Tractian, a machine intelligence company offering one of the most advanced industrial monitoring systems on the market, announced $15 million in Series A funding led by Next47, a global venture capital firm specializing in building category-defining B2B technology businesses. YCombinator and other previous investors also participated in the round. The new capital will allow the company to consolidate its position in the global market by extending operations from Brazil to Mexico and the U.S. and continuing rapid development of industry-leading products. "We know the industries that empower their frontline workers with best-in-class productivity tools have superpowers compared to others, and Tractian appears as the right arm of maintenance managers to manage their routines around the world" Tractian has developed streamlined hardware-software solutions designed to give maintenance technicians and decision-makers comprehensive oversight of their operations. With ease of installation and quick value generation at the heart of its customer approach, Tractian is democratizing access to sophisticated monitoring and analytics.
Keelvar, a global pioneer of intelligent sourcing and automation solutions, announced it has raised $24 million in Series B funding to simplify and radically improve procurement, the world's most inefficient trillion-dollar marketplace. Keelvar's sourcing technology – which leverages AI, data science and smart sourcing bots that run on autopilot – empowers customers to make crucial supply chain decisions quickly and confidently amidst ongoing change and disruption. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals" The investment – which brings Keelvar's total capital raised to $43 million – was led by 83North. Series A investors Elephant, Mosaic and Paua doubled down on their investment. Bastian Nomichacher, the co-founder and co-CEO of Celonis, also joined as a minority investor. Keelvar's Series B builds off a period of rapid growth and expansion for the company, which increased its headcount by 200% since the start of 2021 and grew ARR by 113% last year. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals," said Alan Holland, founder and CEO of Keelvar.
Elastic is a free and open search company that powers enterprise search, observability, and security solutions built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real-time and at scale. Thousands of organizations worldwide, including Barclays, Cisco, eBay, Fairfax, ING, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe. The Machine Learning team is responsible for developing and integrating statistical tools and machine learning models in ElasticSearch and Kibana.
This Chemicals Stocks forecast is designed for investors and analysts who need predictions of the best chemical stocks to buy for the whole Chemistry Industry (see Chemicals Stocks Package). Package Name: Chemicals Stocks Recommended Positions: Long Forecast Length: 1 Year (5/23/21 – 5/23/22) I Know First Average: 41.59% For this 1 Year forecast, the algorithm had successfully predicted 9 out of 10 movements. OXY was the top-performing prediction with a return of 160.43%. Additional high returns came from VHI and MOS, at 79.37% and 72.02% respectively.
When Hugging Face first announced itself to the world five years ago, it came in the form of an iPhone chatbot app for bored teenagers. It shared selfies of its computer-generated face, cracked jokes and gossiped about its crush on Siri. It hardly made any money. The viral moment came in 2018--not among teens, but developers. The founders of Hugging Face had begun to share bits of the app's underlying code online for free.
We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. By 2025, the World Economic Forum estimates that 97 million new jobs may emerge as artificial intelligence (AI) changes the nature of work and influences the new division of labor between humans, machines and algorithms. Specifically in banking, a recent McKinsey survey found that AI technologies could deliver up to $1 trillion of additional value each year. AI is continuing its steady rise and starting to have a sweeping impact on the financial services industry, but its potential is still far from fully realized. The transformative power of AI is already impacting a range of functions in financial services including risk management, personalization, fraud detection and ESG analytics.
We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. By 2025, the World Economic Forum estimates that 97 million new jobs may emerge as artificial intelligence (AI) changes the nature of work and influences the new division of labor between humans, machines and algorithms. Specifically in banking, a recent McKinsey survey found that AI technologies could deliver up to $1 trillion of additional value each year. AI is continuing its steady rise and starting to have a sweeping impact on the financial services industry, but its potential is still far from fully realized. The transformative power of AI is already impacting a range of functions in financial services including risk management, personalization, fraud detection and ESG analytics.
Seattle-based Zeitworks, which is launching its private beta today after raising a $4.5 million seed round in 2020, wants to give enterprises data-driven tools for improving the productivity of their teams and streamline their business operations. That's a market that's seeing quite a bit of growth right now, especially given how the pandemic has made remote work a standard business practice and how the overall talent crunch is forcing many businesses to do more with fewer employees. The overall idea here is to give businesses better insights into how teams work and where there are opportunities for improving business processes beyond simply using automation. "The problem that we're really addressing is that there's teams and companies in just about every industry who execute all kinds of repetitive business processes every day– and to be clear, it's business processes executed by humans," Zeitworks CEO and co-founder Jay Bartot told me. "Think about processing bank loans or insurance claims or HR onboarding of new employees, moving information from system to system. Oftentimes, those systems aren't interconnected or don't have APIs. The problem that we're solving is that the majority of these processes can't be optimized because they're undocumented and unmeasured. Unsurprisingly, understanding these processes is at the core of Zeitworks' product. But since these processes aren't documented, you can't exactly build a rule-based engine around discovering what people are doing. Instead, the company uses an AI-driven task mining system that uses signals from a wide variety of sources, mostly with a focus on the desktop applications these users interact with during their daily work. Bartot actually noted that he prefers the term'process intelligence' over'task mining,' given that task mining tends to be associated with creating RPA bots more than empowering teams and helping them work better. Now, in order to do all of this, Zeitgeist has to run its agent on an employee's desktop and those users' daily work is then tracked with quite a bit of granularity. Microsoft, with its Productivity Score, does something similar, but the company also faced quite a bit of backlash over it, given that managers could drill down to the individual employee and see how many emails they sent, chats they participated in, etc. The company later made some changes that put the focus more on the organizational level and away from individual users. "In our world, the kinds of productivity scores that we are recording are around this repetitive work -- the fact that people are processing bank loans or you know insurance claims repeatedly is a fundamental part of what we're measuring and what we're doing with pattern recognition," Bartot explained when I asked him about the potential for backlash. "So the productivity scores are really geared towards that specific kind of repetitive work.
It goes without saying that artificial intelligence impacts every facet of our lives. With the rapid evolution and the now-ubiquitous nature of AI, we are now faced with untoward implications of AI and biases in its implementation. One example (of many) is AI-driven credit applications checks (in financial services). Individuals have historically been denied credit for mortgages and other products on the basis of an incorrect or biased AI decision (which may or may not have been checked by an actual human) link here and here . The impersonal nature of modern day business operations is a contributory issue -- even if the affected person were to call up the financial institution to ask why they got denied, there is a strong chance that whoever is on the other side of the line is unable to explain exactly what went wrong.
Generative artificial intelligence (AI), autonomic systems and privacy-enhancing computation are three technology trends gaining traction in banking and investment services in 2022, according to Gartner, Inc. These trends will continue to grow over the next two to three years, contributing to growth and transformation of financial services organizations, it said in a statement. "While growth is the top priority, the need to manage risk, optimize costs and increase efficiency also requires new technology innovations," said Moutusi Sau, VP Analyst at Gartner. "Generative AI enables bank CIOs to offer technology solutions to the business in pursuit of revenue growth, while autonomic systems and privacy-enhancing computation are long-term solutions that provide new options for business transformation in financial services." IT spending by banking and investment services firms is forecast to grow 6.1 percent in 2022 to $623 billion worldwide.