Singapore-headquartered financial services tech firm, CrediLinq.Ai, reveals that it has acquired SGD 1.35 million through a new funding round. The Fintech lender says that it plans to transform how credit is underwritten to SMEs using advanced tech solutions that will be integrated within its lending platform. CreditLinq.Ai’s platform is powered by its AI and machine learning algorithms. Investors in the firm’s round included Brandon Tee of B7 Capital, Sandeep Uberoi of Jungle Ventures, and software company Aerion Technologies.Read More
Technology industry veterans Tom Davenport and Tom Seibel have seen firsthand how data, analytics and artificial intelligence have changed business models over the past three decades. In a conversation with ThoughtSpot Chief Data Strategy Officer Cindi Howson at VentureBeat’s Transform 2021 conference on Tuesday, Davenport and Siebel shared their insights into how technology has boosted innovation and how it can transform industries, as well as the dangers it presents.Read More
This post was originally published by Allison Proffitt at AI Trends The use of confidential computing for the AI self-driving car fleet cloud could make it more difficult for hackers to launch a cyberattack. (Credit:…Read More
GPT-J, a six-billion-parameter natural language processing (NLP) AI model based on GPT-3, has been open-sourced by a team of EleutherAI researchers. The model was trained on an open-source text dataset of 800GB and was comparable with a GPT-3 model of similar size.Read More
eattle-based AI hot startup, Modulus Therapeutics has announced it completed an oversubscribed $3.5 million Seed round. The new funding will be used to expand the development of Modulus’ Convergent Design™ platform. This AI-powered platform combines key technology components, including gene editing, machine learning, multi-omics, and high-throughput in vivo screening to bring an intelligent, unbiased approach to immune cell therapy design.Read More
Aurora, a developer of technology for self-driving cars and trucks, is joining the rush to raise funds through a SPAC merger that will net the company about $2 billion and boost its valuation to an estimated $11 billion, the highest of any autonomous vehicle company to go public so far.Read More
The use of the artificial intelligence market is expected to grow to $390.9 billion by 2025, and industries within the space show a similar trend that is automotive AI, for example, is expected to grow by 35% year over year, and manufacturing AI will likely increase by $7.22 billion by 2023. However, according to top industry analysts, most (about 80%) of AI projects stall at the pilot phase or proof-of-concept phase, never reaching production.Read More
Henny JonesJust now·5 min readPhoto by Cory Woodward on Unsplash‘The modern problem requires a modern solution’- well, that motto works for every industry. Due to the latest technology, sometimes problems occur which are unfamiliar to us though, but there is always an answer for every query. Likewise, the new obstacle in the banking sector is because of the advanced technology, and the solution provided by it only. Artificial Intelligence has taken over every industry sector, including banking.Artificial Intelligence has grown the evolution of the banking sector. According to a survey, AI will boost the banking and finance sector by at least USD 1.2 trillion by 2035. Presently, AI is helping to save costs for banks, and there is a prediction that by 2023, it will be worth $447 billion.Not just only for saving cost and value generation, AI is more than that. It is because of its pivotal role in developing the landscape of banking. Due to the rising number of smart tools and mass devices of internet connectivity, consumer’s demand is rising too; they are expecting to be more empowered by the expansion of AI.Today, Financial services and Bank providers are really reconsidering their products to match with the client’s expectations.Here, the prominent role of predictive analysis enters. With the high expectation of people in the banking sector, only predictive analysis can add value to the banking sector.In other terms, AI-powered predictive analytics will empower banks and several enterprises to come daily and rediscover their contributions, form appropriate value projects, and promote customer experience.Let us understand the term regarding Predictive Analytics?Predictive Analytics applies their data to support the organization to make an official decision. It is caused by calculating data relevant conclusions of past, present, and future.Predictive Analytics empowers the organization to concentrate on discovering their business issues proactively by addressing them in real-time to find the right customers.In 2019, Predictive Analytics has led the market by over $6 billion in total revenue. And it is predicted by 2022-the market is expected to reach around 11 billion dollars in annual revenue as a frequently large number of businesses make use of predictive analytics methods for everything from fraud detection to diagnosis, the report by Statista.Now, back to AI and its role in revolutionizing banks with Predictive Analytics. Below are the points of AI and predictive analysis and their contribution to the banking sector:The significant concern for any banking sector is to prevent fraud and theft. The money has to be protected at any cost. AI and Predictive Analytics contribute a significant role in the banking sector to prevent theft.If any theft or fraud occurs, banks have to pay certain money each day to cover losses acquired due to stolen details.AI and predictive analytics