Algovera is a maturing ecosystem of independent AI teams. So far, we have completed two rounds of grant funding, which attracted a total of nineteen proposals. Twelve out of the nineteen proposals received funding. Squads have made some exciting progress over the last few months with few projects are reaching the stage where they are starting to apply for larger funding programmes. For example, the Virtual Object Detector Squad is applying for OceanDAO funding, the DeFi Squad has a working app (video demo, code) and the Healthcare Squad produced a first draft at a whitepaper.