**Pharos**, a promising startup from Y Combinator, has successfully raised **$5 million** in seed funding led by **Felicis**. This funding aims to leverage **artificial intelligence** to improve **hospital quality reporting**. The startup is focused on transforming how healthcare facilities manage and report their quality metrics, potentially leading to better patient outcomes and operational efficiency. With the integration of AI, Pharos aims to streamline reporting processes and provide actionable insights for healthcare providers. This innovative approach is set to make waves in the healthcare industry, addressing critical challenges in quality assessment and reporting.

Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.

AI Revolution in Healthcare: Pharos Secures $5M Seed Funding to Enhance Hospital Quality Reporting

### Mindgrove Technologies Secures Major Funding

Mindgrove, a **Chennai-based semiconductor startup**, has successfully raised **USD 8 million** in a Series-A funding round, led by **rocketship.vc** and **Speciale Invest**, with additional contributions from **Mela Ventures** and existing investors such as **Peak XV**, **Nishchay Goel**, and **Whiteboard Capital**. New investor **Anshul Goel** has also joined this funding endeavor.

Founded in **2011** by **Shashwath** and **Sharan Srinivas Jagathrakshakan**, Mindgrove is focused on developing **high-performance SoCs (system-on-chips)** tailored for both the **Indian** and **global markets** at competitive prices. The newly acquired funds will facilitate the **commercial launch** of its **Secure IoT microcontroller SoC**, expand the team, and further enhance its engineering capabilities.

In addition to this funding, Mindgrove has been awarded **USD 15 crore** under India's **Design Linked Incentive (DLI)** scheme to develop a **Vision SoC** aimed at **edge computing**.

**Shashwath T R**, CEO of Mindgrove Technologies, expressed, "The recent investment and the DLI scheme reaffirm confidence in our thesis and capabilities. The demand in India for **high-performance SoCs** with essential features for **security** and **edge computing** is growing. We have been actively working towards meeting this need and have made progress in bringing designed-in-India chips to the market."

Mindgrove has already unveiled a **prototype** of its **Secure IoT chip**, with **commercial sales** anticipated by **mid-2025**. The company, in collaboration with **IITM Pravartak Technologies Foundation** and **IIT Madras Incubation Cell**, aims to **double its workforce** from **40 to 100 employees** over the next two years.

**Vishesh Rajaram**, Managing Partner at Speciale Invest, stated, "We are proud to further strengthen our partnership with Mindgrove Technologies in their mission to revolutionize the global semiconductor industry with cutting-edge, indigenously designed solutions."

Similarly, **Sailesh Ramakrishnan**, Managing Partner at Rocketship.vc, remarked, "Mindgrove Technologies represents the future of India's technology sector, with its innovative solutions tailored for the needs of a rising India."

According to the founders, the funds will be used for the commercial launch of its Secure IoT microcontroller SoC, team expansion, and enhancing its engineering capabilities further

Mindgrove Technologies Secures $8 Million to Propel Semiconductor Innovation in India

### Newcleo's Vision for the Future  
**Elisabeth Rizzotti**, cofounder and COO of **Newcleo**, recently shared insights with Business Insider about the startup's ambitious plans to dominate the European nuclear market. As Europe's only **nuclear unicorn**, Newcleo is gearing up for an **IPO** after achieving two critical milestones.  
   
![Elisabeth Rizzotti, cofounder and COO of Newcleo.](https://i.insider.com/676058a627808b3289cd5656?width=700)  
   
### Key Milestones Ahead  
Newcleo aims to reach significant operational and technological milestones that will pave the way for its public offering. Rizzotti emphasized the importance of these milestones in establishing Newcleo as a leader in the **nuclear energy sector**.  
   
### The Nuclear Juggernaut  
With a focus on **sustainable energy solutions**, Newcleo is set to revolutionize the nuclear industry by offering innovative **small modular reactors** that promise safety and efficiency. Rizzotti's leadership is crucial as the company transitions into its growth phase and prepares for its IPO.  
   
