The News Feed

Category: Funding

  • Perplexity Buys Read.cv, a Social Media Platform, to Boost Professional Networking

    Perplexity Buys Read.cv, a Social Media Platform, to Boost Professional Networking

    In a major move to grow its presence in professional networking, AI-driven search engine Perplexity has announced it is buying Read.cv. The announcement was made on January 17, 2025, and shows Perplexity’s commitment to improving user connections and making knowledge more accessible.

    End of an Era for Read.cv

    Read.cv was known as a simple and creative platform for professionals to share their work, projects, and achievements. Starting today, the platform will begin shutting down. Users have until May 16, 2025, to save their data, including profiles and messages, using a built-in data export tool. The team at Read.cv described the closure as “bittersweet,” reflecting on their platform’s focus on creativity and curiosity.

    New Beginnings with Perplexity

    Both companies view the acquisition as a perfect fit for their goals. Read.cv shared in a farewell blog post, “We’ve long admired Perplexity and believe great things happen when the world’s knowledge is made more open and accessible.” Perplexity’s CEO, Aravind Srinivas, expressed excitement about welcoming Read.cv’s design and engineering teams to work on shared goals of exploration and innovation using AI.

    Backed by investors like Jeff Bezos and NVIDIA, Perplexity aims to combine AI with social innovation. This acquisition could help the company create new ways for professionals to connect and collaborate.

    Reactions and Future Outlook

    The news has brought mixed feelings from Read.cv users and the tech world. Many feel sad to see the platform close, but some are hopeful about the new possibilities. “It’s sad to see Read.cv sunset, but the merger with Perplexity could bring exciting new features for professionals,” commented one user online.

    While Perplexity has not shared exact plans for how Read.cv’s features will be used, they have hinted at new ideas for improving professional networking with AI tools.

    About the Companies

    Perplexity: An AI-powered search engine focused on providing accurate answers and valued at $9 billion. It is supported by major investors like Jeff Bezos and NVIDIA.

    Read.cv: A platform created by Andy Chung, a former designer at Facebook and Mozilla, known for emphasizing creativity in professional profiles.

    This acquisition highlights the growing importance of AI and user-focused design in shaping how professionals connect and share online.

  • SEEQC Secures $30 Million to Advance Quantum Chip Technology

    SEEQC Secures $30 Million to Advance Quantum Chip Technology

    Quantum computing startup SEEQC has raised $30 million in new funding, co-led by Booz Allen Ventures and NordicNinja, a Japanese-European venture capital firm. SIP Capital also joined as a new backer, alongside existing investors. This funding will help SEEQC speed up the commercial rollout of its groundbreaking quantum computing chips.

    What Makes SEEQC Different?

    SEEQC focuses on creating specialized quantum chips designed to make quantum computing more practical and efficient. These chips combine classical computing with quantum processors to solve some of the biggest challenges in the field, including:

    • Scaling quantum systems to handle more data.
    • Reducing energy use, which is a major issue for quantum hardware.
    • Simplifying complex systems by minimizing the number of connections and cables needed to control qubits (the building blocks of quantum information).

    Why This Funding Matters

    SEEQC’s hybrid approach—integrating classical and quantum computing—could be a game-changer. CEO John Levy said, “This investment strengthens our financial, geographic, and strategic position. It shows belief in our vision that chips are the key to unlocking quantum computing’s potential. We’re turning theory into real-world applications.”

    The funds will help SEEQC improve its chip manufacturing and testing capabilities, focusing on performance and scalability. The goal is to make quantum computing ready for enterprise and data center use. Industries like healthcare, finance, and logistics could see significant benefits from large-scale quantum systems.

    Collaborating with Nvidia

    Despite some skepticism about how soon quantum computers will be widely useful, SEEQC is partnering with Nvidia to develop connections between quantum chips and GPUs (graphics processing units). This collaboration aims to combine the power of classical and quantum computing for faster and more efficient solutions.

