🛜 Tizeti to list on Nigerian Exchange

Today’s Menu ☕️

🛜 Tizeti to list on Nigerian Exchange, announces major IPO plans
💰 Sanari Capital secures $80 million to accelerate growth of technology-driven African businesses
🥽 Google unveils Android XR platform, debuting on Samsung’s Project Moohan device
🤖 OpenAI counters Musk’s lawsuit, reveals he pushed for a for-profit model
🔋Bolaji Osunsanya Retires; Ogbemi Ofuya Steps In as Axxela GCEO

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🛜 INTERNET

Tizeti to list on Nigerian Exchange, announces major IPO plans

Tizeti, an internet service provider backed by Y Combinator and operating in Nigeria, Togo, and Ivory Coast, is set to list on the Nigerian Exchange (NGX) two years after announcing its intentions to go public. The Initial Public Offering (IPO) will enable Tizeti to attract investment from a broader range of investors, especially at a time when venture capital activity is subdued, and it will provide early investors with exit opportunities.

Raising capital in Naira will help the eleven-year-old company mitigate the pressures of delivering venture capital-level returns, a challenging task given the Naira’s devaluation and the slowing economy.

Founded in 2013 by Kendall Ananyi and Ifeanyi Okonkwo, Tizeti aims to make the internet more affordable and accessible in West Africa. The company reported $1.2 million in revenue from 3,000 subscribers in 2018. Supported by Y Combinator, 4DX, and Ventures Platform, Tizeti has raised $7.4 million in two funding rounds since its inception.....……continue reading

💰 CAPITAL

Sanari Capital secures $80 million to accelerate growth of technology-driven African businesses

Sanari Capital, a prominent private equity firm based in South Africa, has proudly announced the successful final close of its Sanari 3S Growth Fund, securing an impressive R1.5 billion (approximately $80 million). This significant achievement underscores the firm’s commitment to fostering growth in mid-market businesses across Africa, with a particular focus on those driven by technology, innovation, and sectoral growth trends.

Samantha Pokroy, the CEO of Sanari Capital, expressed her excitement about reaching this milestone, emphasizing the confidence it demonstrates in the firm’s investment strategy. She stated, “With four investments already made and a robust pipeline of opportunities that align with our themes, this capital enables us to execute our plans swiftly. We are optimistic about the positive impact this will have on the ground and on the fund’s returns.”.....……continue reading

📱MOBILE INTERNET

Key Insights from the 2024 Mobile Internet Connectivity Report

🥽 HARDWARE

Google unveils Android XR platform, debuting on Samsung’s Project Moohan device

Google announced the launch of a new Android-based XR platform on Thursday, designed to integrate AI features. The platform, named Android XR, aims to support app development across various devices, including headsets and glasses. The first developer preview of Android XR was released early last week, and it will support existing tools such as ARCore, Android Studio, Jetpack Compose, Unity, and OpenXR.

Google revealed that Android XR will debut with the Samsung-built Project Moohan headset, which is set to be available for purchase next year. Samsung, Google, and Qualcomm had announced their partnership to develop an XR device early last year. However, reports of a power struggle between Google and Samsung over project control emerged, leading to delays. Initially expected to ship earlier this year, the launch was postponed.

The Project Moohan headset will offer users the ability to switch between a fully immersive experience and augmented content over real-world surroundings. Additionally, users will be able to control the device using Gemini and ask questions about the apps and content they are viewing.....……continue reading

📱APPS

OpenAI counters Musk’s lawsuit, reveals he pushed for a for-profit model

On Friday, OpenAI responded to billionaire Elon Musk’s ongoing lawsuit by publishing a series of emails and text messages that it claims demonstrate the misleading nature of Musk’s allegations.

Musk’s legal battle with OpenAI, which has been unfolding over several months, centers on accusations that OpenAI has strayed from its original nonprofit mission to make its AI research widely accessible. The conflict intensified last month when Musk’s legal team sought an injunction to stop OpenAI’s transition from a nonprofit to a for-profit corporation.

OpenAI has dismissed Musk’s complaints as unfounded and motivated by personal grievances. According to the released communications, Musk had suggested as early as 2015 that OpenAI could have both nonprofit and for-profit components. Although OpenAI initially launched as a nonprofit, it later encountered financial difficulties.......……continue reading

📱ARTIFICIAL INTELLIGENCE

OpenAI counters Musk’s lawsuit, reveals he pushed for a for-profit model

On Friday, OpenAI responded to billionaire Elon Musk’s ongoing lawsuit by publishing a series of emails and text messages that it claims demonstrate the misleading nature of Musk’s allegations.

Musk’s legal battle with OpenAI, which has been unfolding over several months, centers on accusations that OpenAI has strayed from its original nonprofit mission to make its AI research widely accessible. The conflict intensified last month when Musk’s legal team sought an injunction to stop OpenAI’s transition from a nonprofit to a for-profit corporation.

OpenAI has dismissed Musk’s complaints as unfounded and motivated by personal grievances. According to the released communications, Musk had suggested as early as 2015 that OpenAI could have both nonprofit and for-profit components. Although OpenAI initially launched as a nonprofit, it later encountered financial difficulties.......……continue reading

🔋 ENERGY

Bolaji Osunsanya Retires; Ogbemi Ofuya Steps In as Axxela GCEO

After two decades of transformative leadership, Axxela Limited, a trailblazer in natural gas and energy solutions, is entering a new era. Bolaji Osunsanya, the visionary CEO who spearheaded Axxela’s rise as a leader in the energy sector, has announced his retirement. Stepping into his formidable shoes is Ogbemi Ofuya, a seasoned expert in energy and infrastructure, who assumes the role of Group Chief Executive Officer (GCEO).

Under Bolaji’s dynamic leadership, Axxela has become synonymous with innovation and excellence. His tenure has seen the company evolve into a cornerstone of the region’s energy landscape. Bolaji’s strategic foresight drove Axxela’s expansion into new regional markets, enabling the growth of key industries while providing energy solutions that powered progress.

Bolaji’s leadership wasn’t just about business growth; it was about building a legacy. He cultivated an organization that has redefined energy delivery across sub-Saharan Africa, leaving an indelible mark on the industry........……continue reading

OTHER STORIES

• Iwájú, a Disney animated series created in collaboration with Kugali, a Pan-African comic book entertainment company has been nominated in three categories at the 3rd Annual Children’s & Family Emmy Awards……read more

• A federal court has denied TikTok’s request for a temporary pause on a law that could lead to a ban of the app next month...……read more

• Swedfund and IFU partner with Sturdee Energy to boost renewable energy in Southern Africa with $44 million investment…..read more

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