## QMill's Bold Move in Quantum Computing

QMill, a **Finnish startup** specializing in quantum computing, has successfully raised **$4.5 million** in seed funding to spearhead its initiatives in the quantum sector. Founded in **Espoo, Finland**, the company boasts a team that includes **Hannu Kauppinen**, the former CTO of Nokia Technologies, and **Mikko Möttönen**, a renowned professor in quantum computing.

![QMill Cofounders](https://i.insider.com/66e81e98bf0250c214939559?width=700)

### Mission and Vision
Quantum computing has made significant strides, yet its **widespread adoption** faces challenges. QMill aims to bridge this gap by developing **energy-efficient algorithms** specifically tailored for industries like **financial services** and **telecommunications**. Kauppinen stated, "Quantum computing is expected to solve complex computational problems that current classical computers cannot handle, and we want to make it accessible for real use cases."

### Future Plans
QMill plans to utilize the seed funding to:
- Develop practical quantum algorithms for **near-term quantum computers**.
- Establish a **30-person team** comprised of physicists, mathematicians, and computer scientists to refine their business model and conduct proof of concept with potential clients.

This funding round was led by **Maki.vc**, alongside contributions from **Antler** and **Kvanted**. Kauppinen expressed optimism about the potential of their algorithms to enhance **large language models** and other AI advancements.

### Check Out QMill's Pitch Deck
**Explore QMill's 14-slide pitch deck below:**

![QMill Pitch Deck](https://i.insider.com/66e81bb7bf0250c21493952e?width=600&format=jpeg&auto=webp)

*Stay tuned as QMill embarks on its journey to revolutionize the quantum computing landscape!*

QMill, a Finnish quantum startup, has raised seed funding to apply practical use cases in the quantum computing sector. 

Finnish Quantum Computing Startup QMill Secures $4.5 Million Seed Funding!

### Revolutionizing Hiring with Kanny

Kanny is an innovative startup that leverages **character assessments** to enhance the **hiring processes** for employers. According to Kanny's CEO, Sean Vassilaros, **character** is even more critical than skills, yet it remains a challenging aspect to evaluate.

### My Experience with Kanny

I decided to try out Kanny using my **LinkedIn login**, which allowed former colleagues to rate my character. Initially, I received a few skeptical messages asking if the request was genuine. Kanny encourages users to inform their connections about the legitimacy of the review request, providing templates for communication.

### How It Works

Reviewers evaluate individuals based on **six key traits**: integrity, accountability, respect, humility, confidence, and grit. The review process is quick, taking only about a minute, as reviewers simply slide to rate on a scale. This design aims to standardize subjective data, ensuring more objective evaluations.

### Insights from Reviews

The algorithm behind Kanny accounts for various factors, such as the nature of the work relationship, providing a balanced view of the ratings. Reviewers remain **anonymous**, and Kanny requires a minimum of five reviews to generate a report. Users can view their ratings on a dashboard, gaining insights into how they compare with other users.

### The Future of Kanny

Kanny plans to expand its services to corporate clients, allowing employers to request character evaluations from applicants, potentially integrating with **applicant-tracking systems**. This could streamline the hiring process significantly, helping recruiters narrow down candidates based on character snapshots.

### Understanding Character in Hiring

Kyle Samuels, an executive search firm CEO, emphasizes the importance of understanding an **organization's character** during hiring. He notes that character traits can manifest throughout the hiring process, influencing a candidate's chances of success.

### Challenges in Defining Character

Defining character can be complex. Rebecca Arnold, a coaching consultant, points out that character assessments based on LinkedIn connections may not eliminate biases. The interpretation of terms like respect and integrity can vary, making it difficult for employers to gauge a candidate's true character before hiring.

Vassilaros asserts that Kanny aims to shift the focus towards character in the workplace, which he believes is crucial for organizational culture.

Startup Kanny wants to let your former coworkers rate your character so you can learn about yourself and stand out in the hiring process.

Discover How Kanny is Transforming Hiring with Character Reviews from Your Coworkers!

### Green Check: Transforming Cannabis Sales into Legal Revenue

Green Check is making waves by verifying **$1 billion** in legal marijuana sales every month through its **banking compliance software**. Founded by former Apple executive **Kevin Hart**, this Florida-based company is cashing in on an industry where cash is king.  

In **February 2016**, Hart's eye-opening experience inside a vault filled with cash at **Harborside**, one of the first medical marijuana dispensaries in the U.S., revealed a significant problem: cannabis businesses were unable to access traditional banking services due to federal illegality.  

Despite **marijuana being legal in 38 states**, including 25 for recreational use, federal law still classifies it as illegal. This has led to about **75% of cannabis sales** being conducted in cash, creating a massive challenge for the industry. Hart's mission became clear: to bridge the gap between state-licensed cannabis companies and banks.

