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      <p>
        Relay, a digital bank for SMEs, has secured USD 32.2 million in a Series B funding round led by Bain Capital Ventures. BTV, Garage, Tapestry, and Industry Ventures participated in the round. The company's total funds raised now stand at USD 51.6 million.
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        Relay will use the fresh funds to enhance its product development, focusing on areas such as spend management, smart credit products, and a financial API marketplace.
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        This funding round comes after substantial growth for Relay, which saw its revenues triple in 2022 and increase nearly 6x in 2023.
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  <p>
    <a href="https://www.prnewswire.com/news-releases/relay-raises-us32-2-million-series-b-to-solve-the-1-challenge-facing-small-businesses-302157708.html">
      Press release
    </a>
  </p>
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Neobanks

<div>
 
 <p>Digital bank for SMEs, Relay, has secured USD 32.2 million in a Series B funding round. This round was led by Bain Capital Ventures and included participation from BTV, Garage, Tapestry, and Industry Ventures. The company's total funds raised now amount to USD 51.6 million.</p>
 <p>Relay intends to use the new funds to improve its product development. The primary focus will be on areas such as spend management, smart credit products, and developing a financial API marketplace.</p>
 <p>Relay has experienced significant growth, which led to this funding round. The company saw its revenues triple in 2022 and increase almost sixfold in 2023.</p>
 
</div>

Relay raises USD 32.2 million in Series B funding for product development

AI-based solutions for evolving digital threats

Next-gen Cybersecurity

INCUMBENTS_PRESENT

<div>
 <p>Boston-based MSP platform provider, N-able, has procured Adlumin, a security operations business based in Washington D.C., in a deal worth up to $266 million. This includes $100 million in cash upon closing, 1.57 million shares of N-able stock, $120 million in payments spread over two years, and up to $30 million depending on performance metrics.</p>
 <p>N-able plans to unify IT management, data protection, and security following the acquisition. This move is predicted to immediately boost annual recurring revenue growth, with significant cash flow contributions by late 2025. Additionally, the deal enables N-able to penetrate the $163 million cybersecurity services sector.</p>
 <p>Established in 2016, Adlumin, with its annual recurring revenue of $22 million and a 60% yearly growth rate, offers cloud-native XDR and MDR solutions. The company's services include threat detection, threat intelligence, ransomware prevention, and compliance automation across endpoints, SaaS applications, and networks.</p>
 
</div>

N-able acquires Adlumin for USD 266 million to strengthen cybersecurity offerings

The latest line of defense against rising cyber attacks

Cyber Insurance

<div>
 <p>Bitsight, a company specialized in cyber risk exposure data, has purchased Cybersixgill, a cyber threat intelligence vendor based in Tel Aviv, for a sum of USD 115 million. The aim of this acquisition is to offer customers more in-depth insights about vulnerabilities and threats present in the cyber world.</p>
 <p>Bitsight is planning to merge Cybersixgill's automated threat intelligence platform with its own cyber-risk exposure data in order to form a more comprehensive solution. The newly formed platform would allow organizations to keep a close eye on the activities in dark web forums and to consolidate their cybersecurity tools. This further helps in reducing the number of vendors for CISOs.</p>
 <p>Cybersixgill, established in the year 2014, is a threat intelligence platform that utilizes advanced automation and AI-driven features to collect data on a large scale, eliminating the need for human intervention. The company has managed to raise an outside funding of USD 56 million. Sharon Wagner, the ex-CEO of Cloudyn, is the current leader of the company.</p>
</div>

Bitsight acquires Cybersixgill for USD 115 million to enhance threat intelligence capabilities

