Artificial Intelligence

August 13, 2024 @ 10:04 pm By Omar Faridi  |  

Cytora has partnered with AI-powered due diligence company Xapien. The integration will enable commercial insurance underwriters “to instantly gain access to Xapien’s AI due diligence tool via Cytora’s risk processing platform.” By integrating directly into Cytora, underwriters will “no longer need to manually check scores of… Read More

August 13, 2024 @ 1:28 pm By JD Alois  |  

Artificial intelligence (AI) firm Groq has raised $640 million in a funding round led by BlackRock Private Equity Partners. Other existing and new investors included Neuberger Berman, Type One Ventures, and strategic investors, including Cisco Investments, Global Brain’s KDDI Open Innovation Fund III, and Samsung… Read More

August 12, 2024 @ 3:28 pm By Omar Faridi  |  

The US venture market continues a slow evolution by way of correcting expectations and valuations, “at least in some arenas of the market,” according to an update from PitchBook. Artificial intelligence and machine learning (AI & ML) is “driving interest across the strategy, with company… Read More

August 12, 2024 @ 11:53 am By JD Alois  |  

The Financial Technology Association (FTA) has posted a comment letter directed towards the US Department of Treasury in regard to a request for feedback on the use of Artificial Intelligence (AI) in financial services. The FTA advocates on behalf of the benefits of AI, urging… Read More

August 12, 2024 @ 10:19 am By Omar Faridi  |  

  Mitch Jacobs, founder & CEO, Plink AI, recently shared key insights with Crowdfund Insider. While commenting on transformative digital technology trends, Jacobs explained that automated commerce is inevitable. Long before Fintech became a transformative development, Jacobs, founder and former CEO of Ondeck and now… Read More

August 12, 2024 @ 7:50 am By Tony Zerucha  |  

A report from corporate card and accounts payable platform Ramp shows that companies are willing to invest in AI, especially when it addresses specific issues. While spending remained strong in Q2, some headwinds are forming. Small SMEs raised their spending by 9.4%, with large SMEs… Read More

August 11, 2024 @ 4:19 pm By Omar Faridi  |  

Automotive lending has been quickly transformed by artificial intelligence (AI) with the promise of faster, more accurate and more cost-effective credit decisions and approval processes. Auto dealers are not exactly ready to embrace the new technology. According to the J.D. Power 2024 U.S. Dealer Financing… Read More

August 9, 2024 @ 7:28 am By Omar Faridi  |  

Socure, the provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, announced Selfie Reverification – a way to validate return consumers online with a simple selfie from any device in under 2 seconds. The Selfie Reverification capability matches “an incoming selfie… Read More

August 9, 2024 @ 5:03 am By Omar Faridi  |  

NICE Actimize, a NICE (NASDAQ: NICE) business, announced the introduction of SURVEIL-X Behavior, the newest AI-powered solution in its market-leading SURVEIL-X Holistic Employee Conduct Surveillance suite. In addition to its surveillance coverage “for markets, communications, sales practices & suitability, and conflicts of interest, NICE Actimize’s… Read More

August 8, 2024 @ 5:01 am By Omar Faridi  |  

TransUnion (NYSE: TRU) announced its partnership with Snowflake, the AI Data Cloud company, to launch TruIQTM Data Enrichment on Snowflake Marketplace. TruIQ Data Enrichment’s availability on Snowflake Marketplace will “provide joint customers with unlimited, on-demand access to pseudonymized TransUnion credit data in the Snowflake AI… Read More

August 7, 2024 @ 10:01 am By Omar Faridi  |  

We recently connected with Ally Haire, CEO and Founder of Lilypad, which is described as a serverless, distributed computing network for AI, ML, and other computational processes. Recently, it was reported that Elon Musk is going to build a “gigafactory of compute,” and while the… Read More

August 6, 2024 @ 2:51 pm By Omar Faridi  |  

Savvy Wealth, a digital-first platform for financial advisors centered around modernizing human financial advice, today announced an additional $15.5 million funding round led by Canvas Ventures. This latest infusion of capital, which “closes the company’s $26.5 million Series A round, will accelerate the development of… Read More

August 5, 2024 @ 10:46 pm By Omar Faridi  |  

CBInsights has released an update focused on and entitled, the Future of the workforce: How AI agents will transform enterprise workflows. CBInsights dive into what agents are, their limitations, key companies, and “implications for the future of work.” As noted in the research report from… Read More

August 5, 2024 @ 8:18 am By Omar Faridi  |  

Global venture capital investment rose to a five-quarter high in the second quarter of 2024, from $75.3 billion in the first quarter to $94.3 billion. This is shown by the latest Venture Pulse 2024 from KPMG. This development is mainly due “to very large investments… Read More

August 4, 2024 @ 9:56 pm By Omar Faridi  |  

CBInsights notes in a new report that AI funding has reached $23.2B in Q2’24 — the highest quarterly level on record. CBInsights pointed out that global AI funding “climbed once again in Q2’24, jumping 59% QoQ to hit $23.2B — the highest quarterly level on… Read More

August 4, 2024 @ 2:45 pm By Michael Wong  |  

Gartner forecasts that at least 30% of generative AI (GenAI) projects will be abandoned after proof of concept by the end of 2025. The primary reasons cited for this high dropout rate include poor data quality, inadequate risk controls, escalating costs, and unclear business value…. Read More

August 1, 2024 @ 11:46 am By Omar Faridi  |  

Ireland sees venture capital (VC) investment pick up in Q2’24 and saw 24 deals raising $237.5 million an increase of nearly two fifths (38 percent) compared to $172.5 million across 33 deals for the same period last year. VC investors showed increasing willingness “to make… Read More

August 1, 2024 @ 11:35 am By JD Alois  |  

The European Artificial Intelligence Act  (EU AI Act) goes into force today. The EU legislation aims to regulate services that leverage AI. The goal is to enable the development of the technology while protecting consumers and businesses. The legal framework applies to both public and… Read More

July 31, 2024 @ 9:21 am By Omar Faridi  |  

ThetaRay, an AI-powered financial crime detection firm, has announced the acquisition of European screening company, Screena. The acquisition is being described as demonstrating ThetaRay’s continuous investment “in proprietary technology and reaffirms its mission of enabling banks, fintechs, and regulators to detect financial crime with state-of-the-art… Read More

July 31, 2024 @ 9:14 am By Omar Faridi  |  

First AI Pulse Survey shared by EY reveals that the number of senior leaders investing $10 million or more is set to nearly double, but many are failing to also invest in necessary infrastructure, jeopardizing AI’s impact. After more than a year of hype around… Read More