<div>
  <ul>
    <li>
      <p>
        Xpansiv, a market-infrastructure platform for ESG commodities, completed its previously announced acquisition of Evolution Markets, a financial services provider.&nbsp;
      </p>
    </li>
    <li>
      <p>
        The acquisition will expand Xpansiv&rsquo;s service offering and product development activities. Moreover, Evolution Markets will also be able to enhance its client services to its existing 2,000+ clientele with the integration of Xpansiv&rsquo;s infrastructure and data platforms.
      </p>
    </li>
    <li>
      <p>
        In addition, Xpansiv closed a USD 125 million funding round led by existing investors Blackstone Energy Partners. New investors Bank of America and Goldman Sachs also participated in the round.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Xpansiv&rsquo;s acquisition of Evolution Markets follows APX acquisition, a provider of registry infrastructure, in 
        <a href="https://xpansiv.com/xpansiv-to-acquire-evolution-markets-expanding-the-worlds-leading-environmental-market-infrastructure/">
          August 2022
        </a>
        . Moreover, the USD 125 million funding raised was linked to a USD 400 million capital raise in 
        <a href="https://sp-edge.com/updates/11495">
          July 2022
        </a>
        , led by Blackstone Energy Partners. The funds were used to support the growth of the company with organic initiatives and new acquisitions.&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://xpansiv.com/xpansiv-completes-acquisition-of-evolution-markets/">
      Press release
    </a>
  </p>
</div>


Carbon Management Software

Xpansiv acquires Evolution Markets and closes its USD 125 million capital raise

Technologies bringing about a new reality

Extended Reality

<div>
 <p>Belgian company Oisoi Studio, a VR painting game developer, succeeded in raising EUR 450,000 (~USD 485,000) in a recent funding round. The funding round was led by ForsVC and Thomas and Emmanuel Dewitte, who are angel investors.</p>
 <p>Funds raised in this round will be used to upgrade Painting VR, their application, and to fuel the development of new immersive experiences for players.</p>
 <p>Oisoi Studio has established credibility in its niche with its development of Painting VR. This virtual painting studio provides users with over 10,000 square feet to paint on various canvas sizes. The company has impressively sold over 72,000 game copies around the world, which has generated them more than USD 1.1 million in revenue.</p>
 
</div>

Oisoi Studio raises EUR 450,000 in funding for product development

Incorporating technology to improve efficiency and success rate of clinical trials

Clinical Trial Technology

<div>
 
 <p>Triomics, a firm specializing in patient recruitment for oncology-related clinical trials, has raised USD 15 million in a venture funding round. The participating investors in the round included Lightspeed, Nexus Venture Partners, General Catalyst, and Y Combinator.</p>
 <p>The company intends to use the raised funds for the development of their platform and to expand their customer base. As of May 2024, the patient recruitment solution is in use by six cancer centers and hospitals, and the company aims to double this number by the end of the year.</p>
 <p>The firm has developed an AI-based platform called "OncoLLM", aimed at improving cancer care. The platform assists trial operators to recruit patients for clinical trials more efficiently, thereby preventing patient care delays, reducing backlogs and inefficiencies, and minimizing provider burnout. OncoLLM is designed to analyze unstructured oncology data, eliminating the need for manual data analysis and consequently improving patient-trial matching accuracy.</p>
 
</div>

Triomics raises USD 15 million in venture funding

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>

<p>British firm C-Capture has teamed up with Heidelberg Materials, a UK manufacturer of building supplies, for a trial of a new carbon capture system at a Ketton cement plant. It forms part of the startup's XLR8 carbon capture and storage (CCS) project, which sets out to prove that carbon capture is a practical, affordable option for industries which emit a high amount of carbon.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> C-Capture’s XLR8 CCS project has conducted its first trial in Europe, demonstrating its carbon capture technology at <a href="https:<br>
//sp-edge.com/updates/25044"> Pilkington’s </a> flat glass manufacturing facility in the UK in December 2023. The company also plans to extend its trial to the waste-to-energy industry. The project will involve six carbon capture trials deployed at partner sites, including Heidelberg Materials, Energy Works Hull, Glass Futures, and Pilkington UK.</p>

