<div>
  <ul>
    <li>
      <p>
        Justworks, an online payroll, benefits, HR, and compliance platform, has released an updated IPO filing to list 7 million Class A shares on the Nasdaq to raise between USD 196&ndash;224 million (USD 29&ndash;32 per share), at a valuation of up to USD 2 billion. To date, Justworks has raised USD 143 million in total funding.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The company expects to net USD 196.1 million based on an average price per share of USD 30.50 or USD 225.1 million, assuming options given to underwriters are exercised in full. Net proceeds will be used for general corporate purposes, including working capital, operating expenses, and capital expenditures, and may also be used to acquire businesses, products, and technologies.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The IPO filing revealed Justworks revenue for the full year ended May 31, 2021, increased 32% to USD 982.7 million compared to USD 742.4 million in the previous year. Net income for the year improved to USD 10.9 million in the same period compared to a net loss of USD 20.3 million in the previous year.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.sec.gov/Archives/edgar/data/0001623414/000162828022000133/justworkss-1a1.htm#ia0b815274906486eb9d374e57fdaad84_31">
      S-1 filing
    </a>
  </p>
  <p>
    <a href="https://www.marketwatch.com/story/justworks-sets-ipo-terms-looks-to-raise-up-to-224-million-and-be-valued-at-up-to-2-billion-2022-01-04">
      MarketWatch
    </a>
  </p>
  <p>
    <a href="https://www.reuters.com/markets/us/hr-software-startup-justworks-seeks-2-bln-valuation-us-ipo-2022-01-04/">
      Reuters
    </a>
  </p>
</div>


Remote Work Infrastructure

Justworks targets USD 2 billion valuation in upcoming Nasdaq listing

Making banking work, without the paperwork

Neobanks

PROMINENT_CATEGORY

<div>
 
 <p>Neobank Mercury has introduced a new product called Mercury Personal, indicating its entry into consumer banking. This product comes with a yearly subscription fee of USD 240 and includes an array of features. The features include a FDIC-insured high-yield savings account, complimentary domestic wire and ACH transfers, as well as customizable debit cards.</p>
 <p>Mercury Personal also provides functionalities for customers to set up automatic transfer rules between accounts, allows additional user access, and offers options to issue multiple debit cards with custom spend limits. Though not immediately available, prospective customers can reserve their spot on a waitlist. General availability for customers based in the US is anticipated later in the year.</p>
 
</div>

Mercury launches Mercury Personal to venture into consumer banking

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

<div>
 <p>Zeko Labs, a US-based blockchain development firm specializing in zero-knowledge proofs, has secured USD 3 million in a pre-seed funding round. The round was led by UOB Venture Management, Signum Capital, and YBB Capital, with contributions from Autonomy Capital and Cogitent Ventures among others. </p>
 <p>The new injection of funds will facilitate the expansion of Zeko's team and speed up the company's product development. In addition, Zeko plans to widen their developer community and forge strategic partnerships within both the blockchain and conventional software sectors.</p>
 <p>Zeko Labs delivers decentralized software and financial solutions driven by zero-knowledge technology. The company aims to revolutionize diverse global sectors, including finance and AI.</p>
</div>

Zeko Labs raises USD 3 million in pre-seed funding for recruitment and product development

<div>

<p>Sui, a layer-1 blockchain developed by Mysten Labs and the Sui Foundation, are partnering with BytePlus—an affiliate of TikTok's parent company—to investigate AI and Web3 gaming projects on Sui's blockchain. The partnership will involve BytePlus and Mysten Labs working together to find ways to enhance Sui community development, hackathons, and educational initiatives. Furthermore, this collaboration enables developers on Sui to use a range of new services provided by BytePlus. These include a content distribution network, personalisation solutions, and user engagement tools that utilise AR technology and data analysis, enabling them to build better and more efficient dApps.</p>

</div>

Sui and BytePlus partner to explore AI and Web3 gaming opportunities

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

<div>
 
 <p>Storegga Geotechnologies, a UK firm offering carbon capture and storage (CCS) solutions, has announced that Tim Stedman will be its new CEO, starting from May 1, 2024.</p>
 <p>Nick Cooper, current CEO, will transition into an executive chair role. Alan Booth, the previous executive chair, will continue as a non-executive director on the board.&nbsp;</p>
 <p>Prior to this appointment, Stedman served as CEO for Agilyx Corporation, a prominent company in recycling technologies promoting a circular economy. He has also held significant roles at Trinseo, formulating the company's M&amp;A strategy and managing its plastic and feedstock ventures, as well as its global supply chain. Stedman has over 20 years of experience in various leadership roles at ExxonMobil.</p>
 
</div>

Storegga appoints Tim Stedman as new CEO

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience.

Neo Insurance

ANALYST_QUICK_TAKE

<div>
<p>Kanguro, a digital insurance provider for pets focusing on the Latin American population, has broadened its services to incorporate renters' insurance in Texas. The key characteristics of their renters' insurance include AI-powered, personalized policy creation, a simplified claims procedure, and bilingual support in English and Spanish. They are looking for partnerships with insurance companies and property managers to increase their coverage, specifically within the Texas Latino community.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The company commenced offering pet health insurance in September 2022 and is now available in 17 states, including Arizona, Colorado, and Texas. Additionally, it has integrated an AI chatbot to aid customers in purchasing policies and filing claims.</p>

Kanguro expands into renters insurance starting with Texas

Automation and robotics are finally creating solutions for the complexities of doorstep deliveries.

