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Connected fitness company Hydrow, which Peloton once tried to buy, is growing sales and has acquired a majority stake in strength training company Speede Fitness as gymgoers move away from cardio exercises in favor of weights, the company told CNBC on Thursday. It said it acquired Speede Fitness so it can expand into strength training, one of the fastest-growing segments in fitness today. Hydrow's acquisition and sales growth come as Peloton, which is credited with creating the connected fitness market, struggles to turn around a slowing business. Hydrow's delivered unit sales for its connected rowing machine jumped 23% this year from the year-ago period. Peloton debuted its rowing machine, the Peloton Row, in September 2022, but has done little to advertise or highlight the $3,000 machine.

Persons: Hydrow, Bruce Smith, John Stellato, Smith, Travis Kelce, Justin Timberlake, Thomas Fitzgerald, Hydrow's Organizations: CNBC, Kansas City Chiefs

☆ An OpenAI rival says its new AI model is not only cheaper to run than GPT-4, but it's also more useful
▼ + stars: | 2024-05-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewOpenAI rival Cohere has unveiled an updated AI model it says is more useful and cheaper to run than GPT-4. The AI startup says it is rolling out the ability to fine-tune its Command R AI model, allowing it to outperform larger models like GPT-4 in some use cases while costing up to fifteen times less to operate. Similarly, when analyzing financial data Command R was 6.2% more accurate than GPT-4 and 5.3% more accurate than Claude. AdvertisementCohere said that as Command R, which initially launched in March, is significantly smaller than the likes of GPT-4, it costs much less to run. Related storiesFine-tuning on the Command R model is available on Cohere's platform from Thursday, with availability on other platforms coming in the near future.

Persons: —, Cohere, Nick Frosst, Claude Opus, Claude, Mark Zuckerberg, Sam Altman, Altman, they're, Frosst, It's, Emad Mostaque, Mustafa Suleyman, We're Organizations: Service, Business, Amazon, GPT, Command, Meta, Intelligence, Stanford University, Cohere, Big Tech, Stability, Microsoft Locations: GPT, Toronto

☆ Neuralink’s first brain chip implant developed a problem — but there was a workaround
▼ + stars: | 2024-05-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —The first test subject for Neuralink, Elon Musk’s brain chip implant startup, has developed a problem just a few weeks after it was inserted. But the company said it was able to make the implant more sensitive to increase its performance even further. About a month after the operation, Musk said Arbaugh could control a computer mouse with his brain after having the chip implanted. Like existing brain-machine interfaces, the company’s implant would collect electrical signals sent out by the brain and interpret them as actions. Before Neuralink’s brain implants hit the broader market, they’ll need broader regulatory approval.

Persons: Elon, Noland, ” Neuralink, Musk, Stephen Hawking, ” Musk, Neuralink, – CNN’s Clare Duffy Organizations: New, New York CNN, Neuralink, Consumers, Drug, Wall Street Locations: New York

☆ Chinese EV maker Nio to launch its lower-priced brand Onvo on May 15
▼ + stars: | 2024-05-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese electric car company Nio said Thursday it will launch its lower-priced brand called Onvo on May 15. The announcement comes amid a price war in China's highly competitive electric car market that's forced Tesla to cut prices. Nio said the first Onvo model, the L60, will be a "family-centric smart BEV priced around RMB 250,000, in the same segment as Tesla Model Y." Nio delivered 15,620 electric cars in April, up from 11,866 cars the prior month. The company sells cars to Europe, but didn't specify whether Onvo would be available outside China.

Persons: Nio, Tesla, BEV, William Li, Onvo, Le Organizations: Tesla, CNBC Locations: BEIJING, Europe, China

☆ Climate crisis brings high school friends together to back startups overlooked by other VCs
▼ + stars: | 2024-05-09 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Childhood friends Jeremy Brewer and Sam Levac-Levey started their first clean energy startup in 2018. Six years later, they're launching a new venture fund to invest in climate tech companies overlooked by their peers. According to PwC's 2023 study on the state of climate tech, more than 70% of investment went into energy and mobility. Brewer said Starshot is looking to invest in companies that offer "gigaton-scale solutions, that can increase their customers' profitability and revenue." They entered a climate tech accelerator in Canada called Creative Destruction Lab, where they worked for months to perfect their plan.

