South Korean Rocket Startup Unastella Raises $24M After Home Launch
Unastella, a South Korean rocket startup, has raised $24 million in funding. The company is developing its own launch vehicles and engines, and recently conducted a successful launch from its home country.
Unastella, a Seoul-based rocket startup, announced it has secured $24 million in a funding round. The company is focused on developing its own launch vehicles and engines for small satellite deployment. The investment was led by a consortium of venture capital firms, with participation from existing backers.
The startup recently achieved a milestone by successfully launching a rocket from South Korea. This launch marked the first time a privately developed rocket lifted off from the country, highlighting Unastella's progress in the domestic space industry. The company aims to provide affordable and reliable access to space for small satellite operators.
Unastella's technology includes a proprietary engine design that uses a unique propellant combination. The company claims its engines offer higher efficiency and lower cost compared to traditional designs. The startup is also developing a family of launch vehicles tailored to different payload sizes, ranging from cubesats to microsatellites.
The $24 million funding will be used to accelerate the development of its next-generation rocket and expand its manufacturing capabilities. Unastella plans to conduct additional test flights in the coming months, with the goal of reaching commercial operations by 2025. The company is also exploring partnerships with international satellite operators and space agencies.
South Korea has been actively fostering its space industry, with government initiatives supporting private companies like Unastella. The country aims to become a major player in the global space market, which is projected to grow significantly in the next decade. Unastella's successful home launch has drawn attention from investors and potential customers worldwide.
The startup's team includes engineers and scientists with experience from leading aerospace organizations, including NASA and the Korea Aerospace Research Institute. Unastella's CEO emphasized the company's commitment to innovation and cost reduction in space access. The funding round closed earlier this month, with the company declining to disclose its valuation.
Unastella's rockets are designed to be reusable, a feature that could further reduce launch costs. The company is also developing a mobile launch platform that can be deployed from various locations, increasing flexibility for customers. The startup's long-term vision includes providing regular, on-demand launch services for the growing small satellite market.
The $24 million investment is one of the largest in a South Korean space startup to date. Unastella plans to use the funds to hire additional staff and build a new test facility. The company is also in discussions with potential anchor customers for its upcoming launch services. Unastella's next test flight is scheduled for later this year, pending regulatory approvals.
Snap alumni launch Ghost Angels fund to back social media startups
Twenty former Snap employees have formed a new venture fund named Ghost Angels. The fund aims to invest in the next generation of social media companies.
A group of 20 former Snap employees has launched a new venture capital fund called Ghost Angels. The fund is designed to support early-stage social media startups. The alumni, who held various roles at Snap, have pooled their resources and expertise to back emerging companies in the social space.
Ghost Angels will focus on investing in the next wave of social media platforms. The fund's founders believe their experience at Snap gives them unique insights into what makes social apps succeed. They plan to provide not just capital but also strategic guidance to portfolio companies.
The fund's name references Snap's ghost logo and the concept of angel investing. Ghost Angels aims to fill a gap in funding for social media startups, which the founders say is underserved by traditional venture capital. The group has already made several undisclosed investments.
Snap, the parent company of Snapchat, has produced a number of successful alumni who have gone on to start their own ventures. This fund represents a formalized effort to leverage that network. The founders include former engineers, product managers, and executives from Snap.
Ghost Angels will operate as a syndicate, with members co-investing in deals. The fund does not have a fixed size but will deploy capital on a deal-by-deal basis. The group plans to invest in both US and international startups.
The launch of Ghost Angels comes as social media continues to evolve rapidly. New platforms are emerging to challenge incumbents like Facebook and TikTok. The fund's backers believe their hands-on experience will help identify the most promising startups.
Ghost Angels has not disclosed specific investment criteria or check sizes. However, the fund says it will prioritize companies that are building innovative social experiences. The group is actively seeking deal flow from founders and other investors.
"We're excited to support the next generation of social media entrepreneurs," said a representative for Ghost Angels. The fund is now open for business and reviewing potential investments.
Startup offers free NYC home cleaning in exchange for video data to train robots
German startup MicroAGI is offering free home cleaning in New York City through its Shift app, in exchange for recording the cleaning sessions to train AI-driven robots. The service, promoted on social media since May 28, sends cleaners with body cameras to capture first-person footage.
A German startup is offering New York City residents free home cleaning, but the service comes with a condition: the cleaners will wear cameras to record everything they do. The footage is intended to train artificial intelligence systems for future household robots.
MicroAGI, the company behind the offer, describes itself as a team of engineers, researchers, and operators focused on advancing embodied AI. The startup began promoting the free cleaning service on May 28 through its newly launched Shift app, with posts on X and LinkedIn featuring a video set to the Jay-Z and Alicia Keys song "Empire State of Mind."
The Shift app's website states that it connects New Yorkers with free, professional house cleaners in exchange for recording first-person cleaning footage. The company says this data will help train the next generation of household robots.
To book a free cleaning, users must provide their phone number, email address, home address, and access instructions through the app. Each cleaning appointment is estimated to last about two hours.
The offer raises questions about privacy and data usage, as the recordings capture the interior of people's homes. MicroAGI has not detailed how the footage will be stored, processed, or shared beyond its stated purpose of robot training.
