The Good and Bad News
Starting with some challenges before moving on to brighter updates:
Setback for batteries: Swedish battery maker Northvolt, once a rising unicorn, has filed for bankruptcy in the U.S., marking a blow to Europe’s ambitions in battery manufacturing
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Fintech breakthrough: German fintech company N26 reported its first profitable quarter, achieving a net operating income of €2.8 million ($2.9 million) in Q3 2024.
Major acquisition in cybersecurity: Wiz, a leader in cybersecurity, acquired Dazz, a company specializing in security risk management, in a deal valued at $450 million, slightly above Dazz’s $400 million valuation.
Data integration: Snowflake announced plans to acquire Datavolo, a data pipeline management firm, as part of its Q3 earnings report. The deal’s value remains undisclosed.
Noteworthy Fundraising Activity
This week saw significant investments, from massive funding rounds to strategic boosts for innovative startups:
Quick-commerce growth: Indian company Zepto secured $350 million in its third funding round in six months, preparing for an IPO next year.
Wearable tech milestone: Finnish company Oura raised $75 million from Dexcom, increasing its valuation to over $5 billion in a Series D round.
Hospitality analytics unicorn: Lighthouse, a data platform for the hospitality sector, raised $370 million in a Series C round led by KKR, reaching a $1 billion valuation.
Nuclear fusion advancement: U.K.-based Tokamak Energy raised $125 million to develop its egg-shaped nuclear fusion reactor, continuing progress since its spin-off from the U.K. Atomic Energy Authority in 2009.
Drone expansion: Portuguese drone company Tekever raised €70 million ($74 million) in a Series B round led by Baillie Gifford and NATO Innovation Fund to enter the U.S. market.
AI enterprise funding: Lightning AI secured $50 million from Cisco Investments, J.P. Morgan, Nvidia, and K5 Global to scale its enterprise solutions.
Fighting cancer with AI: OneCell Diagnostics raised $16 million in an oversubscribed Series A round to expand operations in India and the U.S., focusing on reducing cancer recurrence.
Venture Capital Highlights
Climate-focused AI fund: Blue Bear raised $160 million for its third fund, supporting AI startups tackling challenges in climate, energy, and industry.
Bling Capital’s new fund: Bling Capital raised $270 million for its fourth fund, allocating half for follow-on investments.
The Big Picture
Defense technology startups have already raised nearly $3 billion in 2024, surpassing the previous 2022 record of $2.6 billion. While the total number of deals has dropped to 85 compared to 113 in 2022, the sector's momentum continues to grow.
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