<div>
  <ul>
    <li>
      <p>
        Northvolt, a Swedish EV battery and energy storage manufacturer, has announced that its subsidiary, Northvolt Ett Expansion, has filed for bankruptcy. The subsidiary was responsible for the expansion of Northvolt's factory in Skelleftea, northern Sweden.
      </p>
    </li>
    <li>
      <p>
        The bankruptcy filing follows the suspension of the Ett expansion project 
        <a href="https://sp-edge.com/updates/33909">
          last month
        </a>
        , as part of Northvolt restructuring of its operations in Sweden. The company also announced the elimination of 1,600 jobs out of 6,500 worldwide, accounting for nearly 20% of its global workforce.
      </p>
    </li>
    <li>
      <p>
        Northvolt is refocusing its activities on battery cell production and abandoning other segments such as cathode manufacturing and recycling. The company aims to stabilize its financial situation and focus on its core business.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://energynews.pro/en/northvolt-files-for-bankruptcy-of-its-subsidiary-dedicated-to-expanding-its-swedish-factory/">
      energynews
    </a>
  </p>
  <p>
    <a href="https://www.fxleaders.com/news/2024/10/08/northvolt-subsidiary-files-for-bankruptcy-after-project-suspended/">
      FX Leaders
    </a>
  </p>
</div>


Alternative Energy

<div>
 <p>Swedish EV battery and energy storage manufacturer, Northvolt, has revealed that its subsidiary, Northvolt Ett Expansion, has declared bankruptcy. The subsidiary was tasked with the expansion of Northvolt's factory in Skelleftea, northern Sweden.</p>
 <p>The bankruptcy filing comes after the suspension of the Ett expansion project <a href="https://sp-edge.com/updates/33909"> last month </a> during Northvolt's restructuring of its Swedish operations. Subsequently, the company also announced the cut of 1,600 jobs from its global workforce of 6,500, which equates to a 20% reduction.</p>
 <p>In a bid to stabilize its financial standing and concentrate on its main business, Northvolt is diverting its attention towards battery cell production, away from other areas like cathode manufacturing and recycling.</p>
 
</div>

Northvolt subsidiary files for bankruptcy after expansion suspended

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

<div>
 
 <p>Blockchain infrastructure provider, Consensys, is reducing its workforce by 20% due to economic and regulatory challenges, including a legal battle with the SEC over allegations of unregistered brokering and illegal securities offerings. The job cuts will affect 163 employees from all departments who will receive severance packages, extended stock options and continued healthcare benefits.</p>
 <p>Going forward, Consensys will focus primarily on its core products like MetaMask, Ethereum's layer-2 network Linea and, according to CEO Joe Lubin, will be transitioning to a decentralized "Network State" operational model. The strategy aims to make the company more agile and AI-driven in order to maintain competitive advantage.</p>  
 
</div>

Consensys conducts layoffs citing regulatory battles and market pressure

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

<div>
 
 <p>Blockchain infrastructure and developer tools provider, Consensys, declared a 20% cut in its workforce due to macroeconomic conditions, regulatory ambiguity, and ongoing legal issues with the Security and Exchange Commission (SEC). The SEC has accused Consensys of functioning as an unlicensed broker via its MetaMask services and being involved in illicit securities offerings through staking features.</p>
 <p>This reduction affects 163 employees across all areas. The impacted personnel will be getting severance packages, prolonged stock option periods, and continued healthcare benefits in related jurisdictions.</p>
 <p>Consensys aims to narrow its concentration on central products like MetaMask and the Ethereum layer-2 network, Linea. Moreover, CEO Joe Lubin revealed that the firm would adopt a decentralized "Network State" model which operates as a self-sovereign collective. This shift aims to make the company more agile and AI-efficient to maintain competitiveness.</p>
 
</div>

InsurTech: Infrastructure

<div>
 
 <p>HOMEE, a property insurance repair management platform that uses AI, recently secured $12 million in Series C funding. The funding round was led by W.R. Berkley Corporation and saw participation from entities like The Institutes, Sure Inc., and existing investors such as State Farm, Liberty Mutual, The Hartford, and Desjardins. The total funds raised by HOMEE so far cross the $75 million mark.</p>
 
