**A groundbreaking startup** has successfully raised **$44 million** to develop a service that promises to deliver items from space to any location on Earth. This innovative venture aims to revolutionize logistics and transportation by utilizing space technology to ensure rapid and efficient delivery. The implications of this development could pave the way for **unprecedented advancements** in how goods are transported globally, making it faster and potentially more cost-effective. As the startup progresses, it will be interesting to see how this technology evolves and what impact it will have on existing delivery systems and industries.

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Revolutionary Startup Secures $44 Million to Deliver from Space to Earth!

### Overview
Pony AI, a prominent **Chinese autonomous vehicle startup**, is making waves as it seeks to go public on the **Nasdaq stock exchange**. The company has adjusted its IPO target to **$260 million**, up from a previous goal of **$224 million**. 

![Pony AI Car](https://techcrunch.com/wp-content/uploads/2024/10/pony-ai-ipo.jpg)
*Image Credits: Pony AI*

### IPO Details
To achieve this new target, Pony AI plans to sell up to **20 million American depository shares**. This marks a significant drop from an earlier target of **$425 million**, following a decision to reduce its minimum valuation from around **$8 billion** to **$4 billion**.

### Challenges Faced
Pony AI has faced hurdles in its journey, including setbacks in the **U.S. market**. Notably, the company **lost its permit** to test autonomous vehicles in California back in 2022. Despite these challenges, Pony AI operates a fleet of **190 robotrucks** and **250 robotaxis** across major cities in China, including **Beijing, Guangzhou, Shenzhen**, and **Shanghai**.

### Market Response
This shift in financial targets has raised questions amongst industry experts, including former **Waymo CEO John Krafcik**, about Pony AI's strategy for pursuing a U.S. IPO. While there is still demand for **Chinese AV companies** on U.S. exchanges, the changing goals suggest that Pony AI is still refining its approach to this competitive market.

Pony AI, the Chinese autonomous vehicle startup that's looking to go public on the Nasdaq stock exchange, now wants to raise around $260 million,

Pony AI Ups Its IPO Game: Aiming for $260 Million Amidst Challenges

![Prompt Security](https://pic1.calcalist.co.il/picserver3/crop_images/2024/11/20/Bk1NBHjzJg/Bk1NBHjzJg_0_0_2000_1317_0_large.jpg)

**Prompt Security**, a cutting-edge cybersecurity startup, has successfully raised **$18 million** in a Series A funding round aimed at enhancing the security of enterprises against **Generative AI threats**. The round was spearheaded by **Jump Capital**, with contributions from existing investor **Hetz Ventures** and new backers like **Ridge Ventures**, along with tech giants **Okta** and **F5**. This latest funding, secured just 10 months post their Seed round, elevates the company's total investment to **$23 million**.

Founded in **August 2023** by **Itamar Golan** (CEO) and **Lior Drihem** (CTO), both esteemed alumni of Israel's elite **8200 Unit**, Prompt Security combines expertise in cybersecurity and artificial intelligence. Golan previously established AI divisions at **Check Point** and **Orca Security**, while Drihem served as Director of Innovation at Check Point.

Prompt Security's platform empowers enterprises to safely adopt **Generative AI** by offering protection against a myriad of AI-specific risks. The platform meticulously inspects every prompt and model response to thwart **data leaks**, block harmful content, and defend against **GenAI-specific attacks** such as **shadow AI** and **prompt injections**. It provides complete visibility, governance, and policy enforcement over AI tools utilized within organizations, ensuring flexible deployment tailored to various use cases. Notably, it was the first to deliver comprehensive security and governance for **Microsoft 365 Copilot** through its lightweight agent.

The platform is already being utilized by several **Fortune 500** companies, including **Royal Caribbean**, **Riskified**, **Elementor**, **10x Banking**, **St. Joseph's Healthcare**, and **Upstream Security**. Currently, the company employs **30 staff members** across its offices in **Israel** and the **U.S.**, with plans for further expansion and hiring.

Golan emphasized, "As enterprise adoption of GenAI accelerates, so do the associated risks. This new investment strengthens our mission to help organizations safely deploy and use advanced AI tools while protecting against their unique vulnerabilities." Since its launch in **January**, Prompt Security has quintupled its revenue and doubled its customer base.

