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TechCrunch
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Concourse is building AI to automate financial tasks
- Concourse is a platform that automates financial tasks to help finance teams streamline their workflows.
- The platform connects to businesses' financial systems, allowing finance teams to retrieve and analyze data, generate charts, and ask ad-hoc questions.
- Concourse leverages large language models and traditional data analysis methods to execute complex financial workflows.
- The platform is still in beta but has several customers and has secured $4.7 million in capital from investors.
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Eu-Startups
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Reykjavik-based AviLabs raises €8 million to renovate airline passenger disruption management
- Frumtak Ventures and Brunnur Ventures have led an €8 million investment in AviLabs, a company based in Reykjavik, Iceland, to renovate airline passenger disruption management.
- The investment comes as airlines seek scalable and automated solutions like AviLabs' technology Plan3, to address disruptions that cost an estimated €60 billion in operational costs per year.
- AviLabs aims to transform how airlines manage disruptions, improve efficiency, and drive cost savings in the aviation sector.
- AviLabs recently launched Grounded [In Iceland], an industry summit that positioned them as an authority on passenger disruption management and a trusted partner for airlines globally.
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Inc42
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IBM Buys Prescinto To Expand Its Renewable Energy Efforts
- IBM has acquired Bengaluru-based startup Prescinto to expand its renewable energy efforts.
- The financial terms of the deal have not been disclosed.
- Prescinto uses AI to improve the performance of clean energy plants and reduce operation costs.
- This acquisition will enhance IBM's capabilities in asset lifecycle management and strengthen its leadership in the energy and utility space.
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ISN
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Insurtech startup Acko reports Rs 2,106 crore revenue in FY24; losses decline by 9.3%
- Insurtech startup Acko reported revenue of Rs 2,106 crore in FY24, a 19.8% increase from the previous year.
- Gross premiums contributed significantly to the revenue, reaching Rs 1,587 crore, a rise of 33.9%.
- Despite increased total expenditure, Acko managed to reduce net losses by 9.3% to Rs 670 crore in FY24 from the previous year.
- Areas such as employee benefits, advertising, and claims paid were controlled, contributing to the reduction in losses.
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Yourstory
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Navi Finserv securitises $24.5M in personal loans with Goldman Sachs India
- Navi Finserv has securitised $24.5 million in personal loans with Goldman Sachs India.
- The transaction, structured via pass-through certificates (PTCs), is backed by a pool of unsecured personal loans.
- This marks Navi Finserv's seventh multinational bank partnership and holds an IND AA (SO) rating from India Ratings.
- Securitisation allows lenders to free up capital, reduce risks, and provide liquidity for further lending.
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Yourstory
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Why Your Child Can’t Stop Watching Cocomelon: The Secret Strategy Behind It
- Cocomelon captivates young children with its fast-paced scene changes, bright colors, and repetitive patterns.
- The rapid scene changes keep children engaged and create a cycle of anticipation.
- Bright colors and familiar songs provide comfort and stability while subtly educating children.
- Overstimulation from Cocomelon can make it harder for kids to enjoy less stimulating activities.
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VIE Stories
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IBM Acquires Prescinto for Renewable Energy Asset Performance Management
- IBM acquires Prescinto, a top supplier of software-as-a-service (SaaS) for asset performance management (APM) in the renewable energy sector.
- Prescinto's capabilities use AI to provide automation, analytics, and monitoring to manage clean energy and storage assets, optimizing operations in the renewable energy sector.
- The acquisition strengthens IBM's asset lifecycle management system, IBM Maximo Application Suite (MAS), and its position in the energy and utility sectors.
- Prescinto, founded in 2016 and headquartered in Bangalore, India, works with global customers across 14 countries with 16 GigaWatts under management.
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Inc42
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Data Science Wizards Bags Funding To Help Enterprises With AI Solutions
- Data Science Wizards, a PaaS startup, has secured seed funding for its deeptech AI venture UnifyAI and insurAInce solution for the insurance industry.
- UnifyAI helps organizations build and orchestrate AI-enabled use cases, while insurAInce facilitates enhanced risk management and operational efficiency in the insurance sector.
- The funding will also support the development of domain-specific solutions for banking, telecom, retail, and manufacturing.
- Data Science Wizards offers AI and data analytics solutions and consulting services to help enterprises make data-driven decisions.
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Yourstory
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Nykaa allots 3.08 lakh equity shares under ESOP scheme
- Beauty and personal care marketplace Nykaa has allotted 3.08 lakh equity shares under its employee stock option plan (ESOP) schemes.
