A Note On Israel, Fundings: Saronic, Solablock, Astroscale
11 October 2023 - A Weekly Publication by New North Ventures
New North Ventures Community,
In these troubling times, we extend our deepest sympathies and support to the people of Israel. The events that unfolded over the weekend have left us profoundly concerned for the well-being of all those affected, particularly innocent Israelis and Palestinians who are suffering due to the egregious actions of a brutal terrorist group and its supporters.
On Saturday, the citizens of Israel endured a series of attacks by Hamas, ranging from rockets and small arms fire to kidnappings. These distressing events have caused significant destabilization in the region, with the most recent death toll - the majority innocent citizens - reaching over 900 in Israel and at least 830 in Gaza, as reported by both Palestinian and Israeli health services. The toll of injuries has also been devastating, with over 2,700 wounded in Israel and 4,250 in Gaza. We can only hope that some form of de-escalation will occur soon, although the current circumstances paint a challenging picture.
The consequences of this weekend's events are bound to reverberate for some time to come, impacting not only the lives of those directly affected but also the broader dynamics of the Middle East. Furthermore, we are aware of 14 Americans who have lost their lives due to the ongoing conflict and an unspecified number who have been kidnapped. This number is anticipated to rise in the coming days as we gain a clearer understanding of the situation on the ground.
At New North Ventures, we are committed to closely monitoring the situation in Israel and the wider Middle East. We understand the far-reaching implications of these events and remain dedicated to staying informed and engaged as events continue to unfold. Our thoughts and prayers are with all those affected, and we hope for a peaceful resolution to this crisis.
New North Ventures is thrilled to spotlight the recent success of one of our portfolio companies. In a remarkable achievement last month, Onsights.io was recognized by Will Reed as one of the top early-stage companies shaping the future of workplace culture out of a pool of over 2,500 Seed & Series A companies.
Onsights.io stands at the forefront of innovation in workplace culture by offering groundbreaking solutions, as they enable the identification and behavior tracking of thousands of simultaneous shoppers.
What sets Onsights.io apart is its ability to bridge the gap between e-commerce and brick-and-mortar retail. This technology provides previously unattainable insights backed by impeccable data, promising to make a substantial impact on operators, capital, tenants, and service providers in the retail industry.
The recognition by Will Reed is a significant milestone, and we take immense pride in our portfolio company's accomplishments. Together, we look forward to continued success, both today and tomorrow.
EU to Assess Risks of Critical Technologies Being Weaponised
The European Commission plans to assess the risks of four critical technologies, including semiconductors and artificial intelligence, being weaponized by countries not aligned with EU values.
This initiative is part of the EU's economic security strategy and follows similar actions taken by the United States and Australia due to concerns about China's assertive role.
The other two critical technologies on the EU's list are quantum technologies and biotechnologies (e.g., vaccines and genome sequencing).
Possible measures to mitigate risks may include export controls and forming partnerships with like-minded allies. Commission Vice President Vera Jourova and EU industry chief Thierry Breton will provide further details in a press conference.
AI Demand Fuels TSMC's Earnings, Offering a Beacon of Hope in Semiconductor Slump
Taiwan Semiconductor Manufacturing Company (TSMC), a key supplier to tech giants like Apple and Nvidia, reported third-quarter revenue of NT$546.7 billion ($17 billion), which was an 11% decrease from the previous year but exceeded expectations of NT$531.5 billion.
TSMC benefited from robust demand in the artificial intelligence (AI) sector, with data centers driving the need for AI chips, providing a positive outlook despite supply constraints and industry concerns.
TSMC plays a crucial role in manufacturing Nvidia's AI accelerator chips, which are in high demand for training extensive data models.
The company's advanced packaging service is experiencing increased demand, contributing to sales growth in a semiconductor industry facing excess inventory challenges.
TSMC has collaborated with Nvidia on silicon photonics technology to enhance data transmission in the semiconductor sector, offering faster and more secure data transfer by integrating light with electrical transmission.
Joby Aviation Delivers First eVTOL Air Taxi to U.S. Air Force Ahead of Schedule
Joby Aviation has delivered its first electric vertical take-off and landing (eVTOL) aircraft to Edwards Air Force Base ahead of schedule.
This aircraft, produced on Joby's Pilot Production Line in Marina, is believed to be the first electric air taxi delivery in the United States.
The delivery is part of Joby's AFWERX Agility Prime contract with the U.S. Air Force, with the aircraft stationed at Edwards Air Force Base for testing and training purposes.
Joby plans to operate its eVTOL aircraft in aerial ridesharing networks in cities worldwide within the next two years and is building partnerships with Delta and Uber for this venture.
Founded:Â 2022
Key People: CEO Dino Mavrookas
Elevator Pitch: Unmanned surface vehicles intended to serve the maritime industry.
Funding:Â The company raised $55 million of Series A venture funding in a deal led by Caffeinated Capital on October 9, 2023.
Founded:Â 2012
Key People:Â CEO Eric Planey
Elevator Pitch:Â Solar-clad masonry and tile wall systems designed to provide solar electric wall systems in urban and remote locations.
Funding: The company is reportedly in the process of raising $3 million of an undisclosed targeted amount of seed funding on October 7, 2023.
Founded:Â 2013
Key People: CEO Nobu Okada
Elevator Pitch: A space technology company intended to offer on-orbit services.
Funding:Â The company raised an estimated $83.6 million of Series G venture funding from Mitsubishi Electric, Mitsubishi, and Development Bank of Japan on October 6, 2023.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our latest episode, our guest Allison Coukos sits down with General Partner Jeremy Hitchcock for an engaging conversation where Allison discusses her vision and current work to improve national security through innovation.