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Siliconangle
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Flying taxi developer Archer Aviation raises $850M more in funding
- Archer Aviation Inc. raised $850 million in funding for its flying taxi development.
- The funding was structured as a direct offering, with Archer selling 85 million shares at $10 each.
- This marks Archer's third significant funding round in under a year, totaling approximately $1.58 billion.
- With the latest funding, Archer's total liquidity is around $2 billion.
- Archer is developing a flying taxi named Midnight, designed to carry four passengers on 100-mile trips at a top speed of 150 mph.
- Midnight operates using electric rotors that adjust midflight and are quieter than helicopters, making them suitable for urban areas.
- The successful first piloted test flight of Midnight in May has increased investor confidence.
- Archer plans to use the funds to develop an AI-based aviation software platform and the necessary infrastructure for flying taxi networks.
- The company has secured deals for flying taxi networks in the U.S., United Arab Emirates, India, and South Korea.
- Archer also has a contract for air taxi services during the 2028 Summer Olympics in Los Angeles.
- A partnership with United Airlines includes multiple flying taxi routes, including one from Manhattan to Newark Liberty International Airport.
- United Airlines pre-ordered hundreds of Midnight flying taxis amounting to about $1.5 billion.
- Archer's founder, Adam Goldstein, emphasizes that with this funding, the company has the resources to execute its plans globally.
- The aircraft, Midnight, completed its first successful test flight reaching altitudes of over 1,500 feet.
- The continuous backing from investors reflects confidence in Archer's development roadmap for its flying taxi technology.
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Pymnts
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Funding Rounds and Walmart’s Credit Card Push Mark Busy Week for FinTech
- Circle and Chime dominated FinTech headlines with a focus on Wall Street.
- Banks are supporting early-stage FinTech platforms reshaping lending and back-office processes.
- The merger of retail and financial services through FinTechs was highlighted this week.
- Walmart partnered with Synchrony for a new credit card program through OnePay.
- J.P. Morgan Chase began accepting applications for a UK FinTech accelerator program.
- Citigroup and Carlyle Group joined forces to invest in FinTech startups.
- GrailPay raised $6.7 million to enhance its platform for secure bank payments.
- Berlin-based Payrails secured $32 million to expand payment solutions across regions.
- FinanceKey raised $3.4 million to expand its AI-powered enterprise treasury system.
- Tebi, founded by an Adyen co-founder, raised 30 million euros in Series B funding.
- Fintechs are seeing increased investments in platform businesses.
- The entrenchment of FinTechs in daily financial activities was emphasized.
- Various financial firms are supporting FinTech innovation through partnerships and funding rounds.
- The week underscored the growing importance of FinTechs in modern financial landscapes.
- Overall, the week highlighted Walmart's foray into financial services and various FinTech funding rounds.
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Gritdaily
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Kam Thindal on Nvidia’s Latest AI Surge, and Why Infrastructure Is Now the Smartest Bet in Global Markets
- Nvidia's latest results reaffirm the strategic importance of AI infrastructure in global markets, according to Kam Thindal, Managing Partner at Core Capital Partners.
- Nvidia's revenue hit $44.1 billion, primarily driven by its data center division, showcasing its dominance in the AI space.
- AI is shifting from experimental to operational, emphasizing the critical role of infrastructure like computing and deployment environments.
- Core Capital Partners supports intelligent infrastructure investments, noting Nvidia's resilience amid geopolitical challenges.
- The rise of sovereign AI initiatives underscores the trend towards national AI infrastructure for long-term value.
- Investors see a significant shift towards real-time AI inference and the increasing importance of compute economics.
- Nvidia's hardware advancements, like the Blackwell Ultra platform, are attracting strong interest from cloud providers and hyperscalers.
- The customer mix for Nvidia is diversifying beyond U.S. tech giants, creating a more balanced revenue base.
- Despite industry growth, Nvidia's premium valuation reflects its structural role as a market leader in the AI economy.
- Nvidia's innovation and strategic positioning amid a global AI arms race highlight the intersection of capital, policy, and technology.
