Daily Business Report: May 16, 2024
Visual Capitalist
Mapped: The Number of
AI Startups By Country
Amidst the recent expansion of artificial intelligence (AI), we’ve visualized data from Quid (accessed via Stanford’s 2024 AI Index Report)
2024 AI Index Report) to highlight the top 15 countries which have seen the most AI startup activity over the past decade.
The figures in this graphic represent the number of newly funded AI startups within that country, in the time period of 2013 to 2023. Only companies that received over $1.5 million in private investment were considered.
From this data, we can see that the U.S., China, and UK have established themselves as major hotbeds for AI innovation. In terms of funding, the U.S. is massively ahead, with private AI investment totaling $335 billion between 2013 to 2023. AI startups in China raised $104 billion over the same timeframe, while those in the UK raised $22 billion.
Further analysis reveals that the U.S. is widening this gap even more. In 2023, for example, private investment in the U.S. grew by 22 percent from 2022 levels. Meanwhile, investment fell in China (-44 percent) and the UK (-14.1 percent) over the same time span.
From this data, we can see that the U.S., China, and UK have established themselves as major hotbeds for AI innovation.
In terms of funding, the U.S. is massively ahead, with private AI investment totaling $335 billion between 2013 to 2023. AI startups in China raised $104 billion over the same timeframe, while those in the UK raised $22 billion.
Further analysis reveals that the U.S. is widening this gap even more. In 2023, for example, private investment in the U.S. grew by 22 percent from 2022 levels. Meanwhile, investment fell in China (-44 percent) and the UK (-14.1 percent) over the same time span.
__________________________________
Gavin Newsom plans to cut $2 billion in public broadband projects
By Khari Johnson | CalMatters
Gov. Gavin Newsom’s newest budget proposal calls for $2 billion in cuts to public broadband projects meant to bring high-speed internet to all Californians and close the digital divide.
The reduction is part of Newsom’s updated plan to close a $44.9 billion shortfall.
Back in 2021, when the state had extra cash on hand, Newsom signed a law investing $3.25 billion toward building a public broadband network. By combining the purchase of existing infrastructure and new construction, that project now includes more than 8,000 miles of fiber optic cable. The proposed budget cuts call for:
A $1.7 billion reduction in broadband infrastructure projects
An additional $325 million in cuts to a fund for broadband projects backed by local governments, tribal governments, and nonprofit organizations in disadvantaged communities
Rolling back $34 million for equipping libraries in rural and underserved communities with high-speed internet.
__________________________________
How California’s new fixed utility charge got its sneaky start in the Legislature
By Dan Walters | CalMatters
I received and paid my monthly electric bill from the Sacramento Municipal Utility District the other day.
In addition to $75.76 in metered power consumption and $1.58 in taxes, SMUD’s bill included a $24.80 “system infrastructure fixed charge” that, frankly, I’d never noticed before in decades of receiving SMUD service.
Such charges, meant to pay for the upkeep of the system no matter how much juice is used, are commonly billed to customers of both publicly owned systems, such as SMUD, and investor-owned corporations, such as Pacific Gas and Electric Co., that are regulated by the California Public Utilities Commission.
Fixed charges collected by the latter have long been limited to $10 a month, but that’s about to change, thanks to legislation that was enacted in semi-secrecy two years ago. A few words in a lengthy state budget “trailer bill,” Assembly Bill 205, repealed the $10 cap and ordered the CPUC to create a new charge that would vary by customers’ incomes.
__________________________________
Mayor Todd Gloria releases revised budget with deficit, but fewer cuts to services
By Debbie L. Sklar | Times of San Diego
San Diego Mayor Todd Gloria released his updated budget for Fiscal Year 2024-25 Tuesday, still reflecting a $172 million deficit but featuring fewer cuts to services than the previous spending plan.
The proposed budget represents a 9.1 percent increase over FY 2023’s $5.12 billion budget.
March’s initial $5.65 billion budget received mixed reviews from the San Diego City Council and the public, which called out cuts to equity programs, police and fire academies and some parks and libraries.
Since then, following up on council budget meetings and public comment, Gloria took other actions to save money, including suspending non- essential spending in city departments, as well taking action to ensure the city is filling “only the most critical positions” before the end of the fiscal year.
__________________________________
SeaWorld San Diego introduces Humbold Penguins
For the first time in over 40 years, SeaWorld San Diego is introducing its Humboldt Penguins on exhibit for guests to view and learn from. Humboldt penguins, distinguished by their black chest markings, are sociable birds found along the coasts of South America.
Formally housed behind the scenes at SeaWorld San Diego, the Humboldt penguins were originally brought to the park for a breeding program managed under the AZA Species Survival Plan. In collaboration with SeaWorld, an AZA accredited facility, the breeding program worked to ensure genetic diversity and the sustainability of the Humboldt penguin population.
After decades of success within the program, SeaWorld sent many of its Humboldt Penguins to other zoos and aquariums and continues to serve as a pillar of expertise and knowledge in the proper husbandry and care of penguins. The 16 Humboldt penguins that remain are non-breeding birds, providing guests a limited-time opportunity to now view eight individual species of penguins in just one park.
__________________________________
DSD Business Systems acquires Emerald TC
DSD Business Systems, an award-winning business technology firm celebrating 40 years of service, support and development, announced its acquisition of Emerald TC, a top Sage and Acumatica VAR known for its exceptional service and ERP expertise. This acquisition marks a significant milestone, merging two companies renowned for their dedication to enhancing client experiences and services in the industry.
