Energy solutions and generative AI were top of mind for Austin businesses last week. One local clean energy company received an investment from a major player in the automotive industry, and a new platform allowing businesses to use artificial intelligence to create video ads made its debut. Catch up on the latest news with the Built In Austin Weekly Refresh.
General Motors announced an investment in EnergyX. Founded in 2018, greentech company EnergyX is focused on creating solutions for sustainable lithium extraction and enabling lithium-powered batteries for electric vehicles and other clean energy applications. Last week, GM Ventures, the venture capital arm of automotive manufacturing giant GM, announced it would be leading a $50 million funding round for EnergyX. EnergyX will put the financing toward demonstration plants in North and South America. GM will also help commercialize EnergyX’s technology and have early access to lithium from EnergyX projects. [CNBC]
Infinitum hired a new CFO. Infinitum builds electric motors that are said to be lighter, more efficient and have a reduced carbon footprint compared to their counterparts. The Austin-based company recently brought on Bob Brown as its new CFO. His resume includes past experience as CFO for AEye, Cepton Technologies, Velodyne Lidar and VeriSilicon Holdings. He’ll use his expertise to help guide Infinitum’s future growth. [Built In Austin]
Austin Tech Quote of the Week
“Creative.ai is a generative AI video platform, leveraging millions of dollars of creative testing data within the gaming vertical to unlock the DNA of a winning ad. This allows us to build data-driven, high-performing ads in a matter of minutes, empowering businesses to take their advertising efforts to the next level. Our platform is poised to revolutionize the way businesses approach their marketing strategies, and we’re excited to see the unprecedented success it will bring to our clients.” — Athar Zia, Creative.ai co-founder and CEO
Generative AI video platform Creative.ai launched. With Creative.ai, users can produce AI-generated video advertisements for mobile games. The platform launched last week and features AI algorithms that have been trained to develop high-performing ads based on analysis of ad testing data. The company said its technology delivers video ads faster than traditional methods. [Email]
