Revolut investor\u00a0Balderton Capital\u00a0has raised $1.3 billion for European tech startups.
\nThe London-based firm\u00a0announced\u00a0the funding \u2014 divided between its $615 million Early Stage Fund IX and its $685 million Growth Fund II \u2014 on its website Monday (Aug. 12).
\nWriting on the company\u00a0blog, Balderton managing partner Bernard Liautaud said the fund is a testament to the vibrancy of the European venture capital (VC) space.
\n\u201cMore people than ever are starting businesses \u2014 and those that do have global ambitions,\u201d he wrote. \u201cThey are determined to build companies like Spotify or Revolut instead of smaller regional leaders.\u201d
\nThe trend is also reflected in European venture investment numbers as well, Liautaud added. In 2008, venture investments in European startups came to under $8 billion, compared to more than $50 billion last year.
\n\u201cAnd the returns speak for themselves, with European VC funds outperforming North American funds over both a 10 and 15 year period,\u201d he wrote.
\nA\u00a0report\u00a0on the fundraise by the Financial Times (FT) points out that European venture capital (VC) has been quite active of late, with venture investment in the region climbed 12% during the second quarter, according to data from Dealroom.
\nBalderton has been investing in Revolut since that FinTech\u2019s earliest days, becoming its biggest investor. Revolut recently became the most valuable startup in Europe after embarking on an employee share sale at a\u00a0$45 billion valuation.
\n\u201cYou can imagine how much that propels the fund,\u201d Liautaud told the news outlet. \u201cTo have a great track record is one where you have consistent performance and sometimes you have an outsized return.\u201d
\nThe FT report further notes that Balderton, unlike other VC firms based in Europe, only backs European startups, meaning the company has missed out on many of the high-profile artificial intelligence (AI) startups based in Silicon Valley.
\nAs covered here last month, AI projects have helped venture funding in the U.S. reach its\u00a0highest quarterly total\u00a0in two years, climbing to $55.6 billion during the second quarter of 2024. That\u2019s up 47% from the $37.8 billion startups in the U.S. took in during the first quarter, fueled largely by\u00a0major investments\u00a0in AI firms like Elon Musk\u2019s\u00a0xAI.
\nAt the same time, there\u2019s\u00a0also been some indication recently that investors have become pickier about AI projects, with a Financial Times report in June showing that most of the stocks that surged during last year\u2019s AI hype have dropped.
\n\u201cAI is still a big theme, but if you can\u2019t demonstrate evidence, you\u2019re getting hurt,\u201d said Stuart Kaiser, Citi\u2019s head of equity trading. \u201cJust saying \u2018AI\u2019 15 times is not going to cut it anymore.\u201d
\nThe post Balderton Capital Pulls In $1.3 Billion for EU Tech Firms appeared first on PYMNTS.com.
\n", "content_text": "Revolut investor\u00a0Balderton Capital\u00a0has raised $1.3 billion for European tech startups.\nThe London-based firm\u00a0announced\u00a0the funding \u2014 divided between its $615 million Early Stage Fund IX and its $685 million Growth Fund II \u2014 on its website Monday (Aug. 12).\nWriting on the company\u00a0blog, Balderton managing partner Bernard Liautaud said the fund is a testament to the vibrancy of the European venture capital (VC) space.\n\u201cMore people than ever are starting businesses \u2014 and those that do have global ambitions,\u201d he wrote. \u201cThey are determined to build companies like Spotify or Revolut instead of smaller regional leaders.\u201d\nThe trend is also reflected in European venture investment numbers as well, Liautaud added. In 2008, venture investments in European startups came to under $8 billion, compared to more than $50 billion last year.\n\u201cAnd the returns speak for themselves, with European VC funds outperforming North American funds over both a 10 and 15 year period,\u201d he wrote.\nA\u00a0report\u00a0on the fundraise by the Financial Times (FT) points out that European venture capital (VC) has been quite active of late, with venture investment in the region climbed 12% during the second quarter, according to data from Dealroom.\nBalderton has been investing in Revolut since that FinTech\u2019s earliest days, becoming its biggest investor. Revolut recently became the most valuable startup in Europe after embarking on an employee share sale at a\u00a0$45 billion valuation.\n\u201cYou can imagine how much that propels the fund,\u201d Liautaud told the news outlet. \u201cTo have a great track record is one where you have consistent performance and sometimes you have an outsized return.\u201d\nThe FT report further notes that Balderton, unlike other VC firms based in Europe, only backs European startups, meaning the company has missed out on many of the high-profile artificial intelligence (AI) startups based in Silicon Valley.\nAs covered here last month, AI projects have helped venture funding in the U.S. reach its\u00a0highest quarterly total\u00a0in two years, climbing to $55.6 billion during the second quarter of 2024. That\u2019s up 47% from the $37.8 billion startups in the U.S. took in during the first quarter, fueled largely by\u00a0major investments\u00a0in AI firms like Elon Musk\u2019s\u00a0xAI.\nAt the same time, there\u2019s\u00a0also been some indication recently that investors have become pickier about AI projects, with a Financial Times report in June showing that most of the stocks that surged during last year\u2019s AI hype have dropped.\n\u201cAI is still a big theme, but if you can\u2019t demonstrate evidence, you\u2019re getting hurt,\u201d said Stuart Kaiser, Citi\u2019s head of equity trading. \u201cJust saying \u2018AI\u2019 15 times is not going to cut it anymore.\u201d\nThe post Balderton Capital Pulls In $1.3 Billion for EU Tech Firms appeared first on PYMNTS.com.", "date_published": "2024-08-12T08:48:37-04:00", "date_modified": "2024-08-12T08:48:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/02/Balderton-Capital-EMEA.jpg", "tags": [ "Balderton Capital", "EMEA", "European startups", "funding", "Investments", "News", "PYMNTS News", "Revolut", "startups", "tech startups", "Venture Capital", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2050209", "url": "https://www.pymnts.com/news/investment-tracker/2024/flyr-raises-295-million-dollars-expand-artificial-intelligence-based-travel-industry-platform/", "title": "FLYR Raises $295 Million to Expand AI-Based Travel Industry Platform", "content_html": "FLYR raised $295 million to accelerate the development and delivery of its reservation systems and artificial intelligence-based decision automation solutions to travel industry companies around the globe.
\nThe company raised $225 million in Series D capital and an additional $70 million in credit, bringing the total amount of capital it has raised to date to $500 million, FLYR said in a Thursday (Aug. 8) press release.
