Forage Into The Future #3
On $20 billion Climate funds, AI that translates thoughts-to-text, turning neurons into linguistically able AI, the first fully autonomous restaurant and a mini-nuclear reactor for Lunar capabilities!
Hello everyone!
In this edition of the Forage Into The Future newsletter, you can find updates on 🦄 Venture Capital, 💻 AI, 🤖 Robotics, ♻️ Sustainability, and 🚀Space.
🦄 Venture Capital & Private Equity:
The 2023 Edition of the European Deep Tech Report is out, published as a joint effort between Lakestar, Dealroom and Walden Catalyst Ventures.
Latitud has also published The LatAm Tech Report for 2023. Check it out, some very interesting insights on the VC space for a geographical region that forms a fundamental part of emerging markets.
Not sure if this comes across as a surprise to anyone given how the SPAC-trend hit a ‘boom’ before things began to dismantle? But a slightly interesting snippet that I came across was that VC-backed IPOs are, on average, down 50% YOY. Part of this is probably down to the market in general struggling, but its hit this particular segment harder than the other Indices. At the same time, VC valuations have fallen 40+% from their peak. (Source: Apollo Management)
Building on the traction from COP28, wherein a major move was the UAE committing US$30 billion to Altérra, Brookfield Asset Management (BAM) announced the launch of its Emerging Markets Transition Fund and a second Global Transition Fund (BGTF II) with nearly US$20 billion in capital across the two funds. Some key points:
Unlike broad climate funds, the Emerging Markets Transition Fund (a partnership between Brookfield & Altérra) zeroes in on four key pillars: energy transition, industrial decarbonization, sustainable living, and climate technologies. This targeted approach aligns with COP28 goals and offers investors focused exposure to high-impact sectors.
Altérra's initial US$1 billion commitment de-risks investments and attracts commercially-oriented investors like CDPQ and Temasek. This blended finance model unlocks capital for markets that would otherwise struggle to attract private investment.
The Fund also prioritizes South & Southeast Asia, Asia-Pacific, and other underinvested regions, aligning with Brookfield's existing infrastructure expertise and global reach. This opens doors for deploying capital at scale and accelerating clean energy development.
Beyond CTF, Altérra’s commitment extends to the second Brookfield Global Transition Fund (BGTF II) with a US$2 billion investment. This participation makes Altérra the largest third-party investor in the fund as its onboarding as an ‘anchor’, further solidifying their commitment to global decarbonization.
💻 Artificial Intelligence:
Researchers from the University of Technology Sydney (UTS) have unveiled the world's first portable, non-invasive system that translates silent thoughts into text. This groundbreaking technology, dubbed "DeWave," has the potential to revolutionize communication for people with disabilities and pave the way for seamless human-machine interaction.
The DeWave system utilizes EEG (electroencephalogram) to capture the electrical dance of the brain as participants silently read passages. By analyzing these brainwaves through an AI model called DeWave, researchers were able to decode specific patterns and translate them into words and sentences. This represents a significant leap forward in the field of brain-computer interfaces (BCIs), offering a safe and accessible alternative to invasive implant technologies like Neuralink or cumbersome MRI scans.
Implication: For individuals with locked-in syndrome, stroke, or paralysis, this technology offers a glimmer of hope for regaining a lost voice. Imagine composing emails, expressing emotions, or even controlling bionic limbs with nothing but the power of thought.
Ethical Considerations: Concerns regarding privacy and security loom large, as the ability to decode inner thoughts raises questions about data ownership, potential misuse, and the erosion of personal autonomy. How does one ensure that tech like this empowers, rather than exploits, the human mind?
They made an AI from human neurons that could undertake speech recognition. Scientists have grown a mini-brain from human cells that can recognize voices! Yes, you read that right, brain cells in a dish learned to do basic AI tasks.
