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☆ Qevlar wants to cut out human vulnerability in cybersecurity using AI. It just raised $5 million with this 10-slide pitch deck.
▼ + stars: | 2023-11-16 | by ( Callum Burroughs | ) www.businessinsider.com time to read: 1 min

Qevlar, a cybersecurity startup, has raised $5 million in seed funding. The Paris-based company uses AI to help identify and manage security risks. Qevlar, an AI-powered cybersecurity startup, has raised $5 million in seed funding. The Paris-based company enables businesses to integrate the Qevlar platform, which then constantly monitors operations, helping identify and monitor security risks in the process. The startup aims to address issues including the alert fatigue faced by security teams and skills shortages in the sector.

Persons: DeepMind's Mehdi Ghissassi Organizations: EQT Ventures, Business Locations: Paris

☆ Jury Deadlocks on Officer Charged With Violating Breonna Taylor’s Rights
▼ + stars: | 2023-11-16 | by ( Nicholas Bogel-Burroughs | More About Nicholas Bogel-Burroughs | ) www.nytimes.com time to read: +1 min

The prosecution of Brett Hankison, the former police detective who fired 10 bullets through Breonna Taylor’s apartment during a fatal 2020 raid in Louisville, Ky., ended in a mistrial on Thursday after the jury said it could not reach a unanimous verdict on federal civil rights charges. It was the second time that Mr. Hankison had gone to trial on charges related to the case and avoided a conviction. The Justice Department charged Mr. Hankison last year after a jury found him not guilty of state charges of endangering Ms. Taylor’s neighbors by firing several times through a covered window and a sliding-glass door during a nighttime police raid. Two other Louisville police officers, both of whom were white, shot Ms. Taylor, a Black 26-year-old emergency room technician whose death led to massive protests against racism and police violence in Louisville and elsewhere. Mr. Hankison, who is also white, did not strike anyone with his gunfire, but some of his bullets entered a neighboring apartment where a pregnant woman, her boyfriend and her 5-year-old son were sleeping.

Persons: Brett Hankison, Hankison, Ms, Taylor Organizations: Justice Department, Louisville Locations: Louisville, Ky

☆ Roll up, roll up: Private equity funds target buyouts and consolidation at Europe's cash-strapped tech startups
▼ + stars: | 2023-11-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +5 min

More importantly buyers – in the form of private equity firms – are starting to line up. "Growth is clearly harder so we'll see a lot of M&A because PE funds are trying to grow their business and so are looking at early-stage tech businesses." This increased interest means private equity is set to play an enlarged role in Europe's startup ecosystem. Rollups, where private equity firms buy up a bunch of small businesses in an industry and consolidate them into a larger company, are also on the acquisition hunt. Crucially, private equity funds are unlikely to approach deals for companies that are not yet profitable, or unlikely to become so in the short term.

Persons: Alex Prokofjev, Claire Trachet, It's, Pedro Barros Organizations: Business, Venture, Bain, KKR, PE, Target Locations: London, Paris

☆ Defacto provides short-term loans to SMEs. It just raised $10 million with this 20-slide pitch deck.
▼ + stars: | 2023-11-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

French fintech startup Defacto has raised a $10 million Series A extension from Citi Ventures. The Paris-based business, founded in 2021, provides short-term loans to small and medium-sized businesses. However, through integrations with businesses like fellow fintechs Pennylane and Qonto, Defacto wants to lower the cost and administration for smaller businesses. The new funding will go towards the continued growth of Defacto's platform as it pushes towards more personalized debt financing for small businesses. Check out Defacto's 20-slide Series A extension pitch deck below:

Persons: Pennylane, Morgan O'Hana, O'Hana, Northzone Organizations: Citi Ventures, Open Banking, Global Founders Capital Locations: Paris, integrations

☆ Solvimon, founded by ex-Adyen execs, has built a usage-based billing platform. It just raised $9.6 million with this 10-slide pitch deck.
▼ + stars: | 2023-11-13 | by ( Callum Burroughs | ) www.businessinsider.com time to read: 1 min

Dutch fintech startup Solvimon has raised $9.6 million in seed funding. The startup, founded by former Adyen execs, enables SaaS firms to offer usage-based pricing. Solvimon, a payments and billings startup, just raised $9.6 million in a seed round. The Dutch company, founded in 2022, has developed a billing platform that centers on usage-based pricing. "What we have seen is that the world is moving towards more flexible pricing," Kim Verkooij, Solvimon cofounder and CEO told Insider.

