ZHIPU AI
China-based AI-powered knowledge graph platform developer Zhipu AI raised approximately $400m in May 2024 from venture funding from Prosperity7 Ventures, one of Saudi Aramco’s venturing units. The transaction reportedly put the company’s pre-money valuation at $2.6bn. The funding will help the company to explore new markets outside its own country. Zhipu AI’s platform includes a number of smart application tools, such as the scientific and technological information analysis engine “AMiner”, as well as AI cognitive engines CodeGeeX and CogView, enabling users to leverage AI-powered tools to reduce menial digital tasks.
HYSATA
Australian hydrogen tech developer Hysata raised A$173m ($111m) in its series B funding round, co-led by bp Ventures, the venturing unit of BP, and Templewater. Other investors participating in the round included University of Wollongong, BlueScopeX, Vestas Ventures, Posco, Telstra Superannuation Fund and Clean Energy Finance. Hysata is developing a new type of hydrogen electrolyser with the potential to significantly shift the economics of green hydrogen production, bringing $2/kg green hydrogen within reach. The company will use the funds to expand production capacity at its manufacturing facility near Wollongong in New South Wales.
FRORE
US-based electronics cooling chip developer Frore raised $80m in its series C round, led by Fidelity Management & Research, reportedly putting its pre-money valuation at $600m, according to PitchBook. The round included Prosperity7 Ventures, Qualcomm Ventures, MVP Ventures, Addition, Clear Ventures, Alumni Ventures, Mayfield Fund and StepStone Group. Frore develops cooling chips designed to cool consumer devices silently and efficiently. Its piezoelectric micro-electromechanical systems are based on active cooling for heat dissipation in computing devices and solid-state thermal solutions, which – it claims – outperform fans. The funds will be used to expand the company’s operations and product line to tap into the growing demand for cooling AI chips.
NEUSTARK
Swiss concrete-based carbon removal technology provider Neustark raised $69m in a round led by Decarbonization Partners. The round also included raw materials company Holcim Group and industrial conglomerate Siemens through its Siemens Financial Services subsidiary. Neustark has developed a technology to reverse carbon dioxide emissions by turning construction waste into fresh concrete. The company’s services decompose concrete waste into original carbonate powder and gravel components, enabling clients to recycle and produce fresh concrete. The funds will be used to expand its portfolio of global projects and the growth of its team.
BUMPER
UK-based car repair-focused financing service Bumper received £40m in its series B round through a combination of debt and equity, which featured Shell Ventures, the corporate venturing arm of oil major Shell. The equity portion of the series B round (£15m) was led by Autotech Ventures, also including InMotion Ventures, Porsche Ventures, Itochu and Revo Capital. The debt financing of £25m came from undisclosed lenders. Bumper runs a vehicle finance platform that helps drivers spread the cost of their repairs and servicing. Its platform focuses on flexible payment options, works with trusted authorised repairers and helps drivers avoid paperwork.
STATIQ
Shell Ventures is also reportedly backing India-based EV charging network operator Statiq. According to PitchBook, the company is in the process of raising $50m for its series B round, which also features Oyster Ventures, Astir Ventures, Y Combinator and other undisclosed investors. Statiq is an EV charging network that enables customers to locate the nearest charging station, book a slot and make digital payments.
ION CLEAN ENERGY
US-based carbon capture technology developer Ion Clean Energy raised $45m in a series A round, led by Chevron Technology Ventures, putting the company’s pre-money valuation at $180m. Carbon Direct Capital Management and other undisclosed investors also participated in the round. The company’s carbon dioxide capture technology uses an advanced liquid absorbent system to capture CO2. The fresh funding will be used for growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.
XPANSIV
US-based trading platform company Xpansiv raised $43.2m in a deal led by Aramco Ventures. The round also included bp Ventures, Commonwealth Bank of Australia, S&P Global, research firm Blackstone Group, Macquarie Group and Clean Energy Finance, among other investors. Xpansive runs a global commodity exchange platform designed to provide a clear path to net zero via transactions of ESG-inclusive commodities, including carbon credits, renewable energy certificates and other energy solutions. The new funding will be used to support further development of Xpansiv’s global energy and environmental markets infrastructure solutions, as well as the company’s investment and acquisition strategy.
M2X ENERGY
US-based gas-to-liquid modular system developer M2X Energy raised $40m in its series B round in late June, led by Conifer Infrastructure Partners, which featured Eni Next. The funds will be used to accelerate in-house manufacturing and deployment of its first commercial fleet of low-carbon methanol production systems. M2X Energy has developed a carbon offsetting technology to minimise gas flaring and reduce its environmental impact. It accepts a variety of feedstocks including landfill gas, biogas and well gas, enabling businesses to convert a waste stream of natural gas.
PQSHIELD
UK-based post-quantum cryptography developer PQShield raised $37m in a series B round from Chevron Technology Ventures, Legal & General Group and Bravos Capital. Oxford Science Enterprises and other undisclosed investors also participated in the round. PQShield’s post-quantum cryptography system is designed to secure messaging applications protected by post-quantum algorithms and protect data. The company’s system offers quantum-secure cryptographic assistance for software, hardware co-design and data in transit. The fresh funds will be used for hiring more talent and working more closely with the company’s current and new customers and partners.