The company’s product employs AI to help investment professionals use data and information in an automated manner, Desia said in a Tuesday (Sept. 24) press release.

“I recall sifting through data and information until the early hours during my time at Goldman Sachs in order to make fully informed decisions and strategies,” Raffaele Terrone, co-founder and CEO of Desia, said in the release. “With Desia the whole process would have been more efficient and successful. I wish it was available back then.”

Desia extracts knowledge and data about potential investments and performs analyses in an automated way, according to the release.

Its capabilities save time and resources for investment professionals who still sort through data and information manually and deal with data that is often unstructured, the release said.

“The complexity of unstructured data and inefficiencies in data processing are significant challenges, but the potential value we can deliver to our users is massive,” Alessandro Amaro, co-founder and chief product officer of Desia, said in the release.

Desia’s solution already has users, and the company is looking to expand in the United Kingdom, the United States and Europe, per the release.

Ross Mason, founding partner at Dig Ventures, which led the company’s funding round, said in the release that Desia’s founding team is positioned to address an essential challenge in the financial industry.

“Their innovative approach to automating data analysis leveraging AI promises substantial advancements in productivity for finance professionals,” Mason said.

The Bank for International Settlements (BIS) said in June that the financial sector is among the “most exposed” to both the benefits and the risks of AI.

The benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, according to the BIS.

Eighty-three percent of bank executives are eyeing generative AI with both hope and hesitation, according to the PYMNTS Intelligence and AI-ID collaboration, “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”

The post Desia Raises $3.3 Million to Expand AI Applications for Investment Professionals appeared first on PYMNTS.com.

The company will use the new funding to add generative AI enhancements, hire additional talent and accelerate its expansion across the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions, Torq said in a Tuesday (Sept. 24) press release.

“Torq has blown past all the frustrating, manual limitations of legacy [security orchestration, automation and response (SOAR)] that leave significant holes in the security perimeter,” Ofer Smadari, CEO and co-founder of Torq, said in the release. “Torq plugs all those holes by delivering a new layer of AI-driven protection, all while making all of security operations more productive than ever.”

The company’s Torq HyperSOC is a purpose-built solution that uses the AI-driven Torq Hyperautomation platform to automate, manage and monitor critical security operations center (SOC) responses, according to the release.

By initiating and accelerating security event investigation, triage and remediation, delivering case management capabilities and automating complex processes, Torq HyperSOC allows analysts to focus on strategic security initiatives, per the release.

Torq Hyperautomation and Torque HyperSOC deliver “deep value” for security operations teams worldwide, Richard Seewald, founder and managing partner of Evolution Equity Partners, which led Torq’s latest funding round, said in the release.

“It’s now no longer a question of if, but when every enterprise will adopt AI-driven hyperautomation,” Seewald said.

With commerce increasingly happening online and payment systems becoming more intertwined with complex technologies, cybersecurity has never been more critical, PYMNTS reported Sept. 13.

News came Sept. 12 that Mastercard spent $2.65 billion to acquire threat intelligence company Recorded Future, saying the deal “bolsters the insights and intelligence used to secure today’s digital economy — in the payments ecosystem and beyond.”

In August, Kiteworks secured a $456 million growth equity investment to strengthen its market position in secure data transfer and collaboration, noting that there is an expanding cybersecurity risk as more cybercriminals target sensitive content from supply chains and other ecosystem.

In January, cloud-native security provider Aqua Security secured $60 million in funding in an extension of its Series E round. The company said that since its founding eight years earlier, its solutions had been adopted by more than 500 enterprise companies worldwide, including 40% of the Fortune 100 companies.

The post Torq Raises $70 Million to Expand AI-First Cybersecurity Hyperautomation Solutions appeared first on PYMNTS.com.

The Series A round will help the company fund the launch of LiveFlow Next, a new line of reporting and analysis products, as it expands its go-to-market team and invests in research and development, according to a Tuesday (Sept. 24) press release.

“The new product suite features tools for building custom client dashboards, intelligent forecasting, industry benchmarking, AI-driven transaction categorization and more,” LiveFlow CEO Lasse Kalkar said in the release.

Founded in 2021, LiveFlow’s customer base includes international accounting firms like BDO and KLR along with brands like Wendy’s and Crumbl Cookies, according to the release.

The funding comes as AI is poised to transform the accounting sector, as PYMNTS wrote in July, citing a report from venture capital firm Andreessen Horowitz.

“…AI is becoming a crucial component in various sectors, with accounting firms particularly eager to harness its potential to enhance efficiency and manage increasing workloads,” PYMNTS wrote.

AI’s integration into accounting makes sense, as bookkeeping, tax preparation and auditing involve repetitive tasks that can benefit from the technology. In addition, the industry faces a two-front challenge: an aging workforce and no one to replace them.

