Category: International Insights

The Swiss startup LogicStar, founded in summer 2024, has secured $3 million in pre-seed funding. The company aims to introduce tools for developers that facilitate the autonomous maintenance of software applications, differing from the common applications of AI agents that focus on code co-development.

Boris Paskalev, the CEO and co-founder of LogicStar (featured in the image above with his co-founders), indicates that the AI agents created by the startup may collaborate with code development agents—like Cognition AI’s Devin—to create a mutually beneficial business environment.

Code accuracy presents challenges for AI agents involved in software creation and deployment, just as it does for human programmers. LogicStar is determined to enhance the development process by automatically identifying and resolving bugs that appear in deployed code.

Currently, Paskalev points out that “even the best models and agents” cannot tackle a significant proportion of bugs presented to them. This has led the team to see an opportunity to establish an AI startup focused on boosting these chances and achieving the goal of simpler application maintenance.

To achieve this aim, LogicStar is building its tools using large language models (LLMs)—including OpenAI’s GPT and China’s DeepSeek—employing a model-agnostic strategy. This flexibility allows LogicStar to utilise various LLMs and optimise the effectiveness of its AI agents based on which foundational model is best suited for addressing specific coding issues.

Paskalev asserts that the founding team possesses the necessary technical acumen and industry-specific insight to create a platform capable of resolving programming challenges that can perplex or outsmart LLMs working in isolation. Additionally, the team brings with them a record of past entrepreneurial success, as he previously sold his code review startup, DeepCode, to the cybersecurity firm Snyk in September 2020.

In the initial stages, the intention was to construct a large language model specifically for coding, Paskalev stated. However, they soon realised such models would quickly become standardised. Consequently, the focus shifted to leveraging existing large language models and AI agents to extract maximum business value from their capabilities.

He added that their concept is rooted in their comprehension of software application analysis. By merging that knowledge with large language models, they aim to ensure verification and grounding of the recommendations made by those models and AI agents.

Test-driven development

What does this look like in practice? According to Paskalev, LogicStar conducts an application analysis using “traditional computer science techniques” to create a “knowledge base.” This comprehensive framework allows the AI agent to understand the software’s inputs and outputs, relationships between variables and functions, and other connections and dependencies.

For each bug encountered, the AI agent can identify which components of the application are affected, enabling LogicStar to focus on simulating the necessary functions to test numerous potential fixes.

Paskalev explains that this “minimised execution environment” allows the AI agent to perform “thousands” of tests to reproduce bugs and find a “failing test.” Through this approach known as “test-driven development,” the intention is to arrive at a lasting solution.

The bug fixes themselves are derived from the LLMs. However, as the platform allows for a “very fast executive environment,” LogicStar’s AI agents can effectively sift through options, offering users an efficient means to access the best solutions available from LLMs.

Paskalev noted that while LLMs excel at prototyping and testing, they are far from suitable for production-level commercial applications. He expressed confidence that LogicStar’s platform bridges this gap, enabling users to leverage AI effectively while saving developers time for more critical tasks.

The primary target audience for LogicStar will be enterprises. Its “silicon agents” are designed to support corporate development teams at a significantly lower cost than employing a human developer, managing various application maintenance duties and freeing engineers to focus on creative or complex challenges. This is expected to be the case until AI agents and LLMs advance further in their capabilities.

Although the startup promotes its technology as offering “fully autonomous” app maintenance, Paskalev confirms that the platform enables human developers to review and supervise the fixes proposed by its AI agents, indicating the importance of establishing trust.

The accuracy achieved by human developers ranges between 80 to 90%. The target set for their AI agents is to match that level.

It is still in the evolving phase for LogicStar. An alpha version of its solution is currently being tested with several unnamed companies, referred to by Paskalev as “design partners.” Currently, the technology is limited to Python, but plans are in place to expand to TypeScript, JavaScript, and Java soon.

Paskalev mentioned that the pre-seed funding aims to demonstrate the technology’s functionality alongside their design partners, initially concentrating on Python. They have already invested a year into this development and see ample opportunity for expansion, which is why they are focusing initially on illustrating its value in a singular case.

The startup’s pre-seed funding round was led by Northzone, a European VC firm, with contributions from angel investors associated with DeepMind, Fleet, Sequoia scouts, Snyk, and Spotify.