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

ANALYST_QUICK_TAKE

<div>
 <p>Snowflake, a company specializing in cloud-based data and AI infrastructure, has agreed to acquire Datavolo, a provider of multimodal data pipelines for AI, for an undisclosed sum.</p>
 <p>Datavolo uses Apache NiFi, an open-source project initiated by the NSA, to develop a platform that streamlines data flows between enterprise data sources. Datavolo's technology is designed to process, extract, clean, transform, and enrich data for GenAI applications.</p>
 <p>In the wake of the acquisition, Snowflake intends to integrate Datavolo into its own platform, thereby enhancing its data engineering capacities. This will allow customers to swap out complex, direct connectors for more flexible and reusable pipelines. Snowflake also plans to continue maintaining the Apache NiFi project, while also aiming to expand its presence in the public sector.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This strategic acquisition aligns with Snowflake's focus on the public sector and follows its previous acquisition of <a href="https:<br>
//sp-edge.com/updates/33819"> Night Shift Development </a> in September 2024. This move aimed to enhance decision-making for government agencies by establishing a dedicated entity for the US public sector, enabling new methods of collaboration with public organizations.</p>

Snowflake acquires Datavolo to enhance data integration capabilities for undisclosed sum

Data Infrastructure & Analytics

<div>
 <p>Snowflake, a company specializing in cloud-based data and AI infrastructure, has announced its intentions to acquire Datavolo, a firm that provides robust data pipelines for AI applications. The financial details of the agreement remain undisclosed.</p>
 <p>Datavolo makes use of Apache NiFi, an open-source project originally developed by the NSA, to design a platform that automates the movement of data between various enterprise data sources. Their technology handles processing, extraction, cleansing, transformation, and enrichment of data for GenAI applications.</p>
 <p>Post-acquisition, Snowflake intends to absorb Datavolo into its platform in a move to bolster its data engineering capabilities. This merger will enable Snowflake's customers to substitute complicated point-to-point connectors with versatile, reusable pipelines. Furthermore, Snowflake plans to continue the upkeep of the Apache NiFi project and looks forward to expediting its growth in the public sector.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This strategic acquisition aligns with Snowflake's focus on the public sector and follows its previous acquisition of <a href="https:<br>
//sp-edge.com/updates/33819"> Night Shift Development </a> in September 2024. This move aimed to enhance decision-making for government agencies by establishing a dedicated entity for the US public sector, enabling new methods of collaboration with public organizations.</p>

Foundation Models

PROMINENT_CATEGORY

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<p>Microsoft has launched Copilot Actions, a fresh AI feature for the Microsoft 365 Copilot. This feature allows corporate consumers to establish automated workflows for regular office duties.</p>

<p>With Copilot Actions, users can develop personalized digital workers to manage everyday tasks, such as summarizing meetings and composing team newsletters. Incorporating GenAI into the regular workflows of Microsoft 365 users, this feature makes workflow automation more user-friendly and intuitive.</p>

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Microsoft launches Copilot Actions for workplace automation

Sustainably solving the food shortages of the future

Smart Farming

<div>
 
 <p>Almanac, an agricultural technology company, has purchased the assets and intellectual property of Gro Intelligence. Gro Intelligence uses an AI-based platform that leverages satellite imagery to offer insights into the effects of weather and climate on crops. The financial details of the deal were not disclosed.</p>
 <p>The platform of Gro Intelligence compiles both public and proprietary data from a range of sources like satellite images, data from the government, trade organizations, and weather reports. These combined data provide valuable insights on climate, food production, and crop yields.</p>
 <p>With the acquisition of Gro Intelligence, Almanac intends to enhance its AI capabilities and also expand its operation into new areas in the food and agriculture value chain. Some of these areas include agricultural insurance, lending, trading, and procurement of Consumer Packaged Goods. The integration of Gro Intelligence's AI-fueled platform is anticipated to bolster Almanac's ability to offer actionable insights throughout the worldwide agricultural sector.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> In October 2024, Almanac partnered with WiseConn to combine WiseConn's DropControl system with Almanac's AI-powered farm data analytics and Digital Field Services.</p>

