Aquifer Tech Snapshot: July 13-17
Updated: Jul 22
The richest person in Asia, Mukesh Ambani, is now the world's 6th richest person.
Mukesh Ambani is the CEO of Reliance Industries (RIL), India’s most profitable company. Upon receiving investments from Facebook, Silver Lake, Qualcomm, and other investors, Reliance Industries has become net debt-free (a remarkable accomplishment given the continuation of a global pandemic) and shares for RIL reached an all-time high of $1,978.80, doubling its value from March 2020. Ambani’s net worth is now $72.4B, which exceeds Elon Musk, Sergey Brin, and Larry Page.
Reliance Jio, a subsidiary of Reliance Industries, also announced a partnership with Google to develop affordable entry-level smartphones for the Indian market, which will compete with Chinese smartphone vendors such as Xiaomi, which currently dominates the $2B market for affordable smartphones in India.
Samsung Announces 6G
Although commercialisation of 5G is in its inception, Samsung has detailed its plan to develop 6G technology, an endeavor that may take 10 years to complete. Samsung’s plan is to establish a hyper-connected world that exceeds the capabilities of 5G and A.I., including mobile holograms and immersive extended reality (XR).
High-profile Twitter accounts targeted in a Bitcoin scam
On July 15, the Twitter accounts of several high-profile celebrities and businesses were compromised in a Bitcoin scam, in which the posts were made by these accounts promising $2000 USD to users in exchange for $1000 worth of investment to a particular Bitcoin wallet. The accounts compromised include Kanye West, Barack Obama, Joe Biden, Elon Musk, Bill Gates, Apple, and more. It was quickly pointed out that the Twitter account of U.S. President Donald Trump was not compromised. It is purported the hackers hacked into Twitter’s Slack channel and used social engineering to obtain Twitter employee credentials. This scam netted the perpetrator(s) roughly $180,000 USD. Numerous law enforcement agencies are investigating the attack.
Activ Surgical raises $15M USD to advance its autonomous surgical technology, with investments from ARTIS Ventures, LRVHealth, DNS Capital, GreatPoint Ventures, Tao Capital Partners, and Rising Tide VC. With $32M funding to date, Boston-based Activ Surgical retrofits sensors to surgical implements that gather data which trains their machine learning algorithm to help surgeons potentially avoid errors. Activ plans to use the additional funding to develop computer vision technology that would provide real-time visual insights to things surgeons may not be able to see on their own, with the aim to bolster collaboration between human surgeons and robots to improve outcomes for surgical patients.
In an era of heightened awareness for plant-based alternatives to animal products, Swedish-based Oatly has quickly become a household name and a popular, more sustainable alternative to dairy milk, as oats do not require as much water or fertilizer to grow.
The Canadian public largely agrees with the Canadian government’s stance to value the health of Canadians over the economy. Though in conjunction with the United Nations’ World Youth Skills Day on July 15, the Government of Canada aims to boost young entrepreneurs with repayable and non-repayable funds in an effort to create jobs and stimulate the economy post-covid.
We’re your next CFO. You need more than a bookkeeper and less than a full-time CFO. Accounting firms or bookkeepers simply do your yearly tax return but who can help you with the day-to-day accounting & finance complexities that every small business face? We’re the tenacious partner who will work closely with you to create a strategic path forward. A path that positions your startup for optimum performance, prolonged growth, and limited risks.
According to this article by The Fintech Times, 41% of businesses plan to scrap their banking providers due to slow support during COVID-19. If your business is having trouble with liquidity or managing banking relationships, visit us today at www.aquifermarket.com. Our track record speaks for itself. We've successfully raised over $65 million in VC funding and have 15+ years of finance experience under our belt. Our services include financial modelling, data analytics, capital fundraising, transaction advisory, and accounting system setup.
Still not convinced? Ask yourself this:
Is your financial system set up and organized?
Do you know your company's outlook in 3-5 years?
Are you aware of key factors that impact your financials?
Are you prepared for tough questions from VCs?
Focus on generating revenue. Leave the rest to us. Contact us today for a free consultation.
Until next time,
Rich Zhou, CEO
Research contributed by Stephanie Heinsohn