In a statement, Michiel Kotting, a partner at Northzone, remarked: “The early stages of AI-driven code generation have produced revolutionary productivity gains. This technology holds immense promise to streamline development processes, reduce expenses, and foster innovation. The team’s extensive technical expertise and proven track record position them to make a significant impact. The landscape of software development is evolving, and LogicStar is poised to be a key player in software maintenance.”

LogicStar is currently maintaining a waiting list for interested customers seeking early access. A beta release is anticipated for later this year.

Deel, a leading payroll and HR company, has just announced a significant financial milestone and the addition of new anchor investors, marking a pivotal moment in its growth trajectory. Deel has successfully completed a $300 million secondary share sale, bringing General Catalyst and a sovereign investor on board.

This investment is a clear indication of the confidence investors have in Deel’s long-term vision and its ability to simplify global workforce management. Here are the key details of this development:

• General Catalyst, along with an undisclosed sovereign investor reported to be Abu Dhabi’s Mubadala Investment Company, has purchased close to $300 million in Deel secondaries from early investors.
• This transaction has increased Deel’s valuation to $12.6 billion, up from its previous valuation of $12 billion in May 2022.
• Deel has achieved a remarkable run rate of $800 million as of December 2024, representing a 70% year-over-year growth. The company has been profitable for more than two years, which is a rare feat for a business of its size in the global HRTech space.

Since its graduation from Y Combinator in 2019, Deel has evolved significantly. It has grown from a two-product hiring solution to a comprehensive suite of products that integrate HRIS, payroll, compliance, benefits, performance management, and more into one seamless platform across 150 countries.

Jeannette zu Fürstenberg, Managing Director of General Catalyst and Founding Partner of La Famiglia, expressed her enthusiasm about Deel’s future, stating, “We are proud to deepen our investment in Deel, a transformative platform that empowers global workforce enablement and drives economic growth worldwide. Deel’s focus on enabling large enterprises to navigate the complexities of a global workforce fits well with our mission to back bold ideas that create enduring value.”

In preparation for its future growth, Deel has also welcomed two new independent board members: Francis deSouza, former CEO of Illumina and former board member of the Walt Disney Corporation, and Todd Ford, veteran board member and joint President and CFO at Coupa Software.

Deel co-founder and CEO Alex Bouaziz highlighted the company’s readiness for a significant year ahead: “2024 was a remarkable year in terms of business growth and product innovation. We’re gearing up for an even bigger 2025. We look forward to working with our new anchor investors to continue this momentum.”

As Deel advances toward a potential initial public offering (IPO), the company is expected to continue expanding its global footprint and enhancing its suite of HR and payroll solutions. The sustained investor interest and growing revenue metrics suggest Deel is well-positioned to make a significant impact in the public markets when the time comes.

Deel, with its latest $300 million secondary share sale, has taken another major step toward an IPO, reinforcing its position as a fintech leader in the global HR space. Deel.

Two space startups, Momentus and Astroscale, have joined forces to create the next generation of telescopes, particularly focusing on extending the lifetime of the Hubble Space Telescope and tackling the issue of orbital debris.

This collaborative effort comes after NASA issued a request for information in December 2022, following a non-exclusive SpaceX study announced in September. The SpaceX proposal explores options to reboost the 33-year-old Hubble Space Telescope into a higher orbit, but other companies are also encouraged to submit their ideas.

The Proposal Details

Momentus and Astroscale have presented a synergistic approach that leverages their respective expertise. Momentus, which began operations in 2017, has experience with space tugs, having launched several demonstration flights of its Vigoride space tug aboard SpaceX rideshare missions. Astroscale, founded in 2013, has conducted a space debris demonstration mission called ELSA-d in March 2021, although the test was halted in May 2022 due to anomalous spacecraft conditions. Astroscale plans another mission in 2024.

The joint proposal involves using the Vigoride space tug, which would launch on a yet-to-be-determined rocket. Once in space, Vigoride would utilize Astroscale’s technology for rendezvous, proximity operations, and docking to reach the Hubble Space Telescope. The tug would then reboost Hubble’s orbit by 31 miles (50 kilometers) and subsequently focus on cleaning up orbital debris in the vicinity.

Technological Innovations

This mission would showcase several technological innovations:
– Vigoride Space Tug: A versatile space tug capable of reboosting and servicing spacecraft.
– Astroscale Technology: Specialized in rendezvous, proximity operations, and docking.
– Debris Removal: Addressing the critical issue of orbital debris, which is essential for maintaining a safe and operational space environment.

