<div>
  <ul>
    <li>
      <p>
        According to Bloomberg, Magic Leap laid off ~75 employees, including its entire sales and marketing teams. This comes as part of a restructuring initiative aimed at pivoting toward licensing the optical technology that underlies its headset to third parties.
      </p>
    </li>
    <li>
      <p>
        Magic Leap aims to offer its patented optics technology, which can mitigate issues like image blurring and eye strain in mixed reality headsets, to firms like Meta and Google for use in compact XR devices.
      </p>
    </li>
    <li>
      <p>
        The company confirmed the job cuts, stating it would consolidate its frontline engagement with developer support and care teams. Laid-off employees are expected to receive two months of severance pay.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        The restructuring initiative comes despite Magic Leap&rsquo;s giga-funding round of USD 590 million from the Saudi Public Investment Fund (PIF) in 
        <a href="https://sp-edge.com/updates/25567">
          January 2024
        </a>
        . Meanwhile, licensing its tech to Google is further cemented by its official 
        <a href="https://sp-edge.com/updates/29875">
          partnership
        </a>
         announcement, with the company leveraging its expertise in optics and large-scale manufacturing capabilities.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://siliconangle.com/2024/07/19/magic-leap-reportedly-lays-off-sales-marketing-teams-amid-pivot-tech-licensing/">
      SiliconANGLE
    </a>
  </p>
  <p>
    <a href="https://www.pymnts.com/personnel/2024/magic-leap-cuts-75-jobs-shifts-focus-to-technology-licensing/">
      PYMNTS
    </a>
  </p>
  <p>
  </p>
</div>


Extended Reality

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 <p>Bloomberg reports that Magic Leap has let go around 75 of its employees, including its entire sales and marketing teams, as part of a restructuring plan. The restructuring intends to shift direction towards licensing its headset's optical technology to third parties.</p>
 <p>Magic Leap plans to offer its patented technology, which counters problems like image blurring and eye strain in mixed reality headsets, to companies such as Meta and Google for utilization in compact XR devices.</p>
 <p>The company has verified the layoffs, and plans to merge its frontline engagement with its developer support and care teams. Those who were laid off are expected to receive two months of severance pay.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The restructuring initiative comes despite Magic Leap’s giga-funding round of USD 590 million from the Saudi Public Investment Fund (PIF) in <a href="https:<br>
//sp-edge.com/updates/25567"> January 2024 </a> . Meanwhile, licensing its tech to Google is further cemented by its official <a href="https:<br>
//sp-edge.com/updates/29875"> partnership </a> announcement, with the company leveraging its expertise in optics and large-scale manufacturing capabilities.</p>

Magic Leap lays off 75 employees; shifts focus to tech licensing

Metaverse Platforms

INCUMBENTS_PRESENT

<div>
 <p>Meta has announced a new digital currency, Meta Credits, for its Horizon Worlds. Users can buy this currency on the Horizon Worlds platform through Meta Quest or the Meta Horizon mobile app, at the rate of 3 USD for 300 credits. The primary use of Meta Credits is to purchase virtual goods within Horizon Worlds, which is presently accessible in the US, UK, and Canada.</p>
 <p>The Meta Credits work as the basic currency on the Horizon Worlds platform and allow users to buy virtual goods. An important characteristic of this digital currency lies in its exclusive in-app buy feature. But, users cannot use Meta Credits to buy hardware or accessories, and they cannot transfer them between user accounts.&nbsp;</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Meta's launch of Meta Credits marks a strategic move to establish an economy within its metaverse, mirroring Epic Games' use of <a href="https:<br>
//www.coinsbee.com/en/gift-cards/games/fortnite/#:<br>
~:<br>
text=Fortnite%20V%2DBucks%20are%20the,%2C%20gliders%2C%20and%20Battle%20Passes."> digital currencies </a> in Fortnite for virtual transactions. These initiatives highlight the growing role of digital currencies in enhancing transactions and user experiences in immersive digital spaces.</p>

Meta introduces Meta Credits digital currency for Horizon Worlds

Foundation Models

<div>

 <p>Liquid AI, a company specializing in AI foundation model development, has unveiled STAR (Synthesis of Tailored Architectures), a novel framework that automates the generation and optimization of AI model architectures. The system utilizes "STAR genomes", a type of numerical encoding system, in conjunction with evolutionary algorithms to discover viable architectures for AI models. The framework draws from principles in dynamical systems, signal processing, and numerical linear algebra, incorporating modular features for the encoding and optimization of these architectures across varying hierarchical levels.</p>

 <p>The research team at Liquid AI has reported that models generated using the STAR framework achieved a significant 90% cache size reduction when compared to traditional Transformer models, without any sacrifices in performance. Optimizing for the quality and size of the model results in up to 13% reduction in parameter counts while bolstering performance on standard benchmarks.</p>

</div>

Liquid AI launches STAR framework for AI model architecture optimization

Providing AI-driven market intelligence and workflow automation to give firms an edge

