch uncrewed Starships to Mars starting in 2026 to test landing reliability, with the first crewed missions expected four years later. The goal is to establish a self-sustaining city on Mars within 20 years.

The US Defence Advanced Research Projects Agency (DARPA) has approved and will fund a project to develop a lunar railroad, which aims to connect lunar bases within the next decade. Proposed by Northrop Grumman, this initiative is part of DARPA's broader plan to establish a sustainable lunar economy. The project includes building a prototype rail system and exploring robotic construction and maintenance.

Manufacturing in space is gaining traction, with research already underway, particularly in pharmaceuticals, using the unique conditions of microgravity to improve drug development. Industry leaders, including Jeff Bezos, envision space as a future hub for heavy and polluting industries, though widespread adoption may be decades away. Despite its current niche status, space manufacturing holds potential for significant innovation and sustainability improvements.

SpaceX is set to launch Galileo L13, Europe’s alternative to GPS, on September 15, 2024. The launch will place two new satellites into Medium Earth Orbit, enhancing the Galileo system's precision and robustness. These additions bring the constellation close to completion, further improving navigation services across Europe.

SpaceX 's Polaris Dawn mission, launched on September 10, 2024, aims to send astronauts higher than any human mission in over 50 years. The crew will conduct the first commercial spacewalk and gather data on radiation effects in the Van Allen belt, paving the way for future Mars exploration. The mission includes testing new spacesuits and technologies crucial for SpaceX's long-term goals.

In a historic first, Polaris Dawn astronauts conducted the inaugural commercial spacewalk on September 12, 2024, using SpaceX-made suits. Jared Isaacman and SpaceX engineer Sarah Gillis exited the Dragon capsule, performing mobility tests during a brief spacewalk. This milestone marks a significant advance in private space exploration and suits designed for future missions beyond Earth.

NASA - National Aeronautics and Space Administration 's Kennedy Space Center is developing a device under the GaLORE project to melt lunar regolith and extract oxygen, a key step for sustainable lunar exploration and future Mars missions. This technology aims to support human life and infrastructure on the Moon by converting regolith into usable oxygen and metals. The project, funded at $1.2 million per year for two years, aligns with NASA's Artemis program and its goal to establish a sustained lunar presence by 2028.

NASA - National Aeronautics and Space Administration 's successful hot fire test of an aluminium 3D-printed rocket engine nozzle, previously challenging due to aluminium’s low melting point, marks a breakthrough in additive manufacturing. This technology promises substantial savings in time, cost, and weight for future spacecraft and has potential applications across industries, including microchip production and automotive parts.

Thank you so much for subscribing to Morning Thrust and have a great week ahead.