<div>
  <ul>
    <li>
      <p>
        Lemonade, a full-stack insurer that provides a range of insurance products such as renters, homeowners, life, car, and pet insurance, has announced the closing of the acquisition of Metromile, a pay-per-mile automobile insurance provider, in an all-share transaction valued at USD 145 million or 7.3 million Lemonade shares, excluding cash, worth USD 150 million.
      </p>
    </li>
    <li>
      <p>
        Through the acquisition, Lemonade aims to bolster its auto insurance offerings by using Metromile&rsquo;s vast amount of driving data to offer competitive and precise policies and benefit from Metromile&rsquo;s written premiums of over USD 110 million and insurance licenses in 49 states, compared to the three it owns in Ohio, Illinois, and Tennessee, accelerating its speed to the market throughout the US.
      </p>
    </li>
    <li>
      <p>
        Most employees of Metromile will transfer to roles at Lemonade, while Metromile CEO Dan Preston will assume the role of senior vice president of strategic initiatives. The Metromile app will be available until all its customers transition to the Lemonade app. The Metromile common stock (MILE) ceased trading on the Nasdaq on July 27, 2022.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake:</b>
         The closing transaction value of USD 145 million represents a 71% discount to the initial valuation of USD 500 million (~USD 200 million net of cash), evidenced by similar declines in share prices of both Lemonade and Metromile since 
        <a href="https://sp-edge.com/updates/6524">
          the announcement in November 2021
        </a>
        . However, the transaction represents a ~6% premium over Metromile&rsquo;s market capitalization of USD 137 million on its last trading date.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.businesswire.com/news/home/20220728005347/en/Lemonade-Completes-Acquisition-of-Metromile">
      Company press release
    </a>
  </p>
  <p>
  </p>
</div>


Neo Insurance

Lemonade completes acquisition of Metromile

Technologies bringing about a new reality

Extended Reality

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
<p>Valve has released the Steam Link app for Meta Quest 2, 3, and Pro headsets. This app allows users to stream games from their Steam library to these headsets. To use Steam Link, users need a wired connection router to their PC, a 5 GHz Wi-Fi network for the headset, Steam and SteamVR installed on a Windows 10 or newer PC, at least 16GB of RAM, and a NVIDIA GPU (RTX2070 or better). This release is beneficial for VR enthusiasts with a collection of VR games on Steam and a Quest device. Valve is also hosting a "VR Fest" on Steam, offering discounts on VR games and promoting Steam Link with Quest headsets.</p>
</div>

Valve launches Steam Link for Meta Quest headsets enabling XR game streaming

The on-demand economy has finally reached white collar work.

Online Freelancing Platforms

<div>
 <p>Upwork introduced AI apps and educational content for independent talent. They also launched Upwork Chat Pro, a GPT-4-powered app in beta, aiming to enhance work efficiency.</p>
</div>

Upwork introduces a suite of Generative AI Apps to improve work efficiency

Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

<div>
 <p>Pepper Bio has raised USD 6.5 million in a seed funding round led by NFX, with participation from Silverton Partners, Merck Digital Sciences Studio, Mana Ventures, Tensility Ventures, and VSC Ventures.</p>
 <p>The company expects to use the funds to expand platform capabilities, bolster existing pharma partnerships, and strengthen the product pipeline.</p>
 <p>Boston-based drug discovery and bioinformatics company Pepper Bio was founded in 2020 through a Merck-run accelerator program to leverage transomics (a multiomics approach) in order to explore novel therapeutics, repurpose current ones, and salvage drugs that fail in the development process. The company’s technology platform reportedly analyzes genomic, transcriptomic, proteomic, and phosphoproteomic data to generate insights into how diseases impact biology.</p>
</div>

Pepper Bio raises USD 6.5 million to expand platform capabilities, bolster current partnerships, and strengthen product pipeline

Electrifying passenger and commercial travel

EV Economy

<div>
  <p>BMW and Mercedes-Benz have partnered to establish a 50:50 joint venture in China for a high-power EV charging network. Their goal is to create a network of 1,000 charging stations with 7,000 high-power charging piles by 2026. The first stations are planned to open in 2024.</p>
</div>

BMW and Mercedes-Benz partner for EV charging network in China

<div>
 <p>Tesla has begun deliveries of its Cybertruck four years after it was first unveiled. The EV has a starting price of USD 60,990 before federal tax credits. This is 50% higher than the original price given in 2019. The EV's highest performance version, known as Cyberbeast, and the all-wheel drive version will be available in 2024 and are expected to have starting prices of ~USD 100,000 and ~USD 80,000, respectively.</p>
</div>

