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Megvii raised almost $750 after backup from Alibaba

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Megvii raised almost $750 after backup from Alibaba

Megvii, China’s most ambitious artificial intelligence startups which were working on facial recognition has successfully raised a total of $750 million in their series E investment round.

Megvii was basically founded by three graduates of the Tsinghua University, which is in China. This company has been in business for almost 8 years. Now, the company specializes in its computer vision solutions which include public security as well as mobile payments. This startup is now funded by Alibaba which is one of the main reasons why they can raise such a big amount of money.

According to a report which was made by Bloomberg in the month of January, the company Megvii can raise almost close to $ 1 billion just with the help of their initial public offering in Hong Kong. This whole new Capital injection can lift the valuation of the company to almost close to $4 million. This round of investment was a big step for the company’s growth.

China is now on its way to overtaking the United States of America in various aspects of technology such as artificial intelligence. All the money that was invested in artificial intelligence in the year 2017 mostly went to startups in China. Allen Institute for Artificial Intelligence came out with a report where it showed that China is getting close to the number of research papers published with respect to the United States of America.

All the major publishing houses such as the New York Times has pointed out that China is flourishing very rapidly when it comes to artificial intelligence. Facial recognition is also one of the things which are helping the police to identify criminals, but people have shown their concern in its use as a surveillance tool.

According to a report from Bloomberg, Megvii has received its funding just after the Human Rights Watch report has mentioned them as the Integrated Joint Operations Platform. It has been allegedly said that police application which was collecting data of the Muslims minority group from the province of Xingjian, a western province in China. Megvii has denied their links to any of the Integrated Joint Operations Platform database.

Kai-Fu Lee the world known artificial intelligence investor and expert has said that any country of the world can end up abusing artificial intelligence. He also said that China is one of the countries which use artificial intelligence for education, retail, urban traffic, and other sectors. With this series E investment, the company can attach itself with some of the big companies in the global market. Companies like Bank of China Group was a part of this investment round. Some of the foreign investors for this round were Dhabi Investment Authority, which is one the largest sovereign wealth funds and the Australian investment bank Macquarie Group.

Megvii has been very vocal about the money that they have raised in this round of investment which will be going towards commercialization of their services that are related to artificial intelligence so that they can go global. China has been known for sharing artificial intelligence technologies with different countries around the globe.

Yitu ended up opening a new office last year in Singapore so that they can work in the global market. Andrew Downe, the Asian regional head of the commodities and global markets at Macquarie Group said:

 “Megvii is a global Artificial intelligence technology leader and innovator with cutting edge technologies, a scalable business model and a proven track record of monetization. We believe the commercialization of artificial intelligence is a long term focus and is of great importance.”

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Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system

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Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system

Quadric which is basically a startup founded by the people who were behind the secretive Bitcoin mining operation “21E6” and has ended up raising $15 million in their Series A investment round. This has been a huge success for a small company like Quadric.io. This money that has been raised in this investment round will go towards building the supercomputer which will be designed for autonomous systems.

This Series A round of investment was led by automotive Tire 1 supplier DENSO and its semiconductor products arm NSITEXE, which is Quadric.io’s customers of the electric system which will be there in the future in all levels of the autonomous driving solutions. Leawood Venture Capitalist is also one of the participants in the Series A round.

The company said that it will be using the capital to build a product which will hire people as business development. The main seed investors of Quadric.io are Pear, Uncork Capital, Cota Capital, SV Angel, and trucks VC.

Quadric.io grew from a disconnected mission to produce a robot for agriculture, which change the way vineyards are managed. This company was launched in the year 2016 by its Chief executing officer Nigel Drego and CPO Daniel Firu. They are also the co-founders of 21 Inc. The Bitcoin startup which was once known as the 21E6 was later called as Earn.com before it ended up being acquired by Coinbase for $100 million.

The main plan of Quadric was stymied by some real-world fundamentals. The power-hungry ag robot was slowed down with the weight by batteries that were unwieldy to move amongst vineyard row and also the processing time to turn all the loads of the environment data into the actual action which is basically based on the algorithms were a bit slow.

