AI-powered logistics startup Boon has raised $20.5 million to revolutionise fleet and logistics operations. The funding, led by Marathon and Redpoint, includes $15.5 million from a Series A round and a previously undisclosed $5 million seed investment. The platform aims to streamline operations and improve efficiency by unifying data from diverse applications.
Boon targets inefficiencies in the logistics industry, particularly among small and medium-sized enterprises managing over 60 million fleet vehicles globally. Current tools, often fragmented across 15 to 20 applications, create administrative burdens. Boon’s AI agent addresses these challenges by automating processes, optimising workflows, and providing actionable insights.
Founder Deepti Yenireddy drew on her experience at fleet operations giant Samsara to design Boon. She assembled a team of experts from Apple, DoorDash, Google, and other leading firms to develop the platform. Boon plans to use the funding to expand its offerings, covering areas like container loading and staffing optimisation.
Early results have been promising. With paying customers representing 35,000 drivers and 10,000 vehicles, Boon reached an annual revenue run rate of $1 million within nine months. The company is hiring to accelerate growth and broaden its impact on the logistics sector.
The US Department of Commerce has asked Nvidia to investigate how its AI chips ended up in China despite ongoing export restrictions, The Information reported. In response, Nvidia has called on major distributors like Super Micro and Dell to conduct customer inspections in Southeast Asia. Nvidia chips, embedded in server products, have allegedly been smuggled to Chinese entities through various schemes, including duplicating or altering serial numbers.
Super Micro and Dell stated they strictly enforce export regulations and will terminate relationships with partners who violate these controls. Super Micro also confirmed it investigates unauthorised exports and complies with all US export laws.
These developments come as the Biden administration intensifies its crackdown on chip sales to China. Despite the broadened restrictions on high-end AI chips in 2023, Chinese institutions reportedly acquired Nvidia chips through resellers. Earlier this month, the US further limited semiconductor exports to 140 additional companies, underscoring efforts to control the flow of advanced technology to China.
AI poses both opportunities and risks for businesses, creating a demand for specialised AI security solutions. Mindgard, a British university spinoff, is addressing these challenges with innovative approaches to safeguard companies against vulnerabilities like prompt injection and adversarial attacks.
Founded by Professor Peter Garraghan, Mindgard employs Dynamic Application Security Testing for AI (DAST-AI), a system designed to detect vulnerabilities during runtime. Its automated red-teaming simulations leverage an extensive threat library to test the resilience of AI systems, including image classifiers. However, this cutting-edge technology stems from Garraghan’s academic expertise in AI security, reinforced by ongoing collaborations with Lancaster University.
Recent developments have bolstered Mindgard’s growth. A new $8 million funding round, led by Boston-based .406 Ventures, will support team expansion, product development, and entry into the US market. Despite its global aspirations, the company plans to retain its R&D and engineering operations in London.
With a lean team of 15 aiming to grow modestly, Mindgard’s focus remains on creating a safer AI landscape. The platform serves a diverse clientele, from enterprises and penetration testers to AI startups keen on showcasing their risk prevention capabilities. Garraghan envisions a future where AI adoption is both secure and trusted.
Instagram is developing advanced AI-powered tools to enhance video editing capabilities for creators. These tools, expected to launch next year, will allow users to modify nearly any element of their videos through simple text prompts, according to Instagram head Adam Mosseri. The features will be powered by Meta’s Movie Gen AI model.
The teased tools aim to give creators unprecedented control over their content. Users will be able to alter appearances, change outfits, transform backgrounds, and add virtual accessories like jewellery with ease. Previews demonstrated seamless effects, including snowy backdrops and puppet-like animations, offering a glimpse into the platform’s evolving creative possibilities.
Meta’s Movie Gen, introduced in October, enables video creation and editing through text prompts but was not initially made public. Instagram’s planned integration marks a significant shift, positioning the platform as a leader in AI-driven video innovation. Competitors such as OpenAI and Adobe have also been advancing similar technologies.
Creators are anticipated to benefit greatly from these developments as Instagram seeks to empower them with more sophisticated tools. The move signals Meta’s broader ambitions to redefine video editing in the social media landscape.
The US Supreme Court has agreed to review a case involving TikTok and its Chinese parent company, ByteDance, in a challenge against a law requiring the app’s sale or a ban in the US by January 19. The court will hear arguments on 10 January but has not yet decided on TikTok’s request to block the law, which it claims violates free speech rights under the First Amendment. TikTok, used by 170 million Americans, argues the law would harm its operations and user base, while US officials cite national security concerns over data access and content manipulation.
The Justice Department has labelled TikTok a significant security risk due to its Chinese ownership, while TikTok denies posing any threat and accuses lawmakers of speculation. The law, passed in April and signed by President Biden, would ban the app unless ByteDance divests its ownership. The company warns that even a temporary shutdown could damage its US market share, advertising revenue, and ability to recruit creators and staff.
