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⚕️$111 Transform Health Fund for healthtech startups | 📱ByteDance staff cuts

⚕️$111 Transform Health Fund for healthtech startups | 📱ByteDance staff cuts

Plus:🚀 SpaceX Booster Catch

Innovation Village
October 14, 2024

Today’s Menu ☕️

⚕️ Transform Health Fund secures $111 million, targets expansion into healthtech startups
🚀 SpaceX Successfully Catches Super Heavy Booster in Test
📱ByteDance implements staff cuts at TikTok, advances AI-driven content moderation
🌾 Valency International Secures $50m Trade Facility from IFC and Absa for African Agricultural Exports
🧑🏽‍💻 Mustek secures majority ownership in cybersecurity company CyberAntix for $1.1 million

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⚕️HEALTH

Transform Health Fund secures $111 million, targets expansion into healthtech startups

AfricInvest, a leading investment platform with a focus on the African continent, has recently achieved a significant milestone by concluding the fundraising for its Transform Health Fund (THF) with a total of $111 million in capital commitments, thereby exceeding the initial fundraising target set for the fund. The THF, which is being managed collaboratively with the Health Finance Coalition (HFC), has been established with the objective of catalyzing the growth of innovative healthcare delivery models throughout Africa. The fund is particularly dedicated to bridging the substantial gaps in health financing and enhancing the capacity of the healthcare sector on the continent.

The successful closure of the fund has been made possible through the support of a diverse consortium of investors, which includes prominent international financial institutions such as the International Finance Corporation (IFC), Proparco, Swedfund, and the US International Development Finance Corporation (DFC). In addition to these institutions, several key players from the private sector have also played a pivotal role in backing the fund, including global healthcare and technology giants Merck & Co., Inc. and Philips, as well as investment entities like FSD Africa Investments and Grand Challenges Canada. The fund has also garnered support from philanthropic entities, including the Skoll Foundation and the UBS Optimus Foundation............continue reading

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🚀 SPACE

SpaceX Successfully Catches Super Heavy Booster in Test

In a historic test conducted on Sunday, SpaceX achieved a major milestone for its Starship program by successfully launching and catching the Super Heavy booster with its giant “chopstick” arms. This test, conducted at the company’s Starbase in Texas, marked the fifth flight of the development program, demonstrating SpaceX’s progress toward making space travel more reusable. The Starship, a nearly 400-foot rocket, is central to SpaceX’s goal of enabling interplanetary travel and will also play a key role in NASA’s Artemis mission to the moon.

The main highlight of this test was the unprecedented “catch” of the Super Heavy booster after its separation from the Starship. Using two chopstick-like arms attached to the launch tower, the booster hovered and then positioned itself for a soft landing within the arms. This maneuver is designed to allow SpaceX to recover and reuse the entire rocket system in future flights. While the booster was recovered, the Starship upper stage continued its mission, eventually splashing down in the Indian Ocean as planned, though it was not intended to be retrieved.......continue reading

📱SOCIAL MEDIA

ByteDance implements staff cuts at TikTok, advances AI-driven content moderation

ByteDance’s popular social media platform TikTok is reportedly reducing its workforce, with the majority of layoffs occurring in Malaysia, as per information from Reuters. The company is shifting towards a greater reliance on artificial intelligence for the task of content moderation on its platform.

While TikTok has not disclosed the precise number of employees affected by this decision, the company confirmed that the figure is under 500. The move to downsize is part of TikTok’s broader strategy to refine its content moderation operations on a global scale. Currently, TikTok employs a dual system for monitoring content, which includes both AI technology and human reviewers.

This recent wave of layoffs is not the first for TikTok this year. The company has previously made cuts to its workforce, with over 250 jobs eliminated in Ireland in April. In May, there were reports suggesting that approximately 1,000 positions were being cut across TikTok’s operations and marketing departments. Additionally, in January, the company let go of 60 staff members from its sales and advertising teams..........continue reading

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🌾 AGRICULTURE

Valency International Secures $50m Trade Facility from IFC and Absa for African Agricultural Exports

In a strategic move to boost Africa’s agricultural sector, the International Finance Corporation (IFC) and South Africa’s Absa Group have partnered to provide a $50 million trade finance facility to Singapore-based Valency International. This initiative will fund the procurement of key agricultural commodities such as cashew nuts, sesame seeds, and ginger from smallholder farmers across West and East Africa.

Founded in 2007, Valency International is a Singapore headquartered food ingredient supplier with a highly differentiated product portfolio across 21 product categories. Valency has strategic equity investment from British Internationally Investments (BII), the development finance arm of the Government of UK.

Valency, which works with 150,000 smallholder farmers in countries like Nigeria, Ghana, and Tanzania, will use the facility to purchase and export these goods. This financial support will strengthen the agricultural value chain, helping farmers improve market access and financial stability.......continue reading

🛜 INTERNET

Liberia grants Starlink one-year license to boost internet access nationwide

The Liberia Telecommunications Authority (LTA) has entered into a one-year licensing agreement with Starlink, aiming to enhance high-speed Internet connectivity across Liberia, with a focus on reaching remote and underserved communities. This provisional license will enable the LTA to evaluate Starlink’s performance over the coming year, establishing quality benchmarks and safeguarding consumer interests as the service is introduced.

Abdullah Kamara, the Acting Chairperson of the LTA, announced that Starlink’s services are slated to commence in the first week of November. He also highlighted that despite some unauthorized individuals currently offering Starlink services in the country, he encourages citizens to consult their Internet Service Providers (ISPs) to confirm they are dealing with authorized resellers.......continue reading