Cross-Border Innovation, Fundings: Andromeda (Other Hardware), PlusOne, Waabi
Cross-Border Innovation, Fundings: Andromeda (Other Hardware), PlusOne, Waabi
19 June 2024 - A Weekly Publication by New North Ventures
The latest episode of the Securing Our Future podcast is our very first live recording! In it, Jeremy is joined by Apollo Sinkevicius, a seasoned entrepreneur and ecosystem builder, fresh from his travels to Lithuania. Apollo and Jeremy have crossed paths over the years in the Boston startup scene, and in the episode, they dive into their shared origin story and Apollo’s exciting journey.
They also explore Apollo's current mission: bridging the startup ecosystems of Boston and Lithuania. Apollo discusses his work in fostering cross-border investing and the unique challenges and opportunities it presents. The conversation delves into tax complexities like the PFIC rules and practical strategies like the Delaware flip that make cross-border investments feasible.
Tune in for an insightful conversation about entrepreneurship, international investing, and the vibrant startup cultures of two thriving ecosystems. Listen wherever you stream your podcasts or on Spotify below:
U.S. And Ukraine Agree To 10-Year Security Pact
The United States and Ukraine have reached a 10-year security agreement ensuring long-term military support for Kyiv amidst its ongoing conflict with Russia. National Security Adviser Jake Sullivan described this agreement as a "milestone," highlighting it as a testament to the U.S.'s enduring commitment to Ukraine.
The deal, announced during the G7 summit in southern Italy, includes sustained military training, defense industry cooperation, and intelligence sharing. However, it explicitly does not involve deploying U.S. troops to Ukraine, a stance President Joe Biden has maintained since Russia's invasion in early 2022.
This security pact signifies a robust and long-term U.S. commitment to Ukraine, intending to deter Russian aggression and provide stability despite potential political changes in the U.S. Unlike a NATO mutual-defense pact, it is a legally binding agreement that does not require congressional ratification but could be reversed by a future president.
The deal's announcement comes as Ukraine continues its bid to join NATO, a move the Biden administration suggests is unlikely until after the war. The signing ceremony between Biden and Ukrainian President Volodymyr Zelensky is set to occur at the G7 summit in Italy.
DoD Successfully Deploys Commercial AI Infrastructure To Support Underwater Target Threat Detection
The U.S. Navy and the Defense Innovation Unit (DIU) have developed a new capability for underwater threat detection using machine learning (ML) models, significantly improving response times. Previously, ML models in unmanned underwater vehicles (UUVs) were slow to adapt to new conditions.
To address this, the Navy partnered with DIU in 2022 to integrate commercial MLOps technology, creating a pipeline for continuous monitoring, updating, and redeploying ML algorithms. Five vendors—Arize AI, Domino Data Lab, Fiddler AI, Latent AI, and Weights & Biases—were selected for Project AMMO, contributing essential components.
During a 2023 exercise, the time for updating ML models was reduced from six months to a few days. By April 2024, all vendors had successfully deployed their contributions, leading to production contracts and plans for expansion. Project AMMO exemplifies the effective use of commercial innovations in military applications, enhancing the Navy's undersea warfare capabilities and setting a model for future AI and ML integration in defense operations
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Founded: 2022
Key People: CEO Grace Brown
Elevator Pitch: Humanoid robots designed to assist the elderly or disabled sector.
Funding: The company raised $3 million of seed funding in a deal led by Purpose Ventures on June 18, 2024.
Founded: 2016
Key People: CEO Jon Su
Elevator Pitch: Interactive human holograms designed to train employees of enterprises.
Funding: The company raised JPY 850 million of venture funding from Dwango on June 18, 2024.
Founded: 2021
Key People: CEO Raquel Urtasun
Elevator Pitch: A self-driving technology designed to build a pathway to commercially viable, scalable autonomous driving.
Funding: The company raised $200 million of Series B venture funding in a deal led by Uber and Khosla Ventures on June 18, 2024.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our most recent episode, general partner Jeremy Hitchcock sits down with Apolinaras (Apollo) Sinkevicius , CFO of Evergrowth, for an enlightened conversation that uncovers the synergies between Boston and Lithuania, the spirit of economic diplomacy, and the exciting future of cross-border startup collaboration.