Persons: Kim Verkooij Organizations: billings Locations: Europe

☆ This startup uses AI to cut admin in PE and VC. Check out the 12-slide pitch deck Eilla AI used to raise $1.5 million.
▼ + stars: | 2023-11-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Eilla AI, a startup using generative AI to improve dealmaking efficiency, has raised $1.5 million in fresh funds. The startup's platform generates documentation and provides financial research and analysis to speed up the process for firms in the space. In addition, the industry is slow to adapt to new technologies and there are not many solutions fit for M&A, VC, and PE." The company claims to have already been used by over 50 advisors and investors to aggregate and analyze prospective deals. The funding round was led by Eleven Ventures alongside Fuel Ventures, including capital from the fund's managing partner Mark Pearson, in a personal capacity.

Persons: Nikola Lazarov, Mark Pearson, Lazarov Organizations: Eleven Ventures, Fuel Ventures Locations: London

☆ Voice cloning AI startup ElevenLabs was worth $100 million five months ago. Now, sources say it's about to hit $1 billion.
▼ + stars: | 2023-11-08 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

ElevenLabs, a generative AI startup focused on voice, is in talks to raise capital in a deal that would catapult its valuation to $1 billion. It is unclear as yet whether Sequoia would invest alongside Andreessen Horowitz or if they are competing with one another. Five months on, the prospective new round will increase that valuation 10 times over to $1 billion, three sources said. ElevenLabs and Andreessen Horowitz did not respond to a request for comment. Bruce Reed, President Biden's AI chief, said that voice cloning "keeps me up at night," in an interview with Politico.

Persons: Andreessen Horowitz, Joe Rogan, Emma Watson, Gizmodo, ElevenLabs, Sequoia, OpenAI's ChatGPT, FOMO, Mati Staniszewski, Nat Friedman, Daniel Gross, Eric Adams, Adams, Bruce Reed, Biden's, Meta Organizations: Google, VC, Sequoia, Meta, Britain's Companies, Concept Ventures, New York City, White, Politico Locations: London, New York

The gunman who fled after killing 18 people and injuring 13 others at a bar and a bowling alley in Lewiston, Maine, last month was most likely alive during much of the sprawling two-day manhunt that had forced thousands of residents throughout the region to remain in their homes. It remains unclear whether the gunman was hiding in the recycling plant trailer the entire time after the shooting, or if he went there later, but the time estimate suggests that the lockdown in and around Lewiston was justified. Law enforcement and other officials have faced scrutiny over the manhunt, in part because they searched the recycling plant, Maine Recycling, twice without finding Mr. Card. It was during a third sweep on Oct. 27 — two days after the shooting — that they also searched for the first time an adjacent dirt parking lot used by the company. That search took place after a supervisor at the company reached out to the police and suggested they look through the trailers, officials have said.

Persons: Robert R Organizations: Maine Recycling Locations: Lewiston , Maine, Maine, Lewiston

☆ AI supply chain startup Tacto is set to raise funds from Sequoia. It's already in talks to bring in more cash.
▼ + stars: | 2023-11-03 | by ( Callum Burroughs | Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Tacto, a small German AI supply chain startup, is set to raise new funding from US giant Sequoia and is already in talks with a different high-profile investor to raise another round. Sequoia is set to lead Tacto's Series A round, six sources familiar with the deal told Insider. Unusually, the startup has already begun talks to raise another round of funding in addition to the Sequoia deal. Tacto is also in talks with London-based Index Ventures to immediately raise another funding round, five sources said. Andreessen Horowitz led a seed round in tiny AI startup ElevenLabs in March, and is also in talks with months-old company Mistral.

Persons: Tacto, Andreessen Horowitz, Fintech, Hanno Renner Organizations: London, Ventures, Sequoia, Energy, nab, Cherry Ventures, UVC Partners, Club Locations: Sequoia, Munich, Berlin

Since taking office, President Biden has traveled a grim path through American communities desperately grieving in the wake of mass shootings: Uvalde, Texas; Monterey Park, Calif.; Buffalo; Atlanta. On Friday, he added another to the list: Lewiston, Maine. Mr. Biden huddled privately with the families of those killed or injured during last month’s rampage that claimed the lives of 18 people at a bar and a bowling alley in the city about an hour north of Portland. “Jill and I are here on behalf of the American people to grieve with you, and make sure you know that you’re not alone,” Mr. Biden said after stopping by a makeshift memorial in Lewiston with his wife, Jill Biden. For Mr. Biden, whose own life has been shaped by grief, it is a role he embraces as a necessary part of healing.

