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Sunrise AI Secures Pre-Seed Funding Led by Andrew Ng’s AI Fund

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Sunrise AI, a trailblazing AI-powered fintech company co-founded by Deepak Shrivastava and Xi Palazzolo, is thrilled to announce the successful closure of its pre-seed funding round led by Andrew Ng’s AI Fund. This investment will propel Sunrise AI’s mission to revolutionize credit assessment and enhance access to capital for individuals and businesses.

Sunrise AI’s proprietary AI suite disrupts the conventional credit scoring landscape. It boasts a 96% accuracy rate in forecasting a borrower’s ability to repay a debt obligation. Unlike traditional credit scoring services, Sunrise AI leverages machine learning technology to analyze a diverse range of user permissioned data sources, including robust open banking and macroeconomic data, unlocking a more inclusive and fair evaluation of creditworthiness.

SunScore™, the company’s first product, equips property owners with an advanced risk management solution, aimed at deterring rental fraud, uncovering accurate credit insights, and enhancing lease income analytics.

Founded in 2017 by Dr. Andrew Ng, AI Fund boasts a capital pool of $176 million, backed by leading venture capital firms, including Greylock Partners, Sequoia Capital, New Enterprise Associates (NEA), and Softbank Group. Deepak Shrivastava, Co-founder and CEO of Sunrise AI, expressed his excitement about launching the company in AI Fund’s studio: “This investment will enable us to accelerate the development of our AI-driven solutions and reach more underserved and excluded communities in need of fair and accessible financial services.”

In a collective effort to create more financial inclusion and equity, Sunrise AI’s founders established an Advisory Board to guide the transparency and responsibility of building ethical AI solutions. Founding members are Fenaba Addo, PhD (Associate Professor of Public Policy at University of North Carolina-Chapel Hill), Bryce Goodman, PhD (Chief Strategist for AI/ML at the United States Department of Defense), John K. Johnson (Chief Innovation Officer at Schulte Roth & Zabel & former Global Head of Compliance at Spotify), and Chris Wiggins, PhD (Chief Data Scientist at The New York Times & Associate Professor at Columbia University).

“Technology can shine new light into opaque financial systems. Deepak, Xi, and team have a compelling vision of using AI to create a fair and inclusive financial system for all, and AI Fund is thrilled to support Sunrise AI to realize this vision,” said Andrew Ng, Managing General Partner of AI Fund, and globally recognized AI leader.

With this infusion of capital, the company plans to further refine its AI models, enrich its product offerings, and expand its operations to serve a broader audience beyond real estate.

The post Sunrise AI Secures Pre-Seed Funding Led by Andrew Ng’s AI Fund appeared first on Hipther Alerts.

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Klarna says its AI assistant does the work of 700 people after it laid off 700 people

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The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.

Klarna is bullish on bots.

One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.

The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.

Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”

The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.

Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”

That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.

Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.

“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”

Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.

Source: Fast Company

The post Klarna says its AI assistant does the work of 700 people after it laid off 700 people appeared first on HIPTHER Alerts.

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Mintos officially debuts in Italy and Spain, offering a new investment platform that makes investing easy and free of charge

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Following its official debut in the German market, Mintos, the multi-asset platform offering a unique mix of alternative and traditional investment options, continues its European rollout by making its official debut in the Italian and Spanish investment markets, with plans to expand to more countries in the near future. Since its founding in 2015, the platform has attracted over 500,000 users across Europe. Authorised by MiFID, the company currently manages over 600 million euros in assets under administration.

Revealing insights into financial habits in Italy and Spain

Mintos, in partnership with London-based research company Censuswide, unveils interesting insights into how Italians and Spaniards manage their finances. The survey, carried out on a sample of 4,000 investors based in different cities and regions of Italy and Spain, exposes a noteworthy trend – half of respondents from both countries are currently not actively investing in financial instruments.
“In analysing the results, the sizable segment of non-active investors indicates significant growth potential in Italy and Spain. The nearly equal split between active and non-active investors underscores a strong interest in investment opportunities,” comments Martins Sulte, CEO and co-founder of Mintos.

In addition to that, according to the study, 40% of respondents in Italy and 33% in Spain would like to start investing in the future, and they would be motivated to do so by the possibility to invest small amounts and the chance to learn more about the world of investing. “Mintos was developed for investors looking for simplicity and enables investments from as little as €50. We also acknowledge that there is a broad segment of people who could benefit from educational initiatives and programs aimed at promoting financial literacy and encouraging informed investment decisions,” comments Martins Sulte. “In response, Mintos is committed to bridging this knowledge gap by providing accessible learning content and a user-friendly platform on our blog, ensuring a hassle-free and inclusive financial experience.”

Mintos offering: loans, Fractional Bonds and ETFs

Mintos already holds a prominent position as the leading European platform for investing in loans, offering investors the opportunity to invest in consumer and small business credit for potentially attractive long-term returns.

Another recent addition to Mintos’ offerings are Fractional Bonds that allow customers to invest in high-yield bonds from as little as €50 and zero commissions and enjoy regular, fixed returns. Historically, high-yield bonds were primarily accessible to institutional investors or affluent individuals. However, Mintos has democratized access to these fixed-income securities for retail investors in Europe.

Moreover, in line with classic portfolio theory, equities are essential components. Notably, Mintos distinguishes itself by offering managed ETF portfolios completely free of charge, a significant advantage compared to other players in the market. These include bond and equity ETFs from renowned providers such as Amundi, iShares, JP Morgan, Vanguard and others. The minimum investment is €50 with zero fees.

The post Mintos officially debuts in Italy and Spain, offering a new investment platform that makes investing easy and free of charge appeared first on HIPTHER Alerts.

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Woojin Plaimm, Woojin Plaimm Introduces World’s First Online Sales System via Turkish Branch

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In a groundbreaking move, the global injection molding machine provider, Woojin Plaimm has unveiled the world’s first online sales system through its Turkish branch. This innovative system aims to enhance customer convenience by offering a range of user-friendly features, allowing users to easily access machine prices.

Key Features of the System:- Quick Quoting System: Customers can now obtain machine price estimates without the need for separate logins. This feature enables users to swiftly and conveniently grasp the prices of various machinery.- Detailed Quoting System: Requiring user registration, this system enables users to explore package options. It empowers customers to select options tailored to their requirements and receive detailed quotations accordingly.- Comparative Quoting: Users can compare detailed specifications and prices of various models of the same machinery. This feature enables customers to consider diverse options and make optimal selections.- Real-time Inquiries and Support: Users can receive real-time detailed quotations for any additional inquiries they may have. This facilitates prompt access to necessary information for customers.By implementing this online sales system, Woojin Plaimm aims to provide enhanced services
to its customers and furnish them with information to facilitate informed purchasing decisions. This initiative signifies a significant step forward in the realm of online sales systems within the machinery industry.

The post Woojin Plaimm, Woojin Plaimm Introduces World’s First Online Sales System via Turkish Branch appeared first on HIPTHER Alerts.

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