Polkadot Races Into Indianapolis 500 With Crypto-Branded Car

Hi NoRamp Community,

Daily News:

1) Auradine Raises $80 Million in Series B Round

2) Polkadot Races Into Indianapolis 500 With Crypto-Branded Car

3) Linqto To Go Public Via $700M SPAC Merger With BCSA

4) FloQast Clinches $100M To Bolster Accounting Tech Innovation

5) Gilion Secures €10M to Fuel Expansion of Growth & Funding Platform

Auradine Raises $80 Million in Series B Round:

• Auradine, a Bitcoin mining equipment manufacturer, has raised $80 million in a Series B funding round, surpassing its initial target of $70 million, with participation from new investors like StepStone Group and Top Tier Capital Partners, as well as existing investors such as Celesta Capital and Mayfield Fund.

• The company, known for its Teraflux family of Bitcoin ASIC Miners, plans to use the funds to expand production capacity and accelerate investments in product roadmaps, focusing on blockchain, security, and artificial intelligence industries.

• Auradine has achieved $80 million in bookings and an order backlog exceeding $200 million, reflecting strong customer confidence in its innovative, energy-efficient, and secure products.

Polkadot Races Into Indianapolis 500 With Crypto-Branded Car:

• IndyCar racing star Conor Daly has been selected as a brand ambassador for Polkadot, following a community vote with 95.8% approval. The year-long collaboration will begin at the Indianapolis 500 in May, with the sponsorship covering the commercial fee for a race team and other expenses, totaling around $2.1 million (290,000 DOT).

• Polkadot, a multi-chain network launched in 2020 by Ethereum Co-Founder Gavin Wood, aims to connect specialized blockchains into a unified network. It is currently the 15th largest blockchain by market capitalization, with DOT trading at $8.84.

• The sponsorship deal with Daly is part of a growing trend of partnerships between the racing and crypto industries, including McLaren Racing's collaboration with Tezos, Red Bull Racing's deals with Bybit and Mysten Labs, and Sauber Formula 1's sponsorship with Stake. Daly expressed honor in representing the Polkadot community and the potential of a more open internet.

  

  Source: Fintech Futures

Linqto To Go Public Via $700M SPAC Merger With BCSA:

• Linqto, a US digital investment platform, is set to go public through a business combination deal with Nasdaq-listed SPAC Blockchain Coinvestors Acquisition Corporation 1 (BCSA). The company, founded in 2020, specializes in providing liquid investments in mid-to-late stage tech companies, particularly in the fintech, blockchain, and auto sectors.

• The transaction will result in Linqto continuing to operate under its brand as a wholly-owned subsidiary of BCSA, with an implied enterprise value of around $700 million. Linqto's outstanding common equity will be canceled, and shareholders will receive shares in BCSA.

• The deal requires BCSA to reincorporate from Delaware to the Cayman Islands before closing, with a one-for-one conversion of its outstanding ordinary shares into common stock of the Delaware entity. Both parties have unanimously approved the terms and expect to close the deal in the second half of 2024, subject to shareholder approval and other customary closing conditions. Linqto's CEO, Joe Endoso, stated that the merger will enhance the platform and focus on driving growth and expanding opportunities in the private markets.

FloQast Clinches $100M To Bolster Accounting Tech Innovation:

• FloQast, a leader in the finance and accounting operations platform sector, has closed a $100 million Series E funding round, boosting its valuation to $1.6 billion. The round was led by ICONIQ Growth, with participation from new investors BDT & MSD Partners and WiL (World Innovation Lab), as well as existing investors like Meritech Capital and Sapphire Ventures.

• The company, known for streamlining and automating financial and accounting processes, plans to use the funds for research and development to enhance its technology and introduce new solutions. The investment will also support FloQast's global expansion efforts, allowing more organizations to benefit from its innovative offerings.

• FloQast aims to leverage advancements in artificial intelligence to improve its current platform and develop new products, reinforcing its role in transforming finance and accounting operations worldwide. CEO Mike Whitmire envisions FloQast as a catalyst for financial transformation, enabling teams to increase efficiency, accuracy, and compliance. Since its inception in 2013, FloQast has shown significant growth, serving over 2,600 teams globally.

Gilion Secures €10M to Fuel Expansion of Growth & Funding Platform:

• Gilion has raised €10 million in equity funding, bringing its total equity to €40 million. The platform experienced significant growth, with a 4x increase in year-over-year revenue and an 8x increase in companies on the platform.

• The funding round includes both existing and new investors, such as Annika Falkengren, Oscar Werner (newly appointed CEO of Gilion), Göran and Henrik Garvner, and Andrew Konopelski. CEO Oscar Werner highlights the importance of diverse funding options for founders, particularly in adding debt to reduce dilution and provide funding during challenging times.

• Gilion offers tech companies access to insights into their performance, non-dilutive loans, and growth analytics tools like pre-made SaaS dashboards and advanced AI forecasting. The platform has expanded its operations to Sweden, Germany, Denmark, and Finland. Investors and founders believe Gilion's product suite is a game-changer in debt financing and the startup funding ecosystem.

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