Exclusive: Space Forge raises $30M for chips in space
Why it matters: The U.K. startup contends it can make energy-saving materials that are impossible to develop within Earth's atmosphere.
Driving the news: The NATO Innovation Fund led the round, with partner Chris O'Connor joining Space Forge's board.
World Fund, the National Security Strategic Investment Fund and British Business Bank also participated in the raise, which closed in December.
How it works: Space Forge aims to develop seed crystals in space, enabling production of larger high-purity wafers of the material back on earth.
The company is first focusing on semiconductors, and keeping an eye toward low-carbon energy, quantum computing, and defense.
It plans to generate revenue from the seed crystals, and by selling slots in its launch vessels to other companies and organizations.
What they're saying:"Our space-manufactured semiconductors and supermaterials are designed to dramatically outperform what's possible with traditional Earth-based production," CEO Joshua Western tells Axios.
Between the lines: The company contends that such materials can deliver achieve emissions reductions even when accounting for the air pollution generated by rocket launches.
Flashback: Space Forge in 2021 raised a $10.2 million seed round led by World Fund, Type One Ventures and Space Fund.
What's next: Space Forge expects to launch its first vessel, ForgeStar-1, with an undisclosed U.S. launch provider this year.
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Chicago Tribune
21 minutes ago
- Chicago Tribune
The Tea app was intended to help women date safely. Then it got hacked.
Tea, a provocative dating app designed to let women anonymously ask or warn each other about men they'd encountered, rocketed to the top spot on the U.S. Apple App Store this week. On Friday, the company behind the app confirmed it had been hacked: Thousands of images, including selfies, were leaked online. 'We have engaged third-party cybersecurity experts and are working around the clock to secure our systems,' San Francisco-based Tea Dating Advice Inc. said in a statement. The app and the breach highlight the fraught nature of seeking romance in the age of social media. Here's what to know: Tea founder Sean Cook, a software engineer who previously worked at Salesforce and Shutterfly, says on the app's website that he founded the company in 2022 after witnessing his own mother's 'terrifying' experiences. Cook said they included unknowingly dating men with criminal records and being 'catfished' — deceived by men using false identities. Tea markets itself as a safe way for women to anonymously vet men they might meet on dating apps such as Tinder or Bumble — ensuring that the men are who they say they are, not criminals and not already married or in a relationship. It's been compared to the Yelp of dating. In an Apple Store review, one woman wrote that she used a Tea search to investigate a man she'd begun talking to and discovered 'over 20 red flags, including serious allegations like assault and recording women without their consent.' She said she cut off communication. 'I can't imagine how things could've gone had I not known,' she wrote. A surge in social media attention over the past week pushed Tea to the No. 1 spot at the U.S. Apple Store as of July 24, according to Sensor Tower, a research firm. In the seven days from July 17-23, Tea downloads shot up 525% compared to the week before. Tea said in an Instagram post that it had reached 4 million users. A female columnist for The Times of London newspaper, who signed into the app, on Thursday called Tea a 'man-shaming site' and complained that 'this is simply vigilante justice, entirely reliant on the scruples of anonymous women. With Tea on the scene, what man would ever dare date a woman again?' It's unclear what legal recourse an aggrieved man might have if he feels he's been defamed or had his privacy violated on Tea or a similar social media platform. In May, a federal judge in Illinois threw out an invasion-of-privacy lawsuit by a man who'd been criticized by women in the Facebook chat group 'Are We Dating the Same Guy,' Bloomberg Law reported. In its statement, Tea reported that about 72,000 images were leaked online, including 13,000 images of selfies or photo identification that users submitted during account verification. Another 59,000 images that were publicly viewable in the app from posts, comments and direct messages were also accessed, according to the company's statement. No email addresses or phone numbers were exposed, the company said, and the breach only affects users who signed up before February 2024. 'At this time, there is no evidence to suggest that additional user data was affected. Protecting tea users' privacy and data is our highest priority,' Tea said. It said users did not need to change their passwords or delete their accounts. 'All data has been secured.'