The Israeli startup’s platform safeguards organizations from shadow AI, prompt injections, and other emerging threats specific to generative AI tools.

Prompt Security Secures $18 Million to Shield Enterprises from GenAI Threats

## Tekever's Ambitious Funding Journey

**Tekever**, a **dual-use drone startup**, has successfully raised **€70 million ($74 million)** to enhance its product offerings and broaden its reach into new markets, particularly the **U.S.**. This funding is indicative of a growing trend where smaller tech-driven startups are entering markets typically dominated by larger defense contractors.

## The Rising Sophistication of Drones

The evolution of **unmanned aerial drones** has been significantly accelerated by the ongoing **war in Ukraine**. Recently, another European startup, **Origin**, also secured funding for its precision-strike drone systems, showcasing the competitive landscape in this domain.

## Who's Backing Tekever?

This funding round was spearheaded by **Baillie Gifford & Co.**, a Scottish investment firm known for backing **SpaceX**, and the **NATO Innovation Fund**, a **€1 billion venture capital fund** aimed at supporting startups in the defense and security sectors. 

## Tekever's Unique Approach

Founded in **Portugal**, with operations extending to the **U.K.** and **France**, Tekever's drones have been utilized in civilian applications, such as monitoring **migrant smuggling** in the English Channel. Their flagship drone, the **ARX**, is capable of commanding multiple smaller drones for surveillance purposes, whether it be for land, sea, or military operations.

Unlike conventional aerospace firms, Tekever manages all aspects of its operations, including **airframe design**, **manufacturing**, **software**, and **AI integration**. This comprehensive control allows for rapid adaptation to evolving customer needs and the fast-paced changes in modern warfare.

## Insights from Leadership

CEO **Ricardo Mendes** emphasized the urgent need for Europe to innovate technologically, especially in light of the geopolitical climate surrounding the war in Ukraine. Tekever previously raised **€20 million** in a **Series A** funding round in 2022, demonstrating a solid foundation for its current growth trajectory.

## The Growing Drone Market

**Patrick Schneider-Sikorsky** from the NATO Innovation Fund noted the exponential growth of the drone market in Europe since 2022. The fund is keen on backing technologies that can benefit both civilian and defense sectors, highlighting Tekever’s versatility.

**Chris Evdaimon**, an Investment Manager at Baillie Gifford, remarked on the company’s innovative, software-centric approach to drone manufacturing, which sets them apart in the industry.

Tekever’s drones are currently deployed in **Ukraine**, as well as in collaborations with the **European Maritime Safety Agency** and the **U.K.’s Home Office**. The funding round also saw participation from the **U.K.’s National Security Strategic Investment Fund** and **Crescent Cove Advisors** from Silicon Valley, alongside existing investors.

*Additional reporting by Anna Heim*

Dual-use drone startup Tekever has raised €70 million ($74 million) to develop its product and expand into new markets, specifically the U.S.. The news is

Tekever Secures $74M to Transform Drone Technology Amidst Ukraine Conflict

## Palmer Luckey: A Face of Change in Defense

Palmer Luckey, the **founder of Anduril**, a **$14 billion AI-powered weapons startup**, is reshaping the defense industry. With his **distinctive style** of Hawaiian shirts and a mullet, he stands out in a traditionally serious sector.

## Candid and Weird

Unlike typical defense executives, Luckey is known for his **brutally honest** and at times **vulgar** discussions. He openly shares his experiences, including his **high-profile exit from Facebook** and personal rivalries, while emphasizing the importance of **public perception** for his future endeavors.

## From Oculus to Anduril

Having created the **Oculus gaming headset** and sold it to **Facebook** for $2 billion, Luckey now leads the **largest private defense startup** in the U.S. With over **$1 billion in military contracts**, his company’s technologies are actively being used in the **Russia-Ukraine war**. Luckey's political affiliations, particularly his support for **Donald Trump**, have also positioned him favorably within certain circles.

![Palmer Luckey at Anduril’s factory](https://fortune.com/img-assets/wp-content/uploads/2024/11/INF0125-Palmer-Luckey__080.jpg?w=1440&q=75)

*Anduril founder Palmer Luckey photographed at Anduril’s factory in Santa Ana, California on Nov. 6, 2024. Maggie Shannon for Fortune*

## A New Vision for the Future

Luckey's next ambition involves a **new headset project**, integrating Anduril’s **AI-powered 3D battlefield mapping platform, Lattice**, into military hardware. This innovative approach aims to provide soldiers with enhanced situational awareness on the battlefield.