### A Data-Driven Solution

Hart and his cofounders developed a **compliance software** that helps banks work with cannabis companies by verifying that every dollar and product complies with state laws. The software integrates with dispensaries’ payment systems, ensuring compliance with the **Bank Secrecy Act** and anti-money laundering rules.  

Green Check’s software processes about **40% of the U.S. legal marijuana market**, with over **150 financial institutions** using it to help more than **11,000 cannabis companies** maintain their bank accounts. Banks pay around **$5,000 a month**, while cannabis companies access the software for free.

### Financial Growth and Industry Impact

In 2022, Green Check reported **$8.3 million** in revenue, expecting to reach **$12 million** in 2023. Since its inception, the company has raised **$19 million**, achieving a **$90 million valuation**. Its largest client, **Valley National Bank**, collaborates with various cannabis companies to ensure compliance and security in transactions.

### The Future of Cannabis Banking

As the federal **SAFE Banking Act** faces legislative hurdles, Green Check continues to expand, adding new businesses daily. The platform enables financial institutions to work with cannabis companies, ensuring transparency and compliance in a highly regulated industry. Hart emphasizes the importance of compliance, stating, "We make sure banks bring good money in and keep bad money out."

With ongoing legislative changes on the horizon, Green Check is poised to adapt and thrive, regardless of how the laws evolve. Hart predicts that more regulations will only enhance their business, as tracking and compliance become paramount in the cannabis industry.  

Green Check is not just facilitating banking; it is paving the way for a more structured and compliant cannabis marketplace.

Green Check verifies $1 billion in legal marijuana sales every month through its banking compliance software. Inside the company that’s cashing in on an industry where cash is king. 


Unlocking Billions: How Green Check is Revolutionizing Cannabis Banking

In January last year, **German biotech company BioNTech** acquired **African AI startup Instadeep** for over **$550 million**, marking a significant moment for the continent's tech landscape. Instadeep, which has been operating under this new umbrella for just over a year, has made impressive strides in AI applications for **biotech** since its acquisition.

## Instadeep's Innovative Solutions
Instadeep utilizes **advanced machine learning techniques** to integrate AI into enterprise applications, offering products that range from **GPU-accelerated insights** to **self-learning decision-making systems**. Before the acquisition, it raised over **$108 million** from notable investors like **Google** and **Deutsche Bahn**.

The startup has collaborated on impactful projects, including:
- Developing an **early warning system** for COVID-19 variants with BioNTech.
- Partnering with **Google DeepMind** to create a detection system for desert locust outbreaks.
- Automating railway scheduling for **Deutsche Bahn**.

These collaborations showcase the various applications of Instadeep's technology, especially in aiding BioNTech's mission to develop **therapeutics** and **vaccines** for cancers and infectious diseases.

## Achievements Post-Acquisition
Fifteen months post-acquisition, **CEO Karim Beguir** reported significant progress, emphasizing Instadeep's strategic alignment with BioNTech's goals while also maintaining independence in serving clients outside biotech. Key accomplishments include:
- Enhancements in **histology** processes, accelerating tissue analysis workflows by **5x** through visual AI.
- Completion of the **RiboMab project**, which integrates mRNA-encoded antibodies into BioNTech’s immunotherapy toolkit.

## Commitment to Data Security
With sensitive healthcare data at stake, both companies exercise extreme caution. While BioNTech manages personal patient data, Instadeep develops AI models trained on publicly available data, ensuring rigorous privacy protocols are followed, especially with their **Nucleotide Transformer** model.

## Future Developments
Looking ahead, Instadeep is focused on deploying **Bayesian flow networks (BFN)**, a new generative AI model for proteins that outperforms existing models. Beguir likens the current state of **biological AI** to where natural language processing was with **GPT-3** in 2020, highlighting the potential for significant advancements.

Additionally, Instadeep continues to innovate outside of biotech, working on **industrial optimization** projects with partners like **Deutsche Bahn** and **Fraport**.

## Growth and Impact
Since the acquisition, Instadeep has expanded its workforce to over **400 employees** globally, including a new office in **Kigali** focusing on **geospatial intelligence**. Their **InstaGeo** framework utilizes satellite imaging to predict locust breeding grounds, demonstrating how AI can address pressing challenges like **food security** in Africa.

This trajectory showcases how Instadeep is not just a player in the AI space but a **pioneer** in integrating cutting-edge technology with real-world applications that can significantly impact health and agriculture across the continent.