can detect possible invasions by merging model identification techniques and data analysis in real-time. It can further decrease cases of identity fraud and report meddle before it even occurs.As per a survey, nearly 50% of fraud occurs due to credit cards. Predictive Analytics applies AI to determine the significant methods of a hacker and take action before they commit crimes.During the forecast period in the survey, the fraud detection and prevention section would present the highest CAGR of 24.90% with Predictive Analytics in the banking sector.Risk analysis is a primary section in which predictive analytics is essential for the financial sector. Banks and insurance partnerships usually practice forms powered by predictive analytics to perform credit scoring and define the appropriateness of consumers.Eventually, it will assist during the decision-making process by analyzing pivotal data points and reviewing connections in some customers. The process of predictive Analytics is related to practices led out before the availability of predictive analytics but can charge more numerous amounts of data in a lesser time. It appears in far more precise and positive consequences.AI can support streamlining these methods and cut down on the account of human interference, besides decreasing the price and time needed.Prompt 24/7 Verification Bank ServicesNo matter what bank it is, every bank has to verify all data to prevent fraud and theft. But fortunately, Predictive Analytics is expressly immeasurable at counting numbers and evaluating financial possibility- it requires potency of AI to grow to identify human nature.You can trace behavioral patterns and several differences in extensive datasets by the support of the latest AI systems.It is fundamental in promoting banks to develop a comprehensive system that is independent, secure, and available 24/7.Preciously, digital banking is based steadily on self-reliance methods. Nowadays, banking has developed, and consumers demand immediate 24/7 help service, and prompt online solutions. These patterns can now support banks to prepare the majority of their client’s demands immediately and correctly without any human engagement.Why Do Banks Require Use of AI With Predictive Analytics?The AI bend has stimulated, and when the concentrate is not just the quantity of data collections but also its standard to obtain beneficial insights. Furthermore, the different roles of services, theft, safety, business intelligence, uncertainty, consumer services, and more. Now it should be observed as connected functions where data is received in a hub and spoke design. AI facilitates the production of such data-hubs, instead of the current systems of records. Banks need to invest in building consolidated data sets, which should not only be about bytes of data, but significant, available, and contextualized data.Hence, the power of AI and predictive Analytics will witness more power in the upcoming years and will continue to support banks to make better decisions. By putting AI to practice and unlocking the possibility of their combined data sets.After adopting AI into work, the banking sector has seen tremendous revolutions. With the use of AI in the bank- they will save several costs. The companies that revise their digital workflow thinking about the customers first and rising the embrace of AI platforms will become more powerful.Originally published at https://www.hdatasystems.com.Read More
Eurora Solutions, an Estonian firm that offers an AI/ML service for cross-border transactions, has raised a $3 million seed round, according to a note from the firm. The seed round was led by Change Ventures which was joined by angels including the founders of Printify, Artis Kehris and Janis Berdigans, and founder of KatanaMRP, Kristjan Vilosius. To date, Eurora has raised over €10 million in investments and research grants.Read More
Daloopa closed on a $20 million Series A round, led by Credit Suisse Asset Management’s NEXT Investors, to continue developing its data extraction technology for financial institutions, which is now being expanded globally.Read More
The following selection of tips aims to make things easier for you. It’s not a must-do list but should be seen as an inspiration. You know the task at hand and can thus best select from the following techniques. They cover a wide area: from augmentation to selecting hyperparameters; many topics are touched upon. Use this selection as a starting point for future research.Read More
Teikametrics, an ecommerce optimization platform, today announced that it raised $40 million in a series B round led by Intel Capital, GoDaddy, Centana Growth Partners, Jump Capital, Granite Point Capital, and Lydia Jett, head of ecommerce at SoftBank Vision Fund. CEO Alasdair McLean-Foreman says that the proceeds will be put toward hiring software engineers, data scientists, and ecommerce experts in addition to sales and marketing support as Teikametrics’ platform scales up.Read More
AI technology is changing the working process of software engineers and test engineers. It is promoting productivity, quality, and speed. Businesses use AI algorithms to improve everything from project planning and estimation to quality testing and the user experience. Application development continues to evolve in its sophistication, while the business increasingly expects solutions to be delivered faster than ever.Read More
Influencer marketing is one of the fastest-growing and one of the most impactful media channels today. There’s a growing ad-blocking movement and key demographics are spending less time in front of TVs.
