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Humane’s ‘AI Pin’ debuts on the Paris runway



Humane, a stealthy software and hardware company, is clearly milking the media hype cycle for all it’s worth. The company’s origin dates all the way back to 2017, when it was founded by former Apple employees, Bethany Bongiorno, Imran Chaudhri. In the intervening half-decade, the firm has been largely shrouded in mystery, as it’s put together the pieces of a mystery wearable, which it promises will leverage AI in unique ways.

The company’s been buzzy since it first engaged with the media – well before it offered the slightest bit of insight into what it’s been working on. In spite — or perhaps because — of such mysteries, Humane is now an extremely well-funded early stage startup.

At the tail end of 2020, it raised a $30 million Series A at a $150 million valuation. The $100 million B round arrived the following September, including Tiger Global Management, SoftBank Group, BOND, Forerunner Ventures and Qualcomm Ventures. It all seemed like a strong vote of confidence for the still stealthy firm. This March, it went ahead and raised another $100 million.

Sam Altman is also a large backer in the firm. No surprise then, that OpenAI is serving as a key collaborator on the artificial intelligence side of the equation.

In June, Humane revealed that its inaugural product would be an “AI Pin.”

“The [AI Pin is a] connected and intelligent clothing-based wearable device uses a range of sensors that enable contextual and ambient compute interactions,” the company noted at the time. “The Ai Pin is a type of standalone device with a software platform that harnesses the power of Ai to enable innovative personal computing experiences.”

Today it confirmed that the device will get a proper unveiling at a November 9 event. In the meantime, however, it’s doing the rounds at some Parisian fashion shows. The device apparently made a cameo on the lapel of supermodel Naomi Campbell during Coperni’s  2024 Spring Summer show at Paris Fashion Week, making her the “first person outside of the company to wear the device in public.”

Image Credits: Luca Tombolini for Coperni

“We have been admirers of Arnaud and Sébastien at Coperni for some time and our shared passion for the union of design, creativity and technology is at the heart of this collaboration,” Humane founders Imran Chaudhri and Bethany Bongiorno said in a release. “Our relationship with technology is changing profoundly, becoming even more personal as our devices morph into extensions of our bodies, minds and hearts.”

They went on to refer to the system as “a new paradigm of ambient, AI-driven computing.” Humane further describes the device thusly,

The Humane Ai Pin is the screenless, standalone device and software platform built from the ground up for AI. The intelligent clothing-based wearable uses a range of sensors that enable natural and intuitive compute interactions and is designed to weave seamlessly into users’ day-to-day lives. The device is privacy-first, with aspects such as no wake word and therefore no ‘always on’ listening, reflecting Humane’s vision of building products which place trust at the center.

If that sounds like a bunch of buzz words strung together, you’re not wrong. Until we actually see the thing functioning in-person, it’s impossible to untangle the final product from the self-generated hype. From what we can make out from the images, it’s definitely a screenless device, though the large front may have some functionality. Above that are what appear to be front-facing sensors, possibly coupled with additional sensors on the top, directed at the wearer’s face.

Humane is really pushing the “standalone device” narrative, meaning some of the appeal here could be the ability to leave your smartphone at home — similar to what companies have pushed with LTE-enable smartwatches.

Looks like we’ll get a better answer in a couple of months.

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Zūm Rails takes in first capital to launch new banking-as-a-service, FedNow offerings




The adoption of open banking and instant payments is moving slowly in the United States compared to other markets around the world, for example, Brazil. That said, the new program FedNow went live in July 2023, and data-sharing regulations are forthcoming, so more potential is on the horizon.

Until then, the co-founders of Zūm Rails say the experiences consumers have with payments continues to be fragmented, meaning companies have to create a tech stack to provide a wide range of services to their customers. The Montreal-based company is taking the approach of providing an all-in-one payments gateway that merges open banking with instant payments.

Marc Milewski and Miles Schwartz started the company in 2019. Milewski’s background is in treasury payments and he was an early employee at accounts receivable automation software company Versapay. While there, he worked on what ultimately became Canada’s first webhook-enabled EFT gateway.