NBC News
37 minutes ago
- NBC News
Rick Huether, CEO of the Independent Can Company. Eric Kayne for NBC News Checkbook Chronicles Kicking the can down the road on tariffs won't work for this Maryland manufacturer Independent Can Company has raised prices twice this year already after Trump imposed 25% duties on steel in March, and then doubled them in June.
July 26, 2025, 7:15 AM EDT By Emily Lorsch When Rick Huether strolls the floors of his four manufacturing plants — two in Maryland and two in Ohio — employees' typical greetings such as, 'Hey, how's the family?' have been increasingly replaced with, 'Hey Rick, should I be looking for a job somewhere else?' Huether, the CEO of Independent Can Company, has had to raise prices on customers twice this year and it's the third time since President Donald Trump's first term. 'It's frustrating,' Huether said of the Trump administration's ever-evolving tariff agenda, which now includes 50% import taxes on the foreign-made steel his company relies on. 'I can't run my business the way I want to run it.' Huether, a Republican, said he shares the administration's goal of reinvigorating American industry. 'We want to bring as much manufacturing back to this country as you can. And as a family, we made a strategic commitment to being the specialty can maker in America with American workers,' he said. 'We want to be here.' But according to Huether, Trump has made that harder to do. He said he has never voted for the president because he dislikes how he treats people and communicates, and his trade policies have caused headaches for his business operations. 'Chaos is our nemesis,' Huether said, echoing a concern many small business owners have voiced for months amid Trump's erratic tariff rollout: 'We can't plan when we don't have a vision of what's going on for the next two or three years.' Business highlights Independent Can Company's wares might already be in your cupboard. The Belcamp, Maryland-based family business, in operation since 1929, makes the packaging for everything from Wegmans' brand of Virginia peanuts to the Santa Claus tins filled with chocolates or popcorn that hit grocery shelves around the holidays. The company manufactures cans and other containers for popular consumer brands including Swiss Miss, Zippo and Titleist. One of its newest customers is the lip balm maker Burt's Bees. Independent Can Company — whose annual sales have averaged $130 million in recent years — used to have more than 30 domestic competitors in specialty can making, Huether estimated, many of which were family-owned businesses. Today there are just a couple left, he said. The company employs about 400 people across its four plants. A fifth, in Iowa, closed in 2024 due to what Huether described as a combination of clients' shifting packaging needs and Trump's first-term steel tariffs. He secured some exemptions from those levies at the time but still had to raise prices in 2018 by anywhere from 8-16%, depending on the product. Independent Can Company's manufacturing process relies on a highly specialized material called tinplate, a very thin-gauge, flat-rolled steel with an electro-coated surface of tin. Developed as a corrosion-resistant material safe for food packaging, tinplate supplies are limited — the product makes up only about 2% of global steel production, Huether estimated, and it's only roughly 1% of the steel produced in the U.S. Up until about 2007, Independent Can Company bought most of its tinplate domestically but now sources most of it overseas — the majority from Germany, along with Taiwan and South Korea — due to foreign suppliers' quality, service and price. The business adopted more efficient production systems starting in the 1990s, which included a new printing line in 2000 that uses a larger sheet size, boosting efficiency. The issue: steel coils large enough for that system aren't available domestically right now, partly because American steel companies haven't kept up with manufacturers' needs, Huether said. In addition, the materials Independent Can Company uses are about twice as expensive in the U.S. than in Asia and about 20% more expensive than in Europe, Huether estimated. Tariff impacts The cost squeeze is weighing on Independent Can Company as it struggles to rebound from a rough two years, amid pandemic-related supply-chain issues and cost swings. Those challenges left the company with a lot of expensive steel that it had to sell at a loss. But after tens of millions in capital investments, including in automation, Independent Can Company is finally settling into a new normal that Huether expects to put the company back on surer footing this year, tariffs notwithstanding. Still, access to affordable tinplate is non-negotiable and remains a wild card. That material alone represents 50-75% of its products' prices, Huether estimated. With tariff exemptions removed in March, Independent Can Company began paying Trump's 25% levies on all its imported tinplate, a steep new expense that Huether said forced the business to hike prices on some products by 8-16%. After the duties were raised to 50% in June, the company imposed another round of 8-16% increases. 'This adjustment is necessary to ensure that we can continue to provide you with the high-quality products and service you have come to expect,' Huether informed clients in a statement on the company's website earlier this year. 'We've really absorbed the amount of the tariffs that we can absorb,' he told NBC News. 'It's going to be passed through.' Bringing the shine back to 'Made in America' Huether is relieved that Independent Can Company hasn't lost business yet since the price hikes, but that worry is ever-present. There's a risk that some companies will switch to cheaper packaging, he said, including options that may not be as safe or recyclable. But it's hard to know how things will shake out… 'You instantly go to: Well, is this going to happen, or is it a tactic to get somebody to do something else? Is it real or not?' he said. In the meantime, Huether doubts whether rewriting U.S. trade policy can bring back American manufacturing overnight, or even in a few years. Huether believes in expanding vocational training in schools and eliminating the stigma often associated with certain career paths. 'We do not have the skills in this country to manage it,' he said, nodding to a reality that companies and analysts across a range of industrial sectors have underscored since the trade war began. 'It takes one to five years to get a full manufacturing plant up and running,' Huether said. 'We need time to do this.' What's more, 'We need predictability and consistency,' he added. 'We need to understand what the rules are. If the rules are constantly changing, we don't know how to play the game.' Emily Lorsch Emily Lorsch is a producer at NBC News covering business and the economy.
