🚀 Australia's Orbital Dreams, 🔬 Sound-Powered Bioprinting, and 🚁 Amazon's Aerial Fleet
Thomas's Innovation Wrap #103
Greetings,
Here’s your weekly wrap of technology, innovation, and finance news.
🛰️ Space
In exciting Australian space news, Gilmour Space has secured the country's first orbital launch license. The Gold Coast-based company, founded in 2013 by brothers Adam and James Gilmour, has been working towards this milestone for years. After a two-year regulatory battle, the company is now set to attempt Australia's first orbital test flight in the coming weeks.
This launch marks a crucial inflection point for Australia's rocket industry. With up to 95 launches expected over the next decade, potentially worth $1.2 billion, Australia is positioning itself as a key player in the global space market. Gilmour Space, valued at $605 million, represents Australia's most promising chance to compete with international giants like SpaceX and Blue Origin in the satellite delivery market, along with our trans-Tasman neighbour, Rocket Lab.
"Australia's commercial space launch and returns [business] has come of age," Damp, an aerospace engineer who was previously employed by the Australian government's Defence and Technology Group, says.
Internationally, Blue Origin is preparing to test its New Glenn rocket to rival SpaceX's Falcon lineup, and China has unveiled plans for a Starship-like heavy-lift rocket.
Now, based on information released at a major airshow in Zhuhai, China, the design has morphed again. And this time, the plan for the Long March 9 rocket looks almost exactly like a clone of SpaceX's Starship rocket.
💲 Finance
In funding news, AI search company Perplexity is set to triple its valuation to $9 billion in a new $500m round, while Anysphere, maker of AI coding assistant Cursor, is receiving offers valuing the company at $2.5 billion.
However, Cursor has become one of the most popular. Its developer, Anysphere, has seen its revenue grow from $4 million annualized recurring revenue (ARR) in April to $4 million a month as of last month, according to a person with direct knowledge of the company’s financials. The company is experiencing faster user adoption and growth compared to other coding assistant providers, another person said.
The Australian Financial Review recently revisited the history of Afterpay, chronicling its journey from startup to a $39 billion acquisition by Block.
It felt binary for a long, long time," says Eisen. He told staff last week he'd be leaving Block, which bought Afterpay in August 2021, for $39 billion – Australia's largest-ever M&A deal. "But once you have been through it, you can look at things in a different light and grow."
Bitcoin surged after Trump's election, with investors betting on a crypto-friendly administration. Meanwhile, Bernstein reiterated their view that Bitcoin can hit $200,000 by the end of 2025. They previously said Bitcoin could hit $1 million by 2023 (last price ~US$88k).
"Don't fight this," wrote analysts led by Gautam Chhugani. "Welcome to the crypto bull market — buy everything you can." The analysts told investors that had refrained from crypto due to regulatory concerns to "invert their mental modal" after the U.S. election results. Bernstein noted there should be a friendlier crypto regulatory environment under Trump, including a new Securities and Exchange Commission Chair.
In shocking news, Axon Enterprise, one of the most innovative companies in the public safety tech sector, saw its stock soar 42% after its results last week. This stock is now up 25 times since my old fund first bought it in 2017 at $24, and it is now the highest-performing stock in Minotaur's new fund.
The Taser stun-gun and Axon body camera maker has continually expanded its target markets. It took another step with its May deal for "airspace security" leader Dedrone.
I thoroughly enjoyed this recent interview with legendary investor Stan Druckenmiller. It's always nice when a Wall Street titan talks about us AI-driven funds (well, sort of):
But I think if you could find an intuitive investor who's using AI and other things to supplement, I think that would probably be the top investor in the world.
No pressure, right? We'll just be over here, casually trying to live up to that lofty goal.
💊 Health
Bioprinting, the process of creating tissue-like structures from living cells using 3D printing techniques, has been a promising field in regenerative medicine for over a decade. While progress has been steady, creating fully functional complex organs remains a challenge. Now, researchers at the University of Melbourne have developed a new high-speed bioprinting technique that could significantly advance the field.
This innovative approach, called "dynamic interface printing", uses sound and light to create organ-like structures at remarkable speeds. Unlike traditional layer-by-layer bioprinting methods, this technique employs a pressurised hollow tube lowered into a bath of resin. The resin hardens when exposed to light, while speakers vibrate the interface to accelerate the curing process. Associate Professor David Collins explains:
"Our system uses acoustic waves generated by a vibrating bubble to position cells within 3D printed structures. This method provides the necessary head start for cells to develop into the complex tissues found in the human body."
The new bioprinter can fabricate structures at speeds up to 350 times faster than traditional methods, printing 0.7 millimetres of structure per second with a resolution of 15 micrometres. This speed and precision allow for the creation of structures that more closely mimic diverse human tissues, from soft brain tissue to harder materials like cartilage and bone.
This technology is a significant advance, but can't yet produce complex organs. It enables more accurate tissue models, potentially improving drug testing with custom patient-specific models and reducing animal testing in pharmaceutical research.