“You learn about all the problems everyone has moving money,” Milewski told TechCrunch. “Open banking was discussed, but I thought it was more about payments. Miles and I talked about building a whole new gateway that unified these experiences. Companies don’t want to be payment experts — that’s our job.”

They started building software to simplify the complexity of moving money via different payment rails so companies can use whichever approach makes sense for their business. Their technology leverages “omni rails” for payments, whether it is traditional credit, debit or electronic funds transfer options. It also provides for real-time options through partners, including Visa Direct, Mastercard, MX and Canada’s Interac network.

Zūm Rails manages the flow of money, including the reduction of fraud and failed transactions, by verifying a customer’s identity, linking directly with bank accounts and facilitating payments via the method of the customer’s choosing.

The company now processes more than $1 billion in payments through its platform each month for over 500 companies, including Questrade, Coinsquare and Desjardins, which is a large federation of credit unions in North America. In the past year, the company grew over 200% and launched in the U.S. at the end of 2023.

Milewski and Schwartz bootstrapped Zūm Rails, building it up to a team of 30 people. Last year, the pair decided to raise venture capital.

“We reached the point where we realize that bootstrapping is no longer healthy for our business,” Schwartz told TechCrunch. “We have some big initiatives we want to work on and grow on. Now it makes sense to do it all at once, and it’s healthy for the business to now go all-in and use the fuel.”

Zūm Rails, open banking, instant payments

Zūm Rails’ technology leverages “omni rails” for payments, whether it is traditional credit, debit or electronic funds transfer options. Image Credits: Zūm Rails

They closed on a $10.5 million Series A funding round, led by Arthur Ventures, and intend to invest in growing in the U.S. and expanding its payments offerings that will include the introduction of new banking-as-a-service features for merchants. In addition, Zūm Rails is working on a FedNow offering in the U.S. that will enable businesses to send and receive FDIC-insured payments within seconds.

Zūm Rails’ performance to date “is really impressive,” Jake Olson, vice president at Arthur Ventures, told TechCrunch. He called the company “a great fit” for its investment thesis, which is high-growth and capital-efficient B2B software companies.

“Achieving profitability without any outside capital is impressive,” Olson said. “Their product positioning is also really compelling. Rather than weaving together different systems, Zūm Rails can provide organizations with a comprehensive solution that powers the entire transaction journey and enables them to have a seamless experience for their end users. Any organization that views the streamline digital financial interaction coupled with the instant payments capability as a competitive advantage will be a great fit for Zūm Rails.”

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Grifin’s new model can automatically invest your money as you shop




Investing app Grifin today officially launched its anticipated investing model called “Adaptive Investing,” which enables you to automatically invest in your favorite brands that you frequently shop from.

Grifin was founded in 2017 with the hope of making investing less intimidating and normalizing it for people who aren’t that financially savvy. To date, Grifin has raised more than $11 million from a notable list of investors, including TTV Capital, Rise of the Rest, Gaingels, NevCaut Ventures, Mana Ventures, Sidecut Ventures, Miami Angels and Playtap Media Ventures, along with Witz Ventures co-founder Austin Hankwitz and GGV Capital managing partner Hans Tung. The company says it sees about 20,000 unique new app installs per month.

Grifin’s new patent-pending technology is an evolution of its original model, which follows the premise of “Stock Where You Shop,” giving you a chance to explore the intimidating world of investing by aligning your shopping habits with stock choices.

“Investing, and even having a healthy positive relationship with money, is an incredibly difficult thing to do and achieve,” co-founder Aaron Froug tells TechCrunch. “The current system simply isn’t geared towards the individual, even with mobile access and 0% commission apps claiming to ‘open up’ investing to all. It still requires a lot of emotional energy, confidence and an understanding of how investing works. Most people still don’t feel like they have enough money to get started and even the most financially adept people I know don’t know what is inside most ETFs [exchange traded funds]. All of it is cloudy and complicated. None of it is centered around the individual.”