Quadric was on the lookout for the chip which is designed for processing on the edge and all the decisions which are made are in real time. The need has finally grown into a Quadric core product today.

Kheterpal said in a recent post that Intel’s CPU’s is very up to the standard computer processing and the Nvidia GPU has finally,

 “ushered into gaming and much graphics processing for gaming and much more which was previously not possible.”

Quadric will be in need of some technology and parts which neither of the companies can provide which is a chip designed for processing on the edge.

The computer has finally created a unified architecture the supercomputer that will help enable high-performance computing along with artificial intelligence. The supercomputer is built on Quadratic Processor, which is basically a plug and play unit. It has been seen in the early testing that the computer shows 100 times lower latency and 90 percent reduced power consumption.

Quadric was the one which designed the instruction set chip architecture system. All the system level manufacturings are done at the Santa Clara which is in California and all the things are then assembled in Asia.

Quadric has ended up arguing that fundamental technology is all prerequisite for companies that develop all the autonomous systems that can be used for transportation, construction, and agriculture. All the tech which has been used below lacks the performance and can solve a small part according to the company.

The autonomous functions end up requiring higher processing speed and responsiveness that is one the edge which is on the machine level and not in the clouds.

Tesla is one of the companies who has decided to build its own chips to meet all the specific requirements. According to Kheterpal, a very less percentage of companies can come up with resources to build tech from scratch.

Kheterpal wrote:

“Quadric is a plug and play option that eliminates the need for building heterogeneous systems with significant hardware and software integration costs — thereby taking years off of product development roadmaps.”

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Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech

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Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech

It’s been a long time at Viva Tech. This building ended up hosting a very special event which was the TechCrunch Hackathon in Paris. This was the event when almost hundreds of designers and engineers came together and attended this event. The event was basically a competition where people came together and worked on a project for 26 hours straight. There were a lot of people who participated in this event for the first time. People hardly got time to rest. They ended up sleeping on the floor and others drank Red bull and never stopped working. A total of 64 teams took part in this event and presented a one-minute demo so that they can impress their fellow coders and judges. The grand prize of the event was 5,000 pound.

Winner: Myneral.me

The problem currently with mining operations is the lack of transparency and the winning team can solve the issue simply by building a new tool which is very necessary to monitor operations. The Myneral.me is there to offer all the encompassing platform for both the mining and the metal sector

Runner Up 1: Vyta

Vyta was the first runner up in the event where they took patients’ information and help doctors get a good understanding of what treatment should they start with. This tool will help smooth up things in the medical industry.

Runner Up 2: Scrub

SCRUB= SCRUM=BUGS. It is very easy to track problems in the platform and fix them using the algorithmic suggestion and the code. This open source bug tracker will help make lives of coders much easier.

Runner-Up 3: Chiche

This tool is there to find the upcoming brand depending on the set of data which is used to detect it. The first thing that you need to do is a very simple quantification of all the major brands and then identify three newcomers. The tool also uses Galerie Lafayette’s website as a shopping tool.

Judges

The first judge of the competition was Dr. Aurelie Jean, who has been working as a research scientist and also an entrepreneur. She has invested in journalism, medicine, engineering, computational science and many more. She now works at the Massachusetts Institute of Technology. She now lives in the United States of America and also stays there. She also works at the Silico Veritas which is a consulting agency in France. She is also an advisor of the Boston Consulting Group. She is the science editorial contributor for Le Point and teaches algorithm in universities and conducts research.

The second judge of the event was Jalien Meraud who has a very strong record in the e-commerce business after he has served some of the biggest e-commerce industries like eBay, Rakuten, and PriceMinister. He was also the Chief Executing Officer of Rakuten Spain. In the year of 2014, Doctolib became the first CMO and quickly hold CPO functions from then on. He has a Master degree in Marketing, Statistics, and Economics from the ENSAI. He specialized Masters in Marketing Management from ESSEC Business School.