The case also reflects heightened tensions between the US and China over technology and trade policies. TikTok’s fate could set a precedent for the treatment of other foreign-owned apps, raising questions about free speech and digital commerce. The Supreme Court’s decision may have far-reaching implications for the platform’s future and US-China relations.
According to sources familiar with the matter, Apple is in early talks with Tencent and ByteDance to integrate their AI models into iPhones sold in China. This comes as Apple rolls out OpenAI’s ChatGPT in other markets, but regulatory restrictions in China prevent the availability of the chatbot there. To comply with local rules and counter the declining market share, Apple is exploring partnerships with Chinese firms that already have government-approved AI models.
Potential partners include ByteDance’s Doubao and Tencent’s Hunyuan, part of a growing field of AI services in China. Although Apple previously discussed using Baidu’s Ernie model, reports suggest technical disagreements halted progress. Baidu’s shares dropped following news of these challenges, while Tencent’s stock saw a boost.
Apple faces increasing pressure in China’s competitive smartphone market, where domestic rivals like Huawei are surging ahead. Huawei’s recent AI-equipped models have attracted consumers, contributing to a 42% spike in sales. In contrast, Apple’s third-quarter sales dipped slightly, underscoring the need for a successful AI integration strategy to regain momentum in China.
The US Commerce Department has finalised a $458 million grant for SK Hynix to support an advanced chip packaging plant and AI research facility in Indiana. The South Korean company, a key supplier for Nvidia, plans to invest $3.87 billion in the project, which will produce high-bandwidth memory chips used in AI systems. The government will also provide $500 million in loans as part of the deal.
The Indiana facility is expected to create 1,000 jobs and strengthen the US semiconductor supply chain. SK Hynix’s CEO, Kwak Noh-Jung, highlighted the importance of building a resilient AI chip infrastructure in the United States. This grant is part of the $39 billion program approved by Congress in 2022 to boost domestic semiconductor production.
The Commerce Department has issued grants to major chipmakers like Intel, Micron, and TSMC. With the SK Hynix deal complete, only Samsung’s $6.4 billion award remains pending. The initiative aims to bolster US leadership in semiconductor technology and reduce reliance on foreign manufacturing.
Apple has accused Meta of making excessive interoperability requests that could compromise user privacy and security, intensifying the rivalry between the two tech giants. Under the European Union’s Digital Markets Act (DMA), Apple must allow competitors access to its services or face significant fines. Apple claims Meta’s 15 requests — more than any other company — could expose sensitive data like messages, emails, and passwords.
Meta, which seeks integration for products like its Quest VR headsets and smart glasses, dismissed Apple’s privacy concerns as a cover for anticompetitive practices. Apple cited Meta’s past privacy violations in Europe as a reason for caution.
Meanwhile, the European Commission has outlined measures to ensure Apple complies with the DMA, including clear timelines and feedback mechanisms for developers. A final decision on Apple’s compliance with the law is expected in March 2025.
The Hong Kong Securities and Futures Commission (SFC) has granted conditional licences to four virtual asset trading platforms, including Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. However, the platforms must meet certain regulatory conditions before they can begin fully operating.
These licences follow the SFC’s risk-based inspections, which were introduced in June to assess compliance with the region’s virtual asset regulations. The inspections are aimed at ensuring investor protection while promoting growth in the cryptocurrency sector.
The platforms must undergo third-party vulnerability assessments and penetration tests to address any potential security risks. The SFC will oversee the process, ensuring the platforms meet all necessary requirements before expanding their operations.
The SFC has also issued a roadmap to streamline the licensing process, providing clear guidance to ensure that licensed platforms maintain the highest security and compliance standards, safeguarding user funds and preventing fraud.
A coalition of Dutch technology firms, including chip equipment maker ASML, has announced plans to contribute approximately $230 million towards infrastructure development in Eindhoven, one of Europe’s fastest-growing technology hubs. This initiative aligns with the Dutch government’s “Operation Beethoven,” a €2.5 billion programme aimed at improving housing, transport, education, and electricity in the region.
The corporate funding will complement public investment, supporting projects coordinated by the regional development agency Brainport. Willem van der Leegte, CEO of manufacturing giant VDL Groep, a key ASML supplier, emphasised the mutual benefits of the collaboration, stating, “What is good for the region is good for the companies, and vice versa.” Other prominent contributors include chipmaker NXP and health technology firm Philips.
Eindhoven’s rapid growth as a technology hub has placed increased demand on local infrastructure. By joining forces, public and private sectors aim to create sustainable development that supports both the region’s workforce and the companies driving innovation.
