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Tesla’s new car-building process could be a huge industrial breakthrough

Plus: Human trials of artificial wombs could start soon 

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Cash Nut
September 15, 2023


In Today’s Edition

  • The car subscription startup Revel secures $123M

  • LastMile AI raises $10M in seed round to operationalize AI models

  • Tesla’s new car-building process could be a huge industrial breakthrough

  • JPMorgan Chase to offer online payroll services as it steps up fight with Square, PayPal

  • Microsoft open sources EvoDiff, a novel protein-generating AI

  • This EV smashed the world record for distance on a single charge

  • Human trials of artificial wombs could start soon

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🚀Startups Nuts

Revel, a Spanish startup, secures €115m ($123m) in funding for its subscription car leasing service, which includes insurance and maintenance. Investors include KKR, Santander Consumer Finance, and others not disclosed. The funding will help Revel expand and build its car network, providing a flexible alternative to traditional leasing providers.

LastMile AI, an AI platform for software engineers, raised $10M in a funding round led by Gradient, Google's AI-focused venture fund. LastMile AI aims to democratize generative AI by simplifying workflows and reducing the need for technical expertise. The platform enables customers to create AI apps using both open and closed-source text and image-generating models. LastMile AI provides three modules to help users develop AI-powered apps. The platform's goal is to provide a single developer platform that encompasses the entire lifecycle of AI app development.

🏭Business Nuts

Tesla's new manufacturing process could significantly reduce costs and increase production of its electric vehicles. It can die-cast almost an entire vehicle underbody as a single piece. Tesla's mold-making process involves building molds layer by layer with sand. The automaker still has several hurdles to overcome before the process is complete. Tesla reportedly plans to use the process on its long-awaited $25,000 electric car.

JPMorgan Chase is stepping up its appeal to small business customers by planning to offer digital payroll processing. The bank has picked San Francisco-based fintech player Gusto to provide the underlying technology for the feature. The product will help JPMorgan compete with fintech players including Square and PayPal, which already have payroll services.

📱Tech Nuts

Microsoft has introduced a general-purpose framework that can be used to create new proteins. EvoDiff can generate high-fidelity and diverse proteins given a protein sequence. It is a diffusion model, similar to image-generating models like Stable Diffusion. The research behind EvoDiff hasn't yet been peer reviewed.

A team of students from the Technical University of Munich has set a new distance record on a single charge for a non-solar electric vehicle. The team's coupe traveled 1,599 miles with a battery capacity of just 15.5 kWh. It has a top speed of 26 mph and weighs 374 lbs without a driver. Pictures and more information about the vehicle are available in the article.

🔥Newsletter Spotlight

🎁Miscellaneous

Researchers at the Children's Hospital of Philadelphia are seeking approval for the first human clinical trials of its artificial wombs. The technology is not designed to support development from conception to birth. However, it may help improve outcomes for extremely premature babies. The FDA will convene a meeting of independent advisers on 19-20 September to discuss regulatory and ethical considerations around what human trials for the technology might look like.

💡What else are we reading and seeing?

😎Fun Fact

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