Financial and Operational Challenges

Despite the promising proposal, Momentus faces financial challenges, with a dangerously low cash reserve as of its first quarter financial results in May 2023. This financial strain could impact the feasibility of the project.

Broader Implications and Support

This initiative is part of a larger trend of private-public partnerships that NASA is exploring to support robust and superior science missions. Thomas Zurbuchen, then-associate administrator for the Science Mission Directorate at NASA, highlighted the innovative approaches being considered to extend the lifetimes of NASA’s telescopes.

Other NASA telescopes, such as the Chandra X-ray Observatory, are also being studied for potential rescue missions. Northrop Grumman is conducting a feasibility study for servicing Chandra, which was launched in 1999.

In conclusion, the collaboration between Momentus and Astroscale to create the next generation of telescopes is a significant step forward in space technology and debris management. This initiative underscores the importance of private-public partnerships in advancing space science and ensuring the longevity of critical space assets, making it a pivotal moment in the evolution of space telescopes.

Two space startups, Momentus and Astroscale, have joined forces to create the next generation of telescopes.

Waabi and Volvo are teaming up to build self-driving trucks at scale, a partnership that promises to revolutionize the freight transportation industry with autonomous truck technology.

In a recent announcement, Waabi, a pioneer in generative AI for the physical world, and Volvo Autonomous Solutions have entered into a strategic partnership to jointly develop and deploy autonomous trucks. This collaboration combines Waabi’s innovative AI technology with Volvo’s expertise in automation and safety, aiming to introduce safer, more efficient, and sustainable freight transportation.

The Partnership Details

At the heart of this partnership is the integration of Waabi’s virtual driver system, known as the Waabi Driver, into Volvo’s autonomous truck, the Volvo VNL Autonomous. This integration is set to occur at Volvo’s flagship New River Valley assembly plant and will be based on Volvo’s autonomous technology platform. The goal is to support diverse operational needs and use cases across various Volvo Group truck brands.

According to Raquel Urtasun, Founder and CEO of Waabi, “Vertically integrating next-generation AI technology directly into an OEM’s vehicle production is the path forward to bring safe, robust autonomous vehicles to the road, at scale.” Urtasun highlighted that Volvo’s commitment to safety, engineering excellence, and forward-looking innovation makes them an ideal partner for realizing the future of self-driving trucks.

Technological Advancements

The partnership leverages Waabi’s cutting-edge AI technology, particularly its AV2.0 approach, which is based on an end-to-end interpretable and verifiable AI model powered by the industry’s most realistic neural simulator. This innovation enables autonomous trucks to safely generalize to different scenarios on the road.

Here are some key points about the technological advancements:

• Waabi’s AI model enhances the trucks’ ability to perceive and respond to various road scenarios.
• The integration with Volvo’s purpose-built autonomous truck platform ensures a safe and efficient autonomous solution.
• The partnership aims to transform the $1 trillion North American freight industry by enabling the deployment of autonomous trucks that redefine safety and efficiency standards.

Testing and Deployment

The two companies have been laying the groundwork for the integration of the Waabi Driver into the Volvo VNL Autonomous and are preparing for testing in 2025. This long-term strategic collaboration is expected to accelerate the scale of autonomous truck adoption in the United States.

Shahrukh Kazmi, Chief Product Officer at Volvo Autonomous Solutions, expressed excitement about integrating Waabi’s technology into their autonomous truck platform, emphasizing their joint commitment to developing safe, efficient, and scalable autonomous transport solutions.

With this partnership, Waabi and Volvo are poised to make significant strides in autonomous truck technology, ensuring that self-driving trucks will soon be a common sight on U.S. highways, enhancing safety, efficiency, and sustainability in the freight transportation industry. Waabi and Volvo are teaming up to build self-driving trucks at scale.

Archive, a pioneering resale platform, has just secured $30 million in funding to tackle the daunting issue of fashion’s environmental pollution through its innovative online resales model. This investment is a significant step forward in Archive’s mission to make the fashion industry more sustainable.

The Environmental Impact of Fast Fashion

The fashion industry, particularly fast fashion, has a staggering environmental footprint. It is responsible for 10% of global carbon emissions, exceeding the combined emissions from international flights and maritime shipping. The industry’s rapid production and consumption cycle results in massive water usage, with a single cotton shirt requiring 2,700 liters of water. Additionally, fast fashion contributes to immense textile waste, with 92 million tonnes generated annually, a figure expected to rise to 134 million tonnes by 2030[2][5].

