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Epic Venture Partners Invests $8.1m in Rain AI after Accelerated Customer Demand

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Epic Venture Partners has invested $8.1 million in Rain AI’s mission to create energy-efficient AI hardware using in-memory compute technology, enabling advanced AI models to run locally on various devices.

GAINESVILLE, Fla., May 26, 2024 /PRNewswire-PRWeb/ — Epic Venture Partners has invested $8.1m into Rain AI, a Sam Altman-backed startup. This was part of Rain AI’s $25 million Series A extension round. Rain AI is an AI chip startup led by CEO William Passo, with a mission to build the world’s most cost and energy-efficient hardware for AI. GPUs have powered the AI revolution with brute force, yet AI’s demand for energy remains insatiable. Rain AI is addressing this core problem via its in-memory compute proprietary technology that will bring the AI technologies of tomorrow, from personalized robotics to putting models the size of ChatGPT on your phone.

AI is defining the Fourth Industrial Revolution, yet we are only scratching the surface on use cases. Rain AI’s in-memory compute technology and upcoming AI accelerator chips will continue to unlock the myriad of use cases.

William Passo, CEO of Rain AI, expressed enthusiasm to be partnering with Epic Venture Partners, “The AI problem is an energy problem. Being able to run the most advanced models locally in any form factor is AI’s holy grail, including running massive LLMs, such as GPT-4, on any device. Creating this future with abundant and scalable artificial intelligence is critical for the coming AI revolution. We’ve never seen more customer demand for our technology than we do now, and I’m excited for what’s to come in 2024 and beyond.”

Rain AI’s secret sauce is its unique approach that eliminates the biggest drivers of energy usage. Unlike other AI hardware where 90% of energy is consumed by data flow, Rain AI’s proprietary digital in-memory compute technology combines both memory and processing. And by co-designing their chips with some of the world’s best AI models, they are able to dramatically reduce the energy consumption of AI compute compared to other solutions.

Rain AI is now in talks with major hyperscalers and semiconductor companies to license its IP, with plans to launch its first chip ready for customers in 2025. The use-cases will span across multiple industries, including drones, VR goggles, smartphones, robotics, wearables, and more.

Arthur Lee, managing partner of Epic Venture Partners expressed his viewpoint, “AI is defining the Fourth Industrial Revolution, yet we are only scratching the surface on use cases across enterprise, military, and consumer applications. There’s a wide range of capabilities to explore. Rain AI’s in-memory compute technology and upcoming AI accelerator chips will continue to unlock the myriad of use cases and allow them to be performed faster, more efficiently, and with more privacy protection at the Edge.”

Bryan Edelstein, managing partner of Epic Venture Partners added, “Custom AI hardware needs to evolve as rapidly as software to fully capitalize on the continued advancements in AI. We are excited to support Rain AI’s mission in achieving this.”

Rain AI was founded in 2017 and quickly gained recognition after being accepted into Y-Combinator in 2018. The company secured a $5 million seed round led by Sam Altman, co-founder of OpenAI, and subsequently relocated to Silicon Valley to further its research and development efforts. In 2022, Rain AI raised a $25 million Series A round. Rain AI has now raised over $40m from notable investors including Sam Altman, co-founder/CEO of OpenAI, which created ChatGPT; Jeff Rothschild, a founding engineer at Facebook; Daniel Gross, co-founder of AI startup Cue (acquired by Apple); Oliver Cameron, Founder of autonomous vehicle startup Voyage (Acquired by Cruise); Jaan Tallinn, founding engineer at Skype; and Scott Gray, an AI hardware expert and early member of OpenAI’s technical team. Rain AI has also assembled a strong advisory board which includes Dr. Jackson Hu, the former CEO & Chairman of UMC, the 2nd largest semiconductor manufacturer in the world; and Dr. Arijit Raychowdhury, a leading expert of in-memory compute and Chair of the Electrical and Computer Engineering Department at Georgia Tech university.

Rain AI is well-positioned to disrupt the AI & semiconductor market, which is projected to surpass $1.3 trillion by 2032.

For media inquiries or further information, please contact:

Arthur Lee or Bryan Edelstein
Epic Venture Partners
IR@epicventurepartners.com

Media Contact

Arthur Lee, Epic Venture Partners, 1 352-256-2530, IR@epicventurepartners.com, https://www.epicventurepartners.com

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SOURCE Epic Venture Partners

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NAVEE Launches ST3 Pro and GT3 Pro at CES 2025, Receives UL and TÜV Rheinland Certifications

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January 10, 2025

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — NAVEE, a global leader in intelligent short-distance mobility, today announced the North American launch of its flagship electric scooters, ST3 Pro and GT3 Pro, at CES 2025. The event, running from January 7 to January 10, also marks the company’s achievement of two prestigious awards that validate its leadership in smart mobility.

UL verification: Micromobility Performance Range, Energy Consumption and Acceleration

During CES, UL awarded the ST3 Pro-U and GT3 Pro-U with the “Micromobility Performance Range/Energy Consumption/Acceleration” verification. This recognition validates NAVEE’s engineering excellence, with both scooters exceeding rigorous standards for range, energy efficiency, and acceleration. Bryan Bai, NAVEE’s Vice President and Head of North American Sales, and Sherry He, vice president and general manager of Consumer, Medical and Information Technologies at UL Solutions, presided over the award ceremony.

