FISKER BANKRUPTCY SPARKS OPEN SOURCE EV STARTUP
■ AI-SUMMARIZED FROM 1 SOURCE ▸ TIMELINE
Following Fisker's collapse, former owners of the Fisker Ocean launched an open source car company to continue developing the vehicle. The community-driven effort aims to make EV design and manufacturing transparent and accessible.
■ MORE FROM THE STARTUPS DESK
Chinese AI startup DeepSeek is in preliminary talks with investors for fresh capital at a ~$71B valuation, just months after closing a $7B funding round at ~$52B. The rapid fundraising reflects the company's accelerated growth trajectory.
Video-generation startup PixVerse secured $439 million in funding, pushing its valuation past $2 billion. The company plans to expand its world model capabilities and accelerate geographic expansion.
Cloud provider Nebius Group has agreed to sell over $1 billion in computing power to Reflection AI, a startup founded by two former Google DeepMind researchers focused on developing artificial intelligence models.
Startup funding across the Middle East and North Africa remained flat year-over-year at $799 million in the first quarter, as regional conflict disrupted investment flows. Saudi venture capital firms are continuing fundraising efforts despite the headwinds.