The service is currently available only in New York City, with no announced plans for expansion to other cities. The startup has not disclosed how many cleanings it has booked so far or when the robot training data will be used.
MicroAGI's website emphasizes its mission to accelerate embodied AI, which refers to AI systems that can interact with the physical world. The company's approach involves collecting real-world data from human cleaners to teach robots tasks like sweeping, mopping, and dusting.
The Shift app is available for download on iOS and Android, though the free cleaning offer is limited to New York City residents. The startup has not specified a deadline for the promotion or how long it will continue to offer free cleanings in exchange for data.
AI Chip Startup Groq Reportedly Raising $650M in Internal Funding Round
Groq, an AI chip startup, is reportedly seeking to raise $650 million in internal funding as it shifts focus from hardware to AI inference. The move comes after Nvidia's $20 billion not-acqui-hire of the company's talent.
Groq, the AI chip startup that previously turned down a $20 billion acquisition offer from Nvidia, is now reportedly raising $650 million in internal funding. The information was first reported by Axios, citing sources familiar with the matter. The funding round is said to be led by existing investors, with the company pivoting its strategy from hardware to AI inference.
AI inference refers to the process of refining how AI models respond to user prompts, making them more efficient and accurate. Groq's shift in focus comes as the demand for inference-specific chips grows, driven by the proliferation of large language models and generative AI applications. The company's hardware, known for its low latency and high throughput, is well-suited for inference workloads.
Groq was founded in 2016 by Jonathan Ross, a former Google engineer who co-designed the Tensor Processing Unit. The company has raised over $360 million to date, with investors including Tiger Global Management, D1 Capital Partners, and The Spruce House Partnership. Its valuation was reported to be around $1.1 billion after its last funding round in 2021.
The reported $650 million internal round would be a significant boost for Groq as it competes with established players like Nvidia and emerging startups in the AI chip space. Nvidia's recent $20 billion not-acqui-hire of Groq's talent, where the company hired a large portion of Groq's employees without acquiring the company, highlighted the intense competition for AI expertise.
Groq's decision to focus on inference aligns with industry trends, as many companies seek to optimize AI models for real-time applications. The company's chips are designed to handle massive parallelism, making them ideal for tasks like natural language processing and image recognition. Groq has also developed a software stack that simplifies the deployment of AI models on its hardware.
The funding round is expected to close in the coming weeks, according to Axios. Groq has not officially commented on the report. The company plans to use the capital to expand its engineering team and accelerate the development of its inference platform.
Groq's pivot to inference comes as the AI chip market is projected to grow to over $100 billion by 2025, driven by demand from cloud providers, enterprises, and startups. The company faces stiff competition from Nvidia, which dominates the AI chip market with its GPUs, as well as from startups like Cerebras and SambaNova.
Despite the challenges, Groq's unique architecture and focus on low-latency inference could give it an edge in specific applications. The company's chips are already being used by some customers for real-time AI tasks, and the new funding could help it scale its operations.
The reported $650 million internal round would be one of the largest funding rounds for an AI chip startup this year. It underscores the continued investor interest in AI hardware, even as the market becomes increasingly crowded.
Glean Annual Revenue Triples to Over $300M Amid Enterprise AI Push
Enterprise AI search startup Glean reported annual revenue exceeding $300 million, tripling from the previous year. The company attributes growth to helping businesses cut AI-related costs.
Enterprise AI search startup Glean announced that its annual revenue has surpassed $300 million, tripling from the prior year. The company disclosed the milestone on Tuesday, highlighting its focus on helping organizations reduce spending on artificial intelligence tools.
Glean provides AI-powered enterprise search and knowledge management solutions. The platform indexes internal company data and uses large language models to answer employee queries. The startup positions itself as a cost-saving alternative to building custom AI systems or licensing multiple AI products.
Chief Executive Arvind Jain said the revenue growth reflects demand for tools that consolidate AI spending. "Companies are realizing they don't need ten different AI subscriptions," Jain stated. "They want one platform that works across their data."
The company competes with offerings from Microsoft, Google, and other tech giants. Glean differentiates itself through integrations with over 100 enterprise applications and a focus on security and compliance. The startup raised $200 million in Series D funding in February at a $2.2 billion valuation.
Glean's customer base includes companies in finance, healthcare, and technology. The startup claims its platform reduces the time employees spend searching for information by up to 30%. It also provides analytics to help organizations identify redundant AI tools.
The company plans to expand its workforce by 40% this year, adding roles in engineering, sales, and customer support. Glean also intends to launch new features for automated workflow generation and cross-departmental knowledge sharing.
"We are still in the early stages of enterprise AI adoption," Jain said. "Our focus remains on delivering measurable ROI for our customers." The company did not disclose profitability details but noted that operating margins have improved.
Glean's revenue milestone comes as enterprises scrutinize AI budgets more closely. Industry analysts estimate that organizations waste up to 30% of their AI spending on redundant or underutilized tools. Glean's pitch directly addresses this inefficiency.
The company's annual recurring revenue now exceeds $300 million, with a net retention rate above 130%. Glean serves over 1,000 enterprise customers, including several Fortune 500 companies. The startup is headquartered in Palo Alto, California.