Anduril's collaboration with **Microsoft** on improving **HoloLens** for the U.S. Army showcases the potential for **$21.9 billion** in revenue over the next decade. Lattice aims to revolutionize battlefield navigation by synthesizing data from various sources, including **satellite feeds and drones**.

## Overcoming Past Challenges

Luckey reflects on past failures in military headset integrations and believes that **Anduril's technology** can overcome previous limitations. He emphasizes the importance of **trust and reputation**, stating, "I do care that they think that I am moral."

## The Future of Anduril

Anduril continues to challenge established defense contractors by leveraging **private capital for innovation**. With significant contracts, including one for **counter-drone technology**, the company is set to expand with a **5-million-square-foot manufacturing facility** and new product launches, such as the **Bolt family of drones**.

![Anduril's Bolt Drones](https://fortune.com/img-assets/wp-content/uploads/2024/11/INF0125-Anduril-Bolt-M-2024-Bolt-M-Hero-2.jpg?w=1440&q=75)

*Anduril introduced its Bolt family of man-packable, vertical takeoff and landing (VTOL) Autonomous Air Vehicles (AAVs). Courtesy of Anduril*

## A New Approach to Business

Luckey’s experience with **Oculus** has influenced his business philosophy. He now approaches relationships with a mindset of caution, always considering potential risks. His candidness and willingness to engage in public discussions aim not only to promote his company but also to **reshape his public image**.

*This article appears in the December 2024/January 2025 issue of Fortune with the headline “What Palmer Luckey, the man revolutionizing warfare, is afraid of.”*

“I realized too late that my reputation is actually very important,” Luckey told Fortune.

Meet Palmer Luckey: The Unconventional Founder Revolutionizing Warfare with Anduril's $14 Billion Vision

### Overview
**Instagram co-founder** has thrown his support behind a new startup focused on helping developers safeguard their work against the rising tide of **artificial intelligence**. This initiative aims to equip tech professionals with the tools and strategies necessary to navigate the **AI landscape** effectively.

### Key Features
The startup is designed to provide developers with essential resources that will enable them to:
- **Enhance their skills** in the face of evolving AI technologies.
- **Protect their intellectual property** from potential threats posed by AI advancements.
- **Collaborate** with a community of like-minded individuals who share similar challenges.

### Background
As AI continues to evolve at a rapid pace, many developers find themselves at a crossroads, needing to adapt or risk falling behind. The backing from industry leaders like the **co-founder of Instagram** lends credibility to this startup's mission, highlighting the importance of innovation and adaptation in today’s tech landscape.

### Conclusion
With the ongoing advancements in AI, initiatives like this one are crucial for empowering developers and ensuring they remain competitive and protected in this dynamic environment.

Tech in Asia (YC W15) is a media, events, and jobs platform for Asia's tech communities.

Instagram Co-Founder Champions Innovative Startup to Combat AI Challenges for Developers

### Ark Invest's Vision for Innovation

Cathie Wood's **Ark Invest** is making headlines as it positions itself to capitalize on **Elon Musk's** ventures. The firm recently reached out to its subscribers, touting its **exposure to Musk's private companies** through the **ARK Venture Fund**.

### Key Holdings

As of **October 31**, the fund boasts nearly **15% of net assets** in Musk's companies, including:
- **SpaceX** (largest holding at **12.7%**)
- **X (formerly Twitter)** (1.5%)
- **xAI** (0.7%)  
This portfolio reflects Ark's ambition to offer investors access to some of the most **valuable startups** in tech, which are typically **inaccessible** to everyday investors.

### Strategic Timing

Ark emphasizes Musk's unique position, particularly his **influence with President-elect Donald Trump**. The firm believes that Musk's involvement in U.S. policy could create a more favorable environment for innovation, thereby enhancing the growth potential of his companies. As noted in their communication, "This support could potentially fuel his companies' growth and amplify their ability to lead in key areas of technology and sustainability."