\n\u201cThis capital raise is a testament to the growth FLYR has achieved thus far, and we\u2019re excited to continue supporting the world\u2019s largest travel providers at pace,\u201d FLYR founder and CEO Alex Mans said in the release.
\nFLYR\u2019s products are used by airlines and hospitality brands to manage data, interconnect hundreds of systems and deliver a better digital experience to their customers, according to the release.
\nThe products are natively powered by AI and built upon modularity and open standards, including IATA New Distribution Capacity (NDC) and ONE Order, the release said.
\nFLYR\u2019s latest funding round comes at a time when, over the past 12 months, the company\u2019s annualized recurring revenue grew by 290%, per the release.
\nLaurence A. Tosi, who is managing partner and founder of WestCap, which led the funding round, and who will join FLYR\u2019s board of directors, said in the release: \u201cMuch of the travel industry has been technologically stagnant for years, reliant on a handful of legacy incumbents with limited capacity to innovate. FLYR delivers the open and dynamic platform the travel industry needs to better serve travelers and expand their services.\u201d
\nTravel companies are introducing a range of AI-powered tools, signaling a change in how business trips are booked and managed, PYMNTS reported in July.
\nProduct introductions include an AI platform from Altour that aims to streamline corporate travel planning and cut costs; new technology from United Airlines that keeps passengers better informed during weather-related flight delays; an AI-powered platform from AMGiNE that is designed to simplify the process of arranging business trips; and an AI-powered digital travel agent developed by Serko in collaboration with UneeQ that aims to provide real-time pricing and availability.
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post FLYR Raises $295 Million to Expand AI-Based Travel Industry Platform appeared first on PYMNTS.com.
\n", "content_text": "FLYR raised $295 million to accelerate the development and delivery of its reservation systems and artificial intelligence-based decision automation solutions to travel industry companies around the globe.\nThe company raised $225 million in Series D capital and an additional $70 million in credit, bringing the total amount of capital it has raised to date to $500 million, FLYR said in a Thursday (Aug. 8) press release.\n\u201cThis capital raise is a testament to the growth FLYR has achieved thus far, and we\u2019re excited to continue supporting the world\u2019s largest travel providers at pace,\u201d FLYR founder and CEO Alex Mans said in the release.\nFLYR\u2019s products are used by airlines and hospitality brands to manage data, interconnect hundreds of systems and deliver a better digital experience to their customers, according to the release.\nThe products are natively powered by AI and built upon modularity and open standards, including IATA New Distribution Capacity (NDC) and ONE Order, the release said.\nFLYR\u2019s latest funding round comes at a time when, over the past 12 months, the company\u2019s annualized recurring revenue grew by 290%, per the release.\nLaurence A. Tosi, who is managing partner and founder of WestCap, which led the funding round, and who will join FLYR\u2019s board of directors, said in the release: \u201cMuch of the travel industry has been technologically stagnant for years, reliant on a handful of legacy incumbents with limited capacity to innovate. FLYR delivers the open and dynamic platform the travel industry needs to better serve travelers and expand their services.\u201d\nTravel companies are introducing a range of AI-powered tools, signaling a change in how business trips are booked and managed, PYMNTS reported in July.\nProduct introductions include an AI platform from Altour that aims to streamline corporate travel planning and cut costs; new technology from United Airlines that keeps passengers better informed during weather-related flight delays; an AI-powered platform from AMGiNE that is designed to simplify the process of arranging business trips; and an AI-powered digital travel agent developed by Serko in collaboration with UneeQ that aims to provide real-time pricing and availability.\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post FLYR Raises $295 Million to Expand AI-Based Travel Industry Platform appeared first on PYMNTS.com.", "date_published": "2024-08-09T16:00:30-04:00", "date_modified": "2024-08-09T16:00:30-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/air-travel.jpg", "tags": [ "artificial intelligence", "FLYR", "funding", "GenAI", "Innovation", "Investments", "News", "PYMNTS News", "Technology", "travel", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2049678", "url": "https://www.pymnts.com/news/investment-tracker/2024/report-ai-startup-glean-in-talks-to-raise-250-million/", "title": "Report: AI\u00a0Startup Glean in Talks to Raise $250 Million", "content_html": "Artificial intelligence (AI) startup\u00a0Glean is reportedly in\u00a0advanced discussions to raise $250 million in financing.
\nThe deal would value the company at $4.5 billion, a figure that is\u00a0double the valuation it achieved in another fundraise\u00a0six months ago, the Wall Street Journal (WSJ)\u00a0reported Thursday (Aug. 8), citing unnamed sources.
\nThe details of the deal have not been finalized, and they could change, according to the report.
\nReached for comment by PYMNTS, Glean spokesperson\u00a0Kate Miller said in an email: \u201cTo ensure we\u2019re building the strongest business we can, we\u2019re regularly in conversation with investors, but we have not solidified any plans to raise a new round since our Series D which was announced earlier this year. We\u2019re encouraged by the momentum we\u2019re seeing with customers, and continue to focus on building the leading work AI platform.\u201d
\nThe company\u2019s subscription revenue has reached $55 million on an annualized basis and could reach $100 million by the end of the year, per the report.
\nGlean\u2019s product \u2014 search software that helps employees find information from across their organizations \u2014 is in the category of AI-powered productivity apps that investors believe could be more lucrative in the short term than AI-powered consumer-facing apps, the report said.
\nDuring its previous\u00a0funding round, which was held in February, Glean raised more than $200 million from investors that include\u00a0Citigroup,\u00a0Capital One Ventures,\u00a0Databricks and\u00a0Sequoia, valuing the firm at $2.2 billion.
\n\u201cOur investors join us in our belief that Glean is the right solution, built by the right team, at exactly the right time,\u201d the company said in a Feb. 26 blog post announcing that fundraise.
\nGlean said in the blog post that its goal is to become the platform companies turn to when they need an AI work assistant, while also offering tools to \u201cbuild custom generative AI experiences grounded in company knowledge.\u201d
\nIntegrating enterprise\u00a0search capabilities that use AI represents an incremental improvement as well as a game-changer, transforming how companies can access, analyze\u00a0and activate their accumulated data repositories, PYMNTS reported in March.
\nEddie Zhou, head of AI at Glean, told PYMNTS in an interview posted on March 21: \u201cThe ability of generative AI models to be coherent and fluent when synthesizing material is a step function improvement in their output. Using these models as an interface to help businesses decide how to execute a set of tasks \u2014 that is a capability that was not present in AI models in the past.\u201d
\nThe post Report: AI\u00a0Startup Glean in Talks to Raise $250 Million appeared first on PYMNTS.com.