Chinese scientists have developed nanoscale sensors for lung cancer detection via breath analysis. The technology, still in early research stages, requires further development before commercial availability.
The challenge with spotting biomarkers in breath is that your system needs to be able to differentiate between volatile chemicals, withstand the natural humidity of exhaled breath, and detect tiny quantities of specific chemicals. In the case of isoprene, you'd need sensors capable of detecting levels of the chemical in the parts-per-billion (ppb) range.
Scientists have studied viruses for decades as potential cancer treatments, with oncolytic viruses showing promise in targeting and killing cancer cells. Now, a new cancer-killing virus therapy shows promise for brain tumours. In a phase I trial for glioblastoma, the most common and fatal type of brain cancer, one patient achieved complete remission. The treatment uses a genetically engineered adenovirus to deliver a modified version of IL-12, a potent immune-boosting protein.
"Most existing oncolytic viruses are ineffective at low doses and too toxic at higher doses. The key challenge is how to increase efficacy without causing harmful side effects," said Professor Yaohe Wang, co-lead author of the study and inventor of the virus being tested. "We believe our approach offers a way forward."
A stem cell treatment has shown promise in restoring vision for people with severely impaired sight. In a world-first trial, three out of four recipients experienced substantial, lasting improvements in their vision after receiving transplants made from reprogrammed stem cells to treat damaged corneas.
"The results merit treating more patients," says stem-cell researcher Jeanne Loring at Scripps Research in La Jolla, California.
Researchers have developed a virtual screening method to identify potential small molecule drugs for cancer immunotherapy. This approach could lead to orally available alternatives to current antibody-based treatments, potentially improving tumour penetration and patient compliance. By analysing key interactions between checkpoint proteins and antibodies, the team identified promising compounds that mimic these interactions.
"Our research represents a remarkable advancement in the field of cancer immunotherapy, which may lead to a promising alternative to monoclonal antibody-based treatments," said senior author Moustafa Gabr, assistant professor of chemistry in radiology.
🤖 Robotics
Physical Intelligence, a startup developing a "generalist brain" for robots, has raised $400 million from tech heavyweights including Jeff Bezos and OpenAI at a valuation of $2 billion. The startup had previously raised $70 million since being founded earlier this year. The "generalist brain" concept aims to create a single AI system capable of controlling various types of robots, rather than specialised AI for each robot type, with the aim of making it easier and more cost-effective to deploy versatile robots across different industries.
"What we're doing is not just a brain for any particular robot," co-founder and chief executive Karol Hausman told the Times. "It's a single generalist brain that can control any robot."
At MIT, researchers have developed "LucidSim", an AI platform that creates virtual training environments for robot dogs (see the paper). The platform uses ChatGPT to generate text descriptions and AI image generation to create realistic, physics-based simulations. After AI-enhanced training, the robots succeeded 88% of the time in real-world tests of chasing balls and climbing obstacles, compared to just 15% with traditional programming based on human demonstrations. This AI approach could eliminate the need for time-consuming manual training while significantly improving accuracy.
📱 Devices
Apple is exploring the smart glasses market with an internal study code-named "Atlas". This move suggests a potential challenge to Meta's Ray-Ban smart glasses, possibly with an AirPods-like device.
"Testing and developing products that all can come to love is very important to what we do at Apple," the group wrote in an email to select employees at the company's headquarters in Cupertino, California.
Meanwhile, Chinese tech giant Baidu is also entering the smart glasses arena, set to unveil its own AI-powered glasses to rival Meta's offerings.
Birdwatchers, prepare for a tech upgrade. Swarovski Optik has unveiled the AX Visio, AI-powered binoculars that can identify birds, mammals, butterflies, and dragonflies using image recognition and geolocation. While not flawless, they represent an intriguing fusion of traditional optics and AI.
I was impressed that the binoculars accurately identified very small birds. The AX Visio correctly identified a 5-inch-long malachite kingfisher which was clearly visible on a branch above the water 30 meters away.
In defense tech, Anduril is planning a 5-million-square-foot manufacturing facility called "Arsenal-1". The autonomous drone and submarine developer is eyeing Arizona, Ohio, or Texas for the location, highlighting the growing importance of advanced manufacturing in the sector.
🛍️ Ecommerce
Amazon is taking to the skies in Arizona, launching Prime Air drone delivery in the West Valley Phoenix Metro Area. This aerial assault on traditional delivery comes after FAA approval for Amazon's new MK30 drones to fly beyond visual line of sight, promising deliveries in under an hour for eligible items.
The MK30 drones can fly twice as far as their predecessors, run 50% quieter, and brave light rain. However, they're limited to items weighing 5 pounds or less. The service is integrated into Amazon's same-day delivery network, with drones taking off from a Tolleson facility that's part fulfillment centre, part delivery station.