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Gritdaily
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How a Georgia Tech Student Built a Multimillion-Dollar AI Mortgage Company
- Arnav Jha, a 20-year-old entrepreneur and first-generation immigrant from India, founded Loandock, an AI-powered mortgage technology startup.
- Loandock aims to revolutionize the mortgage industry by automating the home-buying process, reducing commission costs, and making homeownership more affordable.
- Jha recognized inefficiencies in the industry and created an AI mortgage loan officer to automate origination processes.
- The technology matches buyers with loans, handles processing, and manages underwriting, tasks typically requiring weeks of manual work.
- Loandock's systems are used by loan officers at LoanDepot and Guaranteed Rate, processing over $600 million in mortgages and cutting commission costs in half.
- Jha's achievements, including winning Georgia Tech's Klaus Startup Challenge, have garnered recognition on and off campus.
- The company employs a human-in-the-loop AI system combining real-time voice analysis, data processing, and regulatory compliance.
- Loandock's platform benefits buyers by offering greater control over their financial futures and aims to make mortgage lending more transparent and accessible.
- Jha's company has generated substantial revenue, attracted investment from venture capitalists, and participated in Antler's residency program in NYC for entrepreneurs.
- At just 20 years old, Jha has achieved significant success in the mortgage industry, processing millions in loans and driving innovation in a traditionally resistant sector.
- With his vision and technological advancements, Jha is actively reshaping the landscape of mortgage lending.
- The innovative approach of AI-powered solutions in an established industry showcases Jha's entrepreneurial spirit and determination.
- Arnav Jha's journey exemplifies a young entrepreneur disrupting the market and making substantial contributions at a remarkably young age.
- The transformative impact of Jha's AI mortgage company highlights the potential to revolutionize traditional industries through innovation and technology.
- Overall, Arnav Jha's achievements underscore the power of combining AI and entrepreneurship to drive change and improve accessibility in essential sectors like mortgage lending.
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Gritdaily
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Mallplaza Announces Strategic Expansion in Chile, Peru, and Colombia
- Mallplaza reported strong financial results in 1Q2025 with increased visitor flows, EBITDA, and adjusted FFO.
- The company acquired 11 Open Plaza assets in Peru in December 2024, solidifying its presence in Chile, Peru, and Colombia.
- CEO Fernando de Peña highlighted the company's growth strategy and its 37 shopping centers across 23 cities.
- Mallplaza diversified its spaces with a focus on essential trade, specialty retail, department stores, and food & beverage/entertainment sectors.
- In Chile, Mallplaza plans to expand through organic growth and brownfield projects, adding 125,000 m² of GLA at key locations.
- Mallplaza operates 15 assets in nine cities in Peru, with a shift towards experience-driven spaces and rebranding Open Plaza centers.
- In Colombia, Mallplaza is optimizing new assets and exploring M&A opportunities to expand its market share.
- The company aims to reduce convenience-focused spaces in Peru and enhance visitor experiences across all regions.
- Mallplaza continues to be a preferred choice for tenants, investors, and visitors due to its strong platform and global partnerships.
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TechCrunch
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Startups Weekly: No sign of pause
- Startups Weekly provides a recap of important startup news with no slowdown in June, despite WWDC.
- Neobank Chime went public in a highly anticipated IPO, despite facing near-death in 2016.
- Genetics testing startup Nucleus Genomics faced criticism for a controversial new product called Nucleus Embryo.
- Automattic, owner of WordPress.com, acquired startup Clay, specializing in relationship management apps.
- Brad Menezes, CEO of Superblocks, advises founders to explore system prompts used by AI unicorns for billion-dollar ideas.
- Multiverse Computing raised €189 million in a Series B round to reduce the size of LLMs for AI cost reduction.
- Glean, an enterprise AI company, secured $150 million in Series F, valuing it at $7.2 billion.
- Fervo Energy received $206 million in funding for a geothermal power plant in Utah.
- Proxima Fusion secured a €130 million Series A round, and Coco Robotics, backed by Sam Altman, raised $80 million.
- Canary, a hotel guest management platform, closed an $80 million Series D funding round.
- Tebi, a new fintech startup, raised $34 million led by Alphabet's CapitalG.
