Capital Raisings: Elon Musk's xAI eyeing USD 24 billion valuation for fundraising, Honest Bank and HoneyNaps close Series B funding rounds, five Chinese deals also announced, and more details.
In the world of technology, innovation continues to thrive as various companies secure significant funding in various rounds. Here's a roundup of the latest funding news:
Elon Musk's xAI Aims for USD 24 Billion Valuation
Elon Musk's artificial intelligence (AI) company, xAI, is reportedly on the brink of raising funds at a staggering USD 24 billion valuation. The investors involved in this round, which could potentially see close to USD 6 billion raised, include Lightspeed Venture Partners, Andreessen Horowitz, Sequoia Capital, Tribe Capital, and possibly others. However, the exact details of the investors and the total amount they will invest have yet to be disclosed.
Lianku Secures Pre-Series A Funding
Lianku, an information technology platform focused on the cold chain industry, has secured an undisclosed amount in a pre-Series A funding round, exclusively invested by Eastern Investment.
SciBen Biotech Secures Angel Funding
SciBen Biotech, a biotechnology company based in the Hefei Economic and Technological Development Zone, has secured an undisclosed eight-figure RMB sum in an angel round of financing, exclusively invested by October Capital.
Mighty Jaxx Extends Series A+ Funding
Mighty Jaxx, a platform specializing in the creation and distribution of limited edition, pop culture-inspired collectibles, secured an additional USD 11 million in an extension to its Series A+ funding round.
Honest Bank Secures Series B Funding
Honest Bank, a Singapore-based fintech and financial services company, has secured an additional USD 2.5 million in Series B funding. Rakuten Ventures and Jetha Global contributed USD 1.5 million and USD 1 million, respectively, to this round.
XSquare Technologies Raises Series A Funding
XSquare Technologies, a Singapore-based warehousing automation company, raised SGD 10.5 million (USD 7.7 million) in a Series A funding round, led by Wavemaker Partners.
Sitan Technology Secures Series B+ Funding
Sitan Technology, a Shenzhen-based micro LED display developer, has raised an undisclosed eight-figure RMB sum in a Series B+ funding round, led by Sinic-Tek Intelligent Technology.
Shomvob Raises Pre-Seed Funding
Shomvob, a Dhaka-based jobs and networking platform, raised USD 1 million in a pre-seed funding round, led by Singapore-based early-stage venture capital firm Cocoon Capital.
WonSec Technology Secures Angel Funding
WonSec Technology, a network and information security solutions provider, has bagged at least RMB 10 million (USD 1.3 million) in an angel funding round, led by SCGC.
PhiGent Robotics Raises Pre-Series B Funding
PhiGent Robotics, a Beijing-based autonomous driving solutions developer, has raised RMB 30 million in a pre-Series B funding round, led by two industry funds under E-Town Capital's management.
HoneyNaps Secures Series B Funding
HoneyNaps, a South Korean company specializing in AI-driven sleep data analytics, has bagged USD 11.6 million in its Series B funding round. Investors in this round include Korea Industrial Bank, Hi Investment Partners, Quad Investment Management, and potentially others.
Meanwhile, in the AI sector, the race to innovate continues, with Musk's xAI being mentioned alongside competitors like OpenAI and Anthropic. However, concrete figures or investor names for xAI’s round at a 24 billion USD valuation are not found in the results. Stay tuned for more updates on these exciting developments in the tech world!
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