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  <ul>
    <li>
      <p>
        Virta, a Finnish company that developed an EV charging platform, has secured EUR 85 million (~USD 93.9 million) in funding. This includes EUR 65 million (~USD 71.8 million) equity investment from Virta&rsquo;s existing investors led by Jolt Capital and EUR 20 million (~USD 22.1 million) from Business Finland, which provides innovation funding for companies and research organizations. This brings the company&rsquo;s total funding to EUR 115 million (~USD 127 million).
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The company intends to use the funds to grow its charging transactions by over 5x in Europe and the Asia-Pacific region by 2025.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Founded in 2013, Virta has developed an EV charging platform, which is used by over 1,000 companies and organizations in retail, hotel, real estate, parking, petrol retail, automotive, and energy industries and operates over 75,000 chargers in 35 countries. In 2022, Virta&rsquo;s annual revenue grew 112% to EUR 39 million (~USD 43.1 million) and the company was ranked on the Financial Times 1,000 Europe's Fastest Growing Companies list for the fourth time in a row.
      </p>
    </li>
  </ul>
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  </p>
</div>


<div>
  <p>
    <a href="https://www.virta.global/news/virta-closes-85m-funding">
      Press release
    </a>
  </p>
</div>


EV Economy

Virta secures EUR 85 million in funding

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

PROMINENT_CATEGORY

<div>
 <p>Burcon NutraScience Corporation has introduced Puratein, a canola protein isolate created to substitute eggs in the food industry. The product targets manufacturers who are in search of sustainable egg alternatives due to supply problems and price increases. </p>
 <p>Puratein, which possesses more than 90% protein purity, can serve as a replacement for 100% powdered and shelled eggs in different baked products. The product is said to have a complete amino acid profile, high solubility, and neutral taste, thereby making it appropriate for numerous food and beverage applications. </p>
 <p>Furthermore, Burcon suggests that Puratein can offer cost reductions of 20% to 30% compared to conventional egg products. The company asserts that the product fulfills the functional needs of egg substitutes. Simultaneously, it caters to the increasing consumer interest in plant-based alternatives. </p>
</div>

Burcon unveils canola protein isolate for egg replacement

Making meat sustainable over the long term

Cell-cultured Meat

ANALYST_QUICK_TAKE

<div>
 <p>Czech-based company, Bene Meat Technologies, has announced the creation of its first cultivated burger patty for people to consume. The firm asserts that the burger will have a similar price to high-quality beef.</p>
 <p>The production of the burger involves a traditional cell cultivation method, which begins with obtaining cell tissue or sourcing from a cell bank. The company formulates its media recipes and machinery internally, thereby dodging costly ingredients and intricate procedures. The burger purportedly consists of nearly 90% cultivated beef cells, with the remaining made up of spices and less significant ingredients.</p>
 <p>According to Bene Meat Technologies, its dedication to cost-efficient and scalable production has helped it match the price of premium beef. Currently, the company is building a larger facility estimated to produce roughly 200 tons of their product annually, with completion expected in 2025.</p>
 </div> <p><b>Analyst QuickTake:<br>
 </b> The price premium of cultivated meat products is a major consumer pain point deterring mass adoption. This has led companies to develop innovative cost-reduction methods such as FBS-free alternatives and novel production methods. In <a href="https:<br>
//sp-edge.com/updates/11598"> July 2022 </a> , SciFi Foods achieved an R&amp;D milestone that reportedly allowed the company to reduce the cost of growing beef cells by more than 1,000x and achieve price parity.</p>

Bene Meat Technologies produces first cultivated burger at parity with premium beef

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

<div>
 <p>The Better Meat Co. (BMC), a California-based alternative protein company, has received approval from the Singapore Food Authority to sell its flagship Rhiza mycoprotein in Singapore. This approval allows BMC to introduce its innovative mycoprotein to the Singaporean market, potentially leading to wider Asian distribution. The expansion is in line with the company's aim of providing sustainable and nutritious meat alternatives or enhancers.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> In <a href="https:<br>
//sp-edge.com/updates/31400"> July 2024 </a> , BMC received the FDA's "no questions" letter, confirming Generally Recognized as Safe (GRAS) status for Rhiza, making this the second regulatory approval secured by the company during the year. Rhiza is a single-ingredient product made from Neurospora crassa, a fungi genus used in BMC's biomass fermentation process.</p>

The Better Meat Co. expands to Asia with Singapore approval for Rhiza mycoprotein

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 <p>Self-driving vehicle technology company, Pony.ai, which is based in China and the US, has filed for an initial public offering (IPO) in the US. The company plans to list on the Nasdaq using the ticker symbol “PONY.”</p>
 <p>In the first half of 2024, the company doubled its revenue to USD 24.7 million whilst reporting a net loss of USD 51.3 million for the same period. This is an improvement from a net loss of USD 69.4 million in the first half of 2023.</p>
 <p>The company currently operates a fleet of over 250 robotaxis and has reached 20.8 million miles of autonomous driving. This includes 2.4 million miles of fully-autonomous driverless mileage.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The influx of Chinese firms seeking US stock market listings has dwindled in recent years following <a href="https:<br>
//www.scmp.com/business/banking-finance/article/3161307/days-after-go-ahead-vie-structures-beijing-releases"> Beijing's 2021 tightened restrictions </a> on overseas fundraising activities. However, Pony.ai <a href="https:<br>
//sp-edge.com/updates/28771"> got approval </a> from Chinese securities for a US IPO in April 2024. Chinese regulators have also allowed autonomous vehicle tech firms like <a href="https:<br>
//sp-edge.com/updates/32038"> WeRide </a> and <a href="https:<br>
//www.businesstimes.com.sg/startups-tech/china-approves-autonomous-driving-startup-momentas-us-ipo"> Momenta </a> to list in the US market.</p>

Pony.ai files for US IPO

New data privacy regulations have opened up space for a new wave of compliance-focused startups.