Stay tuned as Newcleo continues to make waves in the nuclear sector, aiming to redefine energy production in Europe.

Newcleo's cofounder and COO says the startup, which is Europe's only nuclear unicorn, will IPO after hitting two key milestones.

Inside Newcleo: The Ambitious Nuclear Startup Poised for IPO Success

### Local Startup Landscape in 2024

2024 saw a **surge in food-related startups** that not only launched but also expanded their operations. Among these, several companies captured significant funding to propel their growth.

![Sugar Magnolia Brownie Bark](https://richmondbizsense.com/wp-content/uploads/2024/12/sugar-magnolia-brownie-bark.jpg)
*Local bakery Sugar Magnolia launched Brownie Bark, a gluten-free chocolate snack, in 2024.*

### Noteworthy New Businesses and Products
- **Sijang**, a condiment startup, made waves with its **Garlic Chili Crunch** available in local grocery stores. Originally a catering company, it pivoted into the condiment market last year.
- **Scared Cowboy**, a hot sauce brand, debuted its products online featuring unique sauces made with habanero peppers.
- **Sugar Magnolia Breads and Baked Goods** launched its **Brownie Bark** product, aiming for online and retail sales.
- **Terravive** introduced eco-friendly compostable products, expanding its offerings to include shopping bags and parchment paper.
- **Babylon Micro-Farms** rolled out the **STEM Garden**, a hydroponic vegetable-growing device for educational purposes.

### Expansions and New Concepts
Several startups ventured beyond local markets:
- **Naborforce** expanded its senior companionship service to **D.C.** and **Savannah**.
- **Sherah** extended its personal assistant services for moms to **Alexandria**.

### Capital Raises Fueling Growth
Numerous startups secured funding to enhance operations:
- **Qnovia** raised **$16 million** to bring its nicotine inhaler to the UK market.
- **Fringe** secured **$6 million** to expand its benefits marketplace.
- **Buddy** raised **$7.2 million**, while **Cookie Finance** closed a **$4.1 million** round to support online content creators.

The local startup scene in 2024 was vibrant, with **food businesses flourishing** and several companies successfully raising substantial capital for their growth initiatives.

Food-related businesses fueled much of the local startup scene this year, while several young companies raked in sizable capital raises for their next phases of growth.

2024 Startup Highlights: Food Industry Thrives While Big Investments Flow

### The Better Butchers and Genuine Taste Join Forces

**The Better Butchers**, a Vancouver-based meat analogue maker, has recently signed a **letter of intent** with **Genuine Taste**, a Toronto startup founded by students, to develop **hybrid meat**. This collaboration comes ahead of The Better Butchers' acquisition by the Canadian cellular agriculture group **Cult Food Science**.

### What is Hybrid Meat?

The partnership aims to create hybrid meat products that blend **cell-cultured ingredients** with **plant-based** or **fermentation-derived proteins**. Genuine Taste specializes in producing cultivated fat from animal cells, which will be used in product development and sampling by The Better Butchers.

![Lab Grown Meat Fat](https://www.greenqueen.com.hk/wp-content/uploads/2024/12/the-better-butchers-genuine-taste-lab-grown-fat-hybrid-meat-2.jpg)
*Courtesy: Genuine Taste*

### Genuine Taste's Innovative Approach

Founded in 2022 by **Pooya Mamaghani** and **Emily Farrar**, Genuine Taste utilizes stem cells from cows to cultivate fat cells in bioreactors. This innovative method allows for mass production of fat that closely resembles conventional animal fat, improving the taste and texture of meat alternatives.

Currently, Genuine Taste is at the **benchtop scale** and has begun testing its cultivated fat with a **global food corporation** for potential use in burgers. They have successfully raised **$175,000** from various investors and won **C$100,000** in a national competition for their alternative meat innovation.

### The Better Butchers' Vision

The Better Butchers is excited about the potential of cultivated fat to enhance their product offerings. By collaborating with cutting-edge companies, they aim to develop high-end butcher-shop staples like **burgers**, **bacon**, and **sausages**, while significantly reducing the environmental impact associated with traditional meat production.

