As UK Gov reaches out to tech, investors threaten to ‘pull capital’ over M&A regulator over-reach

Rishi Sunak in a meeting

As the UK’s Chancellor of the Exchequer engaged with the tech industry at a ‘Chatham House’ style event today, the Coalition for a Digital Economy (Coadec) think-tank released a survey of over 50 key investors which found startup investors are prepared to pull capital over the prospect of the Competition and Markets Authority’s (CMA) new Digital Markets Unit (DMU) becoming a “whole-economy regulator by accident”. Investors are concerned after the CMA recommended the DMU be given ‘expanded powers’ regarding its investigations of M&A deals.

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[Paper Summary] Google and Mayo Clinic Researchers propose a new AI Algorithm to improve Brain Stimulation devices to treat disease

lectrical simulation has the potential to widen treatment possibilities for millions of people with movement disorders, such as Parkinson’s disease, and epilepsy. In the future, this technology may help further treat psychiatric illness or even assist in recovery from brain injuries like stroke.

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AInomics — Artificial Intelligence driven Economics and its impact on Labour, Productivity &…

Wealth creation

Nirali DasJust now·6 min readAInomics — Artificial Intelligence driven Economics and its impact on Labour, Productivity & Wealth CreationArtificial Intelligence (AI) has been impacting global economy in a significant way by driving new innovations to make decision making, marketing, financial management, manufacturing, supply chain, resource planning — faster, precise, optimized and more predictable. Artificial Intelligence has spurred various economic activities by additional job creations, increased revenue, increased profitability, development of AI based tools/appliances/ systems/machines/ Robots/vehicles etc.AI Driven economics is fast becoming an area of interest for economists, thought leaders and financial/investment professionals. In this paper, it is chosen to call this area of economics as “AInomics” and looking forward for economists to do more research work in this area in near future as this will be a game changer for the world.Increasing ability of Artificial Intelligence to autonomously solve complex problems and tasks will fundamentally reshape our economies and society. With the help of AI, we can model human behaviour and can estimate its impact on the real world. This will make it easier to identify financial bubbles, risks, and potential vulnerabilities in the economy. The impact of AI may not be linear but may build up at an accelerating pace over years. AI technologies could boost productivity levels and increase GDP growth.Global macro-economic impact of AIAs per a PWC paper, it is estimated that approximately 58% of the 2030 GDP impact will come from consumption side impacts, or $9.1 trillion of additional GDP. It is also mentioned in the paper that, over the entire period 2017–2030, approximately 55% of the GDP impact will be due to productivity increases due to adoption of Artificial Intelligence.Global GDP impact by effect of AIIn North America, adoption of AI are the largest drivers of their economic impact, reflecting the region’s leading footprint on AI and its implementation. It will enhance North America GDP by 14.5% (by 2030).In China, AI uptake on productivity is the largest driver and their recent push to implement both replacement and augmenting AI technologies on a large will enhance GDP by 26.1%.The services industry that covers health, education, public services and recreation stands to gain the most — 21%, with retail and wholesale trade as well as accommodation and food services also expected to see a large boost (15%).According to an Accenture report published in December 2017, AI alone can add $957 billion, or 15% of the current gross value added, to the Indian economy by 2035. AI can make an important contribution by boosting innovation that can then be applied to improve current products and services and create entirely new offerings. AI is likely to have transformative impact like the development of an entirely autonomous road transportation system.The global net impact of $13 trillion of additional value compared with today’s global GDP is likely to develop over a longer period (see in the below picture).How the World Labour & Jobs will be impacted by AI?Unskilled jobs will be impacted the most and skilled jobs will tremendously increase so Artificial Intelligence will have a bias towards skilled labour. Lower-skilled jobs that include routine manual and cognitive tasks tend to be the most likely to be automated due to AI.AI will continue to benefit higher-skilled workers who have creativity, analytical and strong problem-solving skills. With the quick progress in AI, robots may increasingly displace highly educated and skilled professionals also. As per Mckinsey, automation of labor could add up to about 11 percent or around $9 trillion to global GDP by 2030.Those unemployed will likely