- Definely, an AI legal tech startup, raised $30 million Series B to streamline contract reviews.
- Landbase, an AI sales startup, closed a $30 million Series A round.
- Collab Capital, led by Jewel Burks Solomon, closed a $75 million Fund II for seed and Series A investments.
- The U.S. Navy welcomed new startup partnerships, with insights shared on working with startups in the Navy.
- The startup ecosystem continues to see vibrant activity, with acquisitions, fundings, and impactful launches.
- Eligible for Web Story
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TechCrunch
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Zevo’s EV-only car-share fleet is helping Tesla owners make money
- Hebron Sher, inspired by Elon Musk, started Zevo, a peer-to-peer EV car-sharing startup.
- The Dallas-based Zevo raised $6 million in funding after operating for around 10 months.
- Zevo focuses on electric vehicles, attracting gig workers for services like Uber and Lyft.
- Sher claims Zevo has a unique approach to car sharing, offering benefits for both hosts and renters.
- The company's 'contactless' process simplifies car sharing using EVs and tech integration.
- Zevo's seamless processes attract gig workers, providing easier access to car rentals.
- Hosts on Zevo can potentially make back 35-65% of their car's cost in a year.
- Sher feels confident in Zevo's success with predominantly Tesla vehicles on the platform.
- While Tesla plans a robotaxi service, Zevo remains focused on disrupting car-sharing.
- Sher believes there is room for both Zevo and Tesla in the market, with potential growth for all.
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Gritdaily
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How INK’D London Turns Body Art Into High Fashion
- INK’D London, founded by Kayhan Kiani, merges body art with high fashion, offering a luxurious and bespoke tattoo experience.
- The studio elevates tattoos beyond mere ink, considering them as wearable art that celebrates individuality and personal expression.
- Tattoos are seen as a form of self-expression, akin to designer clothing, allowing people to tell personal stories and reflect their style choices.
- INK’D London provides a space for clients to express themselves through body art, emphasizing the importance of authentic self-expression.
- The studio's tattoo artists guide clients in curating designs that align with their vision and elevate their self-expression.
- Advanced AI technology at INK’D London allows clients to preview tattoos on their skin before committing, enhancing the personalized experience.
- Kayhan Kiani's vision for INK’D London stemmed from his desire to create a high-end tattoo space that matched the prestige of luxury fashion houses.
- The studio offers a complete luxury experience mirroring high-end fashion boutiques, with attention to detail and concierge-level service.
- INK’D London sets new standards for tattoo studios, where each client receives personalized attention to make their tattoo experience unforgettable.
- Kiani believes in evolving the body art industry by introducing innovative technologies and techniques, staying ahead of trends like high-end fashion houses.
- The commitment to quality and innovation positions INK’D London as a leading partner for those interested in body art.
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Gritdaily
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Canine Protection International and Their Approach to Providing the Top One Percent of Protection Dogs
- Canine Protection International (CPI) meticulously selects top protection dogs for training at a 10-acre property near Dallas.
- Candidates endure a rigorous evaluation process focusing on behavioral markers to determine their suitability.
- CPI seeks dogs with a harmonious fusion of qualities like vigilance, protective instinct, and confidence for protection work.
- The company sources its dogs from Europe based on temperament and stress capacity rather than in-house breeding.
- A strong emphasis is placed on temperamental stability and behavioral reliability in the training process.
- CPI's Elite Family & Estate Protection Dogs are priced between $100,000 and $250,000 due to the scarcity of suitable temperaments.
- The company limits its production to 24 dogs annually despite the potential for higher output.
- CPI focuses on selecting dogs capable of integrating into family life while maintaining protective instincts.
- The selection process highlights the importance of balance and adaptability in both dogs and human institutions.
- CPI's approach sheds light on broader themes of excellence, character, and balance across various contexts.
- The capacity to balance seemingly contradictory virtues is considered a form of excellence by CPI.
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ISN
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Groww triples profit to Rs 1,819 crore in FY25, raises $200 million in funding ahead of IPO
- Groww's parent company, Billionbrains Garage Ventures, saw its net profit surge to Rs 1,819 crore in FY25, marking a threefold increase over the previous year.
