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Copper, Maker of Battery-Powered Stoves, Raises $28 Million
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By Yuliya Chernova, WSJ Pro
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Good day. Copper has secured $28 million in funding for its battery-powered kitchen stoves.
The Berkeley, Calif.-based startup makes an induction range with a 5-kilowatt-hour battery that plugs into a standard 120-volt outlet. Copper says the product makes it easier for homeowners to switch from gas to electric and reduces the burden of such a switch on the power grid.
The company raised $20 million in a Series A equity round led by Prelude Ventures, a climate-focused firm. Copper also raised $8 million in venture debt. Other investors in the round include Building Ventures, Voyager Ventures, Collaborative Fund, Climactic VC, Designer Fund and Climate Capital.
The company is now valued at roughly $75 million, according to a person familiar with the situation, about three times the amount after its seed round.
Founded in 2022, Copper has delivered close to 1,000 stoves so far and expects to have sold 10,000 units by the end of 2026. Its stove costs about $6,000 on the company’s website and qualifies for federal tax credits.
The appliance doesn’t require pricey electric upgrades in the building, said Sam Calisch, Copper’s chief executive and founder. The batteries charge over time, making it simpler for the electric grid to serve the power. Copper’s stoves have an energy-management system that regulates when the batteries are charged from the grid. Copper also gets revenue for supplying power to utilities from its network of stove batteries and for reducing charging during peak usage times.
Read the rest of the article at this link
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And now on to the news ...
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President Trump’s involvement in his family’s growing crypto empire has raised conflict-of-interest concerns. PHOTO: AARON SCHWARTZ/CNP/BLOOMBERG NEWS
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Trump Media to buy billions in crypto coin. President Trump’s media business is launching a new company to buy and hold CRO, a niche token affiliated with Crypto.com, his family’s latest expansion into the market for digital assets.
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Trump Media & Technology Group said Tuesday it is partnering with Crypto.com and Yorkville Acquisition, a special-purpose acquisition company, to create a new firm called Trump Media Group CRO Strategy.
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$6.4 Billion
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About the amount the Trump Media Group CRO Strategy plans to raise to buy CRO tokens, Trump Media said.
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AI Begins to Disrupt Some Young Americans’ Job Prospects
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Artificial intelligence is profoundly limiting some young Americans’ employment prospects, new research shows. Young workers are getting hit in fields where generative-AI tools such as ChatGPT can most easily automate tasks done by humans, such as software development, according to a paper released Tuesday by three Stanford University economists. They crunched anonymized data on millions of employees at tens of thousands of firms, including detailed information on workers’ ages and jobs, making this one of clearest indicators yet of AI’s disruptive impact.
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GDEV Management Raises Bets on Battery, EVs With Latest Fund
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Clean-energy specialist GDEV Management has fully committed the more than $200 million it raised for its latest fund, as the firm expects demand for battery systems and electric vehicle-infrastructure to rise despite recent policy changes for the industry. New York-based GDEV has backed seven businesses through the new fund.
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People
Contact center technology provider UJET appointed Ian Peters-Campbell as chief technology officer. He previously served as senior vice president of mobility and payments engineering at WEX.
Cybersecurity compliance platform Apptega appointed Bob Layton as chief revenue officer. He previously held senior leadership positions at companies including eSentire, Arithos and Digital Defense.
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Attio, a customer relationship management startup, landed $52 million in Series B funding. GV led the round, which included participation from Redpoint Ventures, Balderton Capital and others. Michael McBride, general partner at GV, will join the Attio board.
Blue Water Autonomy, a Boston-based startup building unmanned ships for the U.S. Navy, picked up a $50 million Series A round. Led by GV, the investment included participation from Eclipse and others. Dave Munichiello, managing partner at GV, will join the board.
Atomic, a New York-headquartered embedded investing platform, added $30 million in growth capital from investors including Aquiline Capital Partners and Brewer Lane Ventures.
Reframe Systems, an Andover, Mass.-based physical AI startup automating the homebuilding process, raised $20 million in Series A funding co-led by Eclipse and VoLo Earth Ventures.
Nauta, a New York-based AI logistics orchestration startup, secured $7 million in seed financing led by Construct Capital and Predictive.
Sequifi, a Lehi, Utah-based HR, payroll and performance platform for home service teams, was seeded with a $6.7 million investment led by Cervin Ventures.
mPower Technology, an Albuquerque, N.M.-headquartered space solar power provider, grabbed a $3 million strategic investment from Lockheed Martin Ventures, bringing the company’s Series B total to more than $24 million.
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SpaceX’s Starship launching from Texas on Tuesday. PHOTO: ERIC GAY/ASSOCIATED PRESS
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‘AI Native’ Apps' $18.5 Billion Annualized Revenues Rebut MIT’s Skeptical Study (The Information)
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Trump Jr. Joins Polymarket Advisory Board as 1789 Ups Stake (Bloomberg)
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