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Rio Tinto-Backed Startup Aims to Secure Funds for Lithium Breakthrough to Decrease China’s Influence

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An Australian startup, backed by Rio Tinto, is raising funds to develop a lithium extraction technology that could unlock new reserves of this critical battery material and reduce global reliance on China for its refinement.

From a range of raw lithium types, ElectraLith, a company spun out from Monash University in Melbourne, claimed to have successfully created battery-grade lithium hydroxide. Rio Tinto and the IP Group in Britain have invested in it; now, it wants to raise $15 million to construct its first center for technology development and commercialization.

The startup is among a select group of businesses creating “direct lithium extraction” technology, which has the potential to revolutionize the industry by cutting the price of lithium mining and making resources that were previously unprofitable accessible.

Funds are being raised by an Australian start-up supported by mining giant Rio Tinto to develop a process for extracting lithium, which might lead to the discovery of new sources of this essential component of batteries and lessen global need on China for lithium refinement.

From a range of raw lithium types, ElectraLith, a company spun out from Monash University in Melbourne, claimed to have successfully created battery-grade lithium hydroxide. Rio Tinto and the IP Group in Britain have invested in it; now, it wants to raise $15 million to construct its first center for technology development and commercialization.

The capacity to refine lithium into hydroxide, according to Charlie McGill, CEO of ElectraLith, might be very advantageous for nations like the US and Australia, which have taken steps to create essential minerals laws meant to lessen their reliance on China.

He stated, “The refining process’ onshoring could have a significant impact for the US.” “We can take brines directly to Tesla and the US government with no China involvement.”

According to Benchmark Mineral Intelligence, China presently holds a 65% global market share in lithium refining, making it the industry leader.

According to Mike Molinari, managing director of IP Group Australia, the critical minerals sector is now defined by its ability to control costs, boost output, and navigate geopolitics. He claimed that technology that could assist in resolving those problems was well-positioned to be successful, particularly in the lithium sector where supply is predicted to fall short of demand.

He claimed that “the vast majority of capacity is in China, and that’s become problematic,” “This could reduce the dependence for critical resources on governments you’re not aligned with.”

According to ElectraLith’s testing, it can purify lithium without the need for chemicals or water, which distinguishes it from other DLE processes and conventional evaporation techniques that consume large volumes of water. According to McGill, the proof of concept demonstrated that it could create hydroxide from extremely poor-quality salt that was obtained from Utah.

DLE has been developed since the 1970s but is only being used commercially in a small number of projects worldwide, so there is still doubt about its potential. McGill acknowledged that the company has a long way to go before delivering on its promise.

However, he noted that government agencies and major oil and gas firms have shown interest in the current funding round, and Rio Tinto’s support was extremely important.

The method exhibited “real potential to significantly reduce the economic and environmental costs of lithium production,” according to Travis Baroni, chief adviser at Rio Tinto’s battery minerals segment and board member of ElectraLith.

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Amazon Invests an additional $4 Billion in the AI Firm Anthropic

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As the e-commerce behemoth competes with Big Tech rivals to profit from generative artificial intelligence technology, Amazon.com (AMZN.O.) opened a new tab and invested an additional $4 billion in OpenAI opponent Anthropic.

Amazon’s stake in the company famed for its GenAI chatbot Claude has doubled, but it is still a minority investor, the business announced on Friday. Like Amazon’s prior $4 billion investment, it is made in installments, starting at $1.3 billion and taking the form of convertible notes.

According to sources who asked not to be named in order to discuss private topics, Anthropic is also in discussions with other investors in order to raise more money with Amazon’s support.

Amazon, which has steadily become Anthropic’s main cloud partner, is in intense competition with Alphabet’s Google (GOOGL.O) and Microsoft (MSFT.O) to provide AI-powered tools for its cloud clients. As a major distributor of its most recent models, AWS is generating a substantial amount of revenue for Anthropic.

“The investment in Anthropic is essential for Amazon to stay in a leadership position in AI,” Gil Luria, an analyst at D.A. Davidson, stated.

The increased investment by the e-commerce giant in Anthropic highlights the billions of dollars that have been invested in AI startups in the past year as investors seek to profit from the technology’s surge in popularity following the release of OpenAI’s ChatGPT in late 2022.

Last month, Microsoft-backed OpenAI collected $6.6 billion from investors, potentially valuing the company at $157 billion and solidifying its place among the world’s most valuable private enterprises.

Anthropic intends to use Amazon’s Trainium and Inferentia chips to train and implement its core models. Securing expensive AI chips is a big concern for startups since the rigorous process of training AI models demands powerful processors.