“When preparing to use new technology, like AI, start with what you want your outcome to be first,” Josh Schauer, vice president of finance at insightsoftware, told PYMNTS in the report. “By understanding what you want the impact to be, then looking for the right tools and data to solve it, you can inform what is required and the steps you need to complete it.

“For instance, one of the biggest challenges accountants face today is a lack of bandwidth and an overload of repetitive, manual tasks — like reconciliations and generating reports. Ultimately, accountants should be trying to do more with less. Understanding this goal, they can then seek tools that effectively decrease this manual work and free up time for more valuable tasks, like financial planning and analysis.”

The post LiveFlow Raises $13.5 Million for New Accounting Automation Products appeared first on PYMNTS.com.

The seed funding round comes as the Paris-based company is working to extend its AI applications for small and medium-sized enterprises (SMEs) across a range of sectors, including eCommerce, industry and finance, EU Startups reported Monday (Sept. 23).

“The support of our investors will allow us to advance our mission to build a bridge between fast-evolving AI models and the concrete needs of SMEs,” said Nicolas Marchais, founder and CEO of Phacet. “This will enable them to move from the desire to integrate AI to its implementation in different departments.”

According to the report, Phacet works with customers to determine essential applications to enhance business processes. From there, clients can take part in an AI Bootcamp on Phacet’s platform, which creates AI applications with Phacet’s AI engineers and the client team.

The company says the integration of a centralized platform and sole supplier allows for a consistent experience, data connectivity and cost control for businesses.

The company’s funding round comes at a moment where AI is no longer just the domain of large, deep-pocketed companies, as PYMNTS wrote earlier this year in a look at small and medium-sized business (SMB) adoption of the technology.

“However, the ways that Main Street SMBs can unlock growth through strategic applications of AI looks a little different from the approaches being taken by their larger enterprise counterparts,” that report said.

“Smaller businesses are not just playing catch-up, though. From better access to working capital, to marketing and workflow automation, SMBs are leveraging AI in ways that are uniquely suited to their scale and operations.”

In contrast to major corporations, which might turn to AI to optimize global supply chains, SMBs are employing AI at a more localized level.

For example, a small car repair shop could use AI to predict which parts will be needed most frequently based on historical data, lowering the need to amass large inventories and ensuring that commonly needed parts are always on hand.

“The key to success for SMBs will be in how they choose to implement and integrate AI into their business models,” PYMNTS wrote. “By focusing on applications that align with their unique needs and strengths, Main Street businesses can use AI to drive growth in ways that are both sustainable and impactful, distinguishing themselves from larger competitors in the process.”

The post Phacet Raises $4 Million to Bring AI Tools to Small Businesses appeared first on PYMNTS.com.

These benefits include French CDI employment contracts, social protection, company health insurance and savings plans, Breega, which led the funding round for the French startup, said in a Monday (Sept. 23) post on LinkedIn translated from the French by that platform.

Jump also provides freelancers with payment processing, virtual cards and online activity tracking, according to the post. The company also recently added a free solution for freelancers who are just starting out: Jump Open.

“We’re redefining work by merging the flexibility of freelancing with comprehensive support,” Jump CEO Nicolas Fayon said in the post.

Jump currently serves 2,000 freelancers and 3,000 companies, according to the company’s website, translated by Google.

It offers its Jump Life plan at a fixed price of 149 euros ($166) a month on a monthly basis or 99 euros ($110) a month on an annual plan, per the site.

In its own post on LinkedIn, also translated from the French by LinkedIn, Jump said there are more than 4 million self-employed people in France, half of the members of Gen Z do not want a traditional permanent contract, and a quarter of young people say freelancing allows them to enjoy freedom in their professional career.

“This major fundraising will therefore allow Jump to deploy its model in France and Europe in order to allow the younger generations to reconcile their aspirations for freedom and their need for security (permanent contracts, social protection, employee savings, easier access to loans, removal of administrative burdens, etc.,” Jump said in the post.

In Europe, business banking can be a nightmare for entrepreneurs and solopreneurs as more established, traditional lenders often neglect individuals who do not have the typical 9-to-5 worker profile or a regular monthly paycheck, Alexandre Prot, co-founder of French neobank Qonto, told PYMNTS in an interview posted in February 2022.

In March, Qonto expanded the business finance solutions it offers small and medium-sized businesses (SMBs) and freelancers by adding an in-house financing offer called “Pay later.”

The post Jump Raises $12.2 Million to Grow Platform for French Freelancers appeared first on PYMNTS.com.

Intel executives are considering the proposal, Bloomberg reported Monday (Sept. 23), citing unnamed sources.