    Built on a Strong Foundation

    SEEQC has a unique advantage because it spun out of Hypres, a leader in superconductor electronics. It owns a chip foundry and has a team experienced in building advanced superconducting systems, giving it a head start in developing quantum chip technology.

    What’s Next for SEEQC?

    With this funding, SEEQC plans to make quantum computing more than just a research project. By focusing on practical, scalable solutions, the company aims to transform industries like drug discovery, financial modeling, and supply chain optimization.

    This new investment is a strong step forward for SEEQC’s mission to turn quantum computing into a commercially viable technology that changes how we solve complex problems.

  • Bioptimus Raises $41 Million to Build “GPT for Biology”

    Bioptimus Raises $41 Million to Build “GPT for Biology”

    French startup Bioptimus has raised $41 million in funding, led by Cathay Innovation. This brings the company’s total funding to $76 million. Bioptimus plans to create a groundbreaking AI model, called a “GPT for biology,” designed to simulate and predict biological processes.

    What Is “GPT for Biology”?

    Bioptimus aims to build an AI model for biological research, similar to how GPT models like ChatGPT transformed natural language processing. Instead of generating text, this AI will:

    • Simulate biological processes at the molecular and organism levels.
    • Predict diseases and how they develop or react to treatments.
    • Help discover new drugs by modeling how compounds interact with biological systems.
    • Support personalized medicine by tailoring treatments to individual genetic profiles.
    • Aid environmental research by predicting biological responses to changes in ecosystems.

    How This AI Could Help Science

    Bioptimus is creating a single model that combines data like genetics, proteins, and cells. This tool could make medical research faster and more accurate by:

    • Predicting disease pathways to improve understanding of illnesses.
    • Accelerating drug discovery by testing possibilities faster than traditional methods.
    • Improving healthcare through tailored treatments based on personal genetics.

    Who Is Behind Bioptimus?

    The Bioptimus team includes experts in AI and biology:

    • Jean-Philippe Vert, Co-founder and Chairman, has experience from Google Brain and Owkin.
    • Rodolphe Jenatton, CTO, was a senior researcher at Google.
    • Other team members come from Google DeepMind, blending strong AI and biology expertise.

    What’s Next for Bioptimus?

    The $41 million will be used to:

    • Expand research with more biological data and better models.
    • Build partnerships with universities, biotech companies, and pharmaceutical firms.
    • Develop products for researchers and biotech industries.

    Why This Matters

    Bioptimus’s work could revolutionize how we study biology. By making complex biological systems easier to understand, their AI has the potential to transform drug discovery, disease research, and environmental science.

    The biotech community is excited about the possibilities, with many watching closely to see how Bioptimus shapes the future of biological research.

    Links

    https://www.bioptimus.com/news/bioptimus-hits-76m-funding

  • Raspberry AI Raises $24M to Revolutionize Fashion Design with AI

    Raspberry AI Raises $24M to Revolutionize Fashion Design with AI

    Raspberry AI, a New York startup specializing in generative AI for fashion design, has raised $24 million in funding led by Andreessen Horowitz (a16z). This investment is set to transform how fashion is imagined, designed, and produced, signaling a big step forward for AI in creative industries.

    What Does Raspberry AI Do?

    Raspberry AI’s platform uses generative AI to help fashion designers quickly visualize trends, fabrics, trims, prints, and more. Instead of spending weeks sketching or experimenting, designers can see their ideas come to life in moments. The company aims to make fashion design faster and easier while empowering creativity.

    About the Funding

    The Series A funding round, led by a16z, follows Raspberry AI’s earlier $4.5 million seed funding. With $24 million now secured, the company plans to:

    • Expand Operations: Hire more AI experts, fashion specialists, and developers to improve the platform.
    • Enhance AI Models: Make the platform smarter and better at predicting what consumers will love.
    • Reach More Designers: Offer affordable tools to smaller brands and independent designers, leveling the playing field in the fashion world.

