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        Miami-based cloud kitchen operator REEF Technology has announced plans to lay off 53 workers and close three New York-based facilities in September. The company plans to pivot away from ghost kitchens toward micro-fulfillment and technology services.
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        The layoffs affect 24 employees in the Bronx, eight office workers in Manhattan, and 21 staffers in Riverhead, Long Island. The company plans to retain the ownership of the facilities and rent them out to new owner-operators while providing support services, focusing on grocery delivery for companies like FreshDirect.
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  <p>
    <a href="https://nypost.com/2024/08/09/business/ghost-kitchen-company-once-valued-at-1b-pivots-to-grocery-delivery-as-food-prep-business-withers/">
      New York Post
    </a>
  </p>
  <p>
    <a href="https://www.bisnow.com/new-york/news/industrial/ghost-kitchen-reef-technology-closing-three-new-york-locations-125368">
      Bisnow
    </a>
  </p>
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Cloud Kitchens

<div>
 <p>REEF Technology, a cloud kitchen operator based in Miami, intends to shut down three of its facilities based in New York and lay off 53 workers in September as part of a shift from ghost kitchens to micro-fulfillment and technology services.</p>
 <p>Among the layoffs are 24 employees in the Bronx, eight office workers in Manhattan, and 21 staff in Riverhead, Long Island. Despite closing the facilities, REEF plans to retain ownership and lease them to new owner-operators, while offering support services. The company is now focusing on providing grocery delivery for businesses such as FreshDirect.</p>
 
</div>

Reef Technology to lay off 53 workers; closes ghost kitchens in New York

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 <p>A partnership, the Global AI Infrastructure Investment Partnership (GAIIP), has been formed between Microsoft, BlackRock, Global Infrastructure Partners, and MGX to fund investments in data centers and related infrastructure. </p>
 <p>The GAIIP aims to leverage USD 30 billion in private equity capital to finance new and expanded data centers, focusing mainly on the US and partner countries. The aim is to meet the increasing demand for computing power and develop new energy sources for these facilities.</p>
 <p>Supported by NVIDIA, the partnership addresses the rising energy demands of AI services and data centers. It plans to improve AI supply chains and energy sourcing for the data center industry, promoting sustainable growth and innovation in the AI technology field.</p>
</div>

Microsoft and BlackRock partner to launch USD 30 billion AI data center investment fund

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

<div>
 
 <p>Limitless Labs, a company that deals with a prediction market platform, successfully raised a total of USD 3 million during a pre-seed funding round. The said round was spearheaded by 1confirmation and also attracted participation from other parties which include Paper Ventures, Collider, and Public Works.</p>
 <p>The newly obtained funding will serve the purpose of advancing the development of its prediction market platform. This platform is constructed on Base, a blockchain network that falls under the category of layer-2 and was brought to life by Coinbase.</p>
 <p>Limitless Labs majorly concentrates on markets that expire quickly, with the main focus being put on stock and cryptocurrency prices which are considered at the closure of each trading day. Boasting over USD 200,000 daily transactions on its platform, the company doesn't fall short on user retention. As a testament to this, they claim that a good 38% of their users prolong their stay and return after the seventh day.</p>
 
</div>

Limitless Labs raises USD 3 million in pre-seed funding to develop prediction market

<div>

 <p>Google Cloud has launched the Blockchain RPC (Remote Procedure Call) service for Web3 developers globally. The service is currently in its preview phase and provides a free tier that accommodates up to 100 requests per second and 1 million requests per day.</p>
 <p>The service ensures enterprise-grade reliability by using Google Cloud's infrastructure for security and reliability. It is fully compliant with the Ethereum JSON-RPC standard and supports the Ethereum mainnet and testnets. The service has plans to include more chains in the coming year.</p>
 <p>Google Cloud highlights that its Blockchain RPC service is cost-effective, compatible with existing RPC providers, and scalable to manage increasing request volumes.</p>
  
