<div>
  <ul>
    <li>
      <p>
        Maple Finance, a DeFi corporate lending platform, announced that it would be cutting ties with Orthogonal Trading, a crypto trading firm, alleging that the latter misrepresented its financial position. Orthogonal is a major borrower on Maple across multiple lending pools, as well as a manager and underwriter of its own lending pool on Maple.
      </p>
    </li>
    <li>
      <p>
        M11 Credit, a subsidiary of Maven 11 Capital (an investment firm), stated that Orthogonal had &ldquo;incurred larger losses than previously disclosed&quot;, due to funds held on the now bankrupt FTX, resulting in the company not being able to repay its debt. The statement came after Orthogonal failed to pay back a loan of USD 10 million from a credit pool managed by M11 Credit on December 4th. M11 Credit went on to issue a notice of default to Orthogonal for all four of its active loans worth USD 31 million on Maple's USDC stablecoin pool (close to 80% of the value of the entire pool).&nbsp;
      </p>
    </li>
    <li>
      <p>
        This default also resulted in Nexus Mutual, a DeFi insurance protocol, stating that it expects to take a USD 3 million loss on its investment of USD 19.3 million (representing 1.6% of its total assets) in credit pools on Maple Finance. The company went on to state that it has begun withdrawing all funds from the affected pool.&nbsp;
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        The recent collapse and subsequent bankruptcy of
        <a href="https://sp-edge.com/companies/780156">
           FTX
        </a>
        , one of the largest cryptocurrency exchanges has had a ripple effect across the DeFi industry with many protocols facing issues related to their exposure to the platform. Currently, 56% of the total USD 27.8 million of outstanding loans in Maple&rsquo;s wrapped Ethereum credit pool is considered &ldquo;troubled debt.&rdquo;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://maple.finance/news/maple-severs-all-ties-with-orthogonal-trading/">
      Maple Finance press release
    </a>
  </p>
  <p>
    <a href="https://medium.com/@M11PoolDelegate/m11-credit-update-on-loans-to-orthogonal-trading-cd2af1726b10">
      M11 credit notice of default&nbsp;
    </a>
  </p>
  <p>
    <a href="https://medium.com/nexus-mutual/update-on-nexus-mutuals-exposure-to-m11-credit-s-weth-lending-pool-on-maple-finance-2b7ca94af337">
      Nexus mutual blog post
    </a>
  </p>
  <p>
    <a href="https://www.coindesk.com/markets/2022/12/05/maple-finance-severs-ties-with-orthogonal-trading-alleging-it-misrepresented-financial-position/">
      Coindesk (Orthogonal)
    </a>
  </p>
  <p>
    <a href="https://www.coindesk.com/markets/2022/12/05/defi-risk-sharing-protocol-nexus-expects-loss-on-maple-credit-pool-investment-as-ftx-contagion-widens/">
      Coindesk (Nexus)
    </a>
  </p>
</div>


Decentralized Finance (DeFi)

Ripple effects of FTX continue as major borrower on Maple Finance misrepresents financials; Nexus Mutual to take hit on investments

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 <p>Glydways, a company specializing in the development of autonomous on-demand personal rapid transit (PRT) systems, has recently garnered an extra USD 20 million in funding. This financial support originates from several Japanese corporations, such as Suzuki Motors, ENEOS Holdings, and Mitsui Chemicals. Consequently, the total funding raised by Glydways to date exceeds USD 100 million.</p>
 <p>In addition to this monetary achievement, Glydways also announced a potential partnership with Suzuki, which would establish the automobile manufacturer as the company's automotive manufacturing partner. Furthermore, Glydways plans to strengthen ties with all its investors—both new and existing—to facilitate knowledge exchange and prepare for future advancements.</p>
 <p>The signature product of Glydways is autonomous electric vehicles, dubbed “Glydcars.” This PRT system showcases an impressive transportation capacity, being able to transport as many as 10,000 individuals per hour per lane/direction on its unique lanes. At present, Glydways is engaged in two project ventures in Northern California: the first is a 4.4-mile airport connector stationed in San José, and the second is a 28-mile system aiming to connect four inadequately served communities located in the eastern part of Contra Costa County.</p>  
</div>

Glydways raises USD 20 million from Japanese investors; seeks partnership with Suzuki to manufacture vehicles

Generating, collecting, and analyzing enterprise data will never be the same.

