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Funding News
Siliconangle
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Customer support automation startup Wonderful raises $34M
- Wonderful Ltd., a customer support automation startup, has raised $34 million in funding from a seed round led by Index Ventures and involving Bessemer Venture Partners and Vine Ventures.
- The company focuses on providing AI-powered customer support solutions for non-English markets, allowing enterprises to create custom AI agents for handling support requests through various channels like call centers, chatbots, and email.
- Wonderful's platform utilizes large language models to process customer inquiries, with plans to incorporate language-specific data points and support for more languages in the future.
- The company intends to use the funding to enhance its platform, add support for additional languages, and differentiate itself from competitors like CrescendoAI Inc. and Palona AI Inc.
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Medium
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The Intricacies of VC Deals-1
- VC deals involve complex economic provisions outlined in a term sheet to simplify venture transactions for entrepreneurs.
- Ownership stake and dilution are key considerations for founders and employees when VCs invest, often mitigated by setting aside reserves for future financing rounds.
- Convertible debt and SAFE notes are common in early-stage financings, bridging financial gaps and critical for entrepreneurs to include in post-money valuation calculations.
- Critical terms like liquidation preference, anti-dilution protection, pay-to-play provisions, and pro rata rights are crucial elements of VC deals that require careful negotiation and understanding.
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Pymnts
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AllScale Raises $1.5 Million to Develop Stablecoin Solutions for Small Businesses
- AllScale raised $1.5 million to develop solutions for small businesses to use stablecoins for payments, sales, and payroll.
- The company aims to make it easier for small and medium-sized businesses to leverage stablecoins for cross-border commerce.
- Stablecoins can enable SMBs to make low-cost global payments and shield transactions from currency swings, even for the unbanked.
- Stablecoins are gaining regulatory clarity and increasing transaction volumes, with a focus on global commerce and financial activities.
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Hackernoon
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10 Things to Do After Your First Win—So It’s Not Your Last
- Getting traction may lead to overconfidence, killing momentum faster than expected.
- After initial success, key actions include not losing the scrappy mindset and avoiding entitled decisions.
- Suggested steps after traction involve self-reflection, challenging ideas, and staying humble and wary.
- It is emphasized to maintain a sense of urgency and avoid complacency after initial wins.
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Bloomberg Quint
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US Plans AI Chip Curbs On Malaysia, Thailand Over China Concerns
- Draft rule aims to restrict AI chip shipments from Nvidia to Malaysia, Thailand.
- Commerce Department seeks to prevent China from obtaining components through intermediaries.
- US plans to crack down on suspected semiconductor smuggling into China through Southeast Asia.
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Blackenterprise
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Image Credit: Blackenterprise
Senior Citizens Scammed By Church Member Fight Back
- Two Cobb County senior citizens fell victim to an investment scheme orchestrated by a church member promising significant returns through his company, ARP LLC.
- The seniors, Edward Wright and Michael Roberson, invested $23,000 and $27,000 respectively with promises of high returns and doubled investments within two weeks, none of which materialized.
- ARP LLC was found to be unregistered with the Georgia Secretary of State’s office, prompting a formal complaint by Wright and an ongoing inquiry into the company's activities.
- Despite assurances of repayment within 30 days, Johnson, the church member behind the scheme, has yet to deliver, triggering emotional and financial distress for the defrauded seniors.
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Bloomberg Quint
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Mandate Of NDB Needs To Be Renewed With Focus On Greater Agility And Efficiency: FM
- India's Finance Minister, Nirmala Sitharaman, emphasized the need to renew the mandate of the New Development Bank (NDB) with a focus on greater agility, technological advancement, and efficiency.
- The NDB has played a significant role in reshaping the financial landscape for the global South by approving over 100 projects and providing financing exceeding USD 35 billion across member countries for initiatives like metro rail, renewable energy, and water management.
- Sitharaman highlighted the importance of NDB as a platform for creating a more equitable global financial architecture and stressed the necessity for collective action by the global South to address fiscal constraints, climate change, and geopolitical dynamics.
- The Finance Minister noted that India is uniquely positioned to lead sustainable development efforts, leveraging initiatives like UPI, Aadhaar, financial inclusion drives, and renewable energy projects to bridge the financing gap for Sustainable Development Goals (SDGs).
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Bloomberg Quint
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Harvard Warns Foreign Students Over US Airport, Social Media
- Harvard University advises foreign students to be cautious about social media posts and warns against arriving at Boston’s Logan International Airport.