Three firms named this year’s fastest-growing businesses
San Diego-based Cymbiotica, Oceanside’s Strategic Logistics Defense Services and New York’s Kindbody have been named the three fastest-growing businesses by the Women Presidents Organization. Cymbiotica is a health and wellness company. Strategic Logistics Defense Services is a government procurement consulting company. Kindbody is a fertility clinic network.
Aspen Neuroscience receives CLIN2 grant award of $8 million
Aspen Neuroscience, Inc., a California-based private biotechnology company developing personalized regenerative therapies, has received a CLIN2 grant award of $8 million from the California Institute for Regenerative Medicine (CIRM), the world’s largest institution dedicated to regenerative medicine, to support clinical research aimed at treating Parkinson’s disease (PD).
RaeSedo selected to present new approach to asthma treatment at ATS Summit
RaeSedo Inc., a biotech developing novel therapeutics for the treatment of asthma and other lung diseases will present its pioneering approach at the 2024 American Thoracic Society Respiratory Innovation Summit May 18 in San Diego. The event will bring together investors and health care professionals to witness latest advancements in pulmonary, critical care, and sleep technology.
Atraverse Medical receives FDA clearance for HOTWIRE left heart access device
Atraverse Medical, a San Diego-based medical device company, announces the FDA clearance of its HOTWIRE radiofrequency (RF) guidewire, a novel device that enables zero exchange left-heart access while also acting as a rail for catheter-based therapy systems. This milestone achievement marks a significant step towards commercializing the company’s best-in-class left-heart access technology. The HOTWIRE system was invented by Atraverse co-founders Dr. Steven Mickelsen and Eric Sauter.
Oncolytics Biotech announces collaboration with GCAR
Oncolytics Biotech Inc., a leading clinical-stage company specializing in immunotherapy for oncology, announced that it has entered into a preliminary collaboration with the Global Coalition for Adaptive Research (GCAR). The purpose of the preliminary collaboration is to commence planning activities for the evaluation of pelareorep in the treatment of first-line metastatic pancreatic ductal adenocarcinoma (PDAC) as part of GCAR’s anticipated master protocol for metastatic pancreatic cancer.
Petco appoints Glenn Murphy as executive chairman of board of directors
Petco Health and Wellness Company Inc. announced the appointment of Glenn Murphy as executive chairman of the board of cirectors, effective immediately. Murphy will support the Petco leadership team’s focus on improving profitability while implementing strategic actions to drive long-term growth. He will play a lead role in the board of directors’ ongoing search for a permanent chief executive officer. Murphy is currently the CEO of the high-impact, consumer-focused investment firm FIS Holdings
Fzata is a start-up Stadium finalist at BIO 2024 in San Diego
Fzata, Inc. has been selected as a finalist to pitch at Start-Up Stadium during the BIO2024 International Convention in San Diego June 3-6. BIO will host over 20,000 industry leaders from across the globe. Start-Up Stadium is designed to provide start-up companies with the opportunity to engage key members of the investment community, venture philanthropy groups, strategic partners, and non-dilutive capital partners at the world’s largest biotechnology partnering event.
Wrike wins 2024 top rated award from TrustRadius
Wrike, the most intelligent work management platform, was recognized with a TrustRadius 2024 Top Rated Award. TrustRadius, a leading technology decisioning platform, named Wrike a Top Rated software solution across 14 categories, including four that demonstrate Wrike’s ability to manage communications and collaboration challenges across the product lifecycle for organizations: Agile Development; Construction Management; Workflow; and Product Management.
Acadia Pharmaceuticals launches ‘Magnolia’s Guide to Adventuring’
Acadia Pharmaceuticals Inc. announced the launch of “Magnolia’s Guide to Adventuring,” a new, 10-part, documentary video series by award-winning TV producer, AJ Tesler, and his wife, Jenny Tesler, featuring their 13-year-old daughter, Magnolia, who lives with Rett syndrome. The series follows the Teslers as they are joined by other Rett families on adaptive adventures across the U.S., including downhill skiing, ice skating and horseback riding, to foster greater understanding and awareness of Rett syndrome while inspiring those impacted by this condition to be empowered by all the things they can do.
Classy announces four new iterations of leading fundraising platform
Classy, a GoFundMe company and giving platform that enables nonprofits to connect supporters with the causes they care about, announces four new iterations of its leading fundraising platform. These new offerings follow Classy’s recent Classy Studio launch and further allow nonprofit fundraising and marketing teams to make smarter, more personalized asks that convert at higher rates and provide more ways to give while unlocking generosity through fully connected scalable experiences.
Airgain secures its first purchase order from a tier one multi-service operator
Airgain Inc., a leading provider of wireless connectivity solutions, that creates and delivers embedded components, external antennas and integrated systems, has secured its first purchase order from a tier one multi-service operator (MSO) in North America for its Wi-Fi 7 design. The revenue opportunity size is worth several million dollars over multiple years and the first shipment is expected to commence in the third quarter of 2024. Airgain’s unique Wi-Fi 7 antenna solution empowers consumers with increased wireless capacity and offers unparalleled performance and connectivity. The device also contributes to driving new and expanded revenue generating opportunities for MSOs.
IntelliGuard appoints Rob Sobie as chief product officer
IntelliGuard a fast-growing provider of medication management and data intelligence solutions, announces the appointment of Rob Sobie as chief product officer. This addition strengthens IntelliGuard’s executive team and further elevates the company’s mission to drive innovative solutions centered around creating an environment of safety for health systems and patients. Sobie brings a wealth of knowledge, boasting an impressive three-decade tenure in product development, strategic planning, and executive leadership within the health care sector.