\n", "content_text": "Artificial intelligence (AI) startup\u00a0Glean is reportedly in\u00a0advanced discussions to raise $250 million in financing.\nThe deal would value the company at $4.5 billion, a figure that is\u00a0double the valuation it achieved in another fundraise\u00a0six months ago, the Wall Street Journal (WSJ)\u00a0reported Thursday (Aug. 8), citing unnamed sources.\nThe details of the deal have not been finalized, and they could change, according to the report.\nReached for comment by PYMNTS, Glean spokesperson\u00a0Kate Miller said in an email: \u201cTo ensure we\u2019re building the strongest business we can, we\u2019re regularly in conversation with investors, but we have not solidified any plans to raise a new round since our Series D which was announced earlier this year. We\u2019re encouraged by the momentum we\u2019re seeing with customers, and continue to focus on building the leading work AI platform.\u201d\nThe company\u2019s subscription revenue has reached $55 million on an annualized basis and could reach $100 million by the end of the year, per the report.\nGlean\u2019s product \u2014 search software that helps employees find information from across their organizations \u2014 is in the category of AI-powered productivity apps that investors believe could be more lucrative in the short term than AI-powered consumer-facing apps, the report said.\nDuring its previous\u00a0funding round, which was held in February, Glean raised more than $200 million from investors that include\u00a0Citigroup,\u00a0Capital One Ventures,\u00a0Databricks and\u00a0Sequoia, valuing the firm at $2.2 billion.\n\u201cOur investors join us in our belief that Glean is the right solution, built by the right team, at exactly the right time,\u201d the company said in a Feb. 26 blog post announcing that fundraise.\nGlean said in the blog post that its goal is to become the platform companies turn to when they need an AI work assistant, while also offering tools to \u201cbuild custom generative AI experiences grounded in company knowledge.\u201d\nIntegrating enterprise\u00a0search capabilities that use AI represents an incremental improvement as well as a game-changer, transforming how companies can access, analyze\u00a0and activate their accumulated data repositories, PYMNTS reported in March.\nEddie Zhou, head of AI at Glean, told PYMNTS in an interview posted on March 21: \u201cThe ability of generative AI models to be coherent and fluent when synthesizing material is a step function improvement in their output. Using these models as an interface to help businesses decide how to execute a set of tasks \u2014 that is a capability that was not present in AI models in the past.\u201d\nThe post Report: AI\u00a0Startup Glean in Talks to Raise $250 Million appeared first on PYMNTS.com.", "date_published": "2024-08-08T19:05:13-04:00", "date_modified": "2024-08-11T21:36:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Glean-b2b-investments-funding-AI.png", "tags": [ "AI", "AI investments", "artificial intelligence", "B2B", "B2B Payments", "commercial payments", "funding", "Glean", "Investments", "News", "PYMNTS News", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2023330", "url": "https://www.pymnts.com/news/investment-tracker/2024/mexico-based-unicorn-stori-raises-212-million-to-promote-financial-inclusion/", "title": "Mexico-Based Unicorn Stori Raises $212 Million to Promote Financial Inclusion", "content_html": "Mexican FinTech Stori says it has raised $212 million in equity and debt financing.
\nThe new funding, announced Tuesday (Aug. 6), will help Stori develop products to promote financial conclusion.
\n\u201cSince the beginning, my co-founders and I recognized the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population,\u201d Marlene Garayzar, Stori\u2019s co-founder, said in a news release provided to PYMNTS. \u201cSo we set off on our mission to facilitate access to finance, empowering Mexicans and, in the long term, many more people across Latin America.\u201d
\n\u201cThis investment will enable us to continue developing innovative solutions, through technology, that promote financial inclusion and education. It is also a statement of confidence in the future of Mexico,\u201d Garayzar added.
\nStori launched its first credit card in 2020, aimed at consumers overlooked by traditional lenders. The company reached unicorn status in 2022 when a funding round raised its valuation to $1.2 billion, also becoming the first Mexican unicorn co-founded by a woman. Last fall, Stori won regulatory approval to launch Stori Cuenta+, its deposit account.
\nIn addition to the new funding, Stori also announced it had named Diego Cabrera Canay, a veteran of companies like dLocal and Mercado Libre, to serve as its new chief financial officer.
\nRecent reporting by PYMNTS has examined the trend of companies vying for the business of Mexico\u2019s unbanked/underbanked population, including Aviva, which this week raised $5.5 million in seed funding.
\n\u201cDespite countless attempts by FinTechs and neobanks, the smartphone is not a one-size-fits-all solution for providing financial services; a non-conventional strategy is critical,\u201d said Filiberto Castro, the company\u2019s co-CEO. \u201cWe have proven that our phygital strategy is essential to reaching those who most benefit from access to financial services and who have paradoxically been excluded from the formal financial system.\u201d
\nLast month, Blu Financiero introduced\u00a0a \u201cmass market\u201d credit card that has a 99% approval rate and can be obtained without a formal credit history.
\n\u201cWe see a classic oligopoly problem where four of the top five banks control 70% of the deposits but are all foreign owned,\u201d Casper Yonel, CEO of Blu, said in a news release. \u201cWith Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market.\u201d
\nThe post Mexico-Based Unicorn Stori Raises $212 Million to Promote Financial Inclusion appeared first on PYMNTS.com.
