Remembering 9/11, Scaling Autonomous Aviation, Fundings: ATRX, Extended Power, SpaceBilt
Remembering 9/11, Scaling Autonomous Aviation, Fundings: ATRX, Extended Power, SpaceBilt
11 September 2024 - A Weekly Publication by New North Ventures
Reflecting on September 11th: A Day of Remembrance, Resolve, and Reflection
Today marks the 23rd anniversary of September 11, 2001—a day that forever changed the course of our nation’s history. As we remember the nearly 3,000 lives lost and the thousands injured, we also hold in our hearts the families and friends who continue to live with the deep, enduring pain of that day. We honor their courage and their sacrifices, just as we honor the bravery of the first responders—firefighters, police officers, medical personnel, and everyday citizens—who rushed toward danger without hesitation.
September 11th was a day of unimaginable loss and tragedy, but it also became a day that brought out the very best in us. It was a day when our differences fell away and our shared humanity became the bridge that united us. New North Ventures celebrates that unity. In the days, weeks, and years that followed we have seen a profound commitment to service, compassion, and solidarity. People across the nation and around the world came together to support those in need, to rebuild, and to stand resolute in the face of adversity.
The events of that day have left a permanent imprint on our national psyche, shaping our collective identity and the values we at New North Ventures hold dear. September 11th forced us to confront the reality of our vulnerability, but it also reaffirmed our belief in the strength that lies in unity, resilience, and perseverance. The world we live in today is profoundly different because of that day. It reshaped our security policies, our approach to global engagement, and our understanding of the threats we face. Yet, it also strengthened our resolve to protect and defend the freedoms and ideals that define us. At New North Ventures, we are reminded every day of the responsibility to be vigilant, innovative, and committed to safeguarding our shared values and way of life.
Over the past 23 years, we have seen our nation tested in many ways. We have experienced war, loss, and the ongoing challenges of a complex and changing world. But we have also witnessed an unyielding spirit—a spirit that continues to innovate, adapt, and grow stronger in the face of adversity. The memory of September 11th reminds us of our capacity to rebuild and renew, to find hope in the darkest times, and to honor those who were lost by living with purpose and integrity. This same ethos drives New North Ventures every day as we commit to supporting and investing in founders who share the dedication to resilience, innovation, and the protection of our nation’s core values. We strive to empower those who are building solutions to the critical challenges we face, ensuring that the spirit of unity and determination that arose from September 11th continues to inspire and drive us forward.
Today, we remember not just the lives lost, but the lessons learned. We honor the strength of those who have served, who continue to serve, and who make sacrifices every day to protect our way of life. These individuals are critical partners to the entrepreneurs, innovators, and investors who are committed to continuing to strengthen our nation. New North Ventures celebrates the progress we have made and the bonds we have strengthened.
In their memory, and for the sake of future generations, let us never forget the resilience and unity that emerged from the ashes of that day. Let us move forward with renewed purpose, a dedication to peace, and a commitment to each other.
We remember. We honor. We will never forget.
In the latest episode of Securing Our Future, host Jeremy Hitchcock sits down with Hector Xu, founder and CEO of Rotor AI, a trailblazing company revolutionizing the world of large-scale drones.
Hector shares his inspiring journey from the UK to establishing Rotor AI in New Hampshire, where his team is transforming traditional helicopters into cutting-edge unmanned aerial vehicles. They dive into the challenges of building reliable, autonomous drones for tough jobs, explore Rotor AI’s innovative products like the Airtruck and Sprayhawk, and discuss the future of autonomy in both civilian and defense sectors.
Don’t miss this insightful conversation on how Rotor AI is bringing drone manufacturing back to the USA and shaping the next generation of aviation technology. Listen now wherever you stream your podcasts or on Spotify below:
Small Nuclear Reactors Could Power the Future
Small modular reactors (SMRs) are gaining attention as a potential solution to the growing demand for clean, reliable energy, especially as utilities retire coal plants. These new, smaller reactors, with capacities of 300 megawatts or less, aim to revolutionize nuclear power by simplifying construction and speeding deployment through a factory-built, assembly-line approach.
Nuclear power’s reliability and zero carbon emissions make it a critical energy source for the future, particularly as industries such as artificial intelligence, electric vehicles, and manufacturing increase electricity demand. Although SMRs are still in the early stages, with only three operational worldwide, industry experts believe that widespread commercial use might not happen until the 2030s due to the challenges of building the first U.S. SMR.
Companies like Dominion Energy and Holtec International are exploring SMRs as a solution to future energy needs. Dominion is considering SMRs to replace coal plants and meet growing electricity demands from data centers. Meanwhile, Holtec is reviving the Palisades nuclear plant in Michigan, with plans to install two SMRs by the early 2030s. Both companies are collaborating with tech firms and utilities to advance SMR technology and bring it closer to reality.
Despite the high upfront costs and technological challenges, SMRs are expected to offer a cheaper, safer, and more scalable nuclear power option in the long term, potentially becoming a key player in the energy transition away from fossil fuels.
Nvidia Gets DOJ Subpoena in Escalating Antitrust Probe
The U.S. Department of Justice (DOJ) has escalated its antitrust investigation into Nvidia, the dominant supplier of AI processors, by issuing subpoenas to the company and other industry players. This follows earlier questionnaires and signals a step closer to a formal complaint.
Regulators are examining whether Nvidia's practices make it difficult for customers to switch to other suppliers and if it penalizes those who do not exclusively use its AI chips. Concerns also include Nvidia's acquisition of RunAI, which could limit competition, and potential preferential pricing or supply agreements for customers who solely rely on its technology. Nvidia, whose stock took a hit after news of the subpoenas, maintains that its dominance is due to the superior performance of its products.
Nvidia has become a key player in AI infrastructure, with its sales surging due to increased demand for AI computing. The company’s chips are essential for companies like Microsoft and Meta, which allocate a significant portion of their hardware budgets to Nvidia products.
Despite facing regulatory scrutiny, Nvidia argues that its market position is based on merit, citing the speed and efficiency of its AI chips. The company has expanded beyond graphics cards to offer a comprehensive suite of AI hardware and software, further solidifying its market dominance. Nvidia's projected revenue for 2024 is expected to exceed $120 billion, largely from its data center unit, outpacing its closest competitors.
More Links to Explore:
SpaceX satellites with Tesat terminals achieve first laser data exchange for U.S. military.
Palantir soars 14% on software vendor’s inclusion in S&P 500.
Founded: 2021
Key People: CEO Felix Bustos III
Elevator Pitch: Reusable launch vehicles designed for rapid, low-cost space access.
Funding: The company joined Techstars as part of its Fall Class of 2024 on September 9, 2024, and received $20,000 in funding, putting the company's pre-money valuation at $313,000.
Founded: 2007
Key People: CEO Ryan Mickle
Elevator Pitch: Temporary power services intended to support construction, emergency response, and supplemental power needs.
Funding: The company raised an undisclosed amount of venture funding from Iberia NCA NFI on September 10, 2024.
Key People: CEO Steven Kwast
Founded: 2023
Elevator Pitch: Reusable spacecraft intended to minimize orbital debris.
Funding: The company is in the process of raising venture funding from undisclosed investors on September 9, 2024.
Look for a new episode of the Securing the Future Podcast wherever you listen. In our most recent episode, general partner Jeremy Hitchcock sits down with Hector Xu, founder and CEO of Rotor AI, to discuss the groundbreaking technology behind converting traditional helicopters into autonomous drones for both civilian and defense applications.