"With this approval, we are beginning service today in the West Valley of Phoenix," wrote Matt McCardle, head of global regulatory affairs and strategy for Prime Air. "For the first time, our drone is fully integrated into the Amazon Fulfillment Network."
Deliveries are restricted to daylight hours and favourable weather conditions, with each drone carrying one item at a time. Despite these constraints, Amazon reports thousands of successful deliveries since 2022. Amazon plans to expand its drone delivery to more cities in 2025.
For ground deliveries, Amazon is developing smart glasses that could help drivers find the most efficient routes on the road and within buildings when delivering packages.
Such directions could shave valuable seconds off each delivery by providing left or right directions off elevators and around obstacles such as gates or aggressive dogs.
🤔 The Disinformation Age
Scientists have discovered that fake news spreads with viral efficiency. Studies show misinformation dissemination can be modelled using epidemiological tools, with social media platforms acting as fertile breeding grounds. Most platforms have a basic reproduction number (R0) greater than 1 - epidemic territory in epidemiological terms.
These models are incredibly useful because they allow us to predict and simulate population dynamics and to come up with measures such as the basic reproduction (R0) number - the average number of cases generated by an "infected" individual.
📚 Regulation
Australia is trying to fight misinformation by potentially introducing new misinformation laws, which strike me as a dangerous attack on free speech. The broad nature of these laws could potential stifle legitimate debate – imagine Copernicus facing such restrictions in the 1500s.
Simultaneously, the government is proposing a ban on social media (including YouTube) for under-16s , ostensibly to protect children. This move could have far-reaching consequences, from limiting teens' communication with friends, to participation in interest-based interactions, to impacting young talents like our young Skateboarding Olympian (will her Instagram account and brand deals be impacted?). Moreover, the implementation of these laws would necessitate age verification for all Australian social media users, raising significant privacy concerns, while also effectively outlawing anonymous accounts on social media sites.
What's a social media service, you might ask? Australia's Social Media Services Online Safety Code defines a social media service as an electronic service that meets these conditions:
the sole or primary purpose of the service is to enable online social interaction between two or more end users
the service allows end-users to link to, or interact with, some or all other end users
the service allows end-users to post material on the service
such other conditions (if any) as are set out in the legislative rules
This definition is extremely broad, potentially encompassing a wide range of online platforms. It could include discussion forums like Reddit, question-and-answer sites like Quora, messaging apps such as WhatsApp and Discord, special interest platforms like Goodreads and Strava, and professional networks like LinkedIn. Even online gaming platforms with social features might fall under this definition. If implemented, this could significantly restrict Australians' access to large portions of the internet without age verification.
To exclude all people under 16, technology companies will need to review all social media accounts to ensure that users provide some form of verification of their age to continue to access the service. That is a technological nightmare - and bound to cause a lot of frustration among adult users of social media.
💻 Chips and Computing
Donald Trump's re-election has sparked speculation about accelerating 2nm chip production in the US, but Taiwan has just put the brakes on that idea. Taiwan's Minister of Economic Affairs, J.W. Kuo, has stated that current technology protection rules prohibit TSMC from producing 2nm chips abroad, likely to safeguard the country's strategic value in the global semiconductor industry. This comes despite TSMC's plans to eventually manufacture 2nm chips in Arizona by the end of the decade. Taiwan's law requires domestic chipmakers to keep their most advanced technology at home, allowing overseas production only for chips at least one generation behind.
"Since Taiwan has related regulations to protect its own technologies, TSMC cannot produce 2-nanometer chips overseas currently," Kuo said at a meeting of the legislature's Economics Committee in Taipei.
UK-based Graphcore is expanding its workforce by 20% post-SoftBank acquisition, signaling SoftBank's growing ambitions in AI-focused chip design.
⚡ Other Snippets
Zhejiang University researchers have developed a system to separate oil and water with over 99.9% purity. This breakthrough could lead to cheaper, cleaner methods for handling industrial waste and oil spills.
"When we put the membranes [close] together, they will affect each other, making the process continue," says Yang. "There's a feedback between the two processes."
ChatGPT's monthly usage now rivals Google Chrome with 3.7 billion visits, highlighting our growing reliance on AI.
Statistics from Similarweb indicate that ChatGPT saw a 17.2% month-over-month (MoM) growth and a 115.9% year-over-year (YoY) traffic growth.
A painting of British computer scientist Alan Turing made by an AI-powered robot has fetched $1.08 million at a Sotheby's auction.
Sotheby’s, which auctioned AI God: Portrait of Alan Turing on Friday, estimated that it would fetch up to $180,000, but the bids racked up, with the anonymous winner handing over more than $1 million for the piece.
Bloomberg explores how South Korea is pioneering autonomous vessels and eco-friendly propulsion in this 24-minute video.
Have a great week,
Thomas
About Thomas Rice
Thomas Rice co-founded Minotaur Capital, a technology-driven, AI-led global equities fund, and is based in Sydney, Australia. He can be found on the X at @thomasrice_au.