Cerebrum Tech, a pioneering Turkish expertise startup identified for its progressive merchandise and options in synthetic intelligence, finance, trade, e-commerce, and Web3, has secured a brand new funding of TL 50 million ($1.7 million).
The funding spherical at a valuation of TL 420 million was led by Boğaziçi Ventures, one in all Türkiye’s main enterprise capital corporations. The funding positions Cerebrum Tech within the BV Growth Venture Capital Investment Fund portfolio, comprising of particular person and company buyers.
Cerebrum Tech gained recognition earlier this yr with the launch of Cere, Türkiye’s first 3D avatar-based synthetic intelligence software, out there in each private and company variations. In September, the corporate launched Cere Insight, an progressive AI answer able to summarizing prolonged paperwork with multifile help, producing insights from giant datasets, and creating customizable chatbots with out the necessity for coding experience, due to its superior LLM expertise and seamless internet integration.
With workplaces in Ankara and Istanbul, in addition to a global presence in Silicon Valley, London, Seoul, Rotterdam and Malta, Cerebrum Tech continues to pioneer actions within the finance, trade, e-commerce, and Web3 sectors.
Global scaling
Erdem Erkul, founder, and chairperson of Cerebrum Tech, expressed his optimism in regards to the funding, stating that it’s going to allow the corporate to scale their present merchandise globally and proceed innovating within the area of future applied sciences.
“When we based Cerebrum Tech in 2021, we aimed to contribute to the event of the expertise entrepreneurship ecosystem in our nation and turn out to be a profitable next-generation expertise firm on a global scale. I imagine that our settlement with Boğaziçi Ventures will pave the way in which for us to take invaluable steps towards our objectives,” stated Erkul.
“We will proceed to scale our present merchandise within the world markets and develop progressive options within the area of future applied sciences comparable to synthetic intelligence.”
In addition to Boğaziçi Ventures, Cerebrum Tech’s buyers included Inveo Ventures Coinvestment Venture Capital Investment Fund, which focuses on investing in future applied sciences. Faruk Eczacıbaşı, one in all Cerebrum Tech’s preliminary buyers, additionally continues to help the corporate as a person investor.
Boğaziçi Ventures, famend for its give attention to fintech, well being tech, retail tech, and gaming, has acknowledged the potential in Cerebrum Tech’s initiatives, particularly within the fields of synthetic intelligence and Web 3.0.
Barış Özistek, managing companion at Boğaziçi Ventures, emphasised the strategic significance of Cerebrum Tech of their funding portfolio, highlighting the corporate’s dedication to shaping the longer term by technology-driven improvements.
“Boğaziçi Ventures continued its strategy of investing in disruptive innovation projects built with cutting-edge technology, shaping the future through creative destruction, without slowing down in 2023. By joining our investors through the BV Growth Venture Capital Investment Fund, Cerebrum Tech, which we have already incorporated into our portfolio, has become one of our most significant projects,” stated Özistek.
Turkish enterprise capital agency appears to be like to domesticate unicorns in tech trade
Escort Technology Investment Inc., one of many necessary enterprise capital gamers in Türkiye with 61 startup investments in its portfolio, is steering native improvements onto the worldwide stage. Its chairperson İbrahim Özer highlights the corporate’s mission to foster new unicorn ventures – startups valued at a billion {dollars} or extra.
Outlining the corporate’s imaginative and prescient, Özer emphasised its give attention to endeavors in well being care and mobility. He says Escort Technology goals to be a key participant in Türkiye’s digital transformation, striving to launch three unicorn ventures within the medium time period.
Özer highlighted the impression of mobility investments like Togg, Türkiye’s first homegrown electrical automobile model, and groundbreaking well being care initiatives, underscoring their dedication to transformative initiatives.
Elaborating on the newest developments concerning startups that they had invested in, Özer stated Bursa-based BrenPower, with its patented steam platform, signed a ten million euro gross sales contract with a Poland-based agency protecting a interval of 5 years.
He additionally famous that Bugamed, a startup planning medical collagen manufacturing from natural waste with excessive expertise, noticed a 900% improve in firm worth inside three years by its patented expertise.
Glaucot, growing patented expertise for glaucoma remedy, has initiated testing in Germany after finishing scientific trials in Türkiye, stated Özer.
Özer highlighted a report unveiled by Evli Plc. Executives, which has invested in six listed firms in Türkiye, detailing their insights after their latest visits to firms, together with Escort Technology.
“Escom, following a fourfold revenue improve in 2022 and a threefold improve in 2021, continues on a path to doubling its earnings yearly. Alesta, the group’s direct startup funding arm, could unlock potential by a possible preliminary public providing (IPO),” he cited the report as saying.