Treading on the edge of biocomputing, they used living tissue to process information. They took 2-3 months to grow the organoids, which are a few millimetres wide and consist of as many as 100 million nerve cells (as a metric of comparison, human brains contain around 100 billion nerve cells). The organoids are then placed on top of a microelectrode array, which is used both to send electrical signals to the organoid and to detect when nerve cells fire in response. The team calls its system “Brainoware”.
What did they do? Scientists grew brain organoids, tiny clumps of human brain cells, and exposed them to hundreds of sound clips. The organoid learned to distinguish one voice from the others, a simple form of speech recognition. This is a proof of concept, showing that brain cells can be used for basic AI tasks. But it's a long way from building a Skynet-level brain in your basement. There are also obvious ethical concerns about using human tissue, the complexity of controlling and scaling up biocomputing, and the question of whether these organoids actually "think" (in terms of consciousness as Sir Roger Penrose would define it) or just ‘mimic’ human brain activity.
These researchers are not alone, by the way. For instance, a company called Cortical Labs in Australia has been teaching brain cells how to play Pong.
New Kid on the Block? Palo Alto-based startup, Inflection AI, recently announced that it’s LLM model (which was behind the chatbot ‘Pi’) had performed better than Google’s ‘PaLM Large 2’ model on a number of standard benchmarks, while beating the open-source ‘LLaMA 2’ model largely developed by Meta on different measures. According to the company, its performance lags behind only OpenAI at this point. Co-founder Mustafa Suleyman insisted that his startup, which raised a $1.3 billion funding round earlier this year, had not moved up the release date of Inflection’s new model, despite earlier public remarks that seemed to suggest an end-of-year release. This release was actually a week overdue, he claimed, with training finished last week. Unsurprisingly, it got lost in all the chatter about OpenAI. To train the Inflection-2 model, the startup used 5,000 Nvidia H100 graphics processing units, or GPUs, up from the several thousand older A100s that trained its predecessor. The new model, which Suleyman said was faster and cheaper to train, still handled a massive amount of operations (10^25 FLOPs, or floating point operations). Inflection partners closely with Microsoft, Nvidia and CoreWeave to manage its compute cluster.
🤖 Robotics:
The US Army just made sure that the future of infantry-based warfare is rolls in, and it's not an exoskeleton. Its’ a Robotic Combat Vehicle (RCV). The US Army is officially revving up its plans for robotic combat vehicles (RCVs), paving the way for a new era of battlefield automation.
Structure & Use: These RCVs are lightweight, hybrid-electric wonders, designed for reconnaissance, clearing obstacles, and carrying specialized payloads like medical supplies or explosives. Think of them as remote-controlled scouts and pack mules, not one-man armies (aka Terminators).
Modularity: These robots are lego-like, with interchangeable payloads that adapt to different missions. Need to sniff out enemy positions? Swap in a sensor pack. Breaching a fortified building? Attach a demolition module. This flexibility makes them versatile assets across diverse scenarios.
Human-machine integration, not replacement: Soldiers won't be relegated to couch duty. They'll control the RCVs from dedicated vehicles, providing oversight and making critical decisions. It's a partnership, not a robot takeover.
Some questions though, from an ethical and legal facet:
Who's responsible when an RCV makes a mistake, potentially causing civilian casualties? (which is prohibited under the Geneva Conventions and the Laws of Armed Conflict) The soldier controlling it? The programmer who wrote the code? Navigating this legal and moral minefield will be crucial.
Psychologically, what is the implication of something like this? Will we become numb to the cost of conflict? Could this lead to more reckless decisions and prolonged wars?
Is this going to unleash a Pandora’s box for autonomous weapons? While the current RCVs are human-controlled, the technology is evolving fast. What happens when robots start making their own decisions about life and death?
Move over, Gordon Ramsay, there's a new chef in town... and it's got gears?
Miso Robotics and Cali Group are stirring up the culinary scene with the opening of an automated restaurant in Pasadena, California. Forget grease-stained aprons and frantic orders – these robo-cooks are whipping up meals with precision and efficiency, like a well-oiled (pun-intended) machine. Its called “Cali-Express” with Flippy the burger-flipping bot leading a brigade of robo-chefs, churning out meals with the precision of a Swiss watch and the speed of a hummingbird on espresso.