Their current product lineup includes **minced meat** in various flavors, and they are actively involved in research projects with **McMaster University** to further develop cultivated meat technologies.

![The Better Butchers](https://www.greenqueen.com.hk/wp-content/uploads/2024/12/the-better-butchers-genuine-taste-lab-grown-fat-hybrid-meat-3-1024x576.jpeg)
*Courtesy: The Better Butchers*

### The Future of Hybrid Meat

With the challenges of scalability and cost in cultivated meat production, many believe that hybrid meats may be the key to commercial viability. As the industry evolves, partnerships like that of The Better Butchers and Genuine Taste will play a crucial role in shaping the future of sustainable meat alternatives.

The Better Butchers has signed a letter of intent with Genuine Taste, a student-founded cultivated beef fat startup, to develop hybrid meat.

Revolutionizing Meat: How Student-Led Genuine Taste is Partnering with The Better Butchers for Hybrid Innovations

In this special edition of **Straight Talk Africa**, we delve into the **dynamic world of tech startups in Africa** and their innovative use of **Artificial Intelligence (AI)**. Join us as we explore:

### The Role of Tech Giants
**Tech giants like Google and Microsoft** are stepping up to support African startups in their AI journey. Their contributions are vital in fostering an environment ripe for innovation and growth.

### Founders' Perspectives
Founders from various startups share their insights on the **ethical and strategic applications of AI**. They emphasize the importance of using AI responsibly to drive **sustainable development** and address local challenges.

![AI in Africa](https://gdb.voanews.com/3c4ab149-c5cd-4b8e-a4d7-d4440290fa33_w250_r1.png)

### Key Discussions
- The significance of **ethical AI use** in enhancing business operations.
- Strategies for leveraging AI to improve **efficiency and reach** in the African market.
- How startups are navigating the unique challenges of implementing AI solutions.

This edition not only highlights the **potential of AI** in transforming businesses but also sheds light on the **commitment of tech leaders** to foster a supportive ecosystem for startups across the continent.

In this special edition of Straight Talk Africa we’ll examine how tech startups are using "Artificial Intelligence.” Tech giants, such as Google and Microsoft, weigh in on how they support startups using AI. And founders discuss the importance of ethical and strategic uses of artificial intelligence.


Unleashing Innovation: How African Tech Startups are Harnessing AI

### Understanding Startup Salaries

Once a startup successfully raises its **seed round**, the critical question arises: **How much should founders pay themselves and their initial team?** Recent analysis by [Kruze Consulting](https://kruzeconsulting.com), a CPA firm focusing on venture-backed startups, sheds light on salary ranges for over **450 seed-stage startups**.

### Key Salary Insights

According to Kruze, the following are the average salaries for founder executives:
- **CEO:** $132,000
- **CTO:** $134,000
- **COO/Operations:** $135,000
- **Product/CPO:** $149,000

Interestingly, **technical engineering and product roles** generally command higher salaries than the CEO. Notably, the COO position can sometimes indicate a third co-founder role, which may raise eyebrows among seed VCs regarding budget management.

### Competitive Salaries for Engineers

In the competitive landscape of the Bay Area, senior engineers can earn between **$180,000 to $235,000**, while entry-level engineers average **$75,000 to $105,000**. Founders typically increase their salaries as funding rounds progress, averaging **$183,000 after Series A** and **$218,000 by Series B**.