Image Credits: Grifin

The Adaptive Investing model aims to give users more flexibility by integrating new functionality into the app, including the ability to pause automatic payments, increase/decrease how much you want to spend and manually invest more money in a company. It also introduces a “Secret Cash” function, allowing for non-public purchases and putting more money away as cash for their future.

“This patent-pending technology builds on the original premise by integrating new functionality to allow for a more intuitive and adaptive approach to investing, centered not just around people’s daily spending habits, but how much they want to invest,” Froug adds.

By default, Grifin automatically invests $1 per transaction. For instance, when you buy a cup of coffee at Starbucks, the app withdraws $1 from your bank account, and you get $1 of SBUX stock. You can also manually increase the investment amount to a maximum of $99.

Image Credits: Grifin

However, just because you enjoy a certain brand, it doesn’t necessarily mean it’s a smart investment. Grifin now added a new “Disable Company” feature, allowing you to stop or avoid investing in certain companies. There’s also an option to pause your investments for a week.

“We are also keenly aware that just because a person spends at a specific place, they might not want to invest there… By investing in small amounts, as low as $1 at a time, the aim is to help people to learn to navigate the world of investing without incurring too many negative consequences if they don’t get it right,” Froug says.

Plus, Froug argues that Adaptive Investing reduces the impact of single-stock exposure since it encourages a diverse profile as consumers usually spend money across a wide range of companies — phone/internet bills, gas, monthly subscription services and so forth.

“I’ve been personally using our app for a little over two years and I’ve invested in 115 unique companies,” he notes.

Additionally, Grifin is planning a redesign of its app, which will include a premium version as well as an AI chatbot to help people learn how to invest.

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Google Pay takes its QR soundbox to small merchants in India after trial run




Google said Thursday it plans to roll out the SoundPod, its portable speaker designed to instantly validate and announce successful payments, to small merchants across India over the coming months. The Google Pay expansion in India, where the company is among the mobile payment market leaders, comes even as the firm winds down some of its payments apps in the U.S.

The company, which began a limited trial of SoundPod last year, received positive feedback during the testing and helped merchants reduce the checkout time, Ambarish Kenghe, VP of Products for Google Pay, wrote in a blog post.

The miniature jukeboxes, colloquially dubbed “soundboxes” domestically, have witnessed wide adoption in India, enabling merchants to find respite upon receipt of remuneration and contest any illegitimate claims.

Financial services firm Paytm currently leads the soundbox market and PhonePe is also increasingly expanding its device. More than 20 million merchants in the country already use one of these boxes, which industry insiders estimate costs about $18 to $20 to make. (Incidentally, Paytm is currently “fighting for its survival” as it navigates regulatory clampdown.)

The soundbox was invented to serve small Indian merchants unable to afford regular point-of-sale devices but accepting of UPI payments. (UPI, a payments network built by a coalition of retail banks in India, has become the most popular way for Indians to transact.) Now more popular than Visa, Mastercard and Amex combined, the devices last year prompted the payment giants to look at ways to take advantage of their reach.

It has also evolved into a lucrative subscription model over time as various players impose subscription charges on merchants. The real allure of the soundbox, according to one industry insider, extends beyond its auditory alerts — it provides invaluable insights into merchant behaviors, facilitating the offering of loans based on this data.

Google Pay is offering the SoundPod at a minimal cost — levying a one-time fee of $18 for one year, or a one-time fee of $6.06 per day for 25 days in a month. The company said merchants who use SoundPod to process 400 payments in a month will get $1.5 in cash back.

“To be able to play a role in India’s digital payments story is a matter of deep pride for us, providing invaluable lessons on how digital transformation happens in tech-forward societies, and we continue to stay deeply invested in this journey for the long term,” added Google’s Kenghe.

Reliance, India’s largest firm by market cap, also began testing a similar device at its campus last year, TechCrunch earlier reported. The company confirmed the device in a subsequent earnings call and said it plans to soon launch it to the market.

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