Persons: Biden, “ Jill, you’re, ” Mr, Jill Biden Locations: , Texas, Monterey Park, Calif, Buffalo, Atlanta, Lewiston , Maine, Portland, Lewiston

☆ Dutch payments startup Fero just raised a $3 million seed round led by Coatue with this 11-slide pitch deck
▼ + stars: | 2023-11-02 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Dutch payments fintech startup Fero has raised $3 million in a seed funding round from US hedge fund Coatue. The Amsterdam-based startup, founded in 2022, aims to improve the customer verification process at checkouts and decrease the level of abandoned purchases. Payment authentication, where customer identities are verified, has become much more crucial for businesses since the rollout of Europe's PSD2 Open banking regulations. Fero wants to reduce the level of friction customers face during this authentication process, the startup's cofounder and CEO Craig Savage said. The company went through the tech startup incubation program Antler before raising this $3 million seed funding round led by Coatue, alongside Volta Ventures and Antler.

Persons: Fero, Craig Savage, Savage, Coatue Organizations: Volta Ventures Locations: The Amsterdam, Madrid, Amsterdam

The law is more burdensome than “red flag” laws in other states, which do not require taking people into custody and evaluating them. When the Sheriff’s Office received the Army report in mid-September, Sgt. Aaron Skolfield went to do a welfare check but did not find Mr. Card. Instead, Sergeant Skolfield worked with Ryan Card, who said he and his father had come up with a way to secure Mr. Card’s weapons. But Robert Card, it said, still “had access to his firearms prior to the shootings.”John Ismay and Dave Philipps contributed reporting.

Persons: Aaron Skolfield, Sergeant Skolfield, Ryan Card, Ryan, Robert Card, “, ” John Ismay, Dave Philipps, Kirsten Noyes Organizations: Sheriff’s, Army Locations: Sagadahoc

Mistral, a tiny AI startup that aims to be Europe's answer to OpenAI, is in discussions to raise a major round of funding that could push its valuation above $2 billion. Its cofounders are in talks with venture capital firm Andreessen Horowitz to raise further funds, seven sources familiar with proceedings told Insider. Mistral is set to raise around $400 million at a valuation of at least $2 billion, which could rise to as high as $2.5 billion, three sources said. The deal is not yet finalized and the round size, valuation figures, and participants could still change. Andreessen Horowitz, General Catalyst, Mistral, Abstract Ventures, and Bezos Expeditions did not respond to Insider's request for comment.

Persons: Andreessen Horowitz, Catalyst, Arthur Mensch, Guillaume Lample, Timothée Lacroix, Jeff Bezos, Xavier Niel Organizations: Mistral, Meta, DeepMind, Bezos Expeditions, Amazon, Catalyst, Ventures, Lightspeed Venture Partners Locations: Paris

Six weeks before an Army reservist fatally shot 18 people in Lewiston, Maine, the police received alarming warnings that the reservist had grown increasingly paranoid, had punched a friend and had said he was going to carry out a shooting spree. But no law enforcement officials ever made contact with him, according to records released on Monday. The warnings about the reservist, Robert R. Card II, 40, were far more explicit than Maine officials have publicly acknowledged in the wake of Wednesday’s shooting, America’s deadliest mass shooting this year. They came from Mr. Card’s family members and his Army Reserve unit in Saco, Maine, and were investigated by the Sheriff’s Office in Sagadahoc County, where he lived. The Reserve also told the Sheriff’s Office that Mr. Card had been treated at a psychiatric hospital for two weeks in July before being released.

Persons: Robert R, Card’s, Card Organizations: Mr, Army Reserve, Sheriff’s Locations: Lewiston , Maine, Maine, Saco , Maine, Sagadahoc County, Saco, ”

Sheriff Merry declined to comment in detail about the reported threats, and it was unclear whether any other departments that received the sheriff’s alert had tried to locate Mr. Card. It was not immediately clear how often such alerts are issued; two law enforcement leaders in Maine said on Saturday that they receive many and did not recall receiving the alert about Mr. Card. Mr. Card enlisted in the Reserve in 2002 and was trained as a petroleum supply specialist, whose work involved shipping and storing fuel; he did not serve on any combat deployments. Earlier on Saturday, the commissioner of the public safety department said that Mr. Card had been paranoid and may have been hearing voices. Mr. Sauschuck said he had no information to suggest that Mr. Card had ever been forcibly committed for mental health treatment.