Last-mile Delivery Automation

<div>
 <p>Delivery service company Serve Robotics has initiated a public offering, planning to sell 10 million shares at $4 each. The goal is to generate $40 million before expenses. Postmates, a segment of Uber, is a significant shareholder in this offering.</p> 
 <p>Serve intends to allocate the raised funds towards the advancement of research and development for new robot models, broadening its manufacturing capacity, looking into potential new geographic markets, and bolstering general corporate finances. </p>
 <p>Starting from April 18, 2024, Serve's common stock will be available for trading on the Nasdaq Capital Market under the ticker "SERV". This signifies a shift from its previous listing on the <a href="https://sp-edge.com/updates/27380"> OTCQB Venture Market </a> under the ticker "SBOT".</p>
 </div> <p><b>Analyst QuickTake:<br>
</b> Serve Robotics debuted on the OTCQB Venture Market in March 2024, and announced plans for a <a href="https:<br>
//sp-edge.com/updates/27442"> Nasdaq uplisting </a> soon after. With this listing, Serve Robotics became the only droid maker in the Last-mile Delivery Automation space to go public.</p>

Serve Robotics announces USD 40 million public offering and uplisting on Nasdaq

Empowering efficiency, visibility and collaboration throughout supply networks

Supply Chain Tech

INCUMBENTS_PRESENT

<div>
 <p>o9 Solutions has broadened its collaboration with Microsoft in order to incorporate Azure OpenAI Service into its Digital Brain platform. The main objective is to enhance enterprise supply chain planning. </p>
 <p>The partnership’s goal is to take advantage of Azure OpenAI Service's capabilities and o9’s Digital Brain for the purpose of digitizing and linking "tribal knowledge" from different sources such as emails, Word documents, PowerPoint presentations, chat systems, and so on. As a result of this integration, capabilities such as content generation, summarization, image comprehension, semantic search, and language-to-code translation will be enhanced to transform data into valuable insights, thereby speeding up decision-making and planning processes. In the long run, the system is anticipated to advance its query responses and deliver more sophisticated insights, promoting more efficient work processes. </p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> o9 Solutions has been leveraging partnerships with Big Tech companies to enhance its supply chain planning offerings. In February 2024, the company <a href="https:<br>
//sp-edge.com/updates/26370"> broadened its partnership </a> with AWS to support digital transformation in large enterprises. The company had previously collaborated with AWS to deploy its Digital Brain platform on AWS for various client industries.</p>

o9 Solutions expands partnership with Microsoft Azure OpenAI to optimize enterprise supply chain planning

Metaverse Experience Platforms

<div>
<p>Yuga Labs has sold two gaming properties and their NFT collections, HV-MTL and Legends of the Mara, to Web3 gaming studio Faraway, allowing them to focus on their games, Otherside and Dookey Dash. HV-MTL Forge and Legends of the Mara are both games in which user interactions are facilitated by NFTs. Faraway will also employ Spencer Tucker, Yuga Labs' chief gaming officer, as its CPO to ensure seamless operations moving forward.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The news aligns with Yuga Labs' focus on its Otherside metaverse, having <a href="https:<br>
//sp-edge.com/updates/27182"> recently </a> hosted an event for NFT owners on the platform. On an M&amp;A front, the company acquired Proof, creator of the Moonbirds NFT collection ( <a href="https:<br>
//sp-edge.com/updates/26694"> February 2024 </a> ), and music metaverse platform Roar Studios ( <a href="https:<br>
//sp-edge.com/updates/20557"> July 2023 </a> ) to integrate them into its Otherside platform.</p>

Yuga Labs sells two gaming IPs to Faraway to streamline Otherside metaverse focus

<div>
 <p>Rippling, an employee management platform, is negotiating to raise funds in a Series F round, which might total to USD 870 million, including a secondary investment of USD 670 million. Notable investors in this round consist of Founders Fund, led by Napoleon Ta, and Coatue, with participation from Greenoaks.</p>
 <p>The company has not formally announced how it intends to use the funds. However, its recent rapid growth, as demonstrated by the leasing of a large office space in San Francisco, suggests the money could be used for further expansion.</p>
</div>

Rippling to raise USD 200 million in Series F funding for expansion

Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

<div>
 <p>Biotechnology company Macrogen has entered a three-year supply deal with encryption technology company CryptoLab in an effort to enhance the privacy of genomic data. The South Korea-based firm will integrate CryptoLab's encryption tool, the HEaaN Genome Analysis Solution, into its personalized genome analysis services. This technology enables data to be processed and analyzed while remaining encrypted, ensuring heightened data privacy.</p>
 <p>Offering services such as DNA sequencing, oligonucleotide synthesis, and personalized genetic analysis, Macrogen operates in various sectors including pharmaceutical manufacturing and scientific research. With this partnership, the company reinforces its commitment to ensuring customer data protection in both clinical and research settings.</p>
</div>

All Updates