Archive’s Innovative Approach

Founded in 2021, Archive has been at the forefront of transforming the way brands approach resale. The platform collaborates with over 40 international brands, including The North Face, Oscar de la Renta, and Diane von Furstenberg, across seven countries. Archive offers a range of services, such as peer-to-peer networks, in-store sales, and mail-in takeback programs, all tailored to each brand’s specific needs[1][4].

Key Features of Archive’s Resale System

• Peer-to-peer networks where customers can directly sell used items to one another.
• In-store and online resale programs integrated with brands’ existing inventory systems.
• A partnership with Eon, a digital ID company, allowing customers to initiate the resale process by scanning a QR code on garments, making them instantly available for resale on the brand’s platform.

Impact on Brands and Consumers

Archive’s services have enabled brands to attract a fresh customer base, with an average of 50% of resale customers being first-time buyers from the brand they purchase through Archive. This not only helps in reducing waste but also in promoting a more circular fashion model that emphasizes extending the lifecycle of garments through resale, reuse, and recycling[1][4].

Second Hand September and Beyond

In alignment with its sustainability goals, Archive participated in Second Hand September, a movement started by U.K.-based nonprofit Oxfam to encourage consumers to purchase pre-owned items. This initiative saw multiple brand partners, including Diane von Furstenberg, Sandro, and The North Face, offering in-store and online promotions to promote sustainable fashion practices[4].

Future Outlook

With this new funding, Archive is poised to further innovate and expand its services, making a significant dent in the environmental pollution caused by the fashion industry. As consumers become more environmentally conscious, platforms like Archive are crucial in shifting the industry towards a more sustainable future. Archive’s commitment to solving fashion’s pollution problem through online resales is a step in the right direction, and this $30 million investment will undoubtedly help in amplifying their impact. Archive, a pioneering resale platform, has just secured $30 million in funding to tackle the daunting issue of fashion’s environmental pollution through its innovative online resales model.

Sotira, a startup focused on helping brands offload and monetize their surplus inventory, has recently secured $2 million in pre-seed funding. This investment is a significant step in Sotira’s mission to tackle the issue of surplus inventory, which often ends up in landfills.

The Problem of Surplus Inventory

In the U.S., 20% to 30% of inventory frequently goes to waste, ending up in landfills. This not only wastes resources but also ties up capital for businesses.

How Sotira Works

Sotira uses AI to connect brands with surplus inventory to verified buyers, such as discount grocery stores. Here’s how the process works:

• Sotira automates the matching of surplus products nearing expiration or facing storage issues with buyers.
• The platform facilitates transactions and logistics, making it easier for brands to clear their surplus inventory.
• Sotira charges a monthly fee and takes a percentage of each transaction.

Benefits of Sotira’s Platform

Sotira’s platform benefits both suppliers and buyers. Here are some key advantages:

• Speeds up the clearance of surplus inventory, reducing carrying costs and freeing up storage space.
• Provides affordable access to premium products for consumers, especially in rural and impoverished areas.
• Helps brands unlock cash tied up in surplus inventory.

Expansion Plans

With the new funding, Sotira plans to expand its operations nationally, focusing particularly on the Midwest and Southeast. The company is also set to venture into the apparel sector, responding to interest from brands needing to offload excess clothing and shoes.

Investors and Market Alignment

The funding round saw participation from investors like Unusual Ventures and Night Capital. Sotira’s mission aligns with recent California legislation aimed at reducing food and beverage waste, offering a market solution for surplus inventory.

Sotira, a startup focused on helping brands offload and monetize their surplus inventory, has recently secured $2 million in pre-seed funding. This investment is a significant step in Sotira’s mission to tackle the issue of surplus inventory.

Neuralk-AI is developing AI models specifically designed for structured data, a move that could revolutionize how companies handle and analyze their tabular datasets.

What is Tabular Data?

Tabular data, which includes data organized into rows and columns, is commonly found in SQL databases, spreadsheets, and CSV files. Despite its widespread use, this type of data has been somewhat overlooked by current AI models, which are more adept at handling unstructured and sequential data.

The Limitations of Current AI Models

Large language models (LLMs) have made significant strides in processing unstructured data, such as text and images, but they are not optimized for tabular data. These models are designed to manipulate input tokens to generate coherent output without adhering to a fixed structure, which makes them less precise for tasks that require structured data analysis.