- State Department officials can review social media accounts for student visa applicants, while US Customs and Border Protection can examine personal electronic devices and reject entry based on their contents.
- Harvard specifically advises Iranians and Chinese nationals studying in certain fields to exercise caution when traveling and suggests alternative airports like New York’s John F. Kennedy International Airport.
- The Trump administration has targeted Harvard regarding international student enrollment, research funding, and tax-exempt status, with ongoing legal battles over its policies.
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Bloomberg Quint
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Bizongo Denies Allegations Of Misappropriation, Says Repaid Rs 184 Crore To TradeCred Last Year
- Bizongo refuted allegations of fraudulent diversion and misappropriation of funds amounting to Rs 69 crore by TradeCred.
- Bizongo has repaid over Rs 184 crore to TradeCred in the past year, reducing its principal obligation to Rs 66 crore.
- The company offered 10% equity to TradeCred and has reduced its net debt significantly, operating profitably in raw materials supply.
- Bizongo stated it remains compliant with regulatory norms, prioritizes transparency, ethical conduct, and the trust of stakeholders.
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Bloomberg Quint
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AIonOS Picks Up Majority Stake In Cloud Analogy
- AIonOS has acquired a majority stake in Cloud Analogy to offer digital transformation solutions.
- The financial details of the deal were not disclosed by the company.
- AIonOS aims to lead AI-first customer experience transformation with Cloud Analogy's delivery excellence.
- The combined entity plans to create industry-specific solutions for various sectors like BFSI, automobile, healthcare, education, retail, and real estate.
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Bloomberg Quint
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BEML Secures $6.23 Million Orders In CIS Region
- BEML has secured two export orders in the CIS region totaling $6.23 million for heavy-duty bulldozers and motor graders.
- The orders include 10 units of bulldozers for extreme cold climates and a motor grader for infrastructure development in Uzbekistan.
- BEML's international reach expands with Uzbekistan becoming the 73rd nation in its export portfolio, strengthening its presence in the CIS mining markets.
- The company's CMD expressed pride in the global competitiveness, emphasizing the strategic vision to excel in international mining and defence markets.
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Bloomberg Quint
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Air India Pilot Collapses Moments Before Operating Bengaluru-Delhi Flight
- An Air India pilot collapsed in the cockpit just before operating a flight from Bengaluru to Delhi on July 4.
- Air India confirmed a 'medical emergency' involving the pilot and stated that he was taken to a local hospital immediately.
- The pilot collapsed while about to sign mandatory documents in the cockpit, but is currently stable and under medical supervision.
- The delayed flight, AI2414, was operated by another pilot, and Air India's priority is the speedy recovery of the affected pilot.
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Bloomberg Quint
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WEF, UAE Launch 'Global Regulatory Innovation Platform' To Keep Pace With Tech Disruption
- The World Economic Forum, in collaboration with the United Arab Emirates, has launched the Global Regulatory Innovation Platform to help regulators keep up with technological innovation.
- The platform aims to bring together policymakers, industry leaders, and legal experts to find more flexible and practical approaches to rulemaking.
- GRIP will focus on developing tools like a Global Regulatory Playbook, Regulatory Future Readiness Index, and Regulatory Innovation Hub over the next two years.
- The initiative has support from the UAE's General Secretariat of the Cabinet and aims to empower legislators globally to respond to technological shifts effectively.
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Bloomberg Quint
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Travel Food Services Raises Rs 599 Crore From Anchor Investors Prior To IPO Launch
- Travel Food Services raised Rs 599 crore from anchor investors ahead of its IPO launch, with 33 investors receiving allotments.
- The company plans to raise up to Rs 2,000 crore through an initial public offering, offering equity shares through a pure Offer for Sale.
- The company's business spans 14 airports in India and three in Malaysia, with major operations in top airports like Delhi, Mumbai, and Bengaluru.
- Lead book running managers for the issue include Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities.
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Bloomberg Quint
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India Holds Firm In US Trade Talks, Prioritises National Interest Over Deadline Pressure
- Commerce Minister Piyush Goyal stated that India will only enter into a trade agreement with the United States if it ensures a balanced, win-win outcome for both sides.
- India does not negotiate under pressure or against arbitrary timelines, showing a commitment to prioritize national interests over meeting deadlines.
- Key sticking points, particularly in the agriculture and automobile sectors, remain unresolved in the interim trade deal negotiations between India and the US.
- India is focusing on maintaining relative competitiveness in key sectors such as leather, textiles, and footwear, indicating a firm stance in trade negotiations.
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