 <p>The newly acquired funds will be used to further enhance the company's AI Smart-Claim management platform. The goal of this platform is to directly connect carriers to its carefully selected direct repair network across the United States.</p>
 
 <p>For the fifth consecutive quarter in Q3 2024, HOMEE reported growth. The company saw a revenue increase of 15% and a rise in claim assignments by 14%. Its repair coverage has expanded to cover over 7 million homes across 38 states, which marks a 300% increase. Since Q1 2024, there has also been a 250% growth in claims assigned.</p>

</div>

HOMEE raises USD 12 million in Series C funding to develop smart claims management platform

Giving creators the power of content monetization and audience engagement.

Creator Economy

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 <p>Snap has launched a simplified version of the Snapchat app. This restructured platform classifies into three main segments: communication with friends, usage of the camera, and content viewing. The revamped app is currently in its initial test phase with around 10 million users.</p>
 <p>The main aim of this simplified Snapchat is to boost user engagement and assist creators in discovering content. Preliminary results indicate an increase in content interaction, especially on Android devices.</p>
 <p>A new addition to the platform includes AI features such as AI-generated collages via Snapchat Memories, and enhanced machine-learning models responsible for superior content ranking and personalization.</p>
 <p>In addition, Snap unveiled two novel ad placements named Sponsored Snaps and Promoted Places.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This recent development builds on the partnership formed with Google in <a href="https:<br>
//sp-edge.com/updates/33942"> September 2024 </a> to integrate Gemini AI into its My AI chatbot. The company seems to be focusing on integrating AI into its platform to enhance user experience.</p>

Snap launches simplified version of Snapchat to drive user engagement; adds new AI features

Using AI to automate, enhance and optimize marketing activities

Marketing Automation

<div>
 <p>Bloomreach, an ecommerce personalization platform, has formed a partnership with Planet, a provider of integrated payments and software platforms for retailers. The aim of this partnership is to improve personalized shopping experiences.</p>
 <p>By integrating Planet's unified commerce and order management systems with Bloomreach's AI-facilitated personalization abilities, the partnership plans to create connections for simplified unified customer and product data management. This strategy is expected to customize shopping experiences further and boost customer experiences across a broad spectrum of online and in-store channels.</p>
</div>

Bloomreach partners with Planet to offer unified commerce personalization solution

<div>
 <p>Criteo, a commerce media company, teamed up with OMS providers ADvendio, Boostr, Placements.io, Vantage, and Salesforce Media Cloud to enhance retail media network management. The integration allows retailers to control their media networks through their chosen OMS platform or Salesforce Media Cloud while having access to Criteo's Commerce Yield platform. </p>
 <p>This partnership helps retailers streamline operations, automate processes, and have better control over their media networks while connecting with Criteo's network of 2,900 global brands. The goal of this collaboration is to provide customization and flexibility to retailers in developing their media networks. It enables them to create unified omnichannel self-service front-ends linked to Criteo's services and eliminate multiple platform logins. </p>
</div> <p><b>Analyst QuickTake:<br>
 </b> This partnership aligns with Criteo’s approach of entering into strategic partnerships to enhance their product. In <a href="https:<br>
//sp-edge.com/updates/31511"> July 2024 </a> , Criteo partnered with Microsoft to bring Microsoft's demand to Criteo's network of retailers.</p>

Criteo partners with OMS providers and Salesforce to enhance retail media network solutions