find work in new areas of the economy as new AI augmented jobs are created.Percentage of jobs at high risk of automation by 2030, by geographic region and industry sectorArtificial intelligence will help in creation of jobs that would not have existed without AI both through the economic upliftment that it will provide to productivity and consumer demand, and through the requirements of training, explaining and sustaining the technologies.AI driven Economic Predictions:Usually Economists are terrible at forecasting. Prakash Loungani’s (IMF) analysis, for instance, revealed that economists had failed to predict 148 of the past 150 recessions. AI driven predictive analytics will overcome some of the challenges present in economic forecasting. By implementing AI techniques in behavioural economics, economists will be able to estimate the impact of human perceptions and behaviour more precisely on the actual situation.Already many financial institutions are using Deep Learning (Generative Adversarial Network — GAN) for predicting Value At Risk (VAR) of their assets.AI algorithms/models are analysing how media headlines influence sentiments about the economy. Central banks/fiscal authorities of countries, by knowing when a recession hits, will be more effective and rapid in enacting monetary and fiscal tools, thereby mitigating the effects of business cycles.The impact of AI on Productivity:A net productivity effect builds up over time — modest within five years to material by 2030. As a result, AI’s contribution to growth may be three or more times higher by 2030 than it is over the next five years.Company’s productivity is expected to be significantly impacted by AI. There are two main strategies showing impact of AI on productivity:a) ‘Human-in-the-loop’ technologies: investing in software, systems and machines that ‘assist’ or ‘augment’ the workforce, helping them to perform their tasks better and more efficiently and freeing up their time to focus on higher value-adding activities.ORb) ‘No-human-in-the-loop’ technologies: automating processes with robotics or othertechnologies, or creating autonomous agents, removing the labour input altogether.But it is likely that many businesses will implement a combination of autonomous intelligence and technologies that include humans ‘in-the-loop’.Below are some of the use cases which shows the impact of AI at each stage of a company’s value chain:1) Simulating market conditions for production forecasts and pricing strategy. This reduces the risk, time and capital expended in the process of moving from strategy to execution.2) Robotics automating assembly lines which provides more output with better quality.3) On-demand manufacturing: adjusting to produce goods based on order specifics or turning on/off autonomously.4) Auto-ordering raw materials based on sales patterns and known lead/production times. This reduces the time and resources required.5) Routing emergency vehicles to hospitals based on case criticality, staffing, expertise, traffic and patient load. This reduces the time and resources required.6) Personalised recommendations of products and services. This reduces the information asymmetry between producer and consumer with tailored messaging.7) AI chatbot customer service agents. This provides tailored messaging.AI Impact on Wealth Creation and Reinvestment:As AI contributes to the higher productivity of economies, there will be increased output from efficiency gains and innovations which can then be passed to workers in the form of wages, shares and dividends/profits. Increase wealth will have a cascading effect and will spur economic growth. Workers’ incomes will rise, and they will spend more, and firms will reinvest their profit into operations, the incremental output can be channelled back into the economy in the form of higher consumption or more productive investment. All these will result in tremendous jobs growth also. The secondary spill over effects will be to enable and encourage reinvestment into the domestic economy boosting the IT sector.REFERENCES:1) How Artificial Intelligence is Changing the Global Economy — Daniel Wagner of Country Risk Solutions2) The growth economics of artificial intelligence — August 30, 2019 in Financial Express3) AI will bring economics closer to being a true science by Sukhayl Niyazov in Towards Data Science4) Assessing the Economic Impact of Artificial Intelligence — The International Telecommunication Union (ITU)5) Macroeconomic impact of AI in https://www.pwc.co.uk/economic-services/assets/macroeconomic-impact-of-ai-technical-report-feb-18.pdf6) Modelling the Impact of AI on the World Economy by McKinsey in September,2018Author : Nirali Das, Delhi Public School, Hyderabad, India

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Insurify, a ‘virtual insurance agent,’ raises $100M Series B

Insurify

Today, Insurify, a startup that wants to help people make it easier to get better rates on home, auto and life insurance, announced that it has closed $100 million in an “oversubscribed” Series B funding round led by Motive Partners.