- The company reported revenue of Rs 4,056 crore and raised $200 million in funding at a $7 billion valuation, led by GIC and Iconiq Capital.
- Groww is moving forward with plans to go public and filed confidential draft IPO papers in May with SEBI to raise $700 million to $1 billion.
- JP Morgan, Kotak Mahindra, Citigroup, Axis Capital, and Motilal Oswal are set to manage the IPO, which will include both primary and secondary components.
- Founded in 2016, Groww has transitioned into a full-service wealthtech firm and is now India's largest stockbroker by active clients.
- As of February 2025, Groww reported 13 million active investors, surpassing Zerodha and Angel One in client numbers.
- In FY24, Groww recorded revenue of Rs 3,145 crore but ended with a net loss of Rs 805 crore after incurring a one-time Rs 1,340 crore tax expense during its domicile structure shift.
- FY25's positive results follow tighter regulatory scrutiny in the stockbroking sector by SEBI, impacting trading volumes and investor activity.
- Angel One saw a 49% year-on-year drop in net profit, while Zerodha's FY25 numbers are yet to be disclosed.
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Medium
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Denver Broncos Join the Boomerang Network
- The Denver Broncos have joined the Boomerang Network to enhance their Lost & Found operations in partnership with Boomerang, a growing player in the sports and entertainment industry.
- The Broncos now align with other NFL teams like the Cleveland Browns, Tennessee Titans, and Buffalo Bills who use Boomerang to modernize their Lost & Found processes for fans.
- Boomerang aims to streamline the Lost & Found operations for the Broncos, automating tasks and improving the customer experience by making item recovery more efficient and seamless.
- The CEO of Boomerang, Skyler Logsdon, expressed enthusiasm about the partnership with the Denver Broncos, highlighting the opportunity to enhance the Lost & Found management at Empower Field and create memorable customer interactions.
- The incorporation of the Broncos into the Boomerang Network marks a significant milestone for both parties, promising to make Lost & Found processes more convenient and customer-focused.
- The initiative aims to transform what was previously a source of frustration into a positive and loyalty-building experience for fans visiting Empower Field.
- The partnership signifies the dedication of both the Denver Broncos and Boomerang to innovating and prioritizing customer satisfaction within the sports and entertainment realm.
- Boomerang's CEO looks forward to simplifying Lost & Found management at Empower Field, turning item recovery into a seamless and enjoyable process for every guest.
- This collaboration welcomes the Denver Broncos into the Boomerang family, indicating the company’s commitment to improving Lost & Found services across various sports venues.
- Skyler Logsdon, the CEO of Boomerang, expressed honor and excitement in incorporating the Denver Broncos into the Boomerang Network, aiming to make the Lost & Found experience magical for all attendees at Empower Field.
- The expansion of the Boomerang Network to include the Denver Broncos reinforces the company's dedication to enhancing fan experiences through streamlined processes and customer-centric operations.
- With the Broncos' involvement, Boomerang continues to grow its network of sports teams utilizing its services to modernize and improve Lost & Found management within sports venues.
- The Broncos' integration into the Boomerang Network exemplifies the trend of sports organizations embracing technological advancements to elevate customer services and operational efficiency.
- Skyler Logsdon, the CEO of Boomerang, extends a warm welcome to the Denver Broncos, emphasizing the collaboration's potential to revolutionize item recovery experiences and strengthen the bond between the team and its fans.
- The partnership between the Denver Broncos and Boomerang signifies a significant step towards enhancing fan engagement and satisfaction through innovative solutions in Lost & Found operations.
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Inc42
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Bike Taxis To Stop Plying On Karnataka Roads
- Karnataka High Court has declined to stay the ban on bike taxi services in the state until the government releases a regulatory policy.
- Ola and Uber challenged the April 2 ruling that mandated bike taxis to halt services within six weeks.
- The HC bench expressed willingness to consider staying the ban if the state government indicated progress towards a regulatory framework.
- Bike taxi aggregators were permitted to continue operations in Karnataka till June 15 after the HC ruling,
- From July 16, bike taxis will need to cease operations in the state following the HC's decision not to stay the ban.
