🌊Business need to know
Week 22-28.01.2024
Hi all,
let’s see what happened last week in the tech world that you need to know!
Btw, you can always help us with these 2 options 👇
And 👇
World news
Microsoft hits $3 trillion market cap
Microsoft last Thursday (25.01.) became the second company ever to end the trading day valued at more than $3 trillion, a milestone reflecting investor optimism that one of the oldest tech companies is leading an artificial intelligence revolution.
One of his biggest gambles in recent years has been partnering with an untested nonprofit startup—generative AI pioneer OpenAI—and quickly folding its technology into Microsoft’s bestselling products. That move made Microsoft a de facto leader in a burgeoning AI field many believe will retool the tech industry.
Read more about it HERE
2025 is the year of electric vehicles?
Tesla has informed its suppliers of plans to commence production of a new mass-market electric vehicle, codenamed "Redwood," by mid-2025
Tesla aims to introduce various models, including an affordable $25,000 car, positioning itself to compete with less expensive gasoline-powered vehicles and the growing market of affordable EVs, such as those produced by China's BYD, which passed Tesla as the world's leading EV maker in the final quarter of 2023.
Elon Musk initially pledged to develop a $25,000 car in 2020, a plan that was temporarily put on hold but later revived. Currently, Tesla's most budget-friendly option, the Model 3 sedan, starts at $38,990 in the United States.
Read more about it HERE
SAP to launch restructuring program affecting 8,000 jobs
SAP plans to undertake a restructuring program this year that will affect some 8,000 jobs, ratcheting up its focus on artificial intelligence.
The German business-software company said late Tuesday that most of the roughly 8,000 positions affected should be covered by voluntary leave programs and internal re-skilling when workers are trained to fill other roles within the group. SAP expects to end 2024 with a headcount similar to current levels. The company had a workforce of 107,602 at the end of 2023.
Read more about it HERE
Nvidia and Equinix team up to offer AI supercomputers to businesses
Data center operator Equinix and Nvidia said on Wednesday (25.01.) that they had partnered up to offer the chip firm's supercomputing systems to corporate clients.
The service will make it easier for companies to own artificial intelligence computing systems and have better control over their data, instead of renting out Nvidia's market-leading chips from cloud computing providers like Amazon.com or Microsoft.
Read more about it HERE
Startup world
Large tech funding rounds
Bilt Rewards - $200 million round
The New York-based startup allows consumers to earn rewards on the rent they pay.
Bilt plans to use some of the proceeds to expand its network to include local dining, grocery stores, ridesharing and other retail purchases.
I really don’t know how I feel about this…earn rewards because you pay rent?
BillingPlatform - $90 million round
US-based enterprise revenue lifecycle management firm BillingPlatform has bagged a $90 million growth equity investment from FTV Capital.
BillingPlatform’s cloud-based billing and revenue management solution automates quote-to-cash processes for the technology, financial services, media and entertainment, logistics and communications industries.
ElevenLabs - $80 million round
ElevenLabs allows creators, enterprises and others to use AI software to replicate voices in dozens of languages. Founded in 2022, ElevenLabs has raised $101 million to date.
The Brooklyn-based company did not release an exact valuation for this Series B round, but did say it had reached “unicorn status.” That represents a significant up round from its Series A in June 2022, when the firm raised $19 million at a $99 million post-money valuation.
Small tech funding rounds
Packmatic - €15 million round
Packmatic has built a fully digital one-stop shop, connecting businesses to the largest supplier network in Europe, a vast network of over 300 packaging suppliers across Europe in just a few clicks, and opening the door to an extensive range of lower plastic and lower carbon alternatives at the right price.
CEEZER - €10.3 million round
CEEZER offers companies a professional toolkit for managing carbon credit portfolios with direct access to high-quality projects.
The company serves over 50 corporate customers, such as Siemens and Zooplus, collaborating with more than 150 project developers to work towards the goals of a net-zero economy.
Hedepy - € 1.75 million round
Hedepy's digital platform offers psychological and psychiatric support, including workplace and school therapies.
Hedepy has been operating on the Czech market since 2020. In four years, the platform has expanded to ten other European markets, including Poland, Romania, Ukraine, Greece and Finland. In five of these markets, Hedepy is the number one player in its field and currently provides more than 60 percent of its therapies abroad.
Btw, this whole online therapy thing really took off during Covid-19 but it’s nice to see that some companies managed to make a business out of it.
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