Analog artificial chip startup Mythic raises $70M in latest funding round

In a statement, Mythic, a startup which makes artificial intelligence chips for use in gadgets such as smart home devices or security cameras said, it has raised $70 million in its latest funding round. Redwood City, California-based Mythic uses analog technology for its chips rather than digital; While digital chips process and store data in…

UK unveils draft Online Safety Bill aimed at imposing sense of responsibility on social media companies

On Wednesday, in a significant development Britain said, it plans on unveil a new law which will fine social media companies up to 10% of their global turnover of 18 million pounds ($25 million), if they fail to remove online abuses such as racist hate crimes; the law will also see senior managers face criminal…

Lidar sensor maker Innovusion raises $64M in latest funding

In a statement lidar sensor maker Innovusion said, it had raised $64 million to ramp up production and supply Chinese electric vehicle (EV) maker Nio Inc’s ET7 sedan, which is scheduled to start deliveries in early 2022. The funding includes new investments from Singapore state investor Temasek and venture capital firm Joy Capital. Existing investors also…

Formula One plans to expand into the electric car segment with investment of $420M

On Tuesday, in a statement the Gordon Murray Group which makes supercars said, it plans on investing $420M (300-million-pound) spread over 5 years to expand into the electric car segment; it plans on developing electric SUVs and delivery vehicles for carmakers as it shifts towards an all-electric supercar by 2030. “Electric is what we’ve been…

Colonial Pipeline operating fuel line under manual control, following ransomeware attack

In a statement, Colonial Pipeline said, it has restarted operations in its Line 4 fuel line, which runs from Greensboro, North Carolina, to Woodbine, Maryland, under manual control. The line came under cyber attack which shutdown the pipeline system last week on Friday. In a notice to shippers, Colonial Pipeline said, Line 4 will be…

Digital music company Believe aims to raise $608M through its Paris stock market listing

On Monday, digital music company Believe stated it plans to come out with a stock market listing in Paris with an aim to raise around $608 million (500 million euros) so as to finance its expansion. Believe’s digital music brands,  Believe Distribution Services, TuneCore, Groove Attack, Nuclear Blast, Naïve, and AllPoints, compete in a sector…

‘Good Momentum’ Prompts Siemens To Once Again Raise Profit And Sales Guidance

Following its estimate beating earnings for its second quarter, the German conglomerate Siemens also increased its profit and sale guidance for the full year which was a second such raise by the company so far in its fiscal year. Moving into the second half of its fiscal year, the company has “good momentum” which the…