- The Karnataka HC set the next hearing for June 24, after the state responds by June 20 regarding bike taxi regulation.
- The ban on bike taxis resulted from the government's failure to regulate the services due to a lack of specific rules under the Motor Vehicles Act.
- Karnataka previously regulated bike taxi services from 2021 to 2024 before withdrawing the scheme citing various reasons.
- Other states like Delhi, Tamil Nadu, and Maharashtra have also faced issues with bike taxi services in the past.
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Startup Pedia
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Tesla sues former engineer for allegedly stealing trade secrets from Optimus robot to launch rival startup
- Tesla has filed a lawsuit against former engineer Zhongjie ‘Jay’ Li and his startup, Proception Inc., for allegedly stealing trade secrets from its Optimus robot project.
- The lawsuit claims that Li transferred confidential Optimus files onto personal devices during his employment at Tesla.
- Li is accused of starting his own startup, Proception Inc., a few days after leaving Tesla, claiming to have 'successfully built' humanoid robotic hands resembling Tesla's designs.
- Tesla's humanoid robot project, Optimus, has faced challenges since its unveiling in 2021.
- Initially planned to debut in 2023, progress on the Optimus robot has been slow, with commercial sales now planned for 2026.
- At Tesla's recent event, Optimus robots were shown still being operated largely by humans remotely, indicating ongoing development.
- Elon Musk introduced the Tesla Bot concept, later named Optimus, as part of the company's robotics journey.
- The lawsuit alleges that Li's actions could harm Tesla's significant research and development investments in Optimus.
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ISN
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Fidelity marks up Lenskart valuation to $6.1 billion ahead of planned IPO
- Fidelity has increased Lenskart's valuation to $6.1 billion, up from $5 billion in the last funding round.
- The valuation update in Fidelity's report from April shows a 21% rise in Lenskart's internal valuation.
- Lenskart, an omnichannel retailer based in Gurugram, may be heading towards a $1 billion IPO, potentially valuing the company at $10 billion.
- Fidelity's markup on Lenskart's valuation follows several recent capital infusions into the eyewear company.
- In June 2024, Lenskart raised $200 million in a secondary transaction involving Temasek and Fidelity, marking its value at $5 billion.
- In March 2023, Lenskart secured $600 million in a funding round led by Abu Dhabi Investment Authority and ChrysCapital.
- Lenskart reported a significant revenue increase and EBITDA growth in fiscal year 2024.
- As part of its IPO preparation, Lenskart has converted itself into a public company and may file its DRHP by the end of the month.
- Fidelity marks private holdings using financial disclosures, peer benchmarks, and macroeconomic indicators.
- The co-founders of Lenskart invested nearly $20 million internally in July following the prior fundraising rounds.
- Reports suggest Lenskart may file its draft red herring prospectus with the SEBI by the end of the month.
- The company saw a 43% rise in operating revenue in fiscal year 2024, with net losses decreasing significantly.
- Fidelity is a crossover fund investing in both public and private companies.
- Lenskart's IPO could be one of the most significant in India's startup ecosystem.
- The company's valuation growth showcases investor confidence in Lenskart's potential and market position.
- Lenskart's move towards IPO highlights the expansion and maturity of the Indian startup space.
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TechCrunch
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Meta’s big AI bet and our not-so-hot-take on fintech IPOs
- Meta has made a $14.3 billion bet on data-labeling company Scale AI, taking a 49% stake in the company.
- Meta's move shows urgency to compete in the AI race, despite unclear strategy against heavyweights like OpenAI and Google.
- TechCrunch's Equity podcast analyzes the deal, featuring Scale's co-founder Alexandr Wang joining Meta's team.
- The podcast discusses if Meta is truly buying a game-changer or just adding a well-connected dealmaker to its team.
- Chime's IPO priced above expectations at $27 per share and had a strong initial trading performance.
- Y Combinator's Demo Day featured AI startups focusing on autonomous software, reflecting on AI-driven task automation in the gig economy.
- Jony Ive’s LoveFrom collaborated with Rivian on their first electric bike, with a bike-like form factor confirmed.
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