In January last year, German biotech company BioNTech acquired African AI startup Instadeep for over $550 million, a deal finalized in July of the same

Unlocking the Future of AI in Biotech: Insights from Africa's Leading Startup CEO

On a night where **43North** celebrated a decade of impact in Western New York, **Buffalo startup FoodNerd** emerged as a standout winner. The company, founded by **Sharon Cryan**, clinched a **$1 million investment** from 43North and also took home the **$25,000 People's Choice Award** during the finals held at **Shea’s Buffalo Theatre**.

![Sharon Cryan, founder of FoodNerd](https://bloximages.chicago2.vip.townnews.com/buffalonews.com/content/tncms/assets/v3/editorial/b/9b/b9b4e6ce-878b-11ef-9b66-9348a2a9dbe9/6708ad8dbae9f.image.jpg?resize=1200%2C800)
*Sharon Cryan, founder of FoodNerd, gives her pitch during the 43North Finals at Shea’s Buffalo Theatre on Thursday, Oct. 10, 2024.*

**FoodNerd** is a **food technology platform** that is redefining the processing of shelf-stable foods through its **patent-pending technology** that creates **nutraceutical-grade food**. Cryan, a Buffalo native and attorney, expressed her gratitude, stating, "Everything about FoodNerd and why I wanted to make a difference was born out of Buffalo."

The **10th anniversary cohort** of the **43North startup accelerator** included four other winners: **CoverRight**, **HeronAI**, **Spiky.ai**, and **Rarebird**. Governor **Kathy Hochul** attended the event, emphasizing the importance of nurturing the next generation of entrepreneurs.

Winners must base their operations in Buffalo for at least a year, with 43North taking a **5% equity stake** in their businesses, aiming to encourage them to remain and invest in the region.

### FoodNerd’s Big Move
Cryan has ambitious plans, moving from an **8,000-square-foot facility** to a **30,000-square-foot** site in **Clarence** to nearly double production. The company primarily targets children aged **8 months to 3 years** and has secured a **$4 million funding round**. Cryan remarked, "We are such a food town to our core... I’m just so proud of it."

### A Homecoming for HeronAI
**Daphne Pariser**, founder of **HeronAI**, is returning to Western New York with plans to help accounting firms save time through an automated platform. HeronAI has seen significant growth, amassing a waitlist of **1,600 potential clients**.

### A Long Trip for RareBird
**Jeffrey Dietrich**, founder of **RareBird**, is set to introduce a patented coffee with a **caffeine replacement**. He plans to establish a roastery in Buffalo, leveraging a **$1.7 million National Science Foundation grant**.

### CoverRight’s Focus on Older Adults
**CoverRight**, founded by **Kevin Chan**, guides older adults through health, finance, and lifestyle options, addressing the challenges that come with retirement.

### Spiky.ai Embraces AI
**Spiky.ai** utilizes AI to provide real-time insights for revenue teams, already analyzing **6,000 meetings** weekly and working with major entities like **Google** and **Salesforce**. Aksar, the founder, aims to establish a headquarters in Buffalo to expand their operations.

The night was a celebration of innovation and entrepreneurial spirit, showcasing the potential of startups in Buffalo’s vibrant ecosystem.

FoodNerd, one of the competition’s three semifinalists from Buffalo, was among the five winners of a $1 million investment from 43North and took home the $25,000 People’s Choice Award at

Buffalo's FoodNerd Wins Big at 43North: The Future of Food Technology

The **Department of Justice's** proposal to dismantle Google marks a pivotal moment in the tech industry. If successful in court, this move could significantly **benefit AI startups** by promoting **competition** and **innovation** in the sector. 

### The Implications of a Google Break-Up 

The tech giant's breakup could lead to a more diverse landscape where smaller, **agile startups** can thrive without the overshadowing presence of a corporate behemoth. This is particularly relevant in the **AI sector**, where new players could emerge with unique solutions and ideas. 

### What This Means for Startups 

AI startups could find themselves with enhanced opportunities for funding and **market access**. Investors may be more inclined to support **innovative technologies** that challenge the status quo, leading to a surge in new ideas and applications. 

### A New Competitive Landscape 

With Google’s dominance potentially curtailed, the tech landscape could experience a shift, allowing **entrepreneurs** to explore uncharted territories and develop **disruptive technologies** that could cater to diverse consumer needs. 

### Conclusion 

In conclusion, the proposed breakup of Google could be a game-changer for the tech industry, especially for **AI startups** looking to carve out their niche in a competitive market.

The Department of Justice’s proposal to shake up the company is a seminal moment for the industry. If it prevails in court, AI start-ups could benefit

Could Breaking Up Google Spark a New Era for AI Startups?

### The Main Item

**AI is transforming the legal landscape**, similar to its impact on software development. Venture capitalists are increasingly investing in legal tech startups, with **investment in the sector set to reach new highs this year** according to Crunchbase.

