Plus: Drone maker Quantum System more than doubled its valuation in a $1.2 billion financing round. And Takeda announces partnership with Insilico to develop new drugs with AI. Imani Moise hosts.
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[00:00:31] [SPEAKER_02] Here's your afternoon TNB Tech Minute for Thursday, July 2nd. I'm Imani Moise for The Wall Street Journal. After months of slowing car sales and hits to its brand, Tesla has regained momentum. The electric automaker sold over 480,000 EVs globally in the second quarter, up nearly 25 percent from the same period last year.
[00:00:52] [SPEAKER_02] The results mark the first time Tesla has reported vehicle sales since it stopped making the luxury Model X and Model S in May, though the company still sold its remaining inventory of those vehicles in the second quarter. Tesla's sales jump comes amid a wider downturn in the American EV market. Overall, electric sales in the U.S. were down 25 percent for the first five months of the year. That's according to data from Motor Intelligence.
[00:01:19] [SPEAKER_02] German drone maker Quantum Systems has more than doubled its valuation with $1.2 billion in new funding, which values the company at roughly $8 billion. Blackstone, Airbus, private equity firm Advent, and equity investor Nodius Partners co-led the financing round, which highlights surging investor appetite for defense technology. Quantum said its systems completed over 19,000 missions in Ukraine last year.
[00:01:45] [SPEAKER_02] The startup says it's looking to expand drone manufacturing and boost investments in AI-powered software for autonomous systems. And Japanese pharmaceutical giant Takeda has formed an AI drug discovery partnership with Insilico Medicine in a deal potentially worth up to $6 million. Under the agreement announced today, Takeda will pay the Boston-based biotech firm to use its proprietary platform to advance drug candidates across several therapeutic areas.
[00:02:14] [SPEAKER_02] Insilico will lead the discovery process, while Takeda will have exclusive rights to develop, manufacture, and commercialize the drugs. Insilico is set to receive $60 million to kick the project off, and is eligible for milestone payments as well as royalties on future sales. And that's a wrap on your TNB Tech Minutes. Heads up, we'll be off tomorrow for the holiday, but back in your feed with more tech news Monday morning. Thanks for listening, and happy 4th of July.
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