Marketers have now realized that their customers trust the recommendations of people they relate with. However, despite this being an impactful channel, brand teams globally face a major dilemma: determining the ROI of influencer marketing campaigns.
AIfluence is a two-year-old startup with an AI-driven influencer marketing approach to measuring these campaigns. Today, the company is announcing that it has raised $1 million in seed investment led by Dubai-based EQ2 Ventures. Other investors include Antler East Africa, Oui Capital, ArabyAds, and an unnamed European family office.
AIfluence was founded by Nelson Aseka, George Issaias, Lamusia Anzaya, and Ankit Jindal in 2019. Placing AI at the core of the product, the founders started AIfluence to accurately match influencers to brands, run end to end influencer marketing campaigns, and bring transparency to the measurement of impact (ROI)
According to CEO Aseka, AIfluence is developed for an audience-first approach. It identifies and gains deep insights into a target audience and works backwards to identify influencers that impact this target audience. The platform is built on a trust network model where it deploys thousands of nano influencers and followers who have a natural affinity to a brand and exhibit a high emotional connection with the target audience.
“We are at the cusp of a revolution. Globally the way marketing works is changing. We find ourselves at an intersection of advanced technology and the fastest-growing region in the world in terms of digital and social media penetration. It’s an exciting place to be. Africa’s rich tradition for storytelling is alive and kicking,” Aseka said in a statement. “We simply enable such stories to be shared between peers who know and trust each other, and can place our brand messages into the heart of this communication ecosystem.”
The platform was launched out of company builder and VC firm Antler East Africa in late 2019 as one of its first cohorts before officially going live in April 2020. Antler is known for bringing together professionals with, on average, 10 years of experience in their respective industries to start companies. That is the case with AIfluence, where its C-level executives have varying experiences in influencer marketing, growing brands, and consumer tech products.
AIfluence is the first startup from the builder to have raised up to $1 million. “We are excited to see local founders with deep expertise in the African market take a global problem head-on, and in a short time demonstrate a tech solution that is fast attracting demand in Africa and beyond,” Antler East Africa’s partner Melalite Ayenew said in a statement.
Talking about tackling a global problem, AIfluence says it is currently running campaigns for clients across 13 countries in African and Asia. These clients are regional and global advertisers that span across FMCG, banking, travel and electronics sectors. Aseka says Alfluence has closed over $1 million in contracts from these clients.
AIfluence makes money by running brand campaigns that drive awareness of products and services, and lead generation and conversion campaigns that drive sales. The company is currently working on a SaaS offering it says will “lace the power of the platform in the hands of its customers.”
A major challenge the company has had, Aseka describes, is identifying robust payments solutions to cater to its thousands of influencers across different regions. However, it is in the past now. “Fortunately, we have so far been able to solve this by identifying a reliable payment partner, who we will grow with as we expand across new markets,” he said.