C-Capture and Heidelberg Materials trial new carbon capture system in cement industry

<div>
 <p>holoride, a startup offering in-car VR entertainment, has filed for insolvency due to its inability to gather more funding. The CEO, Nils Wollny, announced on LinkedIn that negotiation for an investment round had ultimately failed. Nevertheless, the company views this insolvency as a period of restructuring that may allow the company to attract new investors or owners.&nbsp;</p>
</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//www.holoride.com/en/newsroom/holoride-completes-series-a-funding-round"> April 2021 </a> , holoride raised EUR 10 million (~USD 12 million) in a Series A funding round, which valued the company at EUR 30 million (~USD 32 million). While Holoride aimed for a unique value proposition within the industry, this ultimately led to it operating in a niche market, partnering with automotive companies such as Audi and Porsche to integrate its tech stack into their vehicles.</p>

holoride files for insolvency amid failed investment round

Automation and robotics are finally creating solutions for the complexities of doorstep deliveries.

Last-mile Delivery Automation

<div>
 <p>Autonomous vehicle technology developer, Motional, has laid off approximately 550 employees, which is around 40% of its staff. This action stems from the company's internal restructuring and its decision to <a href="https://sp-edge.com/updates/29174"> postpone </a> the launch of its robotaxis until 2026. The delay allows the firm to concentrate on refining its technology and honing its business model.</p>
 <p>The layoffs affected a range of departments within the company, including software, technical program, high-performance computing, remote vehicle assistance, testing, product, safety, cybersecurity, and legal. Additionally, the company is closing its Venice office in Los Angeles which was previously responsible for managing the now-halted Uber Eats delivery operations.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> Hyundai invested nearly USD 1 billion in Motional <a href="https:<br>
//sp-edge.com/updates/29057"> earlier in May, </a> increasing its stake to 85%, following <a href="https:<br>
//sp-edge.com/updates/26156"> Aptiv’s decision </a> to reduce its investment due to the high costs of commercializing robotaxi technology. We believe the recent funding would help Motional to further refine its technology and relaunch operations in the future, despite the staff reductions today.</p>

Motional lays off 40% statt amid business restructuring effort

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 <p>Autonomous vehicle technology developer, Motional, has reportedly made job cuts to approximately 550 employees, accounting for nearly 40% of its total staff. This decision comes as the company opts to <a href="https://sp-edge.com/updates/29174"> postpone </a> its commercial launch of robotaxis until 2026 due to an internal restructuring process. During this period, they aim to enhance their technology and develop a more effective business model.</p>
 <p>The layoffs have affected employees across every department, with cuts made in areas such as software, technical program management, high-performance computing, remote vehicle assistance, testing, product development, safety, cybersecurity, and legal teams. In addition, the company has decided to wind down its operations at the Venice office in Los Angeles, known for managing the now-suspended Uber Eats delivery operations.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Hyundai invested nearly USD 1 billion in Motional <a href="https:<br>
//sp-edge.com/updates/29057"> earlier in May, </a> increasing its stake to 85%, following <a href="https:<br>
//sp-edge.com/updates/26156"> Aptiv’s decision </a> to reduce its investment due to the high costs of commercializing robotaxi technology. We believe the recent funding would help Motional to further refine its technology and relaunch operations in the future, despite the staff reductions today.</p>

AI, robotics, and IoT to streamline the flow of goods and information

Logistics Tech

INCUMBENTS_PRESENT

<div>
 <p>AutoStore, an automated storage and retrieval systems (ASRS) developer, has collaborated with Kenco, a logistics provider, to incorporate AutoStore's ASRS in Kenco's distribution center located in Jeffersonville, Indiana.</p>
 <p>Featuring 49,000 bins, 130 grid robots, 10 picking ports, and four replenishment ports, the system anticipates an annual throughput of approximately 15 million units.</p>
 <p>The system is scheduled for operation from June to September 2024, aiming to bolster Kenco’s ecommerce operations.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The Jeffersonville installation is Kenco’s second AutoStore project. However, <a href="https:<br>
//www.kencogroup.com/wp-content/uploads/2023/08/Kenco_Autostore_Case_Study_0622.pdf"> the first </a> only served one of Kenco’s Fortune 500 clients, unlike this installation which will handle orders from multiple clients.</p>

Kenco partners AutoStore to install ASRS at Jeffersonville distribution center

Using online platforms, autonomy, electric and fuel-cell tech solutions to shape the future of trucking.