Persons: Sheriff Merry, Card, Michael J, Sauschuck, ”, Mr Organizations: Maine Department of Public, Associated Press, Sheriff, Pentagon, Card, National Guard Locations: Maine, Peekskill, N.Y

The man who killed 18 people and wounded 13 more in Lewiston, Maine, marking the deadliest mass shooting in America this year, had paranoid beliefs that people were talking about him and may have been hearing voices, the authorities said on Saturday. The attack sparked a two-day manhunt that ended on Friday night when police found the man dead in a trailer at a recycling plant in Lisbon, where he had once worked. Officials said he appeared to have shot himself. The revelation brought a sense of relief through Lewiston and neighboring towns, where residents had been sheltering in place and many businesses were shuttered. On Saturday, officials provided more details about the gunman, who was in the Army Reserve and had grown up in Bowdoin, near Lewiston.

Persons: Robert R Organizations: Army Reserve Locations: Lewiston , Maine, America, Lisbon, Lewiston, Bowdoin

The man suspected of killing 18 people and injuring 13 others at a bar and a bowling alley in Lewiston, Maine, on Wednesday night was found dead of an apparent self-inflicted gunshot wound on Friday, officials said, ending a sweeping manhunt that had forced thousands of residents throughout the region to remain in their homes. The body of the man, Robert R. Card II, 40, was found at a recycling center where he used to work, according to authorities briefed on the matter. The owner of Maine Recycling, Leo Madden, confirmed in an interview that the suspect had worked at the company, which is in Lisbon Falls, a little more than 10 miles southeast of Lewiston. Commissioner Michael J. Sauschuck of the Maine Department of Public Safety said the body was found at 7:45 p.m. but did not specify when officials think the suspect died. The hunt for Mr. Card had extended across much of a largely rural state with many potential hiding places, producing an atmosphere of high anxiety as helicopters whirred over farms and forests, police cruisers roared along rural roads and divers plunged into the chilly waters of the Androscoggin River.

Persons: Robert R, Leo Madden, Michael J, Card Organizations: Maine Recycling, Maine Department of Public Safety Locations: Lewiston , Maine, Maine, Lisbon Falls, Lewiston, Androscoggin

Not every AI company is hot right now. While European and US tech investors are throwing funding at startups that look like the next Nvidia or ChatGPT, they're less optimistic about one big player: British AI chip company Graphcore. The UK tech industry is small, and Insider granted anonymity to these people to avoid jeopardizing their professional relationships. One founder operating in the same space as the AI chip firm speculated that Arm could be a leading contender to acquire Graphcore. In September, Toon pitched Graphcore in an interview with Insider as a viable rival to Nvidia, which holds around 70% of the AI chip market, per Omdia analysis.

Persons: Graphcore, Baillie Gifford, it's, Nigel Toon's, Toon, we'll, Rishi Sunak Organizations: Nvidia, Graphcore, Insider, Sequoia Capital, Bloomberg, UK, China Locations: British, Europe

I have opposed efforts to ban deadly weapons of war, like the assault rifle used to carry out this crime. For the good of my community, I will work with any colleague to get this done in the time that I have left in Congress. Representative Jared Golden of Maine, a centrist Democrat, called for a ban on assault weapons Thursday afternoon, reversing a long-held stance after 18 people were killed in a mass shooting in Lewiston. That position, Mr. Golden said on Thursday, reflected in part “a false confidence that our community was above this, and that we could be in full control, among many other misjudgments.”“The time has now come for me to take responsibility for this failure,” Mr. Golden said. Standing by him at a news conference, Senator Susan Collins, a centrist Republican, declined to back a ban on assault weapons.

Persons: Jared Golden of, Golden, ”, Mr, “, Susan Collins, “ There’s, Alexandria Ocasio, Golden’s, — Organizations: United States Congress, Democrat, Marine Corps, Republican, Republicans — Locations: Lewiston , Maine, Lewiston, Jared Golden of Maine, Cortez, New York

The official said that Mr. Card was later evaluated at a mental health facility. Mr. Card was in his hometown, Bowdoin, to hunt deer as recently as last fall, a neighbor of his family said. Robert has a brother who had also been in the military and a younger sister, Mr. Goddard said. At the address for the Card family home, no one answered the door on Thursday, and there was only one car parked out front. “We’re on edge right now because we know this is his stomping area,” Mr. Goddard said.

Persons: Robert R, ” Col, William G, Ross, Card, Camp Smith, Bryce Dubee, Dubee, Bowdoin, Rick Goddard, Robert, Goddard, Card’s, Mr Organizations: Maine State Police, Pentagon, Army Reserve, 3rd Battalion, 304th Infantry Regiment, Army, Police, National Guard, West, Subaru, Bowdoin, Mr Locations: Maine, Lewiston, U.S, Saco , Maine, West, Card’s, Lisbon

After spending the night indoors, afraid to even open the curtains, Traelynn Smith, 19, and Serenity Moczara, 18, ventured out around lunchtime Thursday to get something to eat. “I’ve never seen my state like this.”Colonel Ross said on Thursday that a vehicle found at a boat landing in Lisbon, Maine, about eight miles from Lewiston, had been connected to Mr. Card. He had no combat deployments and served as a petroleum supply specialist, shipping and storing vehicle and aircraft fuel. The official said that Mr. Card was later evaluated at a mental health facility. The first 911 call reporting gunfire at the bowling alley on Wednesday came in at 6:56 p.m., Colonel Ross said.