Persons: Jeremy Brewer, Sam Levac, Levey, Brewer, who's, Starshot, Levac Organizations: Google, Facebook, Tesla, SpaceX, Starshot, CNBC Locations: Montreal, Canada

☆ FTX customers are getting a rare good deal. Here’s why some are still angry
▼ + stars: | 2024-05-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

And yet, for FTX customers, there’s an unavoidable twinge of resentment over what could have been. See here: If you had one bitcoin in an FTX account in mid-November of 2022, it was worth about $17,500. The bankruptcy managers tracked down all of FTX’s crypto and other holdings and hired an investment manager to sell them. The bull run inflated the value of FTX’s significant crypto holdings, leaving the estate with more than enough to pay back customers. Although FTX said it would have as much as $16 billion to disburse, customers and Uncle Sam get paid out first.

Persons: CNN Business ’, bitcoin, it’d, you’d, Tom Brady, John Ray III, Ray, they’ll, FTX, Uncle Sam, Sam Bankman, SBF, he’d, SBF’s, who’s, Fried Organizations: CNN Business, New York CNN —, Sequoia, Prosecutors Locations: New York, FTX, bitcoin, Bankman

☆ Theranos founder Elizabeth Holmes' prison time gets shortened — again
▼ + stars: | 2024-05-08 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Theranos founder Elizabeth Holmes has once again had her prison time shortened. She got a few more months trimmed off for a new projected release date of August 16, 2032. She was originally sentenced to 11.25 years, but soon after reporting to prison her projected release date moved up 2 years. AdvertisementElizabeth Holmes' prison time is getting shorter, again. Her projected release date is now August 16, 2032, a change from her previously listed December 29 projected release for later that same year, according to Federal Bureau of Prisons records.

Persons: Elizabeth Holmes, —, Holmes Organizations: Service, Federal Bureau of Prisons, NBC News, Prosecutors Locations: Silicon, Bryan , Texas

☆ 2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla
▼ + stars: | 2024-05-08 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

EV company Nio is launching a new affordable EV brand in China. The alliance between the two companies will likely intensify pressure on Tesla in China. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. AdvertisementThe alliance between Nio and BYD will likely intensify pressure on Elon Musk in China, where Tesla sales have slumped amid brutal competition for EVs. Once again, however, he is likely to face stiff competition from BYD and Nio, who are developing their own driving assistance software.

Persons: —, Elon, BYD, confirmeded, Nio, didn't, Musk Organizations: Nio, Service, Tesla's, Elon Musk, Reuters, Business, EV, Elon, EVs, China's Passenger Car Association, Bloomberg, Baidu Locations: China, Europe, Nio, Tesla's Shanghai, Beijing, BYD

☆ FTX plans to give customers their money back — with one painful caveat
▼ + stars: | 2024-05-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said. But payments will be based on crypto values in 2022, not what its worth now as the prices surge. FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said. FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering. The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.

Persons: FTX, they're, —, Jacob Shamsian, Sam Bankman Organizations: Service, FTX Ventures, Bloomberg Locations: Alameda

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ TikTok is taking the US government to court in a showdown of free speech vs. national security
▼ + stars: | 2024-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . And the knock-on effects extend beyond TikTok, impacting everything from President Joe Biden's reelection campaign to Apple and Tesla . AdvertisementTikTok, Tyler Le/BIThe TikTok-US government fight pits two pillars of American society against each other: free speech and national security. 3 things in businessDeliormanli/Getty, Olivier Verriest/Getty, Andrei Akushevich/Getty, Tyler Le/BIIn other newsAdvertisementWhat's happening todayToday's earnings: Airbnb, Uber, and other companies are reporting .