The size of the potential investment could change, or the talks could come to nothing, according to the report.

Neither Apollo Global Management nor Intel immediately replied to PYMNTS’ request for comment.

The investment would provide Intel with an alternative to a potential takeover by rival chipmaker Qualcomm, which has floated the idea of a friendly takeover, per the report.

Apollo and Intel have an existing relationship, following Apollo’s June purchase of an $11 billion stake in a joint venture that controls a chip plant in Ireland, according to the report.

Intel’s sales have been shrinking, and its shares have lost half their value this year, the report said.

The shares rose last week after Intel CEO Pat Gelsinger announced a deal with Amazon Web Services (AWS) to co-invest in a custom artificial intelligence semiconductor, a plan to turn Intel’s manufacturing business into a wholly owned subsidiary, and a pause to plans to build new factories in Germany and Poland, per the report.

A combination of Intel with Qualcomm or another competitor would likely face regulatory scrutiny, according to the report.

It was reported Friday (Sept. 20) that Qualcomm initiated discussions with Intel about a potential acquisition. The talks were in their early stages, and Qualcomm has not submitted a formal offer.

If the acquisition attempt moves forward, it could mark one of the largest in tech history. In 2018, chipmaker Broadcom sought to acquire Qualcomm for $142 billion, but that deal was ultimately blocked by then-President Donald Trump due to national security concerns.

In June, Intel introduced a next-generation AI chip, the Xeon 6 processor, promising a combination of enhanced performance and power efficiency to tackle the demands of data center workloads.

“AI is driving one of the most consequential eras of innovation the industry has ever seen,” Gelsinger said at the time. “The magic of silicon is once again enabling exponential advancements in computing that will push the boundaries of human potential and power the global economy for years to come.”

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

The post Report: Apollo Global Management Offers $5 Billion Investment in Intel appeared first on PYMNTS.com.

A Friday (Sept. 20) press release announcing the move did not report the amount of the investment.

“Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain,” Amman Bhasin, partner at PayPal Ventures, said in the release. “Chaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.”

Edge is a new decentralized oracle protocol that combines accurate price data with actionable market intelligence, ensure the security and efficiency of DeFi applications, and provides insights into market dynamics and security risks, according to the release.

The news of PayPal Ventures’ additional investment comes a month after Chaos Labs announced a $55 million Series A funding round that was led by Haun Ventures and included new investors like F-Prime Capital, Slow Ventures and Spartan Capital and existing investors like PayPal Ventures, per the announcement.

Chaos Labs will receive the investment in PayPal’s stablecoin, PYUSD, on-chain, according to the release.

“We’re excited to receive the strong confidence and additional support from the PayPal Ventures team,” Chaos Labs CEO and founder Omer Goldberg said in the release. “Edge by Chaos is the culmination of our entire company’s work and expertise. Edge Price, Risk and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world assets, in addition to the crypto assets and venues that provide access to them.”

Chaos Labs was founded to secure DeFi protocols against economic vulnerabilities and market manipulation, the company said when announcing seed funding in February 2023.

PayPal introduced PYUSD in August 2023, saying in a press release that the U.S. dollar-pegged stablecoin is “designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents.”

In May, the company said PYUSD was available on the Solana blockchain, making the stablecoin faster and cheaper to use.

The post PayPal Increases Investment in Blockchain Risk Management Firm Chaos Labs appeared first on PYMNTS.com.

The company, which has raised $334 million since its founding in 2016, focuses on B2B tech startups from late seed to the Series B stage, EU Startups reported Thursday (Sept. 19).

“Startups operate in a highly competitive space, but it’s also incredibly collaborative. We aim to offer founders an unmatched network and go above and beyond to help them succeed,” said Dr. Torsten Kreindl, Capmont managing partner.

“It’s not just about deploying capital — we are in it for the long run, introducing founders to decision-makers, potential customers, or stepping in with additional funding when needed.”

According to the report, Capmont is in industries such as supply chain, manufacturing, and IoT, enterprise Software-as-a-Service, robotics and cybersecurity.

Past investments include Konux, an artificial intelligence (AI)-powered railway optimization company, and ProGlove, an industrial IoT firm later acquired by Nordic Capital, the report said.

The announcement comes as VC firms are seeing funding pick back up after a lengthy downturn. For example, this week began with reports that the venture outfit Insight Partners was preparing to close a $10 billion-plus fund.

As the Financial Times (FT) reported this fund is only about half the amount the company had originally planned, but still represents a sign that tech investors are returning to the VC space.

The VC market had been on the decline for two years, though recently, investors had come back with firms such as Andreessen Horowitz and Iconiq Growth raising nearly $20 billion. Andreessen Horowitz, announced in April that it had raised $7.2 billion for tech startups, including those in the AI sector. And Iconiq recently closed a $5.75 billion, its largest to date.

