Multiverse Computing Bags Series C

Multiverse Computing has bagged 500m EUR in its Series C capital raise, seven years after its 2019 founding. This is a 2bn EUR valuation - making it Europe's newest unicorn!

The company specialises in AI model compression, using quantum computing-derived techniques to implement LLMs with reduced cost and energy consumption.

The funding round was led by Forgepoint Capital ("Backing Founders of the Digital Future"), BNPP SIVF and Bullhound Capital.

e-SAF to compete with conventional SAF

e-SAF (electrolytic sustainable aviation fuel) is produced using electricity and is not constrained by biological feedstocks. It is more expensive than bio-feedstock-derived SAF.

Commodities price reporting agency Argus has recently launched the first methanol-to-jet cost indices (weekly calculated prices) for nine major production locations.

This has followed the approval by ASTM International, a US standards organization, for methanol-to-jet as a valid process for making e-SAF (electrolytic SAF), clearing the path for airlines to use it in their decarbonisation programs.

Methanol is an organic chemical compound (also known as methyl alcohol) and is the simplest aliphatic compound (chemical compounds containing carbon that are not aromatic compounds).

Data Companies and MCP

Data businesses are embracing MCP but motivations vary, as well as monetisation strategy.  

Research firm Asymmetrix has done a survey to gain insights into those questions. 

In their "MCP Adoption Survey" they found:

1) 96% of Data and Analytics providers surveyed have adopted or are adopting MCP - almost a full house. Asymmetrix refers to this state as being "MCP Positive"

2) Motivations - 36% new distribution channel, 32% client requests, 17% competitive pressure (doing it because others are doing it), and 17% other

On pricing MCP they found:

1) 30% customer dependent, 28% bundled with existing subscription at no cost, 25% available as a premium or add-on tier, 17% usage based pricing

As cost of tokens fluctuate, pricing programs are likely to evolve as players learn to manage token costs.

Bloomberg has also published some learnings on building MCP integrations in financial services.

WTI Front Futures (Sept) Rise to 88.73

September WTI is trading at $88.73 per barrel (CL,U6) a day-on-day change of 2.9%, gaining 26% so far in July. Reports of vessels turning around in the Red Sea have heightened supply concerns.

Ollama Raises Series B

Ollama raised $65m Series B led by Theory Ventures taking total funding to $88m.  

Benchmark, 8VC, Y Combinator, GTMFund and others participated. 

Microsoft Offloads Game Studios (including Double Fine, Compulsion)

Microsoft's Xbox division is undergoing a major restructure, starting with dispensing game studios currently under its aegis.  

Already in 2024, Xbox cut more than 2000 positions and closed four studios, before acquiring Activision-Blizzard, makers of Call of Duty. 

The hardware cost pressures from AI have also made Xbox hardware development challenging. 1600 roles have now been eliminated at Xbox in the latest round of cuts.

Asha Sharma, Xbox's new Chief Executive, warned of major changes back in June.  She is the former Chief Operating Officer of Instacart.

On the studios side, Double Fine, acquired in 2019, moves back to independent ownership. It has declared its thanks for "seven great years together" as part of Microsoft. Compulsion also leaves Microsoft. 

Both firms retain their original IP.

Warburg Pincus Sell's Tech Driven Spanish Private Bank

Warburg Pincus has sold Singular Bank, a tech-driven private bank, created from Self Bank, which Warburg Pincus acquired in 2019.  

The sale was to an ING (specifically ING Spain)-led consortium.

Self Bank was rebranded during Warburg's ownership and transformed to pivot to private banking.

Javier Marin Romano, former CEO of Banco Santander, has led Singular since its inception and continues to do so post-acquisition.