</div>

Google Cloud launches Blockchain RPC service for Web3 developers

<div>
 <p>Kore.ai, a company offering AI platform technology has launched GALE (GenAI and LLM Platform for Enterprises). GALE aims to assist enterprises in the creation and implementation of advanced GenAI applications to improve productivity and stimulate innovation.</p>
 <p>GALE comes with a no-code toolset and interactive interface for swift development and release of AI applications. Some of its significant features include a Model Hub with 30+ AI models, AI Agents for task automation, and a Prompt Studio for creating prompts. Additionally, the platform includes ready-to-use templates and integrations for various enterprise applications. </p>
 <p>Kore.ai suggests that GALE can decrease development time by up to 50% and allows for quick prototyping. The platform is compatible with LLM models, cloud infrastructure, and applications, providing flexibility in AI deployment and addressing the challenges companies face in adopting GenAI. </p>
 <p><b>Analysts QuickTake: </b> GALE, Kore.ai's new product, is viewed as a significant expansion of its offerings. It facilitates the creation of AI agents via a no-code interface. GALE offers compliant nodes, model protections, and advanced debugging tools for enhanced control and usability. </p>
 
</div>

Kore.ai launches GALE platform for enterprise GenAI adoption

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

<div>
 <p>Kore.ai, an enterprise AI technology provider, has launched a new platform, GALE (GenAI and LLM Platform for Enterprises). GALE's intended role is to aid businesses in creating advanced GenAI applications, improving both productivity and innovation.</p>
 <p>The platform features a no-code toolkit and an intuitive visual interface, facilitating swift AI application development and deployment. It boasts a Model Hub with more than 30 AI models, AI Agents for task automation, as well as a Prompt Studio for creating prompts. It also provides pre-made templates and ready-made integrations for a range of enterprise-related uses.</p>
 <p>GALE, according to Kore.ai, can cut down development time by as much as 50% and fast-track prototyping. It's designed to be versatile with regards to a variety of components, including LLM models, cloud infrastructure, and applications. This versatility fosters easier AI deployment and tackles the obstacles organizations encounter when trying to adopt GenAI.</p>
 <p><b>Analysts QuickTake: </b> The introduction of GALE signifies a major addition to Kore.ai's products. It provides a user-friendly method to create AI agents via a no-code interface. Furthermore, GALE offers flexible nodes, model safeguards, and sophisticated debugging tools for improved control and ease of use.&nbsp;</p>
</div>

Next-gen packaging solutions for enhanced product tracking, inspection solutions and freshness monitoring

Smart Packaging Tech

<div>
 <p>Flexible packaging and material science company, ProAmpac, has launched an upgraded version of its online pouch configurator, MAKR by DASL. The tool is powered by a 3D source configuration platform and uses unreal engine technology to enhance the user interface and graphic development process.</p>
 <p>Customers can use MAKR by DASL to create custom digital flexible packaging prototypes. Available options include pouch, bag, or food-to-go formats with customizable dimensions, features, and graphics. Users can expect a physical prototype of their design within two weeks.</p>
 <p>ProAmpac states that MAKR by DASL is a ground-breaking solution that makes virtual prototyping easier and quicker. It eliminates the need for complex software or external resources in online packaging design. The tool is an industry-first, user-friendly online design tool for flexible packaging, capable of significantly reducing product launch timelines.</p>
 
</div>

ProAmpac launches enhanced online pouch configurator MAKR by DASL for custom flexible packaging prototypes

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

<div>
 <p>Summa Equity, a Sweden-based investment firm, has purchased majority ownership in Bollegraaf Group, a Dutch company supplying machinery for waste recycling. The acquisition, totalling EUR 800 million, is awaiting regulatory approval and set to finalize in October 2024.</p>
 <p>Bollegraaf Group, which primarily targets plastics for waste recycling, revealed in June 2024 its project of a large low-density polyethylene sorting plant for Broeckx, a Dutch plastics recycler. The plant is projected to have a processing capacity of 13.5 tonnes per hour.</p>
 <p>The collaboration with Summa is hoped to expedite investments in innovation, cutting-edge technology, and tactical acquisitions to streamline their client's solutions. In July of 2024, Summa procured Finland's Fortum Recycling and Waste for a similar sum of EUR 800 million.</p>
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Majority stake in Bollegraaf Group acquired by Summa Equity for EUR 800 million