Capital Markets Tech

<div>
 <p>Analytics platform 9fin, based in London, has secured a Series B funding of USD 50 million. The funding round was led by Highland Europe and saw participation from Spark Capital, Redalpine, Seedcamp, 500 Startups, and Ilavska Vuillermoz Capital.</p>
 <p>This funding will be invested in AI technology, enhancing the company's analytics team, and facilitating 9fin's expansion into the US market.</p>
 <p>Since its Series A+ round in 2022, 9fin has witnessed significant growth with a 400% increase in group-wide ARR. It has grown to have 240 employees and nearly 200 clients, which include asset managers collectively managing over USD 17 trillion.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> 9fin's funding news comes amid a challenging environment for go-to-market startups , which suggests strong confidence in its growth potential <b>. </b> Last month, <b> </b> digital asset trading infrastructure provider Wyden raised USD 16.9 million in <a href="https:<br>
//sp-edge.com/updates/36026"> Series B funding </a> to support growth in key markets. Market analytics platform Boosted.ai also raised USD 15 million in <a href="https:<br>
//sp-edge.com/updates/36534"> funding </a> last week to support platform development efforts.</p>

9fin raises USD 50 million in Series B funding to expand US operations

Automation to improve business efficiency

Workflow Automation Platforms

<div>
 
 <p>Shastic, an AI workflow automation platform for financial institutions, has teamed up with cloud-based financial software platform MeridianLink. This partnership allows integration of Shastic's automation solutions into MeridianLink's solution marketplace.</p>
 <p>Consequently, Shastic's platform becomes available to thousands of US-based banks and credit unions that utilize MeridianLink’s solutions. According to Shastic, the integration will enable these financial institutions to accelerate processing speed and capacity by up to 10x using existing resources and procedures.</p>
 
</div>

Shastic partners with MeridianLink to provide AI workflow automation for financial institutions

Artificial intelligence is identifying and testing new therapies faster than ever.

AI Drug Discovery

<div>
 
 <p>KisoJi Biotechnology, a Canadian antibody therapeutics developer, has secured CAD 41 million (USD 29.2 million) in equity funding. This funding includes the conversion of earlier convertible debentures. Investissement Quebec and Lumira Ventures spearheaded the round, with further investment from Fonds de Solidarité FTQ, adMare BioInnovations, and Remiges Ventures.</p>
 <p>The raised funds will be used to advance KisoJi Biotechnology's leading asset, KJ-103, into clinical trials aimed at treating solid tumors. The company will also utilize the funds to deploy its advanced antibody discovery platform to develop new multi-specific therapeutic antibody drugs for cardiometabolic disease, immunology, and inflammation.</p>
 <p>Specializing in antibody therapeutics discovery and development, KisoJi Biotechnology employs AI tools to discover therapeutic antibodies through its unique platform. This platform comprises KisoSeek, an innovative antibody paratope map that visualizes immune responses against targets, and KisoBody, a customizable antibody format. The company's lead candidate, KJ-103, is purported to be the first naked antibody targeting TROP2. It works by recruiting immune cells to eliminate tumor cells without the need for a cytotoxic payload.</p>
 
</div>

KisoJi Biotechnology raises CAD 41 million to develop oncology candidate

Distributed workforces require new solutions for office operations, HR, payment, and more.

Remote Work Infrastructure

<div>
 <p>US-based HR and payroll FinTech, Deel, has purchased Atlantic Money, a London-based money transfer startup. The goal of this acquisition is for Deel to enhance its payments infrastructure within Europe and to incorporate Atlantic Money's FinTech expertise into its comprehensive workforce management platform. This platform comprises services such as onboarding, compliance, performance management, global payroll, HRIS, and immigration support.</p>
 <p>Established in 2020, Atlantic Money runs a cross-border transfer app within the UK and Europe. The company provides live exchange rates and charges a flat, fixed fee of GBP 3 for transfers up to GBP 1,000,000.</p> 
</div> <p><b>Analyst QuickTake:<br>
 </b> This recent acquisition aligns with Deel’s strategy to enhance its product portfolio through acquisitions. In <a href="https:<br>
//sp-edge.com/updates/32536"> August 2024 </a> , Deel acquired Hofy to enhance global IT services and device management, and in <a href="https:<br>
//sp-edge.com/updates/27297"> March 2024, </a> it acquired PaySpace to strengthen its presence in Africa.</p>

Deel acquires UK money transfer startup Atlantic Money for undisclosed sum

Pushing the envelope in MedTech with emerging technologies

Next-gen Medical Devices

<div>
 <p>Acorai, a company that manufactures heart failure management devices, has successfully raised EUR 4.2 million (USD 4.4 million) in investment from the European Innovation Council (EIC) Fund, Taiwan Medical University, and private investors. This funding round comes after the company had an oversubscribed seed equity round earlier in January 2024, where it managed to raise USD 4.5 million.</p>
 <p>The recent funding will help Acorai to finalize clinical trials, obtain necessary regulatory approvals in the US and Europe, and prepare for a planned product launch in the market by the year 2026. For future equity financing in 2025, the company has set aside an additional EUR 6 million (USD 6.3 million) from the EIC Fund.</p>
</div>