Among others, Özer additionally referred to NiCAT Battery Technologies, an organization that has began working at Technopark Izmir, boasting chemists and mathematicians who can use synthetic intelligence in supplies science, contributing considerably to electrical automobile developments.
“Nickel cathode lithium-ion batteries, which have gotten more and more widespread in electrical automobiles and are predicted to be indispensable, use nickel-based cathodes and signify a very powerful battery class the place our product is utilized, he famous.
This battery expertise can be utilized in areas comparable to maritime, residential vitality storage, and electrical development equipment.
“A technology startup company based in Izmir, which will produce nickel-based cathodes used in electric vehicles, construction machinery, maritime, and residential energy storage, aims to contribute to domestic electric cars. The two most important factors in electric vehicles, range, and price, are determined by the battery,” stated Özer.
Novus secures funding to gasoline world enlargement in AI, NLP tech
Novus, the Istanbul and Boston-based startup specializing in content material and evaluation options for company enterprises by synthetic intelligence and pure language processing (NLP) applied sciences, has efficiently secured a $500,000 funding.
The funding, led by Inveo Ventures and backed by distinguished entities comparable to Startup Wise Guys, Venture Lane, and Aegan Ventures, will likely be utilized to assist Novus additional develop its pioneering AI options, develop its world presence, and strengthen its group.
The firm, identified for its NLP applied sciences that present customers with real-time, distinctive, and verified texts inside seconds, goals to ascertain itself as a number one entity within the quickly rising area of synthetic intelligence.
Novus is among the many startups that managed to efficiently full the MIT Sandbox and Google for Startups applications in August 2022 and obtained grant and credit score help.
AI revolution
Rıza Egehan Asad, co-founder and CEO of Novus, drew consideration to the factitious intelligence revolution.
“As a team that has been at the epicenter of the global artificial intelligence revolution, we find ourselves exhilarated to be integral players in this transformative era. Over the recent period, Novus has been utilized by users and businesses from more than 30 countries across five continents. Our platform has facilitated the generation of over 300 million words, undergone hundreds of thousands of information verifications, and empowered the creation of tens of thousands of personalized language models. The technologies developed by Novus are a source of immense pride for us, underscoring the value we bring to the field,” stated Asad.
He stated their journey as a neighborhood startup positioned larger obligations on them for the longer term.
“With our knowledge in the field of artificial intelligence, we are happy to contribute to open-source technologies in the field once again with our SEO-focused language model, which we developed and is registered with us,” he famous.
“We are devoted to introducing the inaugural Turkish giant language mannequin into our repertoire of language fashions at Novus, and our efforts on this regard are ongoing.
“While persevering with to enhance our expertise and values with the investments now we have obtained, we need to be an organization shaping synthetic intelligence analysis and that has excessive visibility in Europe and the U.S., following Türkiye.”
Türkiye’s centenary: Leaving message for future generations
To mark the a hundredth anniversary of the Republic of Türkiye, Türk Telekom, one of many nation’s pioneering telecommunications and expertise firms, has initiated a landmark undertaking that seeks to allow residents to depart messages for future generations.
Through the #CenturyPromise undertaking, residents are inspired to deal with the Republic of Türkiye’s subsequent century by leaving messages through telephone calls or SMS.
Having witnessed the nation’s previous and actively shaping its current, Türk Telekom plans to retailer these messages for 100 years utilizing its technological experience, thus carrying the essence of the messages to the Türkiye of the subsequent century.
New Turkish enterprise capital fund to make 50 investments in 3 years
Fongogo, one in all Türkiye’s pioneering crowdfunding platforms, has joined forces with Foneria Portfolio Management Company to ascertain Fongogo Ventures, delving into a brand new vertical of the startup and funding ecosystem.
The new era enterprise capital fund, working on a hybrid mannequin, goals to help startups of their quest for capital, using crowdfunding alongside typical investments.
With plans to make 50 investments inside the subsequent three years, Fongogo Ventures will focus totally on expertise and manufacturing startups, adhering to the precept of portfolio diversification and minimizing dangers by a assorted funding strategy.
Fongogo Ventures plans to put money into a broader vary of startups in comparison with conventional enterprise capital funds. By spreading the chance throughout varied investments, the corporate focuses on investments between the seed and Series A rounds.
In crowdfunding investments, Fongogo Ventures takes on the function of a “lead investor,” whereas in non-crowdfunding investments, it participates in funding rounds guided by a lead investor, endorsing a “co-investment” technique.
Source: www.dailysabah.com