Tesla begins deliveries of Cybertruck

Foundation Models

<div>
<p>IBM has launched initiatives using its geospatial AI technologies to tackle climate-related challenges in various regions. These initiatives include a collaboration with NASA to develop a foundation model and are being used in the UAE, Kenya, and the UK.</p>
<p>In the UAE, the focus is on combating urban heat islands with the help of a geospatial model. In Kenya, a digital platform powered by IBM's technology is supporting reforestation efforts. In the UK, IBM is partnering to assess climate risks in aviation and map areas for tree planting to mitigate flooding.</p>
</div>

IBM applies Geospatial AI to tackle climate challenges across regions

<div> 
<p>The Department of Homeland Security (DHS) has been investing in GenAI by issuing guidelines for its workforce on utilizing commercial AI technology and exploring the creation of its own AI models.</p>
<p>DHS has released a memo outlining its approach to using commercial GenAI models and has approved tools such as ChatGPT, Bing Chat, Claude 2, and DALL-E 2 for specific uses within the department.</p>
<p>DHS is actively experimenting with developing its own large language models while emphasizing responsible AI use and aligning its strategies with the White House's AI executive order and the Office of Management and Budget (OMB) draft memo.</p>
</div> 
The Department of Homeland Security (DHS) is investing in GenAI and issuing guidelines for its workforce to use commercial AI technology and exploring creating its own AI models. DHS has released a memo outlining its approach and approving tools such as ChatGPT, Bing Chat, Claude 2, and DALL-E 2 for specific uses. DHS is experimenting with developing its own large language models while ensuring responsible AI use and aligning its strategies with the White House's AI executive order and the Office of Management and Budget (OMB) draft memo.

DHS issues guidance on commercial GenAI and explores constructing proprietary models

Using data and automation to achieve 24/7 production.

Smart Factory

<div>
<p>Retrocausal, a manufacturing process management platform provider, has raised USD 5.3 million in funding led by Glasswing Ventures, One Way Ventures, and Indicator Ventures, with participation from existing investors Argon Ventures, Differential Ventures, Ascend Vietnam Ventures, Incubate Fund US, SaaS Ventures, Hypertherm Ventures, Stage Venture Partners, and Techstars.</p>
<p>The company plans to utilize the funds to address the growing market demand for its proprietary GenAI technology.</p>
<p>Retrocausal specializes in AI-driven augmentation systems designed to aid manufacturing workers in preventing assembly errors. Its technology assists industrial engineers in enhancing shop floor processes. One of its solutions, the Kaizen Copilot software for Manufacturing Assembly Optimization, streamlines manual assembly tasks and processes. This approach enables less skilled workers to undertake more advanced manufacturing roles effectively.</p>

Retrocausal raises USD 5.3 million in funding to expand its GenAI platform

Now anyone can become a software developer.

No-code Software

<div>
<p>Savant Labs, a no-code data analytics platform, has partnered with Continuum, a UK-based consulting firm specializing in analytics solutions.</p>
<p>Savent plans to leverage this acquisition to offer its GenAI and analytics automation solutions to Continuum’s network of clients in the UK and Northern Europe.</p>
<p>Savant claims that its solution will accelerate analytics outcomes by 5–10x for analysts across various business functions.</p>
</div>

Savant Labs partners with Continuum to offer GenAI-based data analysis products to European customers

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

ANALYST_QUICK_TAKE

<div>
 <p>Enfuce, a card issuing and processing infrastructure provider, has raised EUR 8.5 million (~USD 9.3 million) in funding led by Vitruvian Partners, with participation from Visa and Maki.vc. Enfuce's total funding now stands at EUR 62 million (~USD 67.7 million).</p>
 <p>The company earmarked the funds toward supporting its geographic expansion plans across Europe, including key markets such as Benelux, Germany, and France, and enhancing collaboration with Visa to offer innovative financial solutions.</p>
 <p>The platform reportedly processes more than USD 2 billion in total transactions annually.</p>
</div> <p><b>Analyst QuickTake: </b> Last month, Imprint, a payment and loyalty card infrastructure provider, <a href="https://sp-edge.com/updates/23882"> raised USD 75 million in Series B funding </a> to strengthen its financial position and accelerate the platform's growth.</p>

All Updates