Customers at apparently the world’s first fully autonomous restaurant will place their orders using biometric kiosks to check in via facial verification with their PopID account, then watch Flippy and his automated colleagues Sippy (not kidding) and Chippy (you really can’t make this up can you?) prepare their food.
Miso's calling it a "pseudo-museum experience," showcasing retired Flippy robots waltzing and 3D-printed relics from their culinary adventures. It's a playful nod to the evolution of kitchen AI, proving that technology can be both delicious and darn right entertaining.
It’s probably not the future of fine dining. But for consistent, high-quality grub at warp speed, these robo-chefs might be onto something.
♻️Sustainability:
Wood Gets Crystal Clear (But Is It Really?): Forget paper-thin wood veneers and say hello to transparent wood, the latest material marvel blurring the lines between nature and tech. This ain't your grandma's oak, folks. We're talking glass-strength transparency with three times the toughness of Plexiglass – all from a humble tree trunk! This could revolutionize the construction industry, which accounted for 39% of energy and process-related CO2 emissions in 2018.
But wait, there's a twist. While "transparent" sounds like a picture-perfect windowpane, reality's a bit hazier. Think frosted glass rather than crystal clarity. Thicker wood lets in less light, and forget gazing at the moon through your transparent wood cabin walls.
So, where's the hype? This isn't just fancy furniture. Imagine shatterproof phone screens, eco-friendly car dashboards, and even temperature-regulating ceilings that glow with diffused light. Companies like Woodoo are already crafting touch-sensitive wood displays, proving this ain't just a science fair project.
The buzzkill? Cost and sustainability are concerns. Processing wood takes energy, and while it's renewable, mass production could raise eyebrows. Still, the potential for stronger, lighter, and recyclable replacements for glass and plastics is hard to ignore.
The bottom line: Transparent wood isn't perfect, but it's a fascinating glimpse into a future where nature and tech tango to create amazing new materials. Keep your eyes peeled, wood lovers – the future of windows might just be rooted in a tree.
Keeping it DeepTech: This tech uses a process called lignin removal, stripping away the wood's opaque bits. Researchers are exploring ways to make wood self-healing, imagine a scratch fixing itself (a topic we will cover in Part 2 of the GreenTech Trends).
Bonus points: Check out NileRed on YouTube for his transparent wood (and bulletproof wood!) experiments. He's the science-meets-DIY king!
According to a recent report from Ernst & Young, solar power is now 29% cheaper than any fossil fuel option for new electricity generation. This isn't just a blip on the radar; it's a seismic shift in the energy landscape. Solar LCOE (levelized cost of electricity) has plummeted over the past decade. Think of LCOE as the price tag for your power bill. And solar energy's price tag keeps getting smaller and smaller. Coal, oil, and gas are struggling to keep up with solar's cost-effectiveness. Even with inflation, solar is winning the race. See the image below for a cost comparison:
The future looks bright, literally. By 2050, renewables are predicted to dominate the energy mix, with solar leading the charge, as technology adoption rates across different sub-segments of the sector accelerate further.
But wait, there's more! The report also reveals some fascinating insights:
EVs and heat pumps are on the rise. Electric vehicles are expected to outsell gasoline cars by 2032, while heat pumps could ditch furnaces by 2028, which is backed by a mix of analysis from IRENA and EY (both quoted above).
Clean energy investments are booming. We're talking trillions of dollars going into renewable power, electric vehicles, and more. But at this point, something like this is more like ‘common knowledge’ than expert assessment. The IEA had also indicated that it expect to see a global investment of upto US$1.7 trillion towards clean energy.
However, before we bask in it as a win for everything from our lungs to our wallets, there are some challenges that need to be tackled to make it a reality. Grid integration and energy storage are still hurdles to overcome. But the momentum is undeniable. Solar is no longer a niche technology; it's the future of energy.