TÜV Rheinland Certification: Range at Max. Speed

Simultaneously, TÜV Rheinland granted the ST3 Pro its “Range at Max. Speed” certification, verifying that the scooter delivers on its promised maximum speed range capabilities. Jay Yang, Vice President of Greater China Electrical at TÜV Rheinland, presented the certification to NAVEE, underscoring the scooter’s exceptional performance standards.

“These launches at CES 2025 represent a significant milestone in our mission to advance smart mobility technology for consumers worldwide,” said Lu Jian, Brand Representative of NAVEE. “The UL verification and TÜV Rheinland certification demonstrate our unwavering commitment to excellence and validate the real-world performance our customers can expect.”

ST3 Pro and GT3 Pro: Redefining Smart Mobility

The ST3 Pro and GT3 Pro represent the next evolution in urban transportation. Engineered for the demands of modern city commuting, these premium electric scooters combine exceptional range and acceleration with sophisticated smart features. The prestigious UL verification and TÜV Rheinland certification affirm NAVEE’s position as an industry pioneer in electric mobility innovation.

About NAVEE

Founded in 2021, NAVEE has quickly emerged as a leader in the global electric mobility market. With a presence in over 30 countries and more than 200,000 users, NAVEE is revolutionizing urban commuting with stylish, reliable electric scooters. The company continues to invest heavily in research and development, ensuring it remains at the forefront of innovation in the electric mobility sector.

For more information, visit: NAVEE Official Website https://www.naveetech.com/

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SOURCE NAVEE

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Fintech nsave launches investment platform, offering people from distressed economies protection from inflation with compliant and safe investments abroad

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January 10, 2025

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nsave offers trusted dollar, sterling or euro accounts abroad to people from high inflation countries.Customers can now access a range of US equities, ETFs and funds.TQ Ventures leads $18mn financing, with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton.

LONDON and GENEVA, Jan. 10, 2025 /PRNewswire/ — nsave, the provider of trusted, compliant accounts abroad to people from countries with high inflation, has today announced the launch of an investment product, enabling people at risk of financial exclusion to protect and grow their wealth.

The company also confirmed an $18mn Series A investment led by TQ Ventures with participation from Sequoia Capital, Y Combinator, ACE Ventures, and Proton Foundation, to accelerate their growth.

Today’s means customers can access US equities, ETFs and soon funds managed by some of the world’s largest asset managlaunchers via the nsave app, subject to onboarding and compliance checks.

By working with regulated financial institutions and banking partners in the UK and Switzerland, nsave offers safe and compliant accounts abroad, democratising offshore services to millions of people affected by high inflation or economic uncertainty in their home countries.

nsave’s customers include young professionals who move abroad and face exclusionary and outdated compliance processes due to their country of birth, alongside people from high inflation economies, who fear their life savings will be wiped out.

Based in London and Geneva, nsave is led by former Rhodes Scholars Amer Baroudi and Abdallah AbuHashem.

nsave CEO Amer Baroudi said: “Our vision is to go beyond just protecting everyday people’s wealth by enabling safe and compliant accounts abroad, but to enable them to grow it, too.”

“For some of our customers, this is the first time they can access trusted investment services securely. We believe your passport shouldn’t determine your path to prosperity. Our compliance-by-design approach enables us to offer services safely to many more people.” 

TQ Ventures co-founder and co-managing partner, Schuster Tanger, said: “nsave is tapping into a massive market of individuals underserved by existing financial services who need secure, stable financial solutions.”

“From the outset, I was impressed by nsave’s unique approach and the strength of their team, no doubt a function of Amer and Abdallah’s own lived experience of these challenges. We’re thrilled to roll up our sleeves with nsave to create a more inclusive financial system.”

Contact:
press@nsave.com

 

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Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024

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January 10, 2025

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HANOI, Vietnam, Jan. 10, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to share the findings from its second edition of the KuCoin Campus Survey, conducted during the Vietnam Technology & Investment Summit (VTIS) 2024. With 926 participants surveyed from December 3rd to December 4th, 2024, the results underscore the vibrant interest in blockchain technologies among Vietnam’s youth, reinforcing KuCoin’s commitment to nurturing this vital market.

The survey, a key initiative under KuCoin Campus, highlights a strong, positive sentiment towards cryptocurrencies, with 92% of participants optimistic about the future of digital assets. Remarkably, 82% of respondents are considering blockchain-related careers, signaling a burgeoning talent pool eager for development and opportunities within the industry.

Vietnam’s strategic importance to both KuCoin and the broader crypto community is evident as 68% of participants expressed a “very high interest” in blockchain, making it a critical hub for crypto innovations and community engagement. Additionally, 73% of respondents currently hold cryptocurrencies, demonstrating a mature market ready for further expansion and adoption.

The survey also uncovered a significant inclination towards diverse blockchain roles, with data analysis (24%), marketing (22%), and business development (21%) being the most coveted. These insights are invaluable as they highlight the areas of highest potential and interest among the future workforce.

“Vietnam has been and will continue to be a key market for us,” said Alicia Kao, the Managing Director of KuCoin. “As the People’s Exchange, we are committed to empowering and equipping this new generation with the tools they need to succeed in the evolving digital landscape.”

View the full report here (EN version, VN Version), or visit KuCoin’s official website for further information.

About KuCoin

Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.

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