“It (partnership) also allows Amazon to promote its AI services such as leveraging its AI chips for training and inferencing, which Anthropic is using,” Luria stated.

Amazon is one of the many so-called hyperscaler clients of Nvidia (NVDA.O), which opens a new tab and presently controls the market for AI chips.

However, through its Annapurna Labs branch, which Anthropic stated it was “working closely with” to help create CPUs, Amazon has been striving to develop its own chips. Additionally, Amazon has been working on developing its own AI model, code-named “Olympus,” which it has not yet made public.

Anthropic, which was co-founded by brothers Dario and Daniela Amodei, former executives at OpenAI, said last year that it had obtained a $500 million investment from Alphabet, which pledged to contribute an additional $1.5 billion over time.

The startup’s operations also make advantage of Alphabet’s Google Cloud capabilities.

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Wiz will pay $450 million to acquire Cloud Remediation Startup Dazz

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Wiz revealed on Thursday that it will buy channel-focused company Dazz in an agreement to add cloud remediation capabilities to the vendor’s cloud and AI security platform.

With features like application security posture management and continuous threat and exposure management, Dazz provides a remediation-focused cloud security platform.

Jared Phipps, a seasoned cybersecurity industry executive who most recently worked for SentinelOne, was hired by Dazz in February as its CRO as the business sought to expand its collaboration with channel partners. Presidio, situated in New York, has been one of the key partners.

Dazz said in July that it has raised a $50 million round of funding, increasing its total funding since its 2021 launch to $110 million.

Dazz provides a “industry-leading remediation engine,” according to a post published on Thursday by Wiz Co-Founder and CEO Assaf Rappaport, which will allow Wiz to “empower security teams to correlate data from multiple sources and manage application risks in one unified platform.”

This is Wiz’s third purchase overall and its second acquisition of 2024 after the company’s April acquisition of cloud detection and response provider Gem Security.

Wiz, a four-year-old startup, reported in May that it had raised $1 billion in new capital at a $12 billion valuation, citing its continued strong development in the cloud and AI security areas. Annual recurring revenue (ARR) for the business reportedly increased from $350 million earlier this year to above $500 million.

After making a number of management additions aimed at facilitating quicker partner-driven growth, Rappaport stated in February that Wiz would prioritize its channel operations moving ahead.

I“In cybersecurity partners are super, super important in the success of a company. So we’ve always [seen that] this has huge potential for us to tap into. I think there is so much more we can do,” he stated at the time.

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ProRata, an AI startup, Teams up with UK Publishers after reportedly Hitting $130 Million in Valuation

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A number of well-known British media outlets have joined ProRata, an AI firm that claims to compensate publishers for the usage of their work, in its expanding network of partnerships.

The Los Angeles-based firm announced on Wednesday that it has signed licensing deals with publishers such as Sky News, the Guardian, and the Daily Mail’s publisher, DMG Media.

In a recent Series A funding round, ProRata raised $25 million from investors such as the Mayfield Fund, Prime Movers Lab, and Revolution Ventures.

“ProRata’s founder and CEO Bill Gross said his firm’s AI technology is the only one that pledges to credit and compensate creators, while providing users with accurate search results.

“We have had hundreds of content owners and media companies reach out to us from around the world who are interested in piloting our technology. Stealing and scraping content is not a sustainable path forward,” he continued.

Similar alliances have previously been formed by ProRata with the German publisher Axel Springer, the Atlantic, Fortune, Time, and Universal Music Group (UMG).

Media firms are offered reasonable compensation by ProRata for the use of their content. The startup’s in-house technology may determine the proper amount of pay by evaluating the worth of the information used to create responses from an AI platform. This would make it possible to pay copyright holders for their work on a per-use basis.

Gross had previously said that AI platforms have been using “shoplifted, plagiarized content,” which fosters an atmosphere in which “disinformation thrives and creators get nothing.”

Gross is recognized for having created the pay-per-click model of internet search monetization with his business, GoTo.com, which was eventually acquired by Yahoo! in 2003.

In a recent blog post, Tige Savage, a cofounder of Revolution, stated that Bill Gross is a serial entrepreneur with extensive experience in monetization techniques.

“He’s attracted a world-class tech team led by AI luminary Tarek Najm to implement the vision and an accomplished business team, including Annelies Jansen and Jonas Lee to drive content and AI partnerships,” Savage continued.

The unpaid use of copyrighted materials by OpenAI and other tech companies to train their AI systems has led to litigation from media companies and other content creators.

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