### Starting Salaries for Initial Hires

For initial hires, the starting salaries vary significantly:
- **Engineering (Midlevel):** $100,000 to $145,000 (Bay Area); $90,000 to $130,000 (Other tech hubs)
- **Sales (Midlevel):** $80,000 to $110,000 (Bay Area); $70,000 to $100,000 (Other)
- **Product Titles:** $130,000 to $185,000 (Bay Area); $110,000 to $175,000 (Other)
- **Marketing (Midlevel):** $100,000 to $175,000 (Bay Area); $80,000 to $145,000 (Other)

### Equity Compensation

In addition to salaries, employees often receive equity, which is a major draw for joining startups. According to data from **Carta**, the expected equity for the first five hires is:
- **First hire:** 0.5% to 4% equity (median 1.49%)
- **Second:** 0.3% to 2% equity (median 0.85%)
- **Third:** 0.21% to 1.2% equity (median 0.50%)
- **Fourth:** 0.18% to 1% equity (median 0.44%)
- **Fifth:** 0.13% to 0.8% equity (median 0.34%)

This data provides valuable insights into how startups navigate **salary structures** and employee compensation as they scale. 

*This story originally published December 2, 2024.*

Once a startup has raised its seed round, the perennial question becomes how much should the founders pay themselves and their first few employees? Kruze

Unlocking Startup Salaries: How Much Do Seed-Stage Founders Really Pay Their Early Employees?

![Thomas Burrus](https://www.citybiz.co/wp-content/uploads/2024/12/Thomas-Burrus.jpg)

**Waypoint Bio**, a pioneering spatial biology startup, is making waves by relocating to the **Alexandria Center for Life Science** in New York City. The company has signed a lease for **3,413 square feet** of lab and office space at **430 East 29th St.**, previously operating from the Biolabs Incubator.

Founded in 2021, Waypoint Bio aims to leverage **AI, pooled screening**, and **spatial biology** to enhance drug discovery processes. The co-founders, **Xinchen Wang** and **David Phizicky**, both MIT alumni, have raised **$14.5 million** in seed funding to develop **CAR-T cell therapies** targeting cancer and autoimmune diseases. Wang expressed excitement about their new location, stating, "The Alexandria Center for Life Science is a one-of-a-kind home to world-class pharmaceutical and biotechnology companies."

The Alexandria Center is recognized for fostering innovation within New York City's life science ecosystem, providing a collaborative environment and proximity to leading academic medical institutions. **Thomas Burrus**, JLL Associate Vice President, represented Waypoint Bio in this strategic move, highlighting the growing demand for specialized lab spaces in the area.

### About Waypoint Bio
Waypoint Bio is at the forefront of biotechnology, focusing on **novel cell therapies** for solid tumors through its proprietary **spatial pooled screening technology**. The company has quickly established itself within the biotech community, assembling a team of experts and securing significant funding to propel its mission.

### About JLL
JLL is a global leader in commercial real estate, helping clients navigate their property needs for over **200 years**. With a strong presence in New York's commercial real estate market, JLL continues to support innovative companies like Waypoint Bio in their growth and development.

Pioneering spatial biology startup Waypoint Bio will relocate to the Alexandria Center for Life Science  JLL announced today it has... Read More

AI Revolution in Healthcare: Pharos Secures $5M Seed Funding to Enhance Hospital Quality Reporting

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Other Latest News

Mindgrove Technologies Secures $8 Million to Propel Semiconductor Innovation in India

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2024 Startup Highlights: Food Industry Thrives While Big Investments Flow

Revolutionizing Meat: How Student-Led Genuine Taste is Partnering with The Better Butchers for Hybrid Innovations

Unleashing Innovation: How African Tech Startups are Harnessing AI

Unlocking Startup Salaries: How Much Do Seed-Stage Founders Really Pay Their Early Employees?

Breaking Ground: Waypoint Bio Moves to New York's Premier Lab Space for Innovative Drug Discovery

Other Latest News

Mindgrove Technologies Secures $8 Million to Propel Semiconductor Innovation in India

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2024 Startup Highlights: Food Industry Thrives While Big Investments Flow

Revolutionizing Meat: How Student-Led Genuine Taste is Partnering with The Better Butchers for Hybrid Innovations

Unleashing Innovation: How African Tech Startups are Harnessing AI

Unlocking Startup Salaries: How Much Do Seed-Stage Founders Really Pay Their Early Employees?

Breaking Ground: Waypoint Bio Moves to New York's Premier Lab Space for Innovative Drug Discovery