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UK-based Heroes raises $200M to buy up more Amazon merchants for its roll-up play

Heros

Heroes, one of the new wave of startups aiming to build big e-commerce businesses by buying up smaller third-party merchants on Amazon’s Marketplace, has raised another big round of funding to double down on that strategy. The London startup has picked up $200 million, money that it will mainly be using to snap up more merchants.

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Financial concierge startup Zeni banks $34M to show SMBs their finances in real time

Zeni

Zeni, a Palo Alto fintech company providing real-time financial services data to venture-backed startups, raised $34 million in Series B funding led by Elevation Capital. The new investment comes just five months after Zeni announced $13.5 million in a combined seed and Series A round. The company has now raised $47.5 million in total since it was co-founded in 2019 by twin brothers Swapnil Shinde and Snehal Shinde.

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Moderne Ventures closes second fund with $200M, targets industry digital transformation

Moderne Ventures

Since 2015, Constance Freedman, founder and managing partner of Moderne Ventures, and partner Liza Benson have built up a network of more than 700 executives across the real estate, finance, insurance and home services industries.

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PayPal’s new ‘super app’ is ready to launch, will also include messaging

PayPal

PayPal’s plan to morph itself into a “super app” have been given a go for launch. According to PayPal CEO Dan Schulman, speaking to investors during this week’s second-quarter earnings, the initial version of PayPal’s new consumer digital wallet app is now “code complete” and the company is preparing to slowly ramp up. Over the next several months, PayPal expects to be fully ramped in the U.S., with new payment services, financial services, commerce and shopping tools arriving every quarter.

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Blossom Capital lures Alex Lim from Silicon Valley to join the European tech boom

Alex Lim

Alex Lim, a British-born VC based in the Bay Area who invested in Hopin, UiPath, Discord, and many other unicorns has decided to up sticks and leave Sand Hill Road behind for Blossom Capital in London. Blossom is fast making a name for itself both in Europe and internationally, having invested in breakout hits like Tines, Duffel, and Checkout.com.

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Aspect based sentiment analysis on financial news data using classical machine learning algorithms

Sentiment analysis is a very popular technique in Natural Language Processing. We can see it applied to get the polarity of social network posts, movie reviews, or even books. However basic sentiment analysis can be limited, as we lack precision in the evoked subject. Let’s take the example of reviews for a computer: how do we know what is good/bad ? Is it the keyboard, the screen, the processor?

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81% of employees say AI improves their job performance and they want more

Group of People Standing

New research published by SnapLogic, provider of the Intelligent Integration Platform, has found that 81% of employees believe Artificial Intelligence (AI) improves their overall performance at work. As a result, more than two-thirds (68%) are calling on their employers to deploy more AI-based technology to help them execute their daily work better and faster.
According to IDC, global spending on AI technologies reached $50.1 billion in 2020, a figure that is expected to double in the next four years. So it’s no surprise that AI is transforming the workplace as a result. But while employees were initially skeptical of this technology, new data suggests perception is shifting. This new study, conducted across the US and UK, sought to understand how workers across various lines of business – from HR to Finance to Marketing, and more – feel about working with AI technologies today.