Neuralk-AI’s Approach

Neuralk-AI, a French deep-tech startup, is addressing this gap by developing AI models that are specifically tailored for structured data. The company’s focus is on creating a Tabular Foundation Model that can natively understand and process tabular datasets with high precision.

Applications in Commerce

Initially, Neuralk-AI plans to offer its model as an API to data scientists working in commerce companies. This will enable retailers to automate complex data workflows, including tasks such as:

• Catalog cleaning
• Fraud detection
• Optimizing product recommendations
• Generating sales forecasts for inventory management and product pricing

Funding and Collaborations

Neuralk-AI recently secured $4 million in funding led by Fly Ventures, with participation from StemAI and several notable angel investors, including Thomas Wolf from Hugging Face, Charles Gorintin from Alan, and Philippe Corrot from Mirakl. This funding will accelerate the development of their technology and expand their collaborations with major retailers such as Auchan Retail, E.Leclerc, Mirakl, and Lucky Cart.

Future Plans

Over the next few months, Neuralk-AI plans to release the first public benchmark for its model, allowing it to compare its performance against state-of-the-art AI models for structured data processing. By September, the company aims to be the best tabular foundation model in representation learning.

Neuralk-AI is developing AI models specifically designed for structured data, a move that could revolutionize how companies handle and analyze their tabular datasets.

LogicStar, a Swiss startup founded in the summer of 2024, is building AI agents for app maintenance, and this innovation could revolutionize how enterprises handle software upkeep.

The company has secured $3 million in pre-seed funding to develop these AI agents, which are designed to improve code fidelity by automatically detecting and fixing bugs in deployed applications. This is achieved through the leverage of large language models (LLMs) such as OpenAI’s GPT and China’s DeepSeek, adopting a model-agnostic approach to maximize utility in resolving code issues.

Target Market and Initial Focus

LogicStar’s initial target is enterprises, where its “silicon agents” will assist corporate development teams with app maintenance tasks. This allows human developers to focus on more creative and innovative work.

Technical Capabilities

The platform, currently in alpha testing with undisclosed companies, supports Python and has plans to expand to Typescript, Javascript, and Java. Here are some key features of LogicStar’s AI agents:

• Automatically identify and fix bugs in deployed applications.
• Use a test-driven development approach, creating a “minimized execution environment” to run thousands of tests and identify effective bug fixes sourced from LLMs.
• Analyze software applications and verify LLM suggestions to enhance the accuracy of AI-driven bug fixes to match human developer standards.

Funding and Support

The pre-seed funding round was led by Northzone, with participation from angel investors from DeepMind, Fleet, Sequoia scouts, Snyk, and Spotify. This diverse support underscores the potential of LogicStar’s technology.

Future Plans

LogicStar is operating a waiting list for early access, with a beta release expected later this year. As the platform evolves, it promises to streamline software maintenance, making it more efficient and reliable.

With its innovative approach to app maintenance, LogicStar is set to make a significant impact in the software development landscape, and its AI agents for app maintenance are at the forefront of this change.

reported, in anticipation of a more favourable IPO market in 2025. The company was last valued at $1 billion in 2022.

Attempts Since 2023

Shein: The fast-fashion leader discreetly initiated an IPO in the U.S. in 2023, but its ambitions were thwarted due to congressional examination of its supply chain and labour practices. It reportedly submitted a confidential IPO application in the U.K. in 2024 and continues to pursue an IPO in 2025, although it faces challenges from lawmakers in the U.K. Shein, based in Singapore with operations in China, was last valued at $45 billion in 2024, a drop from a $100 billion valuation in 2022.

General Atlantic: This San Francisco-based growth equity firm, known for supporting companies like Facebook and Airbnb, confidentially submitted its IPO plans in 2023, according to Bloomberg reports. The firm currently manages $96 billion in assets, following its acquisition of the U.K. private equity firm Actis, as mentioned in a January 2024 announcement. There have been no public updates regarding General Atlantic’s IPO intentions since its 2023 filing.

Oyo: The Indian hotel aggregator backed by SoftBank confidentially submitted its IPO application in India in March 2023, as Reuters reported, after a previous attempt did not succeed. Although that effort did not yield results, the company is reportedly preparing to file again in the first quarter of 2025. Oyo achieved a valuation of $3.8 billion in 2024.