\n", "content_text": "Mexican FinTech Stori says it has raised $212 million in equity and debt financing.\nThe new funding, announced Tuesday (Aug. 6), will help Stori develop products to promote financial conclusion.\n\u201cSince the beginning, my co-founders and I recognized the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population,\u201d Marlene Garayzar, Stori\u2019s co-founder, said in a news release provided to PYMNTS. \u201cSo we set off on our mission to facilitate access to finance, empowering Mexicans and, in the long term, many more people across Latin America.\u201d\n\u201cThis investment will enable us to continue developing innovative solutions, through technology, that promote financial inclusion and education. It is also a statement of confidence in the future of Mexico,\u201d Garayzar added.\nStori launched its first credit card in 2020, aimed at consumers overlooked by traditional lenders. The company reached unicorn status in 2022 when a funding round raised its valuation to $1.2 billion, also becoming the first Mexican unicorn co-founded by a woman. Last fall, Stori won regulatory approval to launch Stori Cuenta+, its deposit account.\nIn addition to the new funding, Stori also announced it had named Diego Cabrera Canay, a veteran of companies like dLocal and Mercado Libre, to serve as its new chief financial officer.\nRecent reporting by PYMNTS has examined the trend of companies vying for the business of Mexico\u2019s unbanked/underbanked population, including Aviva, which this week raised $5.5 million in seed funding.\n\u201cDespite countless attempts by FinTechs and neobanks, the smartphone is not a one-size-fits-all solution for providing financial services; a non-conventional strategy is critical,\u201d said Filiberto Castro, the company\u2019s co-CEO. \u201cWe have proven that our phygital strategy is essential to reaching those who most benefit from access to financial services and who have paradoxically been excluded from the formal financial system.\u201d\nLast month, Blu Financiero introduced\u00a0a \u201cmass market\u201d credit card that has a 99% approval rate and can be obtained without a formal credit history.\n\u201cWe see a classic oligopoly problem where four of the top five banks control 70% of the deposits but are all foreign owned,\u201d Casper Yonel, CEO of Blu, said in a news release. \u201cWith Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market.\u201d\nThe post Mexico-Based Unicorn Stori Raises $212 Million to Promote Financial Inclusion appeared first on PYMNTS.com.", "date_published": "2024-08-06T16:21:07-04:00", "date_modified": "2024-08-06T16:21:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Stori-funding-financial-inclusion.png", "tags": [ "Debt Financing", "financial inclusion", "FinTechs", "funding", "fundraising", "Investments", "mexico", "News", "PYMNTS News", "Stori", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022550", "url": "https://www.pymnts.com/news/investment-tracker/2024/groq-raises-640-million-to-scale-ai-inference-platforms-capacity/", "title": "Groq Raises $640 Million to Scale AI\u00a0Inference Platform\u2019s Capacity", "content_html": "Groq has raised $640 million in a Series D funding round to scale the capacity of its vertically integrated artificial intelligence (AI) inference platform.
\nThe company will also use the new funding to add talent and accelerate the development of the next generation of language processing units (LPUs), according to a Monday (Aug. 5) press release.
\n\u201cWe intend to make the resources available so that anyone can create cutting-edge AI products, not just the largest tech companies,\u201d\u00a0Jonathan Ross, CEO\u00a0and founder of Groq, said in the release. \u201cThis funding will enable us to deploy more than 100,000 additional LPUs into GroqCloud.\u201d
\nGroqCloud is currently being used by more than 360,000 developers who are building on the platform and creating AI applications on openly available models like\u00a0Meta\u2019s\u00a0Llama 3.1,\u00a0OpenAI\u2019s\u00a0Whisper Large V3,\u00a0Google\u2019s\u00a0Gemma and\u00a0Mistral\u2019s\u00a0Mixtral, according to the release.
\nWith the new funding, Groq will scale the capacity of its tokens-as-a-service (TaaS) offering and add new models and features to GroqCloud, the release said.
\nGroq\u2019s latest funding round was led by funds and accounts managed by\u00a0BlackRock Private Equity Partners, per the release.
\n\u201cThe market for AI compute\u00a0is meaningful and Groq\u2019s vertically integrated solution is well positioned to meet this opportunity,\u201d\u00a0Samir Menon, managing director at BlackRock Private Equity Partners, said in the release. \u201cWe look forward to supporting Groq as they scale to meet demand and accelerate their innovation further.\u201d
\nThere is a critical need for next-generation systems for\u00a0AI inference solutions that can boost performance and power efficiency while offering the lowest total cost of ownership, PYMNTS reported in May. This comes as AI training costs typically reach hundred of millions of dollars.
\nIn July,\u00a0San Francisco Compute Co. raised $12 million in an early funding round to launch a trading platform for\u00a0computing power. With the platform, the company aims to help companies working with AI meet the challenge of getting access to the semiconductors they need.
\nIn February,\u00a0Recogni secured $102 million in a Series C funding round to drive the development of next-generation systems for\u00a0AI inference solutions that aim to significantly boost performance and power efficiency while offering the lowest total cost of ownership.
\nThe post Groq Raises $640 Million to Scale AI\u00a0Inference Platform\u2019s Capacity appeared first on PYMNTS.com.
\n", "content_text": "Groq has raised $640 million in a Series D funding round to scale the capacity of its vertically integrated artificial intelligence (AI) inference platform.\nThe company will also use the new funding to add talent and accelerate the development of the next generation of language processing units (LPUs), according to a Monday (Aug. 5) press release.\n\u201cWe intend to make the resources available so that anyone can create cutting-edge AI products, not just the largest tech companies,\u201d\u00a0Jonathan Ross, CEO\u00a0and founder of Groq, said in the release. \u201cThis funding will enable us to deploy more than 100,000 additional LPUs into GroqCloud.\u201d\nGroqCloud is currently being used by more than 360,000 developers who are building on the platform and creating AI applications on openly available models like\u00a0Meta\u2019s\u00a0Llama 3.1,\u00a0OpenAI\u2019s\u00a0Whisper Large V3,\u00a0Google\u2019s\u00a0Gemma and\u00a0Mistral\u2019s\u00a0Mixtral, according to the release.\nWith the new funding, Groq will scale the capacity of its tokens-as-a-service (TaaS) offering and add new models and features to GroqCloud, the release said.\nGroq\u2019s latest funding round was led by funds and accounts managed by\u00a0BlackRock Private Equity Partners, per the release.\n\u201cThe market for AI compute\u00a0is meaningful and Groq\u2019s vertically integrated solution is well positioned to meet this opportunity,\u201d\u00a0Samir Menon, managing director at BlackRock Private Equity Partners, said in the release. \u201cWe look forward to supporting Groq as they scale to meet demand and accelerate their innovation further.\u201d\nThere is a critical need for next-generation systems for\u00a0AI inference solutions that can boost performance and power efficiency while offering the lowest total cost of ownership, PYMNTS reported in May. This comes as AI training costs typically reach hundred of millions of dollars.\nIn July,\u00a0San Francisco Compute Co. raised $12 million in an early funding round to launch a trading platform for\u00a0computing power. With the platform, the company aims to help companies working with AI meet the challenge of getting access to the semiconductors they need.\nIn February,\u00a0Recogni secured $102 million in a Series C funding round to drive the development of next-generation systems for\u00a0AI inference solutions that aim to significantly boost performance and power efficiency while offering the lowest total cost of ownership.\nThe post Groq Raises $640 Million to Scale AI\u00a0Inference Platform\u2019s Capacity appeared first on PYMNTS.com.", "date_published": "2024-08-05T15:13:24-04:00", "date_modified": "2024-08-05T15:13:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Groq-AI-investments.jpg", "tags": [ "AI", "AI investments", "artificial intelligence", "funding", "GorqCloud", "Groq", "Investments", "News", "PYMNTS News", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022317", "url": "https://www.pymnts.com/news/investment-tracker/2024/openai-backer-thrive-capital-raises-5-billion-dollars/", "title": "Report: OpenAI Backer Thrive Capital Raises $5 Billion", "content_html": "Thrive Capital reportedly raised $5 billion for its biggest-ever pair of venture capital funds.
