Financial News
Jerry raises $75M at a $450M valuation to build a car ownership 'super app' – TechCrunch
Just months after raising $28 million, Jerry announced today that it has raised $75 million in a Series C round that values the company at $450 million. Existing backer Goodwater Capital doubled down on its investment in Jerry, leading the "oversubscribed" round. Bow Capital, Kamerra, Highland Capital Partners and Park West Asset Management also participated in the financing, which brings Jerry's total raised to $132 million since its 2017 inception. Goodwater Capital also led the startup's Series B earlier this year. Jerry's new valuation is about "4x" that of the company at its Series B round, according to co-founder and CEO Art Agrawal.
Research Analyst
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Israel's 10 'Hottest' Startups In 2021, According To WIRED
Israel's tech and innovation ecosystem has had a monumental year so far in 2021, breaking funding records and yielding 10 new unicorns – private companies valued at $1 billion or more -- just in the first three months of the year, more than any country in Europe. Israeli high-tech activity on public markets also increased significantly this year, a trend reflected in the number of IPOs, SPAC (special-purpose acquisition company) transactions, and follow-on offerings. "Year in and year out, Tel Aviv's startup community has proven that it can achieve more than whole countries within its 52km2, thanks to investment in world-class research facilities, robust government support, and an ever-reliable influx of investment," writes WIRED UK Contributor Allyssia Alleyne in a new post this week highlighting 10 "hottest startups from Tel Aviv as part of the UK edition of the American tech publication's annual round-up (except in 2020) of Europe's 100 hottest startups. They include startups and companies from London, Amsterdam, Stockholm, Barcelona, Dublin, Helsinki, Berlin, Paris, and Lisbon. These 100 companies "are a cohort like no other," says Greg Williams, the deputy global editorial director of WIRED. "They survived an unprecedented year, embodying what entrepreneurial spirit is all about." The companies, featured in the September/October issue on newsstands this month, are not necessarily "the largest, best-known or most-funded," but they "are generating buzz" and they are organizations "people are talking about and inspired by," added Williams. The Tel Aviv entry is a mix of established companies with prominent backers, high-flying unicorns, and determined startups. Many operate in the deep tech sector. "Tel Aviv has long been known as a place where founders have built innovative companies in verticals such as fintech and cybersecurity.
Ghost raises $100 million for 'breakthrough' in autonomous driving safety
A startup company called Ghost has raised $100 million Series D financing, fueling the development of its autonomous driving system that features what it describes as "a revolutionary breakthrough in crash prevention". Returning investors Sutter Hill Ventures and Founders Fund participated in the round, along with a new commitment from Coatue. Ghost was founded in 2017 with the belief that driving should not be dangerous. Despite all the technology and features included in modern cars, cars still crash – accidents and fatalities are going up, not down. Even semi-autonomous and fully autonomous vehicles struggle to recognize and avoid every potential obstacle on the road, instead relying on human intervention to handle edge cases and prevent crashes.
Qualcomm Bids $4.6 Billion for Veoneer as Its New CEO Looks Beyond iPhone
Qualcomm Inc. has made a $4.6 billion offer to buy auto-technology company Veoneer Inc., moving to outbid Magna International Inc. as the semiconductor company's new chief seeks to expand beyond the core mobile-phone chip business. Chips have become ever more central to modern cars, with roles in everything from automated driving to the electronics that adjust seat position. More recently, driver-assistance features that use computers to help control speed and steering have found their way into a larger share of auto makers' product lineups. Qualcomm said Thursday it bid $37 a share for Veoneer. The offer comes two weeks after the Swedish company agreed to be acquired by Magna International, a Canadian auto-parts supplier, in an all-cash deal.
How to Use Conversational AI to Accelerate Revenue Growth for Your Company
It can be difficult to make sure chats are responded to within the right amount of time after a customer asks a question. It can be expensive to staff live chat 24/7. However, only staffing during the day could result in lost interactions that drive revenue. Chat should not be put on every webpage on your site. Only place them on high-intent pages related to sales, or your sales team could get inundated with unrelated questions all day.
Understanding the Role of Artificial Intelligence in the SPAC Bubble
The Securities and Exchange Commission (SEC) is poised to put a damper on Special Purpose Acquisition Company (SPAC) IPOs and mergers: it deepened its investigation into potential conflicts of interest in SPAC underwriting processes, and brought charges against prominent SPACs. Find below an analytical digest of the AI SPAC's state of affairs. A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an IPO for the purpose of acquiring an existing company. IPO investors have no idea what company they ultimately will be investing in.) SPACs seek underwriters and institutional investors before offering shares to the public.
Qualcomm beefs up artificial intelligence team with purchase of Twenty Billion Neurons
Qualcomm said Monday that it recently acquired the assets of Twenty Billion Neurons, a Microsoft-backed artificial intelligence/computer vision startup that develops avatars that can see and interact with people in a human-like way. The San Diego mobile technology company declined to say how much it paid for TwentyBN, which has locations in Berlin and Toronto. But it is likely a relatively small deal. Qualcomm said the company has under 20 employees. It raised about $10 million in venture capital from M12 -- Microsoft's venture capital fund-- and others since it was founded in 2015 by Chief Executive Roland Memisevic. Memisevic was the co-head of MILA, a well-respected AI research institute in Montreal.
How AI is powering the future of financial services
Financial institutions are using AI-powered solutions to unlock revenue growth opportunities, minimise operating expenses, and automate manually intensive processes. Many in the financial services industry believe strongly in the potential of AI. A recent survey by NVIDIA of financial services professionals showed 83% of respondents agreeing that AI is important to their company's future success. The survey, titled'State of AI in Financial Services', also showed a substantial financial impact of AI for enterprises with 34% of those who replied agreeing that AI will increase their company's annual revenue by at least 20%. The approach to using AI differed based on the type of financial firm.
Daily AI Roundup: The 5 Coolest Things on Earth Today
Netcracker Technology announced that GlobalData has named Netcracker as the sole leader in its first competitive landscape assessment of the network service orchestration market. The analyst firm evaluated 11 companies on a wide range of criteria, including portfolio scope, third-party solution integration, lifecycle management and real-world deployments. Comm100, a global provider of omnichannel customer engagement solutions that connect brands with their customers, announced an integration with Microsoft Dynamics 365 CRM that will allow users to see and update customer information directly inside the Comm100 agent console – giving them the tools to deliver personalized and contextualized customer experiences. This integration makes it easy for agents to tailor their live chat conversations based on current customer data without needing to toggle between multiple applications while chatting. LivePerson, Inc., a global leader in conversational AI, announced the acquisition of German conversational AI company e-bot7.