This article is sponsored by Morgan Stanley Inclusive & Sustainable Ventures. Morgan Stanley Inclusive & Sustainable Ventures (MSISV) is supporting the future of innovation by backing early-stage startups and nonprofits with the capital and tools they need to scale. Building on the momentum of the Inclusive Ventures Lab and Sustainable Solutions Collaborative, MSISV has already distributed over $30 million in capital to over 130 ventures in the last eight years. MSISV is home to two tailored accelerator programs: a Lab for tech-driven startups and a Collaborative for emerging nonprofits. Both programs
The temporary surge in funding for Black startup founders after George Floyd’s murder was driven largely by investors who had never previously backed a Black entrepreneur, and most showed only surface-level support, new research from Cornell University shows. Funding returned to prior levels within two years. Cornell researchers analyzed PitchBook data on venture funding from 2020 to 2023, using algorithms and manual review to classify the race of 150,000 founders and 30,000 investors. Surge in funding in the wake of Black Lives Matter The researchers found that at the height
Rebundle, the first US-based, plant-based braiding hair company, now has a patent for its flagship innovation. In June, the brand’s founder, Ciara Imani May, announced that the company learned the United States Patent and Trademark Office approved Rebundle’s patent for its hair extension line called braidbetter. “The patent protects the core innovation behind braidbetter, giving it its unique texture, durability, and scalp comfort,” May said in an Instagram post. “For our community, it’s further proof that this product is protected, scalable, and here to stay.” Rebundle solving a solution After May
Black-owned whiskey brand Uncle Nearest has been hit with a $100 million lawsuit for allegedly not paying back its loans, as stated by court documents. Nearest Green Distillery, which sells Uncle Nearest premium whiskey across the US, has been accused of breaching loan agreements with its lender, according to a suit obtained by WSMV. The lawsuit has been filed by Louisville-based Farm Credit Mid-America, which accuses the company’s founders, Fawn Weaver and her husband, Keith Weaver, of breach of contract, stating that they defaulted on multiple loans, totaling $108 million, including interest. It also alleges
Right-wing influencer Robby Starbuck has been appointed as an AI bias advisor at Meta to help the company’s chatbot be less “woke.” The announcement came after Meta settled a lawsuit filed by Starbuck, claiming that he was part of the Jan. 6 insurrection, according to MSNBC. “Since engaging on these important issues with Robby, Meta has made tremendous strides to improve the accuracy of Meta AI and mitigate ideological and political bias,” Meta and Starbuck said in a joint statement to Advocate. Who is Robby Starbuck? Starback is a former Hollywood director
SpreeAI, the fashion tech startup redefining virtual shopping experiences, has reached a $1.5 billion valuation after a recent funding round led by The Davidson Group. The AI-powered fashion app allows users to virtually allows users to try on clothes in an experience so lifelike it feels like you’re in a real dressing room. Designed for use both in-store and online, SpreeAI blends cutting-edge technology with real-world retail to transform how consumers shop and how brands sell. SpreeAI valued at $1.5 billion Co-founded and led by CEO John Imah, SpreeAI has
Google has removed 58 nonprofit organizations associated with DEI from a list of organizations it funds, according to a new report by tech watchdog The Tech Transparency Project. The report references the most recent public list of organizations that receive the “most substantial contributions” from Google’s US Government Affairs and Public Policy team. The majority of the groups taken away from the list had mission statements that included he words “diversity, “equity,” “inclusion,” or “race,” “activism,” and “women.” It remains unclear whether the tech giant has ended the funding or
pgLang, the creative company founded by Kendrick Lamar and Dave Free, is launching a new initiative called Project 3, aimed at expanding its creative offerings for businesses. At the heart of this venture is Project 3 Agency, a full-service agency providing creative direction, content creation, production services, brand design, and strategic consulting. According to Fast Company, the move follows pgLang’s acquisition of Frosty, an international creative studio and longtime collaborator. The acquisition was instrumental in building the agency. “For us, it was like, how do we build foundational structures for
Sports tech company, Ballin AI, just announced the close of a $500,000 angel round. The startup, founded by Division I athlete Nyla Pollard, analyzes players’ gameplay to help them improve their performance and increase their recruitment chances. After players upload their film, the footage is examined by a nationally recognized evaluator, who then scores it across various criteria, including defense, shooting, rebounding, scoring, transition, ball handling, and finishing. How does Ballin AI work? “We created Ballin because every athlete deserves the opportunity to have the information they need to develop
The Federal Communications Commission (FCC) has approved the merger between Paramount Global and Skydance Media after Skydance agreed to end DEI efforts. The settlement has removed the final step for media and entertainment companies to close the deal. “It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network,” FCC Chair Brendan Carr said in a statement, according to CBS News. Carr mentioned Skydance’s plans to hire a CBS News ombudsman to examine complaints of editorial bias
