Institutional Roundup: AI21 raises $155m, and Nodal Power raises $13m

The cryptocurrency industry is attracting an increasing number of institutional players. This is evident in new investments in infrastructure and in the growing attention that companies pay to Bitcoin as an asset class. The most important events of the past weeks are in ForkLog’s overview.

Generative AI startup AI21 becomes a ‘unicorn’ valued at $1.4 billion

The Israeli generative AI project AI21 Labs closed a Series C funding round worth $155 million — valuing the company at $1.4 billion.

Investors included: Google, Nvidia, Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, as well as Mobileye’s CEO who also serves as the startup’s co-founder, Professor Amnon Shashua.

The total funds raised amounts to $283 million, making AI21 Labs one of the largest unicorns in generative AI.

AI21 Labs was founded in 2017 in Tel Aviv and since then has focused on developing large language models. In 2020 the company released the AI code-writing tool Wordtune.

Nodal Power raises $13m for ‘garbage mining’

American company Nodal Power closed a seed financing round at $13 million for a project that converts methane released at landfills into renewable energy, part of which is used for cryptocurrency mining.

Methane is a greenhouse gas produced by the decomposition of organic matter. It traps heat 25 times more effectively than carbon dioxide, and its excess is considered one of the drivers of global warming.

Using the new technology, Nodal Power will ‘convert the escaping gas in the generator’ into additional electricity, reducing CO2 emissions.

BlockTower backs Maple Finance in $5m funding round

DeFi platform Maple Finance closed a strategic funding round worth $5 million. It was led by BlockTower Capital and Tioga Capital with participation from Cherry Ventures, The Spartan Group, GSR Ventures, Veris Ventures, Maven11 Capital and Framework Ventures.

The funds will be used to expand in Latin America and the Asia-Pacific region. The startup also intends to partner with other protocols, financial-service providers and lending experts.

BlackRock invests in mining companies over $400m

The investment giant BlackRock holds positions in four cryptocurrency mining companies with a total value of $411 million.

According to Finbold, on July 30 the firm bought on the dip:

• Riot Blockchain (RIOT) — 10.7 million shares (6.14%) for $199.08 million;
• Marathon Digital (MARA) — 10.9 million shares (6.44%) for $190 million;
• Cipher Mining (CIFR) — 2.2 million shares (0.88%) for $8.36 million;
• TeraWulf (WULF) — 4.8 million shares (2.28%) for $14.10 million.

The aggregate investments represent a 0.35% stake in the $117.6 billion it owns.

Moreover, BlackRock’s current position makes it one of the largest-volume investors among Bitcoin Mining Council members — the lobbying group for the Bitcoin industry in the United States.

MoonPay launches investment arm focused on Web3

MoonPay announced the launch of a venture arm focused on financial and Web3 startups at an early stage.

MoonPay Ventures has already invested in several companies, including BCB Group, Brut, BeatClub, Absolute Labs, Create/OS, BridgeTower Capital, Mythical Games and others.

In addition to financial support, the organization will provide projects with professional counsel and will work on their business models.