    How AI Can Change Fashion

    The fashion industry is often criticized for being slow, wasteful, and unsustainable. Raspberry AI’s tools could change this by:

    • Speeding Up Design: Cutting design times from months to days, helping brands respond faster to trends.
    • Reducing Waste: Aligning production with demand, minimizing overproduction and excess inventory.
    • Fostering Creativity: Allowing designers to try bold, innovative ideas with less risk.

    Industry Buzz

    Both the tech and fashion communities are excited about Raspberry AI’s potential. Designers and brands see AI as a way to make their processes more efficient and creative. On social media, many have praised the company for its focus on inclusivity, as it aims to provide cutting-edge tools to both major fashion houses and independent designers.

    The Future of Fashion with AI

    With this funding, Raspberry AI plans to expand globally, partner with top fashion brands, and introduce new features. However, the company knows it must balance technology and human creativity. Cheryl Liu, CEO of Raspberry AI, emphasizes that AI will assist designers rather than replace their unique, personal touch.

    As the fashion industry moves toward more sustainable and innovative practices, Raspberry AI could lead the way, showing how AI and creativity can work together to shape the future of design.

    Links

    https://www.raspberry.ai

  • Qventus Secures $105 Million to Expand AI Solutions for Hospitals

    Qventus Secures $105 Million to Expand AI Solutions for Hospitals

    In a major step forward for AI in healthcare, Qventus, a company known for its AI-powered hospital solutions, has raised $105 million in its latest funding round. This Series D round includes $85 million in equity and an optional $20 million in debt, boosting the company’s valuation to over $400 million. The funding was led by KKR, with support from investors like Bessemer Venture Partners and strategic partners such as Northwestern Medicine, HonorHealth, and Allina Health.

    AI to Improve Hospital Efficiency

    Founded over a decade ago, Qventus specializes in using artificial intelligence to streamline hospital operations. Its tools automate tasks across different departments, including:

    • Scheduling surgeries
    • Managing patient discharges
    • Improving inpatient and outpatient check-ups

    With this new funding, the company plans to develop more “AI teammates” to handle a wider range of healthcare challenges. These tools aim to reduce inefficiencies and help hospitals provide better care while cutting costs.

    Why Now?

    The funding comes at a critical time as healthcare systems face pressure to improve patient care while managing rising costs. Qventus’ AI solutions promise to ease this burden by automating time-consuming tasks, allowing healthcare professionals to focus more on patients.

    This round builds on the company’s previous successes, including a $50 million funding round in 2022, showing investors’ growing confidence in the role of AI in healthcare.

    CEO’s Vision for Growth

    Mudit Garg, the co-founder and CEO of Qventus, expressed excitement about the funding, particularly the $20 million debt option, which offers flexibility for rapid expansion. Garg said, “Debt is available as we go forward if we want to put the pedal to the metal,” signaling the company’s readiness to seize new opportunities as they arise.

    Collaboration with Strategic Partners

    Strategic investors like Northwestern Medicine and HonorHealth are also Qventus customers, highlighting the practical benefits of its solutions. These partnerships show how hospitals are working closely with AI companies to design tools that fit real-world needs.

    A Growing Trend in Healthcare AI

    Qventus’ funding reflects a larger trend of investment in AI-driven healthcare solutions. Companies like Cera, Hippocratic AI, and Innovaccer have also attracted significant funding recently, signaling a booming industry. AI tools are being used to improve patient outcomes, reduce costs, and streamline operations in hospitals worldwide.

    Looking Ahead

    With this funding, Qventus aims to lead the way in care operations automation. The company plans to anticipate future healthcare challenges and adapt its AI solutions to meet evolving needs.

    For hospitals, this could mean:

    • Better use of resources
    • More efficient patient care
    • Reduced administrative burdens

    The challenge will be ensuring that these AI systems integrate seamlessly into existing healthcare setups, helping staff without adding complexity. As AI continues to grow in healthcare, companies like Qventus are paving the way for a future where technology and human care work hand-in-hand.

    Links

    Qventus Announces $105 Million Investment, Series D Led by KKR