Persons: —, swiping, Tyler Le, ByteDance, Dan Whateley, Geoff Weiss, Joe Biden's, It'll, TikTok, hasn't, haven't, Fallon, Jane Fraser isn't, Fraser, Piper Sandler, Michael Kantrowitz, Josh Edelson, Isabel Fernandez, Mark Zuckerberg, Zuckerberg, Getty, Olivier Verriest, Andrei Akushevich, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Apple, Chinese Communist Party, Big Tech, Getty, Pujol, Associated Press, Facebook Locations: France, China, Beijing, Citadel, Millennium, AFP, New York, London

☆ Generative AI is speeding up human-like robot development. What that means for jobs
▼ + stars: | 2024-05-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — ChatGPT-like artificial intelligence is speeding up research and bringing humanoid robots closer to reality in China, home to many of the world's factories. What's changed with the emergence of OpenAI's ChatGPT chatbot is the ability of AI to better understand and generate content in a human-like way. While the U.S.-based tech is not officially available in China, local companies such as Baidu have released similar chatbots and AI models. In robotics, the development of generative AI can help machines with understanding and perceiving their environment, said Li Zhang, chief operating officer of Shenzhen-based LimX Dynamics. "It has accelerated our entire research and development cycle," he said.

Persons: What's, Li Zhang, Li Organizations: BEIJING, Baidu, Dynamics, CNBC Locations: China, U.S, Shenzhen

☆ Definely, a London legal tech startup founded by a blind lawyer, just raised $7 million with this 10-slide pitch deck
▼ + stars: | 2024-05-08 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDefinely, a London-based legal tech startup, has raised $7 million in Series A funding, the company said Wednesday. Founded in 2020 by former colleagues at a Magic Circle law firm, Definely is a subscription product that helps lawyers read, edit, and draft legal documents through a plug-in. Currently available through Microsoft Word, Definely uses artificial intelligence, including natural language processing, to make cross-referencing documents easier for legal professionals. Reading legal documents can be a lengthy and complex task with phrases and terminology often scattered between different sections of contracts.

Persons: —, Nnamdi Emelifeonwu, MacDaeid, Emelifeonwu, Definely Organizations: Service, Microsoft, Business, Octopus Ventures, Cornerstone VC, Zrosk Investment, Google, Atlantic Locations: London

☆ The EV market isn't in peril. It's just changing.
▼ + stars: | 2024-05-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

The rate of EV sales has been slowing for about a year, major automakers have pulled back on their previously lofty EV goals, and even electric car-giant Tesla is faltering. Demand for electric vehicles hasn't dried up completelyDemand for expensive EVs has softened significantly, but an opening exists in the affordable market. A new generation of electric car shoppers are looking for different options than their early-adopting counterparts. Essentially every major automotive company at this point has built its future around selling more electric vehicles. The real divide here is not between hybrids and EVs, but between legacy car companies and EV-only startups.

Persons: —, it's, Power, It's, Elon Musk Organizations: Service, Business, EV, Companies, Ford, GM Locations: EVs

☆ Exclusive: Convergence AI, a new startup founded by ex-Cohere employees, is in talks to raise a major pre-seed round
▼ + stars: | 2024-05-08 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

A UK-based AI startup, founded last month by former Cohere employees, is already in talks to raise a major pre-seed round amid venture capitalists' continued spending spree in the sector. Convergence AI, incorporated at the end of April, was founded by ex-Cohere employees Marvin Purtorab and Andy Toulis, who was also a machine learning engineer at Uber. Its primary aim, per leaked investor documents seen by BI, is to build out automated workforces using AI. The nascent business has been feted by several leading funds, with the company receiving at least six different term sheets for investment, two London-based sources said. The startup opted for a funding round led by London-based Balderton Capital, six sources familiar with the deal told Business Insider.

