Deep Genomics, a company that uses AI to develop new medicines, has appointed Brian O’Callaghan as its new CEO and board member. O’Callaghan has a strong background in the biotech and pharmaceutical industries and will lead the company’s strategic plan to become a biopharmaceutical company. He will work with Brendan Frey, the company’s founder and…
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Ireland slaps TikTok with €345 million fine for child privacy violations
TikTok, the popular social media platform, is facing a hefty €345 million fine from Irish regulators over serious lapses in its child privacy protocols. In a statement, the Irish Data Protection Commission (DPC) revealed that TikTok mishandled children’s data in 2020, notably in age verification and privacy settings. The fine, one of the largest levied…
U.S. Auto Workers union launches strikes at Ford, GM and Stellantis plants in historic labor action
The United Auto Workers union (UAW) has started simultaneous strikes at three assembly plants owned by the “Detroit Three” automakers – Ford, General Motors (GM) and Stellantis – on Friday morning, in what is seen as the most ambitious U.S. industrial labor action in decades. The strikes, which involve about 12,700 workers, will affect the…
Parade raises $17M to automate freight booking with AI
Parade, a San Francisco-based startup that provides a capacity management platform for freight brokers, announced today that it has raised $17 million in a funding round led by I Squared Capital, a private equity firm that specializes in global infrastructure investments. The funding round also saw participation from existing and new investors, including Menlo Ventures,…
Orbee raises $4M in Series A funding
Orbee, an Irvine, CA-based technology service provider for the automotive industry, has raised $4 million in Series A funding. The round was led by FM Capital, with participation from existing investors Holman Enterprises, Flow Automotive Companies and Pohanka Automotive Group. New strategic investors included automotive retailers Mills Automotive Group, Qvale Auto Group, Basil Family Dealerships…
Series AI raised $7.9M to develop AI-powered game authoring tools
Series AI, a startup that is developing AI-powered game authoring tools, announced today that it has raised $7.9 million in its seed funding round. The company plans to use the funding to develop its Rho Engine platform, which it says will help game developers create games more quickly and easily. The Rho Engine is a…
Databricks secures over $500 million funding, valuing the company at $43 billion
Databricks announced a substantial funding round, raising over $500 million and skyrocketing its valuation to a staggering $43 billion. Leading this investment effort is T. Rowe Price Associates, while the addition of two new significant investors, Nvidia and Capital One Ventures, has caught industry attention. Notably, Capital One Ventures is a prominent client of Databricks’…
Thailand’s Kasikornbank launches $100M fund for Web3 and AI in Asia Pacific
Kasikornbank has initiated a $100 million fund, KXVC, aimed at investing in the Asia Pacific’s internet economy, predicted to reach $1 trillion by 2030. KXVC, originating from the bank’s innovation arm, will focus on startups in Israel, the US, Europe, and Asia Pacific, collaborating with major funds like HashKey Capital. Key targets include Web3 infrastructure…
ECB raises interest rates to 4.5% amid inflation fears
The European Central Bank (ECB) has increased its key interest rates by 0.25% to 4.5%, the highest level since the euro was introduced in 1999. This is the tenth consecutive rate hike by the ECB since it started its anti-inflation campaign in July last year. The decision was made at a meeting of ECB officials…
SoftBank cashes in as Arm floats in New York with $52.3bn valuation
Arm, the UK-based chip designer that powers many of the world’s smartphones and devices, is set to make its comeback to the public markets in New York on Thursday with a valuation of $52.3bn (£41.9bn). According to news, the company, which was acquired by Japan’s SoftBank in 2016, priced its shares at $51 each and…
Alphabet cuts hundreds of recruiters as hiring slows down
As part of its ongoing hiring slowdown, Alphabet, the parent company of Google, announced on Wednesday that it will reduce its global recruiting team by a few hundred employees. The tech giant said that the layoffs are not part of a broader workforce reduction and that it will keep most of the recruiters for filling…
Web3 Foundation appoints Fabian Gompf as new CEO to boost Polkadot ecosystem
Fabian Gompf is appointed as the new CEO of Web3 Foundation, the organization behind the Polkadot blockchain protocol. He has a strong background in web3 and Polkadot, and will lead the Foundation’s efforts to support the Polkadot ecosystem. He replaces Bertrand Perez, who will become an advisor after two years of effective leadership. The announcement…