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Currently, more than half (56%) of office workers say they are using AI as a part of their daily job responsibilities. The research indicates that the potential for AI’s impact is much broader, however, as 89% believe AI could support them in up to half of their everyday work activities.
Where do employees believe AI can assist them the most? The top three tasks identified all involved moving, accessing, or analyzing data. These were, in order: understanding data and how trends and patterns can aid decision making; moving data from one place to another; and accessing data residing in different places across the business.
When asked about the benefits of AI in the workplace, 61% said it helped them have a more efficient and productive work day. Additionally, almost half (49%) felt that it improved their decision-making and accelerated time-to-insights. What’s more, just over half (51%) believe that AI in the workplace helps them achieve a better work/life balance due to the aforementioned productivity boost.
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“In recent years, there was concern among office workers that AI would drive job losses, but employee opinions seem to have changed. The more they’ve been exposed to AI and see it in action, the more they’ve realized how much it can assist them with their daily work,” said Craig Stewart, CTO at SnapLogic. “As AI is increasingly used to make better decisions and rack up productivity gains, they’ve gone from tentatively accepting to fully embracing AI. The fact that they are now calling on their leaders to accelerate AI technology adoption in the enterprise is a real sea-change.”
The research also took a look at the growing market for personal AI applications versus those used at work. The workplace appears to be the proving ground for the use of AI, with 45% downloading AI-driven apps for their use at work, compared with just 26% who had downloaded AI-driven apps for personal use. As employees get comfortable with AI at work, perhaps they will more fully embrace it at home as well, closing the current gap.
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Untitled Ventures joins the scramble for Russian & Eastern European startups with a $118M warchest

Untitled Ventures

Sorry Mr. Putin, but there’s a race on for Russian and Eastern European founders. And right now, those awful capitalists in the corrupt West are starting to out-gun the opposition! But seriously… only the other day a $100 million fund aimed at Russian speaking entrepreneurs appeared, and others are proliferating.

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Credit Risk Modelling in the era of AI

Credit processing

The process of quantifying credit risk is an intricate task. It entails estimating factors such as Probability of Default (PD), the likelihood that the borrower will not be able to make the due payments; Exposure at Default (EAD), the expected value of the loan, or the value the lender is exposed to at the time of default; and Loss Given Default (LGD), the amount the lender loses at the time of default.

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Execs from MasterCard, PayPal, and Goldman Sachs discuss major AI trends in the finance industry at Transform 2021

AI Execs

During a panel at this year’s Transform, Roey Mechrez, CTO and co-founder of BeyondMinds, spoke to Francesco Delle Fave, executive director in machine learning products at Goldman Sachs, Steve Flinter, VP of AI and machine learning at Mastercard Labs R&D, and Hui Wang, VP of data science, PayPal, about the major AI and machine learning news in the financial services industry.

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Tiger Global leads $34M investment into Unit21, a no-code fraud prevention platform

Unit 21 AI

Unit21, a startup that helps businesses monitor fraudulent activities with its no-code software, announced today it has raised $34 million in a Series B round of funding led by Tiger Global Management.

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Orum raises $56M to help speed up intrabank transfers

Orum

Orum, which aims to speed up the amount of time it takes to transfer money between banks, announced today it has raised $56 million in a Series B round of funding. Accel and Canapi Ventures co-led the round, which also included participation from existing backers Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower and Box Group. The financing comes barely three months after Orum announced a $21 million Series A, and brings its total raised to over $82 million.

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8 UK founders, leaders highlight fintech and deep tech as Bristol’s top sectors

Bristol startup ecosystem

The U.K. is gaining in popularity as a great place to start a tech firm. The country is quickly catching up to China on the tech investment front, with VC investments reaching a record of $15 billion in 2020, according to TechNation. Bristol proved especially popular among tech investors last year — local businesses raked in an impressive $414 million in 2020, making it the third-largest U.K. city for tech investment. The city also has the most fintech startups per head in the U.K. outside London, according to Whitecap’s 2019-2020 Ecosystem Report.

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Global AI market predicted to reach nearly $1 trillion by 2028

Global AI Market

The financial outlook for the global artificial intelligence market looks pretty good in 2021. But that’s nothing compared to the expansion experts expect to see over the next seven years. According to a recently released analysis report from Grand View Research, the AI market is expected to reach nearly $100 billion in 2021 and nearly ten times that by 2028.

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