LATEST TECH NEWS: 3 Nigerian tech startups secure funding from VC. 4 other things and a trivia you need to know today, May 15, 2020

These 5 latest stories from the tech space will keep you updated with trends today.

1. 3 Nigerian tech startups secure funding from VC

3 Nigerian startups have secured investment from early-stage fund Ventures Platform to help them scale their solutions. The new fund injection will see these startups namely: Tambua Health, Brass and FunnelJoy to expand their respective portfolios as they enter the market.

While this helps Ventures Platform as a VC company to invests in early-stage startups that are building capital-efficient platforms that democratise prosperity, plug infrastructural gaps, connect underrepresented communities, create efficiencies, solve for non-consumption, and improve livelihoods; the new portfolio companies can leverage on the network of the funding VC.

2. Alitheia IDF closes $10M to support female tech entrepreneurs

Alitheia IDF has closed $10M from American billionaire George Soros’s Open Society Foundations to lend to female tech entrepreneurs. According to media, Alitheia IDF is a joint venture fund between Alitheia Capital, a private equity investment in Nigeria, and IDF Capital in South Africa. The VC will invest in companies that operate in Southern and West Africa that are either women-owned or that focus on supporting women.

Open Society Foundations said Alitheia IDF will invest between $1 million and $5 million, with the potential for additional funding at a later stage, in small and medium-sized enterprises that present an opportunity to promote gender equality. The fund is also supported by African Development Bank, Bank of Industry Nigeria, FinDev Canada and the Dutch Good Growth Fund.

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Tech Trivia:

How many buttons did the first computer mouse have?

A. One
B. Two
C. Three
D. Four

Answer: See end of post.

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3. Zimbabwean startup introduces WhatsApp-based digital wallet for payments

Bitkesh, a Zimbabwean startup, has reportedly introduced a WhatsApp-based digital wallet to help unbanked foreign nationals in South Africa make payments. Co-founded by Reginald Tsvetu, and launched in 2017, the company uses cryptocurrency to help people send money back home, cutting out the need to visit an exchange bureau.

Read also: LATEST TECH NEWS: Uber offers $6bn to takeover rival Grubhub. 4 other things and a trivia you need to know today, May 14, 2020

In a bid to simplify its operations, the startup has spun out a new product, UhuruWallet, a WhatsApp-based digital wallet developed on the Stellar blockchain with a target into unbanked markets for foreign nationals in South Africa. Following its beta version launch, Tsvetu said UhuruWallet had received over 750 signups and was on its way to moving ZAR1 million (US$53,000) in its first month.

4. Somali accelerator programme opens $30k fund applications for startups

Innovate Ventures has announced its invite for early-stage tech startups based in the Somali region to apply for its accelerator programme, which offers up to US$30,000 in equity investment. Media reported noted that the leading Somali startup accelerator and technology fund, Innovate Ventures has partnered VC4A, Telesom, and Oxfam as part of Work in Progress! project to run the Innovate Accelerator.

Since inception a couple of years ago, the programme has graduated over 50 startups and invested almost US$100,000 in graduates. This new edition will offer selected startups access to training, mentorship by domain experts, access to an extensive business network, visibility, and the chance to secure investment. According to the organisers, the12-week programme will be based in Hargeisa, the capital of Somaliland.

5. TSMC unveils plans to build a $12 billion plant in Arizona

The world’s largest contract semiconductor foundry, Taiwan Semiconductor Manufacturing Co., announced today, May 15, that it plans to build an advanced chip foundry in Arizona with support from the state and the United States federal government. Earlier, White House officials have confirmed that they were in talks with TSMC and Intel to build foundries in the U.S., as part of its effort to reduce reliance on chip factories in Asia.

Although based in Hsinchu, Taiwan, TSMC provides chip components for many of the world’s largest semiconductor companies and its U.S. clients include Apple and Qualcomm. Report from the media revealed that the plant, scheduled to start production of chips in 2024, will enable TSMC’s American customers to fabricate their semiconductor products domestically.

Tech Trivia Answer: One Button

The first computer mouse was invented in the early 1960’s by Douglas Engelbart during his time at the Stanford Research Institute in Menlo Park, California. Engelbart was described as a visionary during the 1950s and ‘60s when a single computer enveloped an entire room.

Early prototypes of the mouse consisted of a rectangular wooden shell with two metal balls inside: one for the X axis and one for the Y axis. It only had one button on the corner. The device was originally designed to work with the Xerox Alto computer system and was referred to as the “X-Y Position Indicator for a Display System.” Later on Engelbart himself would coin the term “mouse.”

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