\nThe fundraising is a sign that the artificial intelligence boom is reviving investor enthusiasm, The Wall Street Journal reported Monday (Aug. 5).
\nThrive told its investors Sunday (Aug. 4) that it received commitments for the full amount, which marks its largest-ever fundraising and is among the biggest completed this year by a venture capital firm, according to the report.
\n\u201cThe technological breakthroughs that will occur over the next years will be unlike anything we have ever experienced before,\u201d Thrive founder Josh Kushner wrote in a letter to announce the funds to Thrive\u2019s investors, per the report.
\nThrive has enjoyed greater prominence in tech startup circles due to its ties to OpenAI, in which it has invested hundreds of millions, the report said.
\nThe news follows reports from January that Thrive was planning the fund, with one investor saying at the time that the effort would present \u201ca very interesting litmus test\u201d for other investors in a market in which investing had fallen dramatically.
\nSince then, American VC funding hit its highest quarterly total in two years in July, to the tune of $55.6 billion. The figure marks a 47% increase over the $37.8 billion startups in the U.S. brought in during the prior quarter, fueled largely by investments in AI firms, such as the $6 billion raised by Elon Musk\u2019s xAI and $7.5 billion raised by CoreWeave.
\nIn other AI news, PYMNTS wrote last week about the rise of the technology in the wearables market, in the form of the \u201cfriend\u201d pendant, a $99 AI-powered necklace set to launch next year. The \u201calways-listening pendant\u201d responds to voice prompts with text messages and joins an increasing number of AI-powered wearable and handheld devices jockeying for a place in consumers\u2019 daily lives.
\n\u201cThe concept is like all other smart wearables, AI-powered or not. It\u2019s an imperfect solution,\u201d Marty Meany, editor of tech review website Goosed.ie and a regular user of Meta\u2019s AI-powered Ray-Ban sunglasses, told PYMNTS.
\nHe pointed to potential design flaws in the pendant.
\n\u201cI can already see the issue here, likely being that the necklace looks like something MC Hammer would wear,\u201d he said. \u201cIt will probably end up being worn under your shirt/blouse \u2014 so what happens when it almost certainly overheats?\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post Report: OpenAI Backer Thrive Capital Raises $5 Billion appeared first on PYMNTS.com.
\n", "content_text": "Thrive Capital reportedly raised $5 billion for its biggest-ever pair of venture capital funds.\nThe fundraising is a sign that the artificial intelligence boom is reviving investor enthusiasm, The Wall Street Journal reported Monday (Aug. 5).\nThrive told its investors Sunday (Aug. 4) that it received commitments for the full amount, which marks its largest-ever fundraising and is among the biggest completed this year by a venture capital firm, according to the report.\n\u201cThe technological breakthroughs that will occur over the next years will be unlike anything we have ever experienced before,\u201d Thrive founder Josh Kushner wrote in a letter to announce the funds to Thrive\u2019s investors, per the report.\nThrive has enjoyed greater prominence in tech startup circles due to its ties to OpenAI, in which it has invested hundreds of millions, the report said.\nThe news follows reports from January that Thrive was planning the fund, with one investor saying at the time that the effort would present \u201ca very interesting litmus test\u201d for other investors in a market in which investing had fallen dramatically.\nSince then, American VC funding hit its highest quarterly total in two years in July, to the tune of $55.6 billion. The figure marks a 47% increase over the $37.8 billion startups in the U.S. brought in during the prior quarter, fueled largely by investments in AI firms, such as the $6 billion raised by Elon Musk\u2019s xAI and $7.5 billion raised by CoreWeave.\nIn other AI news, PYMNTS wrote last week about the rise of the technology in the wearables market, in the form of the \u201cfriend\u201d pendant, a $99 AI-powered necklace set to launch next year. The \u201calways-listening pendant\u201d responds to voice prompts with text messages and joins an increasing number of AI-powered wearable and handheld devices jockeying for a place in consumers\u2019 daily lives.\n\u201cThe concept is like all other smart wearables, AI-powered or not. It\u2019s an imperfect solution,\u201d Marty Meany, editor of tech review website Goosed.ie and a regular user of Meta\u2019s AI-powered Ray-Ban sunglasses, told PYMNTS.\nHe pointed to potential design flaws in the pendant.\n\u201cI can already see the issue here, likely being that the necklace looks like something MC Hammer would wear,\u201d he said. \u201cIt will probably end up being worn under your shirt/blouse \u2014 so what happens when it almost certainly overheats?\u201d\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post Report: OpenAI Backer Thrive Capital Raises $5 Billion appeared first on PYMNTS.com.", "date_published": "2024-08-05T11:50:35-04:00", "date_modified": "2024-08-05T11:50:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/thrive-capital.jpg", "tags": [ "artificial intelligence", "funding", "GenAI", "Innovation", "Investments", "News", "PYMNTS News", "Technology", "Thrive Capital", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022181", "url": "https://www.pymnts.com/news/investment-tracker/2024/aviva-raises-5-5-million-to-provide-financial-services-to-underserved/", "title": "Aviva Raises $5.5 Million to Provide Financial Services to \u2018Underserved\u2019", "content_html": "Mexico-based FinTech Aviva has raised $5.5 million in seed funding.
\n\u201cThis oversubscribed round highlights the strength of our model\u2019s unit economics, as well as our mission to provide innovative and accessible financial services to a market of 70 million people who are still underserved or receive very low-quality products,\u201d the company wrote in a recent LinkedIn post.
\nThe funding will help Aviva develop what it calls its phygital \u2014 physical and digital \u2014 financial solutions. The company operates a series of kiosks around Mexico that allow users to apply for loans via video call, get approved in real time and receive their funds in under 24 hours.