### The Entrepreneurial Edge

Brett Winton, Ark's fund manager, expressed confidence in Musk's entrepreneurial spirit, stating, "Elon is an amazing entrepreneur... having exposure across all of Elon Musk's enterprises is actually a reasonable exposure to take." This sentiment underlines the **urgency** and **innovation** that Musk embodies, which are critical for success in the tech landscape.

### Competing Ventures

Interestingly, the ARK Venture Fund also holds stakes in companies that compete with Musk's ventures, such as **OpenAI** and **Anthropic**. This diversified approach allows investors to benefit from Musk's leadership while also being exposed to competitive innovations in the tech sector.

Ark's communication concludes with a call to action, encouraging investors to seize this **unique opportunity** to invest in Musk-led companies that are reshaping industries like **space exploration, AI, and renewable energy**.

Cathie Wood's Ark Venture Fund is banking on Elon Musk to deliver new retail investors to its flock.

Invest in the Future: Ark Invest's Bold Bet on Elon Musk's Startups

## Fraud Allegations Against Joanna Smith-Griffin

**Joanna Smith-Griffin**, the founder of **AllHere Education**, has been charged with fraud by federal prosecutors. Recognized on the **Forbes 30 Under 30** list in 2021, she is accused of **inflating revenues** and **lying about contracts** to secure **$10 million** in investments.

### The Charges

Federal prosecutors allege that Smith-Griffin misrepresented her startup's financial status over several years. During a fundraising round in 2021, she claimed that **AllHere** had **$3.7 million** in revenue from the previous year and about **$2.5 million** in available funds. However, the actual figures were a mere **$11,000** in revenue and approximately **$494,000** in assets. Furthermore, claims about contracts with the **New York City Department of Education** and **Atlanta Public Schools** were also fabricated.

### Background of AllHere Education

**AllHere**, which emerged from **Harvard's Innovation Lab**, aimed to reduce student absenteeism through an **AI chatbot**. Unfortunately, the company has faced significant challenges, including **bankruptcy proceedings** and staff furloughs. Earlier this year, it lost a **major contract** with the **Los Angeles Unified School District** due to its financial troubles.

### A Notable Trend

Joanna Smith-Griffin is the latest in a string of young entrepreneurs spotlighted by Forbes who have faced legal troubles, including **Sam Bankman-Fried**, **Charlie Javice**, and **Martin Shkreli**. Her case reflects a broader concern about the **integrity** of young leaders in the startup ecosystem.

### Quotes from Authorities

U.S. Attorney **Damian Williams** remarked, "The law does not turn a blind eye to those who allegedly distort financial realities for personal gain."

### Investors and Arrest

Investors in AllHere included funds managed by **Rethink Capital Partners** and **Spero Ventures**. Smith-Griffin was arrested on November 19 in **North Carolina**. Representatives from **Harvard**, **Forbes**, and **Inc.** have not commented on the situation as of yet.

![AllHere Education](image_link_placeholder)

Joanna Smith-Griffin is latest Forbes '30 Under 30' alum facing criminal charges, joining Sam Bankman-Fried, Charlie Javice, and Martin Shkreli.

Revolutionary Startup Secures $44 Million to Deliver from Space to Earth!

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Other Latest News

Pony AI Ups Its IPO Game: Aiming for $260 Million Amidst Challenges

Prompt Security Secures $18 Million to Shield Enterprises from GenAI Threats

Tekever Secures $74M to Transform Drone Technology Amidst Ukraine Conflict

Meet Palmer Luckey: The Unconventional Founder Revolutionizing Warfare with Anduril's $14 Billion Vision

Instagram Co-Founder Champions Innovative Startup to Combat AI Challenges for Developers

Invest in the Future: Ark Invest's Bold Bet on Elon Musk's Startups

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Other Latest News

Pony AI Ups Its IPO Game: Aiming for $260 Million Amidst Challenges

Prompt Security Secures $18 Million to Shield Enterprises from GenAI Threats

Tekever Secures $74M to Transform Drone Technology Amidst Ukraine Conflict

Meet Palmer Luckey: The Unconventional Founder Revolutionizing Warfare with Anduril's $14 Billion Vision

Instagram Co-Founder Champions Innovative Startup to Combat AI Challenges for Developers

Invest in the Future: Ark Invest's Bold Bet on Elon Musk's Startups

Shocking Fraud Charges Against Forbes '30 Under 30' Alum Joanna Smith-Griffin