- The allotted ESOP amounts to a total of Rs 5.94 crore based on the company's opening price of Rs 193 apiece on NSE.
- Nykaa had previously granted ESOPs before its Q4 FY 2024 results and has been consistently allocating shares in subsequent months.
- Nykaa expects to achieve mid-twenties revenue growth in the second quarter of FY25, despite subdued demand in the first half of the financial year.
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Yourstory
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At Couchbase-AWS panel, experts discuss the challenges of building data-driven strategies
- Companies with effective data strategies can make better decisions, operate efficiently, and innovate seamlessly.
- Couchbase and AWS held a round-table discussion to explore ‘Future-proofing the Data Strategy’.
- The panellists included experts from Myntra, Dvara Holdings, Razorpay, VerSe Innovation, PayU, Gameskraft, FreshToHome, Gupshup, Smartcoin and Freshworks.
- Panelists emphasised the importance of real-time data, data protection, and the challenges of data compliance.
- Data accuracy, creating an efficient data access strategy, and leveraging data to organise the massive seafood industry in India were some of the challenges shared by the panelists.
- The panel also shared insights on the importance of A/B testing data to help businesses create an immersive customer experience.
- Fintech panellists from PayU, CoinDCX, Smartcoin, and Credit Saison shared their experiences on handling fraud and implementing checks in the customer KYC process, customer consent in the underwriting process, and access to data from credit bureaus.
- The panellists discussed various initiatives to create a common data-sharing framework, including RBI initiatives to share land records, private players who offer satellite-based data to agri-lenders, and data clean rooms for secure data sharing.
- The distributed NoSQL multi-modal database is designed for adaptive applications that combine document-oriented data with an integrated cache (memory-first architecture).
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Inc42
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ACKO Elevates Sandip Goenka As CEO Of Its Life Insurance Business
- Insurtech company ACKO has promoted Sandip Goenka, CFO of its life insurance business, to the position of CEO.
- In his new role, Goenka will be responsible for business and customer strategy, operational efficiency, financial performance, investor relations, and corporate governance for ACKO Life.
- ACKO, founded in 2016, offers insurance for vehicles, health, and travel and has raised over $450 million in funding.
- In FY23, the company reported a net loss of INR 738.5 crore and operating revenue of INR 1,758.6 crore.
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Yourstory
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49
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64-Year-Old SBI Veteran Clears NEET, Proving It's Never Too Late to Chase Dreams
- Jay Kishore Pradhan, a 64-year-old retired SBI deputy manager, has cracked the NEET and enrolled in the MBBS program at VIMSAR in Odisha.
- Pradhan's decision to pursue medicine at his age defies societal age stereotypes and serves as an inspiration for others.
- Motivated by his twin daughters and empowered by the removal of the upper age limit for medical entrance exams, Pradhan successfully cleared NEET with the support of his family.
- Pradhan's commitment to his medical career reflects his desire to contribute positively to society and serve others.
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Medium
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2024 VC Vintage: A Potential GOAT in the making
- Successful vintages are usually raised around a bear market or 4-5 years before a bull market peak.
- Bear market vintages offer cheaper deals and access to better founders.
- Vintages raised before a bull market peak benefit from an intensifying IPO and M&A market.
- Timing is crucial in VC investments, and great GPs can generate strong returns.
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Startupreporter
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Management of Pediatric Poisoning: What Parents Need to Know
- Poisoning in children is a major concern for parents and caregivers, with most cases occurring at home.
- Common signs and symptoms of poisoning include sudden confusion or drowsiness, seizures, stomach pain and vomiting, breathing difficulties or swallowing problems, and burns or damage to the mouth or throat.
- If poisoning is suspected, parents should seek immediate medical help, remove contaminated clothing, and take the child to the hospital.
- Prevention tips for parents include following correct medication dosage, keeping chemicals out of reach, and using childproof locks on cabinets storing hazardous substances.
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Eu-Startups
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Dutch unicorn DataSnipper supercharges AI-driven audit automation with acquisition of UpLink
- DataSnipper acquires UpLink, a cloud-based secure document request portal, and launches DocuMine, an AI-powered document validator.
- The acquisition and launch aim to build a comprehensive AI-powered audit ecosystem.
- UpLink enables auditors to search and analyze client documents in real-time using AI, reducing manual effort and improving accuracy.
- DocuMine automates data validation in Excel, allowing auditors to focus on higher-value tasks.
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