Digital Privacy Tools

<div>
 <p>MineOS has updated its data governance and privacy platform with the release of Data Subject Request (DSR) Management 2.0. This upgrade introduces the no-code Infinite Integration Builder, which enables organizations to customize integrations with various backend systems, platforms, and Software as a Service (SaaS) applications.</p>
 <p>The new tool provides a no-code solution for organizations to streamline the integration with their data ecosystems. Notable improvements include enhanced automation features, customized rights flow based on geography, an improved ticket flow page, and a revamped approach to API connections.</p>
 <p>According to MineOS, this update simplifies the deployment and maintenance of automated DSR handling, making the process more efficient for businesses. The company also claims quick implementation of the platform within a matter of days, rendering expensive professional services and long implementation periods unnecessary.</p>
</div>

MineOS launches DSR management 2.0

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

<div>
 <p>LatticeFlow, an AI model evaluation platform, has introduced Compl-AI, a unique evaluation framework to check compliance with the EU AI Act. Available as a free, open-source architecture, the system analyses large language models (LLMs) over 27 technical fields, based on the Act's six ethical guidelines.</p>
 <p>The Compl-AI platform evaluates LLM responses across aspects like bias in responses, general awareness, prejudiced conclusions, adherence to harmful instructions, truthfulness, memorization of copyrighted information, common sense logic, goal manipulation, and prompt leakage. Each model's rating scales from 0 (non-compliant) to 1 (fully compliant), with N/A ratings in case of inadequate data.</p>
 <p>Moreover, the platform reveals the drawbacks of current models and benchmarks, specifically in areas such as robustness, safety, diversity, and fairness. LatticeFlow also suggests that this method could be adapted to review AI models against future regulatory laws, making it a beneficial tool for organizations operating in various jurisdictions.</p>
 
</div>

LatticeFlow launches the first evaluation framework for EU AI Act compliance

Technologies bringing about a new reality

Extended Reality

<div>
 <p>Cognitive3D, a provider of 3D analytics for XR experiences, introduced a new Custom Dashboards feature. The feature allows users to customize, edit, and share dashboards specific to team or project requirements. It integrates standard metrics and custom data queries relevant to their objectives.</p>
 <p>According to Cognitive3D, the new feature will provide more flexibility and specificity in data representation. It enables users to create unique data presentations and share these with others. Further, it has been integrated with external data visualization tools such as Microsoft PowerBI, enhancing the accessibility and actionability of spatial insights for a wider audience.</p>
 <p>Cognitive3D's platform focuses on 3D environment user behaviour analysis, especially in virtual, augmented, and mixed reality. It gathers spatial intelligence data for tracking user interactions, navigation, time spent, and specific actions like headset removal.</p>
</div>

Cognitive3D launches custom dashboards for XR analytics

<div>
 <p>Mindtech Global, a provider of synthetic data, garnered a funding of GBP 4.4 million (~USD 5.7 million). This investment round was spearheaded by Edge, with significant contributions from Mercia Ventures and the Northern Powerhouse Investment Fund.</p>
 <p>The capital raised is allocated towards advancing Mindtech's technology, expanding its presence in principal markets such as Japan, US, and Europe, and maintaining partnerships with major industry players.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Mindtech has been focused on improving its synthetic data capabilities. For example, the company added LiDAR (light detection and ranging) and NIR (near-infrared) simulation capabilities to its Chameleon platform in <a href="https:<br>
//sp-edge.com/updates/29705"> May 2024 </a> , allowing AI developers to create Lidar and NIR training and test data.</p>

Mindtech raises GBP 4.4 million in funding to develop AI vision technology

Ensuring the right people access the right resources at the right time

Identity & Access Management

<div>
 <p>Zscaler and Okta, a cloud security company and identity management platform respectively, have revealed four new integrations to quicken the adoption of zero trust security measures among their combined customer base.</p>
 <p>The companies hope the partnership will lower risk levels, enhance user interfaces and encourage cross-domain response by using shared telemetry and threat recognition. Critical functions include adaptive access policy implementation, dynamic upgrade of authentication, and security data contextualisation. These integrations aim to bolster the zero trust safety stance of customers, especially in securing remote users, cloud software, and hybrid IT settings amidst an increasingly uncertain risk climate.</p>
</div>

Zscaler and Okta partner to enhance zero trust security initiatives

AI-based solutions for evolving digital threats

Next-gen Cybersecurity

<div>
 <p>Zscaler, and Okta announced a partnership to introduce four new integrations aimed at strengthening zero trust transformation. Their joint aim is to minimize risk, improve user experience and facilitate cross-domain response through shared telemetry and threat intelligence. </p>
 <p>Some of the main features of these integrations include adaptive access policy enforcement, dynamic step-up authentication, and security data contextualization. The primary focus is to intensify the zero trust security of customers in an environment fraught with risk, especially regarding remote users, cloud applications, and hybrid IT environments.</p>
</div>

All Updates

Virta secures EUR 85 million in funding

Burcon unveils canola protein isolate for egg replacement

Bene Meat Technologies produces first cultivated burger at parity with premium beef

The Better Meat Co. expands to Asia with Singapore approval for Rhiza mycoprotein

Pony.ai files for US IPO

MineOS launches DSR management 2.0

LatticeFlow launches the first evaluation framework for EU AI Act compliance

Cognitive3D launches custom dashboards for XR analytics

Mindtech raises GBP 4.4 million in funding to develop AI vision technology

Zscaler and Okta partner to enhance zero trust security initiatives

Zscaler and Okta partner to enhance zero trust security initiatives

EV Economy

Virta secures EUR 85 million in funding

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