\n\u201cDespite countless attempts by FinTechs and neobanks, the smartphone is not a one-size-fits-all solution for providing financial services; a non-conventional strategy is critical,\u201d Filiberto Castro, Co-CEO of Aviva, said in a report by Finextra. \u201cWe have proven that our phygital strategy is essential to reaching those who most benefit from access to financial services and who have paradoxically been excluded from the formal financial system.\u201d
\nRecent reporting by PYMNTS shows that a number of companies are trying to capture the attention of Mexico\u2019s unbanked/underbanked population.
\nAmong them is Blu Financiero, which last month introduced a \u201cmass market\u201d credit card that has a 99% approval rate and can be obtained without a formal credit history.
\nThe company said it had 50,000 people on a waiting list at the time of launch, testament to the need for accessible financial products in Mexico, where just 14% of the people have access to a credit card and only 30% have a formal credit history.
\n\u201cWe see a classic oligopoly problem where four of the top five banks control 70% of the deposits but are all foreign owned,\u201d Casper Yonel, CEO of Blu, said in a news release. \u201cWith Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market.\u201d
\nMeanwhile, PYMNTS wrote earlier this year that real-time payments in Mexico are taking a significant leap forward with the introduction of products like the new account-to-account payments tool from Uruguayan FinTech Prometeo.
\n\u201cThis innovative system employs a single application programming interface (API) to enable instantaneous payments directly to a bank account, granting businesses immediate access to collections \u2014 without requiring major technical overhauls,\u201d that report said.
\nThe post Aviva Raises $5.5 Million to Provide Financial Services to \u2018Underserved\u2019 appeared first on PYMNTS.com.
\n", "content_text": "Mexico-based FinTech Aviva has raised $5.5 million in seed funding.\n\u201cThis oversubscribed round highlights the strength of our model\u2019s unit economics, as well as our mission to provide innovative and accessible financial services to a market of 70 million people who are still underserved or receive very low-quality products,\u201d the company wrote in a recent LinkedIn post.\nThe funding will help Aviva develop what it calls its phygital \u2014 physical and digital \u2014 financial solutions. The company operates a series of kiosks around Mexico that allow users to apply for loans via video call, get approved in real time and receive their funds in under 24 hours.\n\u201cDespite countless attempts by FinTechs and neobanks, the smartphone is not a one-size-fits-all solution for providing financial services; a non-conventional strategy is critical,\u201d Filiberto Castro, Co-CEO of Aviva, said in a report by Finextra. \u201cWe have proven that our phygital strategy is essential to reaching those who most benefit from access to financial services and who have paradoxically been excluded from the formal financial system.\u201d\nRecent reporting by PYMNTS shows that a number of companies are trying to capture the attention of Mexico\u2019s unbanked/underbanked population.\nAmong them is Blu Financiero, which last month introduced a \u201cmass market\u201d credit card that has a 99% approval rate and can be obtained without a formal credit history.\nThe company said it had 50,000 people on a waiting list at the time of launch, testament to the need for accessible financial products in Mexico, where just 14% of the people have access to a credit card and only 30% have a formal credit history.\n\u201cWe see a classic oligopoly problem where four of the top five banks control 70% of the deposits but are all foreign owned,\u201d Casper Yonel, CEO of Blu, said in a news release. \u201cWith Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market.\u201d\nMeanwhile, PYMNTS wrote earlier this year that real-time payments in Mexico are taking a significant leap forward with the introduction of products like the new account-to-account payments tool from Uruguayan FinTech Prometeo.\n\u201cThis innovative system employs a single application programming interface (API) to enable instantaneous payments directly to a bank account, granting businesses immediate access to collections \u2014 without requiring major technical overhauls,\u201d that report said.\nThe post Aviva Raises $5.5 Million to Provide Financial Services to \u2018Underserved\u2019 appeared first on PYMNTS.com.", "date_published": "2024-08-05T11:30:50-04:00", "date_modified": "2024-08-06T16:05:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Aviva-loans-Mexico.jpg", "tags": [ "Aviva", "financial services", "funding", "funding round", "international", "Investments", "loans", "mexico", "News", "PYMNTS News", "unbanked", "underbanked", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022161", "url": "https://www.pymnts.com/news/investment-tracker/2024/axle-automation-raises-2-5-million-to-grow-ai-powered-aml-kyc-solutions/", "title": "Axle Automation Raises $2.5 Million to Grow AI-Powered AML/KYC Solutions", "content_html": "Axle Automation raised $2.5 million in a seed funding round to grow its artificial intelligence (AI)-powered anti-money laundering and know your customer (AML/KYC) solutions.
\nThe company will use the new funding to scale its team and deliver its solutions to more FinTechs, banks and other financial institutions, according to a July 29 press release.
\n\u201cThis investment not only validates the pressing need for innovation in AML compliance but also propels us closer to our vision of a world where humans work alongside AI agents to eliminate financial crime,\u201d Ioannis Giannaros, CEO and co-founder of Axle Automation, said in the release.
\nAxle leverages generative AI to automate enhanced due diligence and other processes that are currently highly manual and inefficient, according to the release.
\nThe company\u2019s solutions enable financial institutions to scale their compliance efforts; reduce fraud, compliance risks and operational costs; and increase revenue, the release said.
\nThese solutions arrive at a time when the amount of money spent on AML compliance is growing by 20% a year, surpassing $200 billion, and the amount of money laundered is estimated to be as much as $2 trillion a year, per the release.
\nIn meeting these challenges, Axle Automation aims to become \u201cthe market leader for AI-powered compliance,\u201d Ken Nguyen, partner at Diagram Ventures, which led the company\u2019s seed funding round, said in the release.
\n\u201cAxle\u2019s innovative approach to automating compliance workflows aligns perfectly with our goal of leveraging transformative technologies to drive positive impact,\u201d Nguyen said.
\nPYMNTS Intelligence has found that 71% of financial institutions now use both AI and machine learning (ML) in their fraud-fighting efforts.
\nAll 10 North American financial institutions that were surveyed said they rely on a mix of in-house fraud prevention systems, third-party resources and new technologies to protect their institutions and customers, according to the PYMNTS Intelligence and Hawk collaboration, \u201cFinancial Institutions Revamping Technologies to Fight Financial Crime.\u201d
\nOn Wednesday (July 31), Hawk expanded its Series B funding amid a new investing partnership with Macquarie Capital, saying the funding will drive the international expansion efforts for its fraud prevention and AML technology using AI.
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post Axle Automation Raises $2.5 Million to Grow AI-Powered AML/KYC Solutions appeared first on PYMNTS.com.