Lauret Perrin was also one of the judges who was the co-founder and CTO of Front. The company now serves more than 5,000 companies and it has been successfully able to raise $79 million in venture funding from companies like DFJ, Sequoia Capital and Uncork Capital. He used to work as a senior engineer are different startups before founding his company. He has a Masters degree in Computer Science from the Ecole Polytechinque and Telecom Paris Tech.

Neesha Tambe is also the head of the Startup Battle. This is TechCrunch’s global startup. Her role is to recruit and source different startups which are in their early stages. So that they can be launched at the Startup Battlefield. She is also one of the pioneers in the launch of CrunchMatch which is the networking program. She used to run Sustainable Brands prior to working with TechCrunch.

Renaud Visage is the co-founder of Evenbrite which is a San Francisco based company. They basically are an event technology platform which has been public since the month of September 2018. He is an angel investor and invests money in different startups. He mainly guides founders with different solutions to their problems. He works with seed Venture Capitalist firm called Point Nine Capital as a board partner. He has invested in a lot of companies in the past. He is also the board member of ShareIT which is a Paris based tech startup. He is also included in the Wired UK’s top 100 influencers in Europe.

Romain Dillet was also a judge of this event. He is basically a senior writer at TechCrunch. He is mainly from France, Romain and went to EMLYON Business School. This is one of the leading business schools in the area. He basically writes about mobile applications, Artificial intelligence, complex technology and many more. He is very into pop culture and is settled in Paris. He used to previously live in New York. He is known for traveling a lot because of work.

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Credder follows Rotten Tomatoes-style rating for news

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Credder follows Rotten Tomatoes-style rating for news

On this day and age of the internet, misinformation is everywhere. People use clickbait just to make sure that they get views. It is often impossible to know if a publication is trustworthy or not. Credder, a startup,  is trying to get a solution to this problem. The reviews are all aggregated into a score, which depends on the reviews of the journalist and readers. If you are reading a new article on the internet and are not sure about the credibility of the source, then you can surely check the scores in Credder.

The chief executing officer and co-founder Chase Palmieri compare their website with Rotten Tomatoes. This is one of the reasons that the Chief executing officer of Rotten Tomatoes Patrick Lee is part of the advisory board along with former Xobni Chief executing officer Jeff Bonforte and journalist Gabriel Snyder.

The chief executing officer of Credder said that their website will be open to all the public this month. The company has already raised a total of $750,000 in funding from the Founder Institute Chief Executing Officer Adeo Ressi, Ira Ehrenpreis, Herrington & Sutcliffe, the law firm Orrick, Steve Bennet and others.

The chief executing officer said that he has been working on this project since 2016 with the only goal of giving news consumers reliability. In other words, the main idea of the CEO was to try to stop news clickbait all over the internet.

If Credder gets a lot of attraction, then it is very sure that the shares’ prices will definitely go up. There are a lot of instances where people review movies without actually watching it. If a review is given honestly, then the quality of the publication is often under consideration.

The Chief Executing Officer has pointed out the ways that Credder is trying to evolve. Users can write any review of The New York Times or The Wall Street Journal or Tech Crunch. The only review they are giving is one specific article so hopefully that they’re engaging with the material along with the specifics of the story. The scores which are being given by the websites are aggregated scores of all the journalists and publications.

Palmieri said that the vote will be one of the factors that will affect the scorecard. The weight of the reviews will affect the source and its credibility. He added by saying:

 “It will take time for the weight of your reviews to be meaningful, and there will be a visible track record.”

The vision of Palmieri was a bit skeptical about how the credibility of the score can actually influence all the readers. It is not always easy to set a new idea an old publication. This system will come in handy for all the new publications so that they can get their credibility in a short period of time. Palmer replied by saying:

 “What we see in today’s media landscape is the left-wing media attacks the right-wing media, and vice versa. We never get a sense of what our fellow news consumers feel. What’s more likely to change your perspective and make you question yourself? It’s going to a rating page [for] an article, pointing out a specific problem in that article.”

The website will not itself be hosting any kind of article on its own. All they will do is rate all the websites and make sure the credible sources get high ratings.

Tech Crunch readers can simply go and check out the website of Credder early simply by using the promo code “TCNEWS.”

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