Nio secures $2.2bn from Abu Dhabi’s CYVN. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nio secures $2.2bn from Abu Dhabi’s CYVN

The Chinese electric vehicle (EV) manufacturer Tesla’s competitor, Nio, has announced securing a substantial $2.2 billion investment from CYVN Holdings in Abu Dhabi.

The financial injection aims to enhance Nio’s standing in the fiercely competitive EV market, following a prior investment of $1 billion from CYVN in July.

The agreement grants CYVN Holdings a 20% stake in Nio, with the power to nominate two directors to the company’s board.

William Bin Li, Nio’s Founder and CEO, while speaking on the development, noted that the enhanced balance sheet positions Nio to refine brand identity.

Also, the capital is expected to strengthen sales and service capabilities, while ensuring strategic long-term investments in core technologies.

Elon Musk’s Tesla, responding to a decline in market share, initiated price reductions in China, the world’s largest EV market, starting October 2022.

This strategy, targeting rivals like BYD, continued throughout the year, with ongoing adjustments to the prices of Tesla’s China-made cars.

Trivia: What is the default MTU size for an Ethernet network connection?

A. 512 bytes
B. 1500 bytes
C. 4 kilobytes
D. 12 kilobytes

See Answer below

2. Swiss-Ghanaian startup, Koa, closes $15M Series B

Swiss-Ghanaian startup, Koa, has closed an equity investment of US$15 million in its latest Series B funding round.

Leading the funding round are the Land Degradation Neutrality (LDN) Fund from Mirova and the Regenerative Growth Fund 1 managed by Zebra Impact and Mirabaud, contributing a noteworthy US$9 million.

Ripples Nigeria gathered that the investment was supported by various new investors, accompanied by backing from existing shareholders, including Haltra, the principal driver of Koa’s Series A equity round in 2021.

The infusion of capital is designated for the extension of Koa’s cocoa upcycling strategy to an additional 10,000 cocoa smallholders.

Since its establishment in 2017, the startup has operates in the cocoa value chain by ingeniously repurposing cocoa fruit, particularly the previously overlooked cocoa pulp.

Through collaborative efforts with cocoa smallholders in Ghana, Koa boosts farmers’ income by introducing distinctive ingredients to the food and beverage sector.

3. Elon Musk’s Starlink expands to Eswatini

Elon Musk’s satellite internet service, Starlink, has expanded its coverage to Eswatini, a southern African nation.

This move marks Starlink’s presence in its 8th country, following Nigeria, Kenya, Mozambique, Rwanda, Malawi, Zambia, and Benin.

The expansion, according to the management, aligns with Starlink’s mission to deliver high-speed internet to regions lacking or underserved by traditional infrastructure.

Formerly known as Swaziland, Eswatini has a population slightly exceeding 1 million.

Reports indicate that as of 2019, only 8.4% of the population had internet access, highlighting the limited connectivity in the country.

Starlink’s entry into Eswatini holds the potential to transform the local internet landscape. Leveraging a network of satellites in low Earth orbit, Starlink offers high-speed internet, bridging the connectivity gap even in remote areas without relying on conventional infrastructure like fiber optic cables.

Trivia Answer: 1500 bytes

MTU Stands for “Maximum Transmission Unit.”

A network connection’s MTU setting determines the largest size data packet that can travel over that connection. Different network connections support different MTU sizes and have their own default values, but networking devices may also set their own MTU size in their network settings. The most common default MTU value for home networks and TCP/IP internet connections is 1500 bytes, based on the standard MTU for Ethernet networks.

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