Plus: European vibe-coding startup Lovable notches $13 billion valuation. And rust-powered battery maker Form Energy raises $750 million to boost manufacturing. Danny Lewis hosts.
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[00:00:01] Here's your morning TNB Tech Minute for Wednesday, August 12th. I'm Imani Moise for The Wall Street Journal. The New York City Council is investigating four prediction markets – Polymarket, Calci, Coinbase, and Gemini Titan – for alleged deceptive marketing practices and targeting miners. In letters sent to the companies, the City Council speaker asked for information on how much they earn in New York, the number of users who are city residents, and how their marketing operations work.
[00:00:27] The speaker also asked Polymarket for details about promotional videos that appeared to depict fake trades and promoted insider trading on social media. A Coinbase spokeswoman said the company fully complies with applicable laws. Polymarket and Calci say they look forward to engaging with the City Council. Gemini didn't respond to a request for comment. Polymarket has a data partnership with Dow Jones, the publisher of the journal.
[00:00:52] We exclusively report that AI startup Lovable has closed a new funding round valuing it at more than $13 billion. That's more than double its previous valuation set in December, making the Stockholm-based company one of Europe's most valuable startups. Lovable's platform can be used to create software and web applications using simple everyday language, a process known as vibe coding.
[00:01:15] The company and its investors said it will use the $400 million raised to fund its expansion in Europe, the US, and Latin America, as well as adding new security and reliability features. And in another WSJ exclusive, a startup that makes giant iron-air batteries has raised $750 million in a new funding round. Unlike conventional lithium-ion batteries, which can discharge power for a few hours at a time,
[00:01:40] Form Energy's battery system can store enough power to last several days through a process it calls reversible rusting. That's enough to help utilities power through days-long grid emergencies, like winter storms, and times when electricity demand skyrockets. Form plans to use the new funding to boost manufacturing and for its first wave of commercial products. That's your TNB Tech Minute. Join us again this afternoon for more.