Edge Computing

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>

<p>DataBank, an Edge data center colocation provider, has announced projects to build two new data centers in Orangeburg, New York, as a response to the increasing demand for IT infrastructure and services. The first one, LGA3, will offer 200,000 sq ft of data center capacity and is expected to be fully operational by early 2025. This center will provide the capability to deliver 30 MW of critical power, with the potential to expand it to 45 MW through an on-site substation. The company has also begun planning for a second facility, LGA4.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> In April 2024, DataBank secured <a href="https:<br>
//sp-edge.com/updates/28498"> USD 725 million in debt financing </a> to accelerate construction projects throughout several US cities and bolster its data center infrastructure. Presently, the company oversees a network of 69 data centers, collectively supporting a critical IT load of 473 MW.</p>

DataBank to develop data centers at Orangeburg Data Center campus

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

INCUMBENTS_PRESENT

<div>
 
 <p>During the annual Google I/O developer conference, Google revealed its Trillium Tensor Processing Units (TPU) set to be launched later this year. </p>
 <p>Compared to the previous generation, Trillium TPUs carry stronger capabilities which include a 4.7x improvement in compute performance, expanded matrix multiply units, higher clock speed, and double memory bandwidth. Furthermore, these new chips are 67% more energy friendly.</p>
 <p>Distinctly equipped with the third generation of SparseCore, an accelerator for handling large-scale embeddings commonly used in advanced recommendation or ranking tasks, Trillium TPUs allow for quicker model training and lower latency during service.</p>
  
</div>

Google unveils sixth generation of TPU chips at Google I/O conference

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

<div>
 
 <p>Google introduced its newest Tensor Processing Units (TPU), Trillium, at the annual Google I/O developer conference, which is set to be launched later in the year. Several improvements have been made to Trillium compared to its predecessors. These include an increase in compute performance per chip by 4.7 times, expanded matrix multiply units, heightened clock speed, and two times the memory bandwidth. The chips are also 67% more energy-efficient than the last generation.</p>
 <p>Unique to these chips is the inclusion of the third generation of SparseCore, an accelerator designed specifically for managing large-scale embeddings often seen in complex recommendation or ranking tasks. This allows Trillium TPUs to train models at a faster rate and serve them with reduced latency.</p>
 
</div>

<div>
 
 <p>SensiML, a QuickLogic subsidiary focused on AI/ML software for IoT development, has launched an open-source AutoML solution for developing Edge AI/ML applications via its Analytics Studio application. The service adopts automated ML technology to allow developers with limited data science skills to create ML models for IoT microcontrollers and Edge system-on-a-chip (SoC).</p>
 <p>This strategy, according to the company, will foster the adoption of Edge AI/ML, improve end-user flexibility, and boost sales of SensiML's SaaS and its private-label tooling value. Founded in 2017, SensiML offers software for ultra-low-power IoT endpoints to transform raw sensor data into meaningful insights directly on the device. Its key product, the SensiML Analytics Toolkit, provides a complete platform for data collection, labeling, algorithm and firmware auto-generation, and testing.</p>

</div>

SensiML launches open-source AutoML solution to develop Edge AI/ML applications

Managing employee health-related benefits

Health Benefits Platforms

<div>
 
 <p>Truveris, a provider of a pharmacy benefit management platform, has secured USD 15 million in a Series E funding round. It was co-led by Canaan Partners and New Leaf Venture Partners, taking the total funds raised by the company to USD 69 million.</p>
 <p>The investment will finance the next development phase of the company and enable the expansion of operations across US employers.</p>
 <p>The company develops software solutions designed to promote transparency, accessibility, and affordability in the pharmacy benefits sector. It offers tools and services for employers, health plans, and unions to manage and optimize pharmacy benefit programs. By using data analytics and pricing algorithms, Truveris' platform analyzes drug prices and claim data to aim at cost reduction and improved outcomes for plan sponsors and members.</p>
 
