OurCrowd launches AI fund + ThetaRay raises $57M

A weekly selection of news and investment opportunities from OurCrowd, the global venture investing platform

OurCrowd launches dedicated AI fund?

We are pleased to announce that OurCrowd has launched a dedicated AI fund.?Since 2012, OurCrowd has made 81 investments in artificial intelligence startups, with eight exits to date, making OurCrowd Israel’s most active AI investor. With the race for game-changing AI technology well underway in almost every industry, OurCrowd is utilizing this extensive expertise to find the best opportunities for our investors across an array of sectors. PitchBook data show OurCrowd to be among the Top 15 AI investors worldwide. The new $50M fund will invest in mission-centric AI startups, with allocation into the next 20-25 AI and generative AI technology opportunities offered to investors on the OurCrowd platform.

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ThetaRay raises $57M

OurCrowd’s AI FinTech security pioneer ThetaRay raised $57M to support its anti-money-laundering (AML) technology, as reported by Marissa Newman in Bloomberg, Ingrid Lunden in TechCrunch, and other global media. ThetaRay’s SONAR AML platform uses AI to identify suspicious financial transactions, with low false positive and high detection rates. Its customers include major financial institutions including Santander, Travelex, Mashreq Bank, MFS Africa and ClearBank. Financial services investment specialist Portage led the round with participation from OurCrowd investors. “We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally,” says Devon Kirk, Partner and Co-Head of Portage Capital Solutions.?

US Department of Energy awards Quidnet $2M

The US Department of Energy is awarding a $2M grant to our portfolio company, Texas-based Quidnet Energy. The funding is part of the Infrastructure Law and aims to advance technologies that generate power at dams and accelerate the expansion of pumped storage hydropower. Quidnet’s novel technology stores pressurized water underground using existing wellbores, providing low-cost, long-duration electricity storage. Some $13M will be granted to seven research and development projects focused on advancing hydropower as a critical source of clean energy.? ??

BlueGreen Water, nT-Tao to represent Israel at COP28

OurCrowd startups BlueGreen Water Technologies and nT-Tao are among the companies selected to represent Israel at this year’s COP28 climate change conference in Dubai, Maayan Jaffe-Hoffman reports in the Jerusalem Post. The Israel Innovation Authority and the Environmental Protection Ministry chose them from 200 applicants. More than 100 heads of state and 100,000 attendees are expected to attend COP28, which begins November 30th.?

Who didn’t start the fire?

Investors are sometimes skeptical about climate technology. Is there really a business case for ClimaTech, or is it just doing good? The devastating wildfires in Hawaii, which may have been caused or exacerbated by downed electric power lines setting fire to dry tinder, must be a call to action, our CEO Jon Medved writes in his latest 'Investors on the Frontlines' column. Fires like this might have been prevented through the use of smart grid management software, like the new FireDome platform from our portfolio company mPrest.

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Bupa, YuLife offer health insurance for UK businesses

Bupa, a leading UK insurer, and our portfolio company YuLife are offering UK businesses group health insurance, FinTech Global reports. The YuLife app actively encourages users to adopt healthier lifestyles. Members who are insured under Bupa’s business health insurance through YuLife can access an array of health and wellbeing tools. “This partnership will help more people to take charge of their everyday health and wellbeing, while also offering reassurance that high-quality healthcare is there when it’s needed,” says Richard Norris, General Manager for Business and Specialist Products at Bupa UK Insurance.

Mitsui Sumitomo invests in nT-Tao Series A

The venture arm of Japanese insurance leader Mitsui Sumitomo invested in the Series A funding round of our fusion energy pioneer nT-Tao. Mitsui joins Delek US, Next Gear Ventures, Mayer Cars & Trucks Group, Honda, the Grantham Foundation, J-IMPACT, East Innovate and OurCrowd in the $22M round. “We are impressed with what nT-Tao has achieved in such a short amount of time and the scientific approach they are taking, and are excited to be a part of their journey to bring the cleanest form of energy to humanity,” says Ryosuke Ide, Investor of Mitsui Sumitomo Insurance Venture Capital, which provided the funding.?

Atira Hotels offers employees DailyPay

Hospitality giant Atira is offering DailyPay to its employees, providing them access to their pay as they earn it, Hotel Technology News reports. Atira Hotels operates over 20 franchise brands in 10 states across the US, including Hampton Inn, Courtyard by Marriott, and TownePlace Suites. “Adding DailyPay to our employee benefits package was essential in providing a powerful financial wellness benefit,” says Hanan Neau, Director of Human Resources at Atira Hotels.?

Siemens partners with C2A Security

Siemens is working with our mobility sector security innovator C2A Security. The two companies are merging capabilities from their flagship software products for the benefit of mutual automotive and mobility customers. The partnership will help clients meet consumer demand, while complying with existing and emerging regulations and standards. In 2023, C2A Security added new top-tier global players to its portfolio of customers and partners, including Valeo, Marelli, NTT Data, Segula Technologies and Evvo Labs.

Lanner, Hailo launch AI acceleration card

Lanner Electronics, the Taiwanese electronics manufacturer, and our portfolio company Hailo launched an AI acceleration card that speeds up AI workloads on edge devices. The Falcon Lite is powered by Hailo-8 processors, and is designed to meet the soaring demand for scalable intelligent video analytics applications in smart retail, Industry 4.0 and intelligent transportation. “The Falcon Lite represents a significant leap forward in AI processing power, and we are confident it will drive new possibilities for AI-driven applications across various sectors,” says Jeans Tseng, CTO of Lanner.

Check out all funding opportunities on the OurCrowd platform

More than 2,900 high-tech jobs worldwide

Looking for a job? You may find your next adventure with an OurCrowd portfolio company on our?Portfolio Jobs?page. We have more than 2,900 vacancies at our portfolio companies around the world, seeking skilled staff at all levels from coders to bookkeepers, data scientists to dealmakers. Click on the link and start looking for the next step in your high-tech journey.

About this Newsletter

Startup Beat?is a weekly selection of news and investment opportunities from?OurCrowd, the global venture investing platform.

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OurCrowd is a global venture investing platform. To date we have more than $2.1 billion in commitments, 224,000 registered investors, 404 portfolio companies, 43 venture funds and 63 exits.

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Nothing contained in and accompanying this communication shall be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security by OurCrowd, its portfolio companies or any third party. Information regarding OurCrowd’s limited partnerships and/or portfolio companies and the investment opportunities on OurCrowd’s website is intended and available for accredited investors only (criteria at?our website). OurCrowd urges potential investors to consult with licensed legal professionals and investment advisors for any legal, tax, insurance, or investment advice.