Several startups are emerging with innovative solutions. For instance, **Harvey** aims to be an all-in-one platform for legal tasks, while **Cicero**, a stealth startup, is developing AI tools specifically for Chief Legal Officers at Fortune 500 companies. **Norm Ai** focuses on regulatory compliance, ensuring that documents adhere to legal standards, and **EvenUp** assists personal injury lawyers with case preparation and negotiation tools.

![AI Legal Startups Market Map](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa3fd4226-6030-47e1-a3d9-03f6505e5f58_1280x720.png)

**Legal documents are often repetitive and formulaic**, making them ideal candidates for AI assistance. However, challenges remain for AI in high-stakes legal reasoning, where certainty is paramount. **Aaref Hilaly** from BCV emphasizes the need for precision in legal AI applications to avoid costly mistakes.

Recent controversies highlight the caution necessary in this space. The FTC recently fined **Joshua Browder’s DoNotPay** for overstating its AI capabilities. 

### Market Dynamics

Despite a global slump in venture capital, AI startups in the legal sector are thriving. **2024 is on track to match 2021's record levels**, with **$2.4 billion** in deal value already reported this year. However, the investment landscape is uneven, with regions like **Asia** witnessing significant declines in funding, while **Latin America** saw a modest increase.

![Venture Capital Trends](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5df01b7f-6db4-493a-9ec8-fd5f2182d0d9_1584x1094.png)

As the legal tech sector evolves, startups are exploring either highly specific niches or comprehensive solutions to capture market share, with **VCs showing interest in both strategies**. **Battery Ventures’ Brandon Gleklen** noted that firms are eager for one-stop solutions in legal tech, reflecting broader market trends.

### Data Deep-Dive

Overall, while the legal tech sector thrives, the **global venture environment remains challenging**, with varying performance across regions. As legal AI continues to develop, it will be essential to monitor how these startups navigate the complexities of legal work and investor expectations.

Plus, venture investing across the globe slipped in Q3

Why Venture Capitalists are Obsessed with AI's Legal Revolution

After a significant growth from **five customers to 65**, the DC-based software startup **Hotglue** has successfully raised a **$4 million seed round** to further enhance its operations and technology. This **software-as-a-service** company specializes in an **embedded integration platform** that assists developers in connecting various applications. Co-founder and chief revenue officer **David Molot** emphasized that their tool is designed to **scale with companies** as their needs evolve.

Hotglue, a proud **Y Combinator alum**, had previously secured **$1.5 million in pre-seed funding** back in 2021, a time characterized by a different economic atmosphere. Molot noted that the current fundraising round was led by **8VC**, with contributions from **Wayfinder Ventures**, **Correlation Ventures**, and **TDF Ventures**.

Founded at the end of **2020**, Hotglue has expanded its clientele across the **US, Europe, India, and South America**, focusing primarily on sectors like **customer relationship management**, **accounting**, and **e-commerce tools**. Notably, **40% of their customers are AI-focused companies**, leveraging Hotglue’s platform for **supporting various AI integrations**. Molot clarified that while Hotglue is not an AI company, it plays a critical role in facilitating the operations of numerous AI firms.

As the startup continues to grow, Molot recognizes the need for additional funding to accelerate their **go-to-market strategy**. He highlighted the uniqueness of Hotglue's offerings, stating that their integrations are all **open source**, allowing customers the flexibility to create custom solutions.

Currently, the team consists of **nine employees**, primarily engineers, and they are in the process of hiring a **sales director** and a head of marketing to strengthen their leadership. Molot expressed a commitment to growing the **DC tech scene**, stating, "We love DC as a city and really want to grow DC tech in general."

Both Molot and co-founder **Hassan Syyid** have personal ties to the region, having met at the **University of Maryland, College Park** before embarking on their entrepreneurial journey. Reflecting on their experiences, Molot shared his excitement about the startup's trajectory, noting, "This is a place where you can grow a company. We’re so happy that so far it seems to be working out, and that we found a problem people really want solved."

![Hotglue Dashboard](https://technical.ly/wp-content/uploads/2024/10/Hotglue-dashboard-redndering.png)

*Rendering of Hotglue’s platform dashboard, showcasing data movement between applications.*

DC-based Hotglue aims to help companies connect applications using open-source software.

Finnish Quantum Computing Startup QMill Secures $4.5 Million Seed Funding!

Summary:

QMill's Bold Move in Quantum Computing

Mission and Vision

Future Plans

Check Out QMill's Pitch Deck

Comments

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Why Venture Capitalists are Obsessed with AI's Legal Revolution

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Could Breaking Up Google Spark a New Era for AI Startups?

Why Venture Capitalists are Obsessed with AI's Legal Revolution

Hotglue Secures $4M Seed Round to Transform Software Integration Landscape