Technology to explore opportunities beyond Earth

Space Travel and Exploration Tech

ANALYST_QUICK_TAKE

<div>
 <p>Intuitive Machines, a space exploration firm, has been granted a Near Space Network (NSN) contract by NASA for communication and navigation services in near-space. The contract, worth up to USD 4.82 billion, is for services ranging from Geostationary Orbit to Cislunar Relay. It spans a base period of five years starting October 1, 2024, but can be extended for an additional five years. The company intends to use the contract to launch lunar relay satellites and supply services to facilitate NASA's Artemis campaign, which aims to establish a long-term lunar presence.</p>
 <p>The company will reveal its lunar satellite constellation under this contract, a key part of its plan to monetize lunar activities. The goal of the constellation is to boost data transmission services and back autonomous lunar operations.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This is the second NASA contract Intuitive Machine has secured in 2024, with the first contract awarded in <a href="https:<br>
//sp-edge.com/updates/33116"> August 2024 </a> . The first contract, part of NASA's Commercial Lunar Payload Services (CLPS) initiative, was valued at USD 116.9 million and aimed to transport six science instruments to the Moon's South Pole in 2027.</p>

NASA awards Intuitive Machines contract for near-space network services

Helping employers provide personalized, high-touch, and holistic financial wellness tools to their entire workforce.

Financial Wellness Tools

<div>
 
 <p>FinFit, a platform specializing in financial coaching and debt management, has initiated a collaboration with Sunny Day Fund, a financial assistance platform. The objective of this partnership revolves around offering workers emergency saving accounts through the SafetyNet platform by FinFit.</p>
 <p>This partnership is specifically targeted at aiding American workers in establishing short-term liquidity as well as long-term savings. Beginning in the fall of 2024, enterprise clients of FinFit will have the option to incorporate the Emergency Savings product by Sunny Day Fund into their current providership with FinFit. The emergency savings accounts, which accrue interest, will be based at Portage Bank and enable workers to establish multiple savings targets.</p>
 <p>The SafetyNet platform of FinFit is a seamless integration of emergency savings, emergency credit, and debt consolidation loans, all tailored towards promoting the financial health of employees. It is anticipated that this collaboration will assist workers in transitioning from debt to savings while also better equipping them to manage unforeseen expenses.</p>
 
</div>

FinFit partners with Sunny Day Fund to offer emergency savings accounts

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

Logistics Tech

<div>
 <p>Third-party logistics company KSP Fulfillment teamed up with Locus Robotics and system integrator Peak Technologies to use autonomous mobile robots (AMRs) in KSP's Minnesota warehouse. A total of 60 Locus AMRs were installed in KSP's Brooklyn Park facility and started to operate in August 2024. The aim is for the robots to work with the human staff to improve picking and restocking processes. KSP also aims to add an extra 50 seasonal LocusBots during the fall peak season to cater to increased demand. Locus Robotics recently achieved a milestone of 3 billion picks across its worldwide customer base. </p>
</div>

All Updates

Reef Technology to lay off 53 workers; closes ghost kitchens in New York

Microsoft and BlackRock partner to launch USD 30 billion AI data center investment fund

Limitless Labs raises USD 3 million in pre-seed funding to develop prediction market

Google Cloud launches Blockchain RPC service for Web3 developers

Kore.ai launches GALE platform for enterprise GenAI adoption

Kore.ai launches GALE platform for enterprise GenAI adoption

ProAmpac launches enhanced online pouch configurator MAKR by DASL for custom flexible packaging prototypes

Majority stake in Bollegraaf Group acquired by Summa Equity for EUR 800 million

NASA awards Intuitive Machines contract for near-space network services

FinFit partners with Sunny Day Fund to offer emergency savings accounts

KSP partners with Peak Technologies and Locus Robotics for warehouse automation

Cloud Kitchens

Reef Technology to lay off 53 workers; closes ghost kitchens in New York

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