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(Reuters) -French satellite operator Eutelsat reported worse-than-expected first quarter revenues on Tuesday as a decline in sales at its video business offset strong demand for government services, notably in Ukraine. Revenue from video, connectivity and government services fell 1.2% year-on-year on a comparable basis to 283 million euros ($330 million) in the quarter to end Sept. That was below the average 295 million euros forecast by analysts, according to data from the company. The video business, which provides satellite broadcasting services to over a billion viewers globally and accounts for around half of Eutelsat's total revenue, recorded a 10.5% fall in revenue on a comparable basis year-on-year. That reflected both a long-term decline in the video market and a negative impact from sanctions imposed on Russian channels, the group said in statement. Sanctions are expected to have an impact of around 16 million euros this year, the company said. Eutelsat owns and operates a constellation of over 600 Low Earth Orbit (LEO) satellites providing broadband internet via its London-based subsidiary OneWeb.  These satellites, currently the only other LEO constellation available besides Elon Musk's Starlink, have gained momentum as European governments seek home-grown alternatives for satellite services. But the firm is still grappling with sluggish sales growth, weighed down by its declining legacy video business.  Government services was the fastest-growing segment again this quarter, with revenues rising 18.5% from a year ago to 52.4 million euros, in line with estimates. Eutelsat confirmed its annual and long-term financial targets. ($1 = 0.8575 euros) (Reporting by Gianluca Lo Nostro and Alban Kacher; Editing by Matt Scuffham)

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(Reuters) -French satellite operator Eutelsat reported worse-than-expected first quarter revenues on Tuesday as a decline in sales at its video business offset strong demand for government services, notably in Ukraine. Revenue from video, connectivity and government services fell 1.2% year-on-year on a comparable basis to 283 million euros ($330 million) in the quarter to end Sept. That was below the average 295 million euros forecast by analysts, according to data from the company. The video business, which provides satellite broadcasting services to over a billion viewers globally and accounts for around half of Eutelsat's total revenue, recorded a 10.5% fall in revenue on a comparable basis year-on-year. That reflected both a long-term decline in the video market and a negative impact from sanctions imposed on Russian channels, the group said in statement. Sanctions are expected to have an impact of around 16 million euros this year, the company said. Eutelsat owns and operates a constellation of over 600 Low Earth Orbit (LEO) satellites providing broadband internet via its London-based subsidiary OneWeb.  These satellites, currently the only other LEO constellation available besides Elon Musk's Starlink, have gained momentum as European governments seek home-grown alternatives for satellite services. But the firm is still grappling with sluggish sales growth, weighed down by its declining legacy video business.  Government services was the fastest-growing segment again this quarter, with revenues rising 18.5% from a year ago to 52.4 million euros, in line with estimates. Eutelsat confirmed its annual and long-term financial targets. ($1 = 0.8575 euros) (Reporting by Gianluca Lo Nostro and Alban Kacher; Editing by Matt Scuffham)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

JERUSALEM (Reuters) -Jon Medved, the founder of Israel's OurCrowd investment platform, is stepping down as chief executive officer and will become chairman, the company said on Tuesday, citing medical reasons. Medved, 70, founded OurCrowd in 2012 and built it into one of Israel's largest venture investors in the country's booming tech sector. He will focus on strategic initiatives, including OurCrowd’s global expansion, OurCrowd said. Cali Chill was named acting CEO and chief operating officer, effective immediately, where he will oversee day-to-day operations. OurCrowd said Medved, who has been involved in Israeli tech for more than 40 years, was recently diagnosed with the neurodegenerative disease amyotrophic lateral sclerosis (ALS). He is recovering and working from home in his new chairman role, the firm said. OurCrowd has over $2.6 billion in assets under management. It has more than 68 fund positions, 500 investments in portfolio companies and 73 exits. Chill has been with OurCrowd for seven years, most recently serving as chief investment officer and chair of its investment committee. (Reporting by Steven Scheer; Editing by Sharon Singleton)

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LAGOS (Reuters) -Nigerian fintech firm Moniepoint Inc. said on Tuesday it had raised more than $200 million in a funding round led by Development Partners International, as it seeks to expand its digital financial services across Africa and beyond. The Series C financing, which also included LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation, is one of the largest equity fundraisings by an African fintech this year. Moniepoint, formerly known as TeamApt, said the funds would support its expansion into new markets and enhance its offerings for small and medium-sized enterprises, which form the backbone of Africa’s informal economy. “This is a proud day for Moniepoint,” said Tosin Eniolorunda, the company’s co-founder and CEO. “We founded the company to widen financial inclusion and help African entrepreneurs realise their potential. This funding will help us accelerate that mission.” Founded in 2015, Moniepoint has grown into Nigeria’s largest business banking platform, serving over 10 million active users and processing more than $250 billion in annual transaction value. The company has remained profitable at scale, a rare feat among global fintechs. The funding follows a string of product launches, including MonieWorld, a remittance platform targeting the African diaspora in Britain, and a bookkeeping tool for micro and small businesses. DPI, which led the first close of the round in 2024, said Moniepoint’s combination of growth and impact made it a standout investment. “Moniepoint continues to deliver innovation alongside sustained profitability,” said DPI partner Adefolarin Ogunsanya. “We’re proud to support its next phase of growth.” LeapFrog’s Karima Ola said the investment aligned with the firm’s vision of building inclusive financial infrastructure across Africa. Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management also participated in the funding round. Financial Technology Partners acted as exclusive adviser to Moniepoint. (Reporting by MacDonald DzirutweWriting by Chijioke OhuochaEditing by Mark Potter)

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AMSTERDAM (Reuters) -Axelera AI, one of the few companies in Europe making specialized computer chips for AI applications, on Tuesday said it will launch its second product line. Like its previous Metis chip line, Axelera's new Europa chips will be used for AI "inference" — running, not training, AI models. The Eindhoven, Netherlands-based company expects to sell the Europa line to customers in advanced industry settings, for instance in a factory that uses multiple cameras and sensors, where the chips would be used to analyse the combined data they produce and quickly identify problems. Axelera says the first shipments of Europa chips, which are being manufactured by Samsung Electronics, will start in the first half of 2026. Axelera received a $66 million grant in March to develop an even more advanced chip dubbed "Titania" for use in supercomputing centres – also referred to as AI factories – across the European Union. That chip is expected in 2027. (Reporting by Toby SterlingEditing by Tomasz Janowski)

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