These markets include the rest of Africa, the Middle East and Asia. With the recently raised investment, AIfluence plans to launch into these markets by the end of the year and invest in its tech and SaaS platform.
“People are the new media in today’s digital world, and AIfluence is uniquely positioned to turn this reality into tangible results for advertisers. We’ve been impressed by the team’s obsession to use data in order to spread authentic and relevant messages to the right audience. This is what advertising should always be. We’re looking forward to AIfluence’s journey ahead,” CEO of EQ2 Ventures Patrick Thiriet CEO said in a statement.
The exoskeleton/exosuit category has been heating up over the past few years. It makes sense, really. There are two giant — and dramatically different — potential customer bases. On one end are those sorts of jobs that could benefit from some wearable assistance. On the other are people with mobility issues for whom such technology might go a long way.
Founded last year by a team spun out of Conor Walsh‘s lab at Harvard’s Wyss Institute and the John A. Paulson School of Engineering and Applied Sciences, Verve Motion is targeting the former for now. You probably don’t need a bunch of stats to realize that labor-intensive work often ends in injury, but here are a trio from the startup’s site anyway:
One million back injuries occur in U.S. workplaces each year, according to the Bureau of Labor Statistics
260+ million work days are lost every year due to back injury, according to the United States Bone and Joint Initiative
$14 billion in direct costs hit U.S. employers annually, according to Liberty Mutual Workplace Index 2018
Image Credits: ADUSA Distribution
If you can’t appeal to people’s sense of common decency, then at least you can appeal to their wallets. Whichever the case, Verve Motion is announcing some fresh funding, following both a seed round and a successful pilot with ADUSA (Ahold Delhaize), a large grocery distribution firm. That funding arrived during the pandemic, when many essential workers in the food supply chain were being pushed to their physical limits on a daily basis.
This time out, the firm has raised a $15 million Series A, led by Construct Capital and featuring a bunch of existing investors, like Founder Collective, Pillar VC, Safar Partners and OUP.
“This new round of funding will fuel the continued development of our solution and scale operations to meet the growing demand for our product in order to get it to the workers who need it most right now,” co-founder and CEO Ignacio Galiana said in a release. “We are grateful for the support of this exceptional group of new and existing investors, and are thrilled to welcome Construct Capital as we create solutions for the industrial workforce of the future.”
Verve’s first product is the SafeLift, a fabric-based soft exosuit capable of adapting to its wearer’s movements and reducing up to 30 to 40% of back strain.
Skymind, which bills itself as the world’s first dedicated AI ecosystem builder, is focusing on the UK with its $800 million AI investment fund. Although the fund is global, the restrictions of the Covid-19 pandemic meant that much of the focus was geographically near the Malaysian base of its leadership team. However, having announced their first investments earlier this year, they are looking at the UK for their future investments and the future of AI.Read More
Identity governance platform SecurEnds today announced that it closed a $21 million series A funding round led by Elephant. The company says that the proceeds will be put toward expanding its sales, marketing, and engineering teams both in the U.S. and internationally and introducing new features including out-of-the-box connectors and improved machine learning algorithms for identity risk and analytics.Read More
In our next Q&A of the series, we talk with Jonjo Hobbs, Managing Director at Capita Procurement Solutions. Jonjo Hobbs, Managing Director at Capita Procurement Solutions, on the core priorities for procurement teams today, the rise of AI as a tool for procurement and business operations, the new approach to buying software tools, and how procurement can drive the social value agenda.Read More
Stockholm-based Logical Clocks is best known for its world’s first Enterprise and open-source Feature Store with an end-to-end machine learning platform. Now, the company has picked up €5 million (nearly £4.2 million) in a Series A investment round.Read More
A week after snatching up startup BoxBoat, IBM today announced another acquisition to expand its portfolio of data, cloud, and analytics services. With Bluetab, IBM aims to further advance its hybrid cloud and AI strategy across Europe, Latin America, and North America.Read More