Insight won’t close on its fund until early next year but at least $10 billion has been committed, sources told the FT, adding that the final figure could reach around $12 billion.

Also this week, early-stage VC firm Patron announced its second fund had raised $100 million.

“Hundreds of millions of consumers are growing up immersed in platforms like Roblox and Discord, spending the bulk of their online time in these environments as the first truly gaming-native generation,” said Brian Cho, Patron co-founder and general partner.

“We are excited to continue backing visionary founders who are pioneering new experiences for this generation, using gaming as the initial wedge to build venture-scale businesses and reshape how these consumers engage with the internet.”

The post Capmont Launches $111 Million Fund for B2B Tech Startups appeared first on PYMNTS.com.

The London-based company will use the new funding to grow its team, launch new rewards and accelerate its expansion outside the United Kingdom, Yonder said in a Thursday (Sept. 19) post on LinkedIn.

“It’s going to be a busy couple of years,” Yonder said in the post. “Building a world class credit card business isn’t easy. But we love to keep busy, so we’re doubling down on ways to help you get the most out of your points, adding new partnerships with some of the world’s most iconic brands and building more intuitive features to help you use credit responsibly.”

“That’s not even the half of it,” the company added. “With this new funding, we’ll be taking Yonder on tour and launching outside the U.K. by the end of next year.”

Over the last year, Yonder added a free membership tier, hundreds of new partners around the U.K., product improvements and a feature called Yonder Flights that lets cardholders use their points “on any flight with any airline globally,” according to the post.

RTP Global, which co-led Yonder’s funding round, said in a Thursday post on LinkedIn that it is excited to support the company as it prepares for European expansion and continued innovation.

“Yonder is reshaping the credit card landscape, focusing on rewards and experiences that truly resonate with their customers,” RTP Global said in the post. “From curated partnerships with local businesses to exciting collaborations with airlines, Yonder is creating a unique financial lifestyle platform that goes beyond traditional credit.”

The Mastercard-powered Yonder credit card aims to solve the challenge of maximizing credit card rewards and figuring out how best to spend points accumulated over time, Tim Chong, co-founder and CEO at Yonder, told PYMNTS in an interview posted in May 2023.

The company’s rewards program allows customers to access value through an instant and seamless redemption process, Chong said.

“[That means] no clunky website portals, it’s just pairing your card, swiping the app, and that dinner is fully on Yonder,” Chong said.

The post Yonder Raises $31 Million to Expand Credit Card Outside UK appeared first on PYMNTS.com.

The Series C round was led by General Catalyst and Bloomberg Beta with participation from Mastercard and trucking and logistics industry players, the company said in a Thursday (Sept. 19) news release.

“Trucking is one of the largest occupations in the US, with small and medium-sized trucking businesses making up the vast majority of fleets today,” said AtoB CEO Vignan Velivela. “These milestones will allow us to better support truckers and the small businesses they represent — the backbone of America’s economy — with tools that allow for transparency and efficiency.”

According to the release, the combination of high fuel costs and tight profit margins threatens the financial stability of trucking firms.

“By simplifying payment processes and providing 24×7 instant access to earnings through the AtoB Carrier Wallet — designed for managing both fuel and non-fuel expenses — AtoB helps drivers optimize their finances, reduce fraud, and maintain the stability essential for success in a challenging industry,” the company added.

The release notes that in the last year, AtoBe has seen a 500% increase in revenue and volume with its partners, growth driven by collaborations with companies like Uber Freight.

Speaking with PYMNTS CEO Karen Webster earlier this year, Velivela argued that slow payments represent a “silent tax” on fleet management and truckers.

Paper checks remain the chief way of paying both short-haul and long-haul truck drivers. And payroll loans are the norm, as drivers can spend days or weeks on the road, needing to cover everyday costs like food, gas, lodging or repairs.

As for the companies paying them, these are typically smaller businesses, with smaller fleets. Under 3% of them have more than 20 vehicles on the road.

“If you have slow payments, you have a higher cost of working capital, and this shrinks margins and companies have to raise their prices constantly,” Velivela told Webster.

Meanwhile, research by PYMNTS Intelligence finds that 93% of truckers would use instant payments if offered the chance, though many companies in their sector have yet to adopt them.

The research showed that of the transportation small- to medium-sized businesses (SMBs) did not use digital payments, 24% said their banks do not offer them. Another 29% of this group said difficulty of use or insufficient knowledge were holding them back.

“Cost concerns were also a factor, with 23% saying instant payments were too expensive,” PYMNTS wrote. “Additionally, 22% pointed to limited payee acceptance.”

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