Platforms, apps, and cards to keep the corporate wallet in check

Business Expense Management

<div>
 <p>Basware, an accounts payable automation and invoice processing company, has announced its new product, Basware Insights. This analytics platform, powered by GenAI, is equipped with a unique feature called the "CFO Cockpit" designed for finance teams to effectively analyze and manage accounts payable (AP) processes.</p>
 <p>Beyond the CFO Cockpit, Basware Insights also boasts of natural language processing capabilities which enables users to ask queries and obtain customised insights. The platform also features AI-driven insights shown on customizable dashboards, data-driven benchmarking catered to industry-specific insights, along with specialised reporting capabilities. Among the key metrics monitored by the CFO Cockpit are touchless invoice rates and retrospective purchase orders (POs).</p>
 <p>The company assures their new platform can aid customers to achieve a full cycle of touchless invoicing and can also address the reporting challenges typically encountered by finance leaders.</p> 
</div> <p><b>Analyst QuickTake:<br>
 </b> This product development aligns with recent trends in the business expense management industry, particularly in introducing GenAI-integrated products. In <a href="https:<br>
//sp-edge.com/updates/34077"> September 2024 </a> , Airbase launched its AI-powered Touchless AP for accounts payable automation, while Stampli <a href="https:<br>
//sp-edge.com/updates/33866"> enhanced </a> its AP automation platform with advanced AI features.</p>

Basware launches Insights platform with GenAI capabilities to enhance touchless invoicing

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

Remote Work Infrastructure

<div>
 <p>HiBob, a provider of a human resource management platform, has introduced Bob Learning, a new module within their platform Bob that is aimed at learning and development. This module can be combined with external course providers such as Udemy, LinkedIn Learning, and Go1.</p>
 <p>The unique offering of Bob Learning is its ability to combine both in-house and external courses along with its AI-powered course creating ability. It offers personalized learning paths, supports multiple media formats, provides central progress tracking, and can be seamlessly combined with other modules in the Bob HR platform. This facilitates optimum use of existing employee data for their development goals.</p>
 <p>According to HiBob, this centrally managed learning solution is designed to enhance the capabilities of the workforce, increase employee satisfaction and retention, aid in succession planning, and contribute to creating a culture focused on high performance and learning.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> The newly launched "Bob Learning" module aims to enhance employee skill-building through a streamlined, accessible learning system. This addition could strengthen HiBob’s platform by centralizing L&amp;D efforts, likely boosting engagement and supporting long-term workforce development initiatives.</p>

HiBob launches learning and development module Bob Learning to enhance workforce capability

<div>
 <p>Fingercheck, an HR software firm, has secured USD 115 million in growth funding. The round was lead by Edison Partners and saw contributions from StepStone Group and Columbus Capital.</p>
 <p>This investment will be used to support Fingercheck's market expansion and solidify its competitive stance in the industry. Concurrently, Dan Kazan has been appointed as the new CEO of the company.</p>
 <p>Headquartered in New York, Fingercheck provides payroll and human resource software solutions to small businesses. Their platform includes a wide set of management tools, incorporating aspects of job posting, employee onboarding, payroll processing, scheduling, and shift management.</p>
 
</div>

Fingercheck raises USD 115 million in growth funding to support expansion

Travel Tech

<div>
 <p>Blacklane, a premium chauffeur service provider, raised USD 65 million in a Series G funding round. The round was led by TASARU Mobility Investments and saw contributions from existing investors including Mercedes-Benz Mobility, Gargash Enterprises, Al Fahim Group, Alstin Family, and RI Digital Ventures.</p>
 <p>The funding aims to broaden Blacklane's operations in its major US market, bolster its presence in the Middle East, and maintain its business activities in Europe.</p>
 <p>Operating in over 50 countries, Blacklane provides services such as airport transfers, city-to-city connections, and in-city mobility solutions in cities like Dubai, Miami, and London.</p>
</div>

All Updates

Northvolt subsidiary files for bankruptcy after expansion suspended

Consensys conducts layoffs citing regulatory battles and market pressure

Consensys conducts layoffs citing regulatory battles and market pressure

HOMEE raises USD 12 million in Series C funding to develop smart claims management platform

Snap launches simplified version of Snapchat to drive user engagement; adds new AI features

Bloomreach partners with Planet to offer unified commerce personalization solution

Criteo partners with OMS providers and Salesforce to enhance retail media network solutions

Basware launches Insights platform with GenAI capabilities to enhance touchless invoicing

HiBob launches learning and development module Bob Learning to enhance workforce capability

Fingercheck raises USD 115 million in growth funding to support expansion

Blacklane raises USD 65 million in Series G funding to expand operations

Alternative Energy

Northvolt subsidiary files for bankruptcy after expansion suspended

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