Almanac acquires Gro Intelligence's IP assets for undisclosed sum

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

<div>
 
 <p>Aduro Clean Technologies, a Canadian firm that develops recycling technology using water and chemicals, announced a partnership with Zeton, also a Canadian company specializing in pilot plant design and manufacturing, for constructing a Hydrochemolytic Technology (HCT) pilot plant. </p>
 <p>As reported by the partners, the HCT pilot plant capable of 10 kg/hour will be constructed at Aduro's facility located in London, Ontario. Design completion is expected by 2024, with commissioning planned for the third quarter of 2025. The plant aims to showcase the possibility of scaling up Aduro's technology that converts waste plastics into valuable chemicals. This in turn would allow processing various feedstocks for an array of customer applications. </p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> In <a href="https:<br>
//sp-edge.com/updates/32576"> August 2024 </a> , Aduro partnered with TotalEnergies to examine a recycling technology for hard-to-recycle plastic waste, aiming to control waste and enhance the process design and operational conditions of Aduro's HCT.</p>

Aduro Clean Technologies partners with Zeton to build hydrochemolytic pilot plant

Bringing fresh produce closer to consumers with efficient, advanced technology.

Vertical Farming

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 <p>Vertical farming company, Oishii, which specializes in Japanese omakase strawberries, has raised an additional USD 16 million, concluding its Series B round at a total of USD 150 million. The funding round saw contributions from new investors Resilience Reserve and Miyako Capital, as well as continued support from existing backers such as NTT, Bloom8, McWin Capital Partners, Mizuho Bank, JICN, and Yaskawa Electric Corporation.</p>
 <p>According to the company, the raised funds will be utilized for its inaugural international expansion. This includes plans to inaugurate an Open Innovation Center within the Tokyo metro area, predominantly aimed at further technological advancements in the vertical farming sector.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This latest round of funding follows securing a USD 15 million loan from the United States Department of Agriculture (USDA) in <a href="https:<br>
//sp-edge.com/updates/29034"> May 2024 </a> to transform a vacant building in Phillipsburg into an energy-conserving production facility housing a high-tech indoor vertical farming operation. Further, in <a href="https:<br>
//sp-edge.com/updates/27033"> February 2024 </a> , Oishii raised USD 134 million in Series B funding to open a solar-powered facility, expand distribution to new markets, and invest in advanced robotics and energy-saving innovations.</p>

Oishii raises USD 16 million in Series B funding from Resilience Reserve

<div>
 
 <p>UK-based hydroponic vertical farm, GrowUp Farms, has appointed Mike Hedges as its new CEO. His role will involve driving the company's growth plans in the future.</p>
 <p>Hedges comes to GrowUp Farms with 20 years of experience from the food and beverage industry and has worked with brands like Proper, Tyrrells, Twinings, Bulmers, and was recently the CEO of Little Moons.</p>
 
</div>

GrowUp Farms appoints Mike Hedges as CEO

Modern tools to train and motivate staff, and bridge emerging skill gaps.

EdTech: Corporate Learning

<div>
 <p>Rise Up, a company that offers adaptive learning solutions, has acquired Yunoo, an ecommerce application developed for learning management systems. Yunoo's application helps training providers generate income from their content, by offering integrated tools for sales, customer management, and learner tracking. The platform also allows organizations to establish branded stores, capitalize on training content, and manage customer experiences.</p>
 <p>This acquisition aims to assist Rise Up in changing training from being an expense to a source of revenue. The integration means that Yunoo's features will only be accessible via Rise Up to new customers, while existing Yunoo users will continue to be able to use their current learning management system platform.</p>
</div>

All Updates

Relay raises USD 32.2 million in Series B funding for product development

N-able acquires Adlumin for USD 266 million to strengthen cybersecurity offerings

Bitsight acquires Cybersixgill for USD 115 million to enhance threat intelligence capabilities

Snowflake acquires Datavolo to enhance data integration capabilities for undisclosed sum

Snowflake acquires Datavolo to enhance data integration capabilities for undisclosed sum

Microsoft launches Copilot Actions for workplace automation

Almanac acquires Gro Intelligence's IP assets for undisclosed sum

Aduro Clean Technologies partners with Zeton to build hydrochemolytic pilot plant

Oishii raises USD 16 million in Series B funding from Resilience Reserve

GrowUp Farms appoints Mike Hedges as CEO

Rise Up acquires Yunoo and expands LMS monetization capabilities

Neobanks

Relay raises USD 32.2 million in Series B funding for product development

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