Hamilton Spectator
38 minutes ago
- Hamilton Spectator
The Tea app was intended to help women date safely. Then it got hacked
Tea, a provocative dating app designed to let women anonymously ask or warn each other about men they'd encountered, rocketed to the top spot on the U.S. Apple App Store this week. On Friday, the company behind the app confirmed it had been hacked: Thousands of images, including selfies, were leaked online. 'We have engaged third-party cybersecurity experts and are working around the clock to secure our systems,' San Francisco-based Tea Dating Advice Inc. said in a statement . The app and the breach highlight the fraught nature of seeking romance in the age of social media. Here's what to know: Tea was meant to help women date safely Tea founder Sean Cook, a software engineer who previously worked at Salesforce and Shutterfly, says on the app's website that he founded the company in 2022 after witnessing his own mother's 'terrifying'' experiences. Cook said they included unknowingly dating men with criminal records and being 'catfished'' — deceived by men using false identities . Tea markets itself as a safe way for women to anonymously vet men they might meet on dating apps such as Tinder or Bumble — ensuring that the men are who they say they are, not criminals and not already married or in a relationship. It's been compared to the Yelp of dating. In an Apple Store review, one woman wrote that she used a Tea search to investigate a man she'd begun talking to and discovered 'over 20 red flags, including serious allegations like assault and recording women without their consent.'' She said she cut off communication. 'I can't imagine how things could've gone had I not known,' she wrote. A surge in social media attention over the past week pushed Tea to the No. 1 spot at the U.S. Apple Store as of July 24, according to Sensor Tower, a research firm. In the seven days from July 17-23, Tea downloads shot up 525% compared to the week before. Tea said in an Instagram post that it had reached 4 million users. Tea has been criticized for invading men's privacy A female columnist for The Times of London newspaper, who signed into the app, on Thursday called Tea a 'man-shaming site'' and complained that 'this is simply vigilante justice, entirely reliant on the scruples of anonymous women. With Tea on the scene, what man would ever dare date a woman again?'' It's unclear what legal recourse an aggrieved man might have if he feels he's been defamed or had his privacy violated on Tea or a similar social media platform. In May, a federal judge in Illinois threw out an invasion-of-privacy lawsuit by a man who'd been criticized by women in the Facebook chat group 'Are We Dating the Same Guy,'' Bloomberg Law reported. The breach exposed thousands of selfies and photo IDs In its statement, Tea reported that about 72,000 images were leaked online, including 13,000 images of selfies or photo identification that users submitted during account verification. Another 59,000 images that were publicly viewable in the app from posts, comments and direct messages were also accessed, according to the company's statement. No email addresses or phone numbers were exposed, the company said, and the breach only affects users who signed up before February 2024. 'At this time, there is no evidence to suggest that additional user data was affected. Protecting tea users' privacy and data is our highest priority,' Tea said. It said users did not need to change their passwords or delete their accounts. 'All data has been secured.'' .