Persons: Marvin Purtorab, Andy Toulis, Slack Organizations: Uber, Business, Balderton, BI, Nvidia, Mistral Locations: London, Paris

☆ Equinox's new $40,000 membership promises to help you 'live 100 healthy years.' Longevity experts say doing these 4 simple things will work just as well.
▼ + stars: | 2024-05-08 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +6 min

Read previewA luxury gym chain is launching a program costing $40,000 a year that it says will help clients to boost their longevity. But experts told Business Insider you don't need to spend thousands of dollars to enjoy a long, healthy life. The program, which will later be available in other states, aims to help customers "live 100 healthy years," Jonathan Swerdlin, co-founder of Function Health, told CNBC. Research suggests that weight, or strength, training is beneficial for longevity because it builds muscle mass, which helps maintain strength and mobility into older age. One 2022 study found that those who did 30 minutes of strength training a week were 10% to 20% less likely to die from chronic illnesses, such as heart disease, diabetes, and cancer.

Persons: —, Jonathan Swerdlin, Maveron, Dan Belsky, Robert N Butler, Michael Snyder, Snyder, Belsky, Virend Somers Organizations: Service, Function, CNBC, Business, Consulting, of Labor, Robert N Butler Columbia Aging Center, Center for Genomics, Medicine, Stanford University, Research, Mayo Clinic Locations: New York City, Highland Park , Texas

☆ Exclusive: Biodiversity startup Dendra Systems has secured a $15.7 million Series B
▼ + stars: | 2024-05-08 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

British biodiversity startup Dendra Systems announced Wednesday it has raised a $15.76 million Series B, as investors continue to pour capital into climate tech. The $15.76 million Series B round was led by Zouk Capital, a London-based private equity firm that has previously backed climate-tech companies such as Green Hedge and Orb Energy. Dendra Systems previously raised $10 million Series A in 2020 from At One Ventures, Airbus Ventures, Future Positive Capital, Chris Sacca's Lowercarbon Capital, and others. Climate tech proved to be more resilient than other sectors in a cool market in 2023, with European climate tech startups bucking the trend in declining investment and raising a collective $20 billion. Dendra Systems is among the first batch of European climate startups to get VC backing.

Persons: Susan Graham, Graham, Chris Sacca's Organizations: Systems, Zouk, Orb Energy, Aramco Ventures, Airbus Ventures, Understorey, Business, Tech News, Dendra, One Ventures, Positive, Natural Capital Research Locations: London, Rio Tinto, North America

☆ Neuralink's first in-human brain implant has experienced a problem, company says
▼ + stars: | 2024-05-08 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Neuralink has built a brain-computer interface, or a BCI, that could eventually help patients with paralysis control external technology using only their minds. But in the weeks following the procedure, a number of threads retracted from Arbaugh's brain, Neuralink said in a blog post Wednesday. Neuralink shared its blog post after the Journal asked the company about the issue, according to the report. Arbaugh said the Link is like a "luxury overload," and it has helped him to "reconnect with the world," according to the blog post. Neuralink is not the only company that is building a BCI system, and the technology has been explored in academic settings for decades.

Persons: Neuralink, Noland Arbaugh, Arbaugh Organizations: Elon, BCI, Wall Street Journal, U.S . Food, Drug Administration Locations: U.S

☆ Spanish startups hit Microsoft with complaint over cloud practices
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Microsoft was hit with a Spanish startup group's complaint about its cloud practices to the Spanish antitrust regulator on Tuesday, the latest grievance over its fast-growing cloud computing services and which followed a trade group's EU complaint. The Spanish Startup Association, which represents more than 700 startups in Spain, cited a number of allegedly anti-competitive practices by Microsoft in recent years. Microsoft defended its cloud practices. "Microsoft provides choice and flexibility for our customers to switch to another cloud provider at no cost, and our licensing terms enable our customers and other cloud providers to run and offer Microsoft software on every cloud," a spokesperson said. "We will engage with the Spanish Startup Association to learn more about its concerns."

Persons: Carlos Mateo Organizations: Microsoft, Mobile, Amazon, Spanish Startup Association, Operating Systems, Windows, Reuters, Cloud Infrastructure Services, European Commission, Competition, Markets Locations: Barcelona, Spain, Spanish, U.S, Europe

☆ See what it's like living in Portugal's first 3D printed, 2-bedroom concrete home
▼ + stars: | 2024-05-07 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Startup Havelar built Portugal's first 3D printed home using COBOD's popular printing system. The Portugal-based startup says it can build faster and cheaper than conventional construction. AdvertisementIf companies like Portugal-based Havelar have their way, the future of affordable housing will look like perfectly stacked strands of spaghetti (as in, they'd be 3D printed). Printing-construction startup Havelar says it can build a new home in less than two months while pricing it significantly below market, all with the help of a robotic construction printer. It may sound like an impossible claim, but its latest project — and Portugal's first 3D printed home — has made its case.

