tech:

taffy

Element AI, SK Telecom, Hyundai, Hanwha create $45 million global AI fund

Element AI has established a joint $45 million fund with Korean conglomerates SK Telecom, Hyundai, and Hanwha. The new fund targets commercial AI applications and infrastructure, specifically emerging AI-based technologies including autonomous vehicles, household robots, manufacturing, drones, and hardware, according to a statement by Element AI.

The fund will be  managed by the three Korean companies, with investment advisory by Element AI. Capital is expected to be deployed to over the next 36 months.

Element AI is headquartered in Montreal, Quebec and is funded by BDC Capital, Data Collective, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank, NVIDIA GPU Ventures, Real Ventures, and Tencent.

Hanwha Asset Management currently manages $82 billion in assets.

[Image courtesy: Element AI]

Just in

Tembo raises $14M

Cincinnati, Ohio-based Tembo, a Postgres managed service provider, has raised $14 million in a Series A funding round.

Raspberry Pi is now a public company — TC

Raspberry Pi priced its IPO on the London Stock Exchange on Tuesday morning at £2.80 per share, valuing it at £542 million, or $690 million at today’s exchange rate, writes Romain Dillet. 

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.