STARTUP ADDS HYDROGEN TO CARGO SHIPS FOR EFFICIENCY
■ AI-SUMMARIZED FROM 1 SOURCE ▸ TIMELINE
Newlight has secured $9 million in seed funding to develop hydrogen fuel-injection technology for maritime vessels. The company completed an 8,500-nautical-mile test run from Singapore to Ghana.
■ MORE FROM THE STARTUPS DESK
Indian edtech startup upGrad has completed its acquisition of rival Unacademy in an all-stock transaction valuing the company at approximately $206 million. The deal marks a dramatic decline from Unacademy's peak valuation of $3.5 billion.
Physics-focused AI startup PSI has emerged from stealth with $58 million in seed funding. The company aims to use artificial intelligence to accelerate the discovery of new physics, including potential solutions for interstellar travel.
India's Unacademy has sold to rival upGrad for $206 million, a dramatic 94% decline from its peak valuation. Co-founder Gaurav Munjal acknowledged the sharp downturn without embellishment.
Money-transfer startup Felix Pago secured $200 million in funding to expand beyond remittances. The company plans to launch lending and savings products targeting Latin American immigrants in the US.