President Trump signed an executive order imposing a $100,000 fee for H-1B visa applications, which could deter US hiring of foreign AI talent and benefit European startups by making the US less attractive for skilled workers, especially resource-strapped startups. The move is part of broader immigration policy changes amid fierce AI talent competition, potentially shifting talent pools and impacting US tech industry growth.
Northvolt's CEO, Peter Carlsson, has resigned following the company's filing for Chapter 11 bankruptcy protection in the US. The Swedish EV battery maker, once a promising European startup, is struggling with financial difficulties, production issues, and the loss of key customers like BMW. Northvolt needs to raise $1-1.2 billion to stabilize its operations, which are currently supported by $100 million in new financing. The company plans to restructure by early 2025, amid a challenging market dominated by Asian competitors.
London-based venture capital firm Target Global managed tens of millions of dollars for Russian oligarch Roman Abramovich, helping him invest in European startups such as Circ and Auto1. Leaked documents reveal that Abramovich's investments were made through Target Global and its special purpose vehicles, with loans provided to indirectly buy stakes in startups like Flo and Delivery Hero. Target Global has ties to other Russian oligarchs, including cofounder Alex Frolov's father, who was sanctioned for his ties to the Kremlin. Despite the sanctions, Abramovich has sought to overturn them, while his wealth has decreased due to international sanctions and Russia's slowing economy.
German startup Aleph Alpha has raised $500 million in a funding round backed by companies such as Bosch, SAP, and Hewlett Packard Enterprise. The company, which is competing with Microsoft-backed OpenAI, has developed its own large language models and aims to promote the concept of "data sovereignty" by ensuring that data used in AI models is grounded in Europe. The funding will be used for research, product development, and commercialization. Aleph Alpha's models can already communicate in multiple languages, including German, French, Spanish, Italian, and English. The investment highlights the growing interest in AI startups and the development of advanced AI models.