Persons: — Organizations: Service Locations: Portugal

☆ Food startup Hungryroot uses AI to reduce waste, a major climate offender
▼ + stars: | 2024-05-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Food waste is so prolific in the U.S. that roughly one-third of the amount produced ends up in landfills rather than stomachs. A recent study published in the journal Science found food production accounts for 26% of global greenhouse gas emissions. Food delivery services like HelloFresh, Blue Apron and EveryPlate reduce that somewhat by sending consumers what they need for specific recipes. The company says its processes help lead to 80% less food waste at its facilities compared with a traditional supermarket. In addition to Lightspeed, Hungryroot is backed by L Catterton, Crosslink Capital, Karp Reilly and Lerer Hippeau.

Persons: Ben McKean, Hungryroot, Jeremy Liew, They've, L, Karp Reilly, Lerer, Lisa Rizzolo Organizations: CNBC, Investors, Lightspeed Venture Partners, Crosslink Locations: U.S, York, Brussels

☆ Self-driving startup Wayve just raised $1 billion from Nvidia, SoftBank, Microsoft and more
▼ + stars: | 2024-05-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Alex Kendall, 29, is the co-founder and CEO of autonomous driving startup Wayve. British startup Wayve on Tuesday said it had raised $1.05 billion in an investment round led by Japan's SoftBank to accelerate the growth of its self-driving car technology. The Series C funding round included new investor U.S. chipmaker Nvidia and existing investor, software giant Microsoft , which is a major backer of AI firms. Founded in 2017, Wayve is one of a multitude of startups looking to enable autonomous driving — technology that enables cars to effectively drive without humans at the helm. Unlike Tesla , which manufactures its own cars, Wayve licenses its self-driving technology to other firms, including retailers and automakers.

Persons: Alex Kendall, Japan's SoftBank, Wayve Organizations: Nvidia, Microsoft, Cambridge, Tesla

☆ Why it's sometimes okay to go with the flow, says this CEO
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

As the saying goes, only dead fish go with the flow. "Flow, here in our world, means culture," he told CNBC's My Biggest Lessons. When you go with the flow, your actions are guided by the cultural norms of the communities you are in, whether it be your industry, your workplace or even your family, he said. However, he distinguishes between dead fish, who merely follow in the footsteps of others, and "smart fish." "Know that it's okay to dissent on what is the norm today.

Persons: Nicholas Syhler, CNBC's, Syhler

☆ Want to fire your real estate agent? Try this.
▼ + stars: | 2024-05-07 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

A $418 million legal settlement in March upended the residential real estate market. It's the brainchild of Lewis Buckley and Allan Wood who met during a private home sale process that — you guessed it — involved no real estate agents. In the US, commissions on home transitions have hovered between 5% and 6% of the sale price for decades. In the UK, real estate agents charge a 1% to 3% of the property sale price, and then sellers usually have to hire someone else to handle the legal stuff. Even with the lowest 1% commission rate of a traditional estate agent, a homeowner would save £4,605 if they paid Hiizzy's £395 flat fee.

Persons: —, Lewis Buckley, Allan Wood, Albert Fox Cahn Organizations: Service Locations: Hiizzy

☆ Taser maker Axon CEO acquires air defense startup Dedrone
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaser maker Axon CEO acquires air defense startup DedroneMorgan Brennan sits down with Axon CEO Rick Smith and Dedrone CEO Aaditya Devarakonda to discuss Axon's acquisition of Dedrone, how Dedrone's drone technology works to protect public airspace and ways that AI is shaping warfare and law enforcement.

Persons: Dedrone Morgan Brennan, Rick Smith, Aaditya Devarakonda Organizations: Dedrone

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