Truck Industry Tech

<div>
 <p>Rivian, the manufacturer of electric vehicles, has announced the dismissal of 92 employees throughout multiple locations in Orange County, in a bid to cut costs. The decision has been influenced by diminishing sales, vying to maintain the business cost-effective. Rivian's goal is to adapt its main operations and reach positive gross margin by the year's end. The majority of the jobs being cut are within the support roles.</p>
 <p>This is coming on the heels of a previous layoff where 191 salaried staff in the county were let go just a couple of months prior.</p>
 </div>

Rivian lays off 92 employees in cost-cutting effort

<div>
 <p>Amazon inaugurated a new warehouse equipped with 3,600+ transport robots to streamline the packing process in Erfurt, Germany. Reported as one of the company's highest-advanced facilities in Europe, the robots are currently aiding 300 workers.</p>
 <p>Eventually, these robots will help a 2,000-strong workforce in handling 26 million products and delivering over 500,000 parcels daily across an expansive area of 660,000+ square feet.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Amazon has always been actively involved in automating its warehouse operations, with one of the most recent additions being its robotic-equipped 4 million sq ft warehouse in <a href="https:<br>
//sp-edge.com/updates/28328"> North Andover, Massachusetts. </a></p>

Amazon opens new robotic-powered warehouse center in Germany

<div>
 
 <p>Climeworks, a Swiss direct air capture (DAC) startup, has introduced its second DAC plant, known as Mammoth, in Hellisheidi, Iceland. This plant is the world's largest DAC plant so far.</p>
 <p>The new plant is capable of capturing up to 36,000 tons of CO2 every year, making it nine times larger than its predecessor, the Orca plant, which could capture 4,000 tons of CO2 per annum.</p>
 <p>Capturing its first batch of CO2 has commenced at the plant. At the moment, 12 of the 72 collector containers are installed onsite. Completion of the plant is expected by the end of 2024.</p>
 <p>Mammoth operates using renewable geothermal energy, which directly captures CO2 from the air using low-temperature heat. The plant's geothermal energy partner, ON Power, supplies the necessary energy. After the CO2 is separated from the filters, it is transported underground by the carbon sequestration partner Carbfix, where it is naturally transformed into stone through a reaction with basaltic rock.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Climeworks originally broke ground on Mammoth in <a href="https:<br>
//sp-edge.com/updates/11439"> June 2022 </a> , moving the industry beyond pilot plants and lab demonstrations. However, the new plant will soon be overtaken by other planned plants in the pipeline. 1PointFive, a subsidiary of Occidental Petroleum, plans to open STRATOS in Texas in 2025, capturing up to 500,000 tons of CO2 per year. Climeworks, along with Battelle and Heirloom, is designing Project Cypress in Louisiana, with plans to capture up to 1 million tons of CO2 annually by 2030.</p>

All Updates

Oisoi Studio raises EUR 450,000 in funding for product development

Triomics raises USD 15 million in venture funding

C-Capture and Heidelberg Materials trial new carbon capture system in cement industry

holoride files for insolvency amid failed investment round

Motional lays off 40% statt amid business restructuring effort

Motional lays off 40% statt amid business restructuring effort

Kenco partners AutoStore to install ASRS at Jeffersonville distribution center

Rivian lays off 92 employees in cost-cutting effort

Amazon opens new robotic-powered warehouse center in Germany

Climeworks launches Mammoth, world's largest DAC plant to date