\n", "content_text": "Axle Automation raised $2.5 million in a seed funding round to grow its artificial intelligence (AI)-powered anti-money laundering and know your customer (AML/KYC) solutions.\nThe company will use the new funding to scale its team and deliver its solutions to more FinTechs, banks and other financial institutions, according to a July 29 press release.\n\u201cThis investment not only validates the pressing need for innovation in AML compliance but also propels us closer to our vision of a world where humans work alongside AI agents to eliminate financial crime,\u201d Ioannis Giannaros, CEO and co-founder of Axle Automation, said in the release.\nAxle leverages generative AI to automate enhanced due diligence and other processes that are currently highly manual and inefficient, according to the release.\nThe company\u2019s solutions enable financial institutions to scale their compliance efforts; reduce fraud, compliance risks and operational costs; and increase revenue, the release said.\nThese solutions arrive at a time when the amount of money spent on AML compliance is growing by 20% a year, surpassing $200 billion, and the amount of money laundered is estimated to be as much as $2 trillion a year, per the release.\nIn meeting these challenges, Axle Automation aims to become \u201cthe market leader for AI-powered compliance,\u201d Ken Nguyen, partner at Diagram Ventures, which led the company\u2019s seed funding round, said in the release.\n\u201cAxle\u2019s innovative approach to automating compliance workflows aligns perfectly with our goal of leveraging transformative technologies to drive positive impact,\u201d Nguyen said.\nPYMNTS Intelligence has found that 71% of financial institutions now use both AI and machine learning (ML) in their fraud-fighting efforts.\nAll 10 North American financial institutions that were surveyed said they rely on a mix of in-house fraud prevention systems, third-party resources and new technologies to protect their institutions and customers, according to the PYMNTS Intelligence and Hawk collaboration, \u201cFinancial Institutions Revamping Technologies to Fight Financial Crime.\u201d\nOn Wednesday (July 31), Hawk expanded its Series B funding amid a new investing partnership with Macquarie Capital, saying the funding will drive the international expansion efforts for its fraud prevention and AML technology using AI.\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post Axle Automation Raises $2.5 Million to Grow AI-Powered AML/KYC Solutions appeared first on PYMNTS.com.", "date_published": "2024-08-05T10:51:43-04:00", "date_modified": "2024-08-05T10:51:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/01/AML.jpg", "tags": [ "AI", "AML", "Anti-Money Laundering", "Fraud Prevention", "funding", "Investments", "know your customer", "KYC", "News", "PYMNTS News", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022155", "url": "https://www.pymnts.com/news/investment-tracker/2024/layer2-raises-10-million-dollars-cross-border-b2b-payments-offerings/", "title": "Layer2 Raises Over $10 Million for Cross-Border B2B Payments Offerings", "content_html": "Cross-border payments infrastructure platform Layer2 Financial raised $10.7 million in a Series A round.
\nThe new funding will allow Layer2 to enhance its infrastructure, which uses fiat and digital currencies to securely move billions of dollars per year, according to a Wednesday (July 31) press release.
\nLayer2 has seen a 20% or more increase month over month in transaction processing volumes \u201cas more businesses seek efficient, transparent and compliant ways to issue payments across jurisdictions,\u201d the release said.
\nThe funding will let the company invest in product development, market expansion, tech infrastructure and talent acquisition, per the release.
\nThe Layer2 platform is \u201cpositioned to disrupt the traditional payments ecosystem, making international money movement faster, more transparent and cost-effective,\u201d Mike Giampapa, general partner at Galaxy Ventures, which led the funding round, said in the release.
\nThe value of cross-border payments is projected to climb to more than $250 trillion over the next three years.
\nHowever, despite the size of the total addressable market, cross-border payments are still generally more expensive, opaque and slower than domestic payments \u2014 whether we\u2019re talking about business-to-consumer (B2C) or business-to-business (B2B) transactions.
\n\u201cThat\u2019s why the time has never been better for advances that can help make cross-border payments faster, cheaper, more accessible and more transparent \u2014 as well as help drive interoperability across the far-flung central banks, payment system operators, providers and participants that make up the global cross-border payments ecosystem,\u201d PYMNTS reported in April.
\nWhile cross-border payments have rebounded alongside global trade, businesses looking to enter foreign markets quickly find that traditional cross-border payment methods, such as wire transfers, are full of delays and complexities.
\nFaulty cross-border payments cost U.S. merchants at least $3.8 billion in sales just last year, according to the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments,\u201d which also showed that 70% of U.S. firms saw higher rates of failed payments in cross-border sales compared to domestic transactions.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Layer2 Raises Over $10 Million for Cross-Border B2B Payments Offerings appeared first on PYMNTS.com.
\n", "content_text": "Cross-border payments infrastructure platform Layer2 Financial raised $10.7 million in a Series A round.\nThe new funding will allow Layer2 to enhance its infrastructure, which uses fiat and digital currencies to securely move billions of dollars per year, according to a Wednesday (July 31) press release.\nLayer2 has seen a 20% or more increase month over month in transaction processing volumes \u201cas more businesses seek efficient, transparent and compliant ways to issue payments across jurisdictions,\u201d the release said.\nThe funding will let the company invest in product development, market expansion, tech infrastructure and talent acquisition, per the release.\nThe Layer2 platform is \u201cpositioned to disrupt the traditional payments ecosystem, making international money movement faster, more transparent and cost-effective,\u201d Mike Giampapa, general partner at Galaxy Ventures, which led the funding round, said in the release.\nThe value of cross-border payments is projected to climb to more than $250 trillion over the next three years.\nHowever, despite the size of the total addressable market, cross-border payments are still generally more expensive, opaque and slower than domestic payments \u2014 whether we\u2019re talking about business-to-consumer (B2C) or business-to-business (B2B) transactions.\n\u201cThat\u2019s why the time has never been better for advances that can help make cross-border payments faster, cheaper, more accessible and more transparent \u2014 as well as help drive interoperability across the far-flung central banks, payment system operators, providers and participants that make up the global cross-border payments ecosystem,\u201d PYMNTS reported in April.\nWhile cross-border payments have rebounded alongside global trade, businesses looking to enter foreign markets quickly find that traditional cross-border payment methods, such as wire transfers, are full of delays and complexities.\nFaulty cross-border payments cost U.S. merchants at least $3.8 billion in sales just last year, according to the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments,\u201d which also showed that 70% of U.S. firms saw higher rates of failed payments in cross-border sales compared to domestic transactions.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Layer2 Raises Over $10 Million for Cross-Border B2B Payments Offerings appeared first on PYMNTS.com.", "date_published": "2024-08-05T10:49:48-04:00", "date_modified": "2024-08-05T10:49:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Layer2-Financial.png", "tags": [ "B2B", "B2B Payments", "commercial payments", "cross-border payments", "funding", "Global Payments", "international", "Investments", "Layer2 Financial", "News", "PYMNTS News", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2022022", "url": "https://www.pymnts.com/news/investment-tracker/2024/chinese-ai-startup-moonshot-reaches-3-billion-valuation/", "title": "Chinese AI Startup Moonshot Reaches $3 Billion Valuation", "content_html": "Chinese generative AI startup\u00a0Moonshot\u00a0has reportedly raised $300 million in a new funding round.