🚀 Space and Beyond:
DARPA has launched the 10-Year Lunar Architecture (LunA-10) Capability Study, a seven-month effort aimed at accelerating the development of technologies needed for a thriving lunar economy. This ambitious program brings together 14 companies, ranging from launch providers to robotic experts, to collaboratively design and demonstrate integrated systems for lunar power, resource utilization, transportation, construction, and more. LunA-10's goal is to jumpstart the creation of a self-sustaining, commercially-driven lunar infrastructure by 2033. This initiative aligns with the Biden administration's National Cislunar Science and Technology Strategy for the US, which aims to foster collaboration and innovation in the cislunar space. DARPA's focus is on enabling the private sector, not on direct government involvement. The agency emphasizes that LunA-10 will not fund actual production or deployment of technologies, nor will it support scientific research without a clear commercial value.
The selected companies represent a diverse cross-section of the space industry, with each bringing unique expertise and perspective to the table, including Blue Origin (with an expertise in space travel and in-space infrastructure development), Firefly Aerospace (developing a framework for on-orbit spacecraft hubs, enabling efficient and responsive services) ICON (advanced construction technologies for lunar development) CisLunar Industries (focusing on lunar mining and resource utilization) and SpaceX (with launch capabilities and experience in space infrastructure.
DARPA-issued FAQ here
Rolls Royce rolls just rolled out a ‘Mini-Nuclear Reactor’ for the Moon! A couple of days ago, Rolls Royce unveiled a miniature nuclear reactor concept designed to power future lunar outposts building up on some well-deserved hype earlier this year. This tiny powerhouse, roughly the size of a refrigerator (measuring a meter wide and 3 meters long), aims to solve one of the biggest challenges for establishing a permanent human presence on the moon: energy. Unlike traditionally used solar panels, which become useless during the moon's two-week-long nights, this reactor will provide reliable, clean energy around the clock.
It’s still in its early stages of development but here is what we know:
Size: 1 meter wide, 3 meters long.
Timeline: In development since 2021 (on-record); 6 years for development, several million dollars in cost.
Technology: Nuclear fission, similar to Earth-based power plants. Nuclear energy, in itself, has been utilized for some space missions.
Benefits: Include continuous power for moon bases, with potential applications on Earth as a clean energy source.
There are still some major technological breakthroughs that are required to make this possible. For instance, converting heat generated by the reactor into electricity for space use needs some innovative solutions. In addition, ensuring safety and environmental considerations for lunar deployment is also a crucial factor.
So, traditionally, radioisotope thermoelectric generators (“RTGs”) - which are a form of nuclear systems - have been used to power several probes (including the likes of Voyager 1/2, Perseverance and Curiosity) but have not been used for ‘engines’ per se. RTGs while being reliable & long-lasting are essentially (and dare I say this) glorified batteries (since they only convert to electricity the heat thrown off by the decay of radioactive material), not true engines.
🧬 Genetics and Evolution:
The U.S. Food and Drug Administration (FDA) also recently approved the first CRISPR treatment for sickle cell disease, called exa-cel. The FDA’s decision makes the U.S. the second country to approve a CRISPR therapy, following exa-cel’s approval for sickle cell disease in the U.K. in November earlier this year.
AstraZeneca has entered the race for the RSV vaccine with a US$800 million acquisition of Icosavax. The overall deal value equates to US$15 per share, which denotes a 43% premium on the listed price the day the acquisition was announced. At the center of the deal is Icosavax’s phase 3-ready protein virus-like particle (VLP) vaccine, dubbed IVX-A12, which targets both respiratory syncytial virus (RSV) and human metapneumovirus (hMPV). The gap? While this year saw GSK get the first adult RSV vaccine to market, closely followed by Pfizer, there are still no treatments or preventative therapies on the market for hMPV and no combination vaccines for RSV available.
Thank you! And see you next time!