The article also highlights recent fundraising trends, with Partech closing its second Africa fund at $300 million, and Bluestein Ventures closing its third fund with $45 million. Moonshot AI, a Chinese AI startup, secured over $1 billion in a Series B funding round. OpenAI introduced a new generative AI model named Sora, capable of creating videos from text descriptions or still images. Other notable stories include the rise of ransomware as a lucrative business model for cybercriminals, and legal actions by Amazon, SpaceX, and Trader Joe’s challenging the constitutionality of the National Labor Relations Board.
Key takeaways:
- Rivian is laying off 10% of its workforce due to the cutthroat EV market and pricing pressure. This follows previous layoffs of 6% of staff a year ago and another 6% 18 months ago.
- Lucid Motors and Ford have slashed prices on their electric vehicles in response to softening demand for premium EVs, following similar moves by Tesla.
- Global investment firm Partech has closed its second Africa fund at $300 million, aiming to bridge the gap from seed to Series C funding rounds for African startups.
- OpenAI has introduced a new generative AI model named Sora, capable of creating videos from text descriptions or still images, demonstrating a deep understanding of language and the physical world.