Acorai raises EUR 4.2 million in funding to advance clinical studies

<div>
 <p>Bosch has introduced an advanced AR wearable solution called Light Drive, marking its re-entry into the AR market. The device aims to enhance the comfort of wearing smart glasses for extended periods.</p>
 <p>Providing an immersive visual experience with a bright, sharp display, key features of Light Drive include high lens transparency, the ability to support prescription lenses, camera-free eye tracking, and a lightweight structure of around 40 g. The content displayed on the device is only visible to the user, offering personalized privacy. The technology is versatile, designed for ease-of-use both indoors and outdoors, making it a useful tool for various tasks.&nbsp;</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> Bosch entered the AR market in <a href="https:<br>
//www.boschmediaservice.hu/en/press_release/bosch_smartglasses_eng-265.html"> 2020 </a> with its Light Drive smart glasses, which were showcased at CES for applications such as navigation, shopping, and cooking. This announcement marks Bosch's re-entry into the XR market, highlighting advances in Light Drive technology to improve the wearability and functionality of AR smart glasses for all-day use.</p>

Bosch announces Light Drive, an AR solution for all-day smart glasses

<div>
 <p>Vuzix, a manufacturer of Augmented Reality (AR) glasses, is strengthening its partnership with the US Department of Labor's Occupational Safety and Health Administration (OSHA). This collaboration will expand the use of its M400 smart glasses that are designed to improve workplace procedures.</p>
 <p>The objective of the partnership is to boost the operational efficiency of OSHA using the M400 AR smart glasses. These glasses will optimize communication, documentation, and response times throughout the organization's field and federal offices. Powered by the Android 13 operating system, the M400 glasses integrate Microsoft's Intune for increased security and improved device management.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Vuzix's expanded partnership with OSHA strengthens the company's enterprise position and highlights the impact of M400 AR smart glasses on workplace safety and efficiency. The collaboration reveals the broader potential of Vuzix's AR solutions across industries and positions the company for growth, especially with the earlier launch of its consumer-grade <a href="https:<br>
//sp-edge.com/updates/36385"> Z100 </a> smart glasses.</p>

Vuzix expands OSHA collaboration; launches upgraded M400 AR smart glasses

<div>
 <p>StrikerVR, a firm that supplies haptic peripherals for VR, is now accepting pre-orders for its latest product, the Mavrik. This VR haptic gun retails for USD 499 and is compatible with the Quest 3 and Quest 3S ecosystems.</p>
 <p>The Mavrik boasts features including potent, immersive recoil and haptic feedback. It also possesses a Picatinny accessory rail with a specialized Quest controller mount. This mount allows the headset to monitor the blaster in 6 degrees of freedom (6DOF), enhancing its immersive capabilities. However, full game support is currently unavailable as it necessitates developers adding support to their Quest 3 games manually.</p>
 <p>StrikerVR intends to acquire the 'Made for Meta' certification, further establishing the product’s compatibility with the Quest ecosystem. They also plan to launch an integrated tracking upgrade. At this point, information regarding the product's battery capacity and the type of haptic engine it uses is absent.</p>
 <p>StrikerVR is dedicated to developing VR gaming experiences that are as immersive as possible. Central to this is their focus on haptic feedback systems like the Mavrik haptic blaster. This device amplifies gameplay with physical sensations. StrikerVR also provides accessories, including versions intended for home use as well as for location-based entertainment (LBE). They also support developers in expanding the VR gaming experience's horizons.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> StrikerVR is developing VR accessories and plans to earn the Made for Meta certification, ensuring compatibility and high-quality standards for Meta’s VR and AR devices. The <a href="https:<br>
//www.meta.com/made-for-meta/?srsltid=AfmBOorqYw0DQSCVjd9KgSk9kcCgZ52I7GV1V7sTwDNs4B5KdYUFHYda"> Made for Meta </a> program partners with brands to create accessories that enhance Meta's products, offering users better experiences and more options. Certified products, like Anker's charging dock and Logitech's VR audio solutions, are designed for use with Meta devices, providing support and marketing visibility for partners.</p>

All Updates

Magic Leap lays off 75 employees; shifts focus to tech licensing

Meta introduces Meta Credits digital currency for Horizon Worlds

Liquid AI launches STAR framework for AI model architecture optimization

9fin raises USD 50 million in Series B funding to expand US operations

Shastic partners with MeridianLink to provide AI workflow automation for financial institutions

KisoJi Biotechnology raises CAD 41 million to develop oncology candidate

Deel acquires UK money transfer startup Atlantic Money for undisclosed sum

Acorai raises EUR 4.2 million in funding to advance clinical studies

Bosch announces Light Drive, an AR solution for all-day smart glasses

Vuzix expands OSHA collaboration; launches upgraded M400 AR smart glasses

StrikerVR launches pre-orders for consumer-facing Mavrik haptic VR gun

Extended Reality

Magic Leap lays off 75 employees; shifts focus to tech licensing

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