Meet Us at SOF Week, Battles Over AI, Tech, and the Ukraine, Fundings: Optery, Resilinc, Vantage Robotics
10 May 2023 - A Weekly Publication by New North Ventures
Looking to shake things up at #SOFWeek2023? Do you have an innovative solution to a complex problem? Let's meet! NNV is at SOF Week in Tampa, FL. Our team is on the hunt for companies that are tackling the most fascinating challenges in their industries.
Our very own founding partner, Jeremy Hitchcock, will be taking part in a panel discussion today at 1 PM EST. He'll be sharing insights on how private equity and venture capital can support defense start-ups, providing valuable knowledge on how to grow your start-up. For more details, click here.
From cutting-edge tech to sustainable solutions, we want to hear from you. If you want to connect with us at SOF drop us a message on Twitter @NewNorthVC or LinkedIn @New North Ventures and let's start the conversation!
Founded: 2020
Key People: Co-founded by Lawrence Gentilello, Chen Atlas, and Dekel Barzilay
Elevator Pitch: A privacy management technology designed to put consumers in control of their personal data.
Funding: The company raised $2.7 million of seed funding in a deal led by Bayhouse Capital on May 8, 2023. Global Founders Capital, Pioneer Fund, Third Round Analytics, Soma Capital, Goodwater Capital, Y Combinator, and other undisclosed investors also participated in the round.
Founded: 2010
Key People: Co-founded by Bindiya Vakil and Sumit Vakil
Elevator Pitch: Supply-chain management software designed to offer supply-chain resiliency and risk management services.
Funding: The company raised venture funding from Vista Equity Partners and other undisclosed investors on May 8, 2023.
Founded: 2013
Key People: Co-founded by Tobin Fisher and Joe Niekerk
Elevator Pitch: Drones and UAVs intended to provide arial supervision support to the customers.
Funding: The company raised an undisclosed amount of venture funding from Veteran Ventures Capital on May 8, 2023.
EU Lawmakers Pass Draft of AI Act
EU lawmakers have passed a draft of the Artificial Intelligence (AI) Act, which would be the first set of comprehensive laws related to AI regulation.
Companies that make generative AI tools such as ChatGPT would have to disclose if they have used copyrighted material in their systems.
The AI Act would require generative AI models to be designed and developed in accordance with EU law and fundamental rights, including freedom of expression.
Tech Layoffs: LinkedIn Cuts 700 Jobs
LinkedIn is cutting 716 jobs, approximately 3.5% of its workforce.
The company is also phasing out its local jobs app, InCareers, in China.
The changes are aimed at streamlining operations, and affected employees will be eligible to apply for 250 new jobs.
Further, LinkedIn's job cuts come amid a trend of layoffs across the tech industry, with other firms such as Amazon, Microsoft, and Alphabet also announcing layoffs in the last six months.
Russian Missiles Downed Over Kyiv as Putin Makes Angry Victory Day Speech
Russian cruise missiles exploded in the air over Kyiv as Vladimir Putin marked the anniversary of victory over the Nazis with an overnight attack on Ukraine.
Putin defended his invasion of Ukraine during his Victory Day speech in Moscow’s Red Square, drawing false parallels between today’s fight with Ukraine and the defeat of Nazi Germany in 1945.
More than 20 cities across Russia had scrapped their parades amid security concerns, and this year's parade featured significantly less heavy modern equipment than in previous years.
Hours after Putin's speech, Russia launched a fresh barrage of cruise missiles at Ukraine, which Ukraine said its air defenses shot down 23 of 25 missiles fired chiefly at the capital, Kyiv.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our latest episode, we have guest Dr. Jennifer Rudolph sit down with General Partner Jeremy Hitchcock for an engaging conversation where Dr. Rudolph discusses her passion for Asian history and politics, her research on Taiwan's political identity, and shares critical insights into the complex US-China relationship from her latest book, The China Question.