\nThe round, which included participation by Tencent Holdings, lifted Moonshot\u2019s valuation to $3.3 billion, Bloomberg News\u00a0reported\u00a0Monday (Aug. 5), citing sources familiar with the matter.
\nThe report notes that the investments mark a surge in new deals for Chinese artificial intelligence companies hoping to eventually create their country\u2019s answer to OpenAI\u2019s ChatGPT. Earlier this year, Tencent rival Alibaba led a record $1 billion funding round for Moonshot, while both companies more recently invested in AI firm Baichuan, which is valued at $2.8 billion.
\nMeanwhile, China is leading the U.S.\u00a0in the AI race, at least in some respects. A study by AI and analytics software company SAS and Coleman Parkes Research showed that 83% of Chinese respondents in a range of industries use generative AI, compared to just 65% of Americans\u00a0and a global average of 54%.
\nAnd a recent report by the United Nations\u2019 World Intellectual Property Organization showed that China is also ahead of the U.S. in\u00a0generative AI patents, filing more than 38,000 patents between 2014 and 2023, compared to 6,276 filed by the United States in the same timeframe. As PYMNTS wrote last month, China\u2019s regulatory landscape has played a crucial role.
\n\u201cChina\u2019s approach to regulation has not surprisingly taken a China-first approach,\u201d\u00a0Nicholas Rioux, CTO of\u00a0Labviva, an AI procurement technology company for life sciences, told PYMNTS. \u201cRegulations are being implemented to ensure local market dominance within the Chinese market for local firms. This gives local companies, aligned with regulators, an unfair advantage over foreign and less aligned local competitors.\u201d
\nMeanwhile, American tech giants\u2019 AI efforts have begun getting a\u00a0largely negative reaction\u00a0from Wall Street, with Amazon, Google and Microsoft all seeing their share prices drop in the wake of their most recent earnings report, Bloomberg reported last week.
\nThat report argued these companies have failed to demonstrate that their AI infrastructure investments were translating into sales.
\nOne exception:\u00a0Meta, whose second-quarter revenue surpassed expectations, with CEO Mark Zuckerberg saying that the company\u2019s investment in AI has led to better ad targeting and content recommendations.
\nZuckerberg also predicted that AI would one day\u00a0generate personalized ads, letting advertisers specify business objectives and budgets, with Meta\u2019s AI doing the rest.
\n\u201cAdvertisers will basically just be able to tell us a business objective and a budget, and we\u2019re going to go do the rest for them,\u201d he said. \u201cWe\u2019re going to get there incrementally over time, but I think this is going to be a very big deal.\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post Chinese AI Startup Moonshot Reaches $3 Billion Valuation appeared first on PYMNTS.com.
\n", "content_text": "Chinese generative AI startup\u00a0Moonshot\u00a0has reportedly raised $300 million in a new funding round.\nThe round, which included participation by Tencent Holdings, lifted Moonshot\u2019s valuation to $3.3 billion, Bloomberg News\u00a0reported\u00a0Monday (Aug. 5), citing sources familiar with the matter.\nThe report notes that the investments mark a surge in new deals for Chinese artificial intelligence companies hoping to eventually create their country\u2019s answer to OpenAI\u2019s ChatGPT. Earlier this year, Tencent rival Alibaba led a record $1 billion funding round for Moonshot, while both companies more recently invested in AI firm Baichuan, which is valued at $2.8 billion.\nMeanwhile, China is leading the U.S.\u00a0in the AI race, at least in some respects. A study by AI and analytics software company SAS and Coleman Parkes Research showed that 83% of Chinese respondents in a range of industries use generative AI, compared to just 65% of Americans\u00a0and a global average of 54%.\nAnd a recent report by the United Nations\u2019 World Intellectual Property Organization showed that China is also ahead of the U.S. in\u00a0generative AI patents, filing more than 38,000 patents between 2014 and 2023, compared to 6,276 filed by the United States in the same timeframe. As PYMNTS wrote last month, China\u2019s regulatory landscape has played a crucial role.\n\u201cChina\u2019s approach to regulation has not surprisingly taken a China-first approach,\u201d\u00a0Nicholas Rioux, CTO of\u00a0Labviva, an AI procurement technology company for life sciences, told PYMNTS. \u201cRegulations are being implemented to ensure local market dominance within the Chinese market for local firms. This gives local companies, aligned with regulators, an unfair advantage over foreign and less aligned local competitors.\u201d\nMeanwhile, American tech giants\u2019 AI efforts have begun getting a\u00a0largely negative reaction\u00a0from Wall Street, with Amazon, Google and Microsoft all seeing their share prices drop in the wake of their most recent earnings report, Bloomberg reported last week.\nThat report argued these companies have failed to demonstrate that their AI infrastructure investments were translating into sales.\nOne exception:\u00a0Meta, whose second-quarter revenue surpassed expectations, with CEO Mark Zuckerberg saying that the company\u2019s investment in AI has led to better ad targeting and content recommendations.\nZuckerberg also predicted that AI would one day\u00a0generate personalized ads, letting advertisers specify business objectives and budgets, with Meta\u2019s AI doing the rest.\n\u201cAdvertisers will basically just be able to tell us a business objective and a budget, and we\u2019re going to go do the rest for them,\u201d he said. \u201cWe\u2019re going to get there incrementally over time, but I think this is going to be a very big deal.\u201d\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post Chinese AI Startup Moonshot Reaches $3 Billion Valuation appeared first on PYMNTS.com.", "date_published": "2024-08-05T08:24:15-04:00", "date_modified": "2024-08-05T08:24:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/China-vouchers-AI.jpg", "tags": [ "AI", "alibaba", "artificial intelligence", "china", "funding", "generative AI", "Investments", "Moonshot", "News", "PYMNTS News", "Technology", "Tencent Holdings", "What's Hot", "Investments" ] } ] }