Technology
UK digital ‘end-of-life’ services startup Farewill acquired for $16.8M
Farewill, a U.K.-based end-of-life services provider that offers online tools for writing wills, organizing probate, and arranging cremation, has been acquired by funeral service provider Dignity in an all-shares deal valuing the startup at £12.9 million ($16.8 million).
The deal is a classic case of an established legacy incumbent chasing growth by buying a younger digital upstart, and is designed to help Dignity gain a larger portion of a death care services market that’s expected to reach $190 billion by the end of the decade.
Founded in 2015, Farewill is one of several startups to emerge in a category dubbed “death tech.” This includes apps to memorialize loved ones and social platforms to support the grieving process. Some have raised significant amounts of venture capital funding, too, such as Empathy, which emerged from stealth back in 2021 with $13 million for its digital assistant for bereaved families — going on to raise a further $47 million just a few months ago.
Farewill, for its part, has raised around $39 million since its inception, from backers including Augmentum Fintech, Highland Europe, Keen Venture Partners, Kindred Capital, and Wise co-founder Taavet Hinrikus. This means that Farewill’s $16.8 million valuation is well below the capital that had been injected — a fire sale by just about any estimation.
Financials
It’s not clear what the exact circumstances were that led to this sale — reports emerged back in February that one its investors, the VC arm for Daily Mail and General Trust (DMGT), had cut its stake’s estimated value by two-thirds, suggesting that Farewill’s valuation had dropped from £86 million to £30 million. Today’s news is worse than that.
Farewill’s most recent accounts showed an increase in gross sales (+31.4%), revenue (+36%), and gross profit (+88.9%) for financial year 2023. However, its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) figure showed that the company still wasn’t operationally profitable, with losses of £4.2 million — though those losses had fallen by half on the previous year.
Add to all that, the transaction is being financed through a share-for-share exchange. Farewill’s shareholders will now own stock in Castelnau Group — an investment firm and Dignity’s majority shareholder, after a joint venture with serial entrepreneur Sir Peter Woods’ SPWOne took Dignity private in a $349 million deal last year.
“The addition of Farewill to Dignity’s offering embodies Castelnau’s strategic ambitions for Dignity, helping Dignity to drive its digital transformation and serve its customers even better,” Castelnau CEO Richard Brown said in a statement.
Dignity’s origins can be traced back more than 200 years, though its current incarnation is the result of various mergers and acquisitions. However, with a digital-native rival under its wing it will be hoping to be able to combine collective strengths. Dignity operates more than 40 crematoria in the U.K. and has a strong on-the-ground presence, while Farewill’s online-focused services looks like a complement to that — “combining the strength of Dignity’s heritage, with Farewill’s expertise in online journeys and data,” as they put it in a press release.
The Farewill brand will continue as is, and will operate independently.
“At Farewill, our mission has always been to make the end-of-life experience as straightforward and stress-free as possible,” Farewill co-founder and CEO Dan Garrett (pictured above with Dignity CEO Zillah Byng-Thorne) said in a statement. “Joining forces with Dignity allows us to stay true to that mission while benefiting from the experience and resources of a company that has been a trusted name for generations.”
The acquisition is still subject to regulatory approval, and isn’t expected to close before January 1, 2025.
Technology
NYT Crossword: answers for Thursday, October 17
The New York Times crossword puzzle can be tough! If you’re stuck, we’re here to help with a list of today