Persons: Traelynn Smith, Moczara, Smith, ”, “ I’ve, Colonel Ross, Card, Camp Smith Organizations: Mr, Military, Army Reserve, 3rd Battalion, 304th Infantry Regiment, National Guard Locations: Lisbon , Maine, Lewiston, Saco , Maine, West, New York

☆ Irish employee benefits startup Kota just raised a $5.3 million seed round. Check out the 11-slide pitch deck it used to land the funds.
▼ + stars: | 2023-10-25 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Employee benefits startup Kota has raised $5.3 million in a seed round led by Swedish investor EQT Ventures. Kota helps businesses and employees track their enrollment and contributions through integrations with benefits providers. "Europe is very fragmented with lots of different pension and insurance plans making it hard for small companies to offer benefits because it's expensive and often very manual." Kota's seed round was led by EQT Ventures with participation from existing investors Northzone and Frontline Ventures. Check out Kota's 11-slide seed funding pitch deck below:

Persons: Luke Mackey, Kota, Mackey, Van Der Voort, Romain Huet, EQT Organizations: EQT Ventures, Irish, Frontline Ventures Locations: Swedish, Europe, Kota

Image Robert Card. Mr. Card was last known to be driving a white Subaru Outback with a black bumper, officials said. The neighbor, Rick Goddard, 44, said he had known the Card family most of his life, because Mr. Goddard lives less than a mile down the road from the Card family house. At the address for the Card family home, no one answered the door on Thursday, and there was only one car parked out front. “We’re on edge right now because we know this is his stomping area,” Mr. Goddard said.

Persons: Robert R, Robert Card, ” Col, William G, Ross, Robert Russell Card II, Card, Bowdoin, Rick Goddard, Goddard, Robert, Card’s, Mr Organizations: . Lewiston, . Lewiston Maine Police Department, Associated Press, Maine State Police, Pentagon, Army Reserve, Subaru, Bowdoin, Mr Locations: Maine, Lewiston ., ., . Lewiston Maine, U.S, Lisbon, Lewiston

☆ Ctrl Alt, founded by an ex-Morgan Stanley trader, offers alternative asset investment tools. Check out the 10-slide pitch deck it used to raise $2.7 million.
▼ + stars: | 2023-10-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Ctrl Alt, a fintech startup that offers infrastructure to invest in alternative assets, has raised $2.7 million in a seed round. For fintech startups that offer wealth management and investment products, alternatives could provide new opportunities to make revenues from wider yield spreads, Ong said. "The market is tough for fundraising and that has an impact on you as a founder," Ong added. The fresh capital will go towards building out Ctrl Alt's tech team and expanding its relationships with prospective customers. Check out Ctrl Alt's 10-slide seed funding deck below:

Persons: Morgan Stanley, Matt Ong, it's, Ong Organizations: Forward Partners, Middlegame Ventures, Enterprise Ireland, Algorand Ventures, Syndicate Locations: London, fintech

☆ Inside the implosion of dark kitchen startup Kbox Global, another pandemic-era boom beginning to bust
▼ + stars: | 2023-10-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In 2019, after years of investing in and setting up food and beverage brands internationally, she founded dark-kitchen startup Kbox from London. But two years after this funding, large for an early-stage European startup, Vellani exited the business suddenly, citing health issues. "You're only judged on food quality, but if the chef is doing 10 times the work for same money, then it's a fundamental problem." Both Uber Eats and Deliveroo, after an initial burst of interest, would eventually go on to cut back on virtual brands. In an email comment, Vellani acknowledged her lack of direct technical experience but said she sought to fix this through other C-suite hires.

Persons: Salima Vellani, Uber, Travis Kalanick, Vellani, Butler, CloudKitchens, Kbox, MrBeast Burger, YouTuber MrBeast, Jimmy Donaldson, Influencer Jimmy Donaldson, Burger, Brexit, Vellani didn't, Karim Vellani, Karim, Ben Schultz, Nick Holloway, I've Organizations: Balderton, Hoxton Ventures, Reef Technologies, Lean, Network, United, Advisory Locations: London, Saudi, Revolut, COVID, Kbox, Sydney

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