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Recently, Databricks, an artificial intelligence-enhanced data analysis company, announced that it has received US$500 million in financing. NVIDIA, Capital One Ventures and other institutions participated in the investment, and the platform valuation exceeded US$43 billion. In 2021, Databricks also received US$1.6 billion in Series H financing led by Counterpoint Global, a subsidiary of Morgan Stanley. At that time, the platform was valued at US$38 billion. Founded in 2013 and headquartered in San Francisco, Databricks has raised more than $4 billion in total and allows users to view structured and unstructured data in one place through its tools and products without having to move between different systems. In addition to this, Databricks also made a huge acquisition in June this year, acquiring OpenAI competitor MosaicML for $1.3 billion. It’s worth noting that while Databricks’ new funding round isn’t a surprise, it does go against several current trends, such as companies having to lower their valuations to raise cash, or companies simply not being able to raise large-scale growth rounds.
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The British government took the lead in setting up a fund called the Fintech Growth Fund, with participation from Mastercard, Barclays, London Stock Exchange Group and other institutions, raising funds of up to 1 billion pounds. The fund aims to invest between £100m and £1bn in fintech companies in the pre-IPO stage. The move comes in response to a government-commissioned review last year to help UK fintech companies list more easily. The fund marks a rare move by the UK government and financial industry giants to jointly invest in fintech. Although currently limited in scale, it is seen as an important step in strengthening London’s position as a global center for fintech investment. The move could also provide an opportunity for financial giants to gain expertise in developing new technologies. Large banks and financial institutions are aggressively advancing their digital ambitions to stay competitive amid competition from young tech upstarts.
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says Ritu Singh, Regional Director of Stone X Group. She says: “While the specific investment capital dedicated to AI and Blockchain in this part of the world is not clear yet, their projected impact and the region’s advancements indicate a growing interest and investment in such transformative technologies, which contributes to reshaping the financial landscape.” A recent PwC report has highlighted the potential for AI to disrupt markets and foster the creation of innovative services and business models in the Middle East. The report projects that the region will gain 2% of the total global benefits of AI by 2030, with the UAE experiencing the largest impact, amounting to approximately 14% of its 2030 GDP.
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James doe
Non-Executive Director, Starlink AI