</div>

Truveris raises USD 15 million in Series E funding

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

<div>
 
 <p>TytoCare, an online primary care provider, has grown its school health program with the integration of its services by five new healthcare systems. This advancement broadens primary and acute care services to more than 2,500 schools across 31 US states.</p>
 <p>The collaborations will enable TytoCare to introduce its AI-aided Pro Smart Clinics to school clinics, providing remote access to primary, urgent, and specialized healthcare. Health workers will have access to real-time patient data via the company's connected device, which measures various health parameters. The company's AI-assisted Home Smart Clinic provides a similar service for home consultations.</p>
 
</div>

TytoCare partners with five healthcare systems to expand telehealth services in US schools

Promising research and receding stigma are giving investors cannabis-boom flashbacks.

Psychedelic Medicine

<div>
 <p>Enveric Biosciences, a biotech company based in Florida, has entered into a non-binding agreement to out-license its novel psilocin prodrugs (NPP) to Vancouver-based firm MindBio Therapeutics. </p>
 <p>The collaboration will allow MindBio to utilise Enveric's NPP molecules, designed to release therapeutic levels of systemic psilocin, in the advancement of treatments for neuropsychiatric conditions such as depression. As part of the deal, MindBio will be responsible for all future preclinical, clinical, and commercial development, offering Enveric payments for development and sales milestones totalling USD 66.5 million upon fulfilment of specific conditions, as well as future sales royalties. Additionally, the agreement gives MindBio the right to sublicense the technology and cash buyout options.</p>
 <p>As a top biotech company, MindBio Therapeutics is committed to developing novel mental health treatments. They specialise in microdosing psychedelic medicines and carry out clinical trials aimed at major depressive disorder and existential distress in cancer patients.</p>
</div>

Enveric Biosciences signs licensing agreement with MindBio Therapeutics to develop NPP candidate

Membership-based, non-insurance healthcare companies helping maintain a steady state of well being.

Preventive Healthcare

<div>
 <p>Vida Health, a digital therapeutics company, has teamed up with Hawaii's Outrigger Resorts &amp; Hotels to offer personalized diabetes management solutions as a part of Outrigger's employee benefits program.</p>
 <p>As part of the collaboration, Vida Health's virtual care services will be incorporated into Outrigger’s health and wellness program. These services include Vida Health's Chronic Pathway, a program specifically designed to address the health requirements and goals of individuals with diabetes. The program provides personalized dietary advice, medication management, and continuous health metric monitoring.</p>
</div>

Vida Health partners with Outrigger Resorts & Hotels for employee diabetes management solutions

Using real-time data to create dynamic virtual representations of the real world

Digital Twin

<div>
 <p>ScaleOut Software, a provider of digital twin modeling solutions, has launched version 3 of its ScaleOut Digital Twins platform. This version is accessible as a cloud service and an on-premise hosting platform.</p>
 <p>Significant enhancements in the new version involve an upgraded user interface facilitating easier deployment and management of digital twin models. It also offers streamlined aggregation of statistics and features for message recording and replay during simulations. Additionally, it provides expanded connectivity options, incorporating integration with open-source Kafka and AWS DynamoDB.</p>
 
</div>

All Updates

Glydways raises USD 20 million from Japanese investors; seeks partnership with Suzuki to manufacture vehicles

DataBank to develop data centers at Orangeburg Data Center campus

Google unveils sixth generation of TPU chips at Google I/O conference

Google unveils sixth generation of TPU chips at Google I/O conference

SensiML launches open-source AutoML solution to develop Edge AI/ML applications

Truveris raises USD 15 million in Series E funding

TytoCare partners with five healthcare systems to expand telehealth services in US schools

Enveric Biosciences signs licensing agreement with MindBio Therapeutics to develop NPP candidate

Vida Health partners with Outrigger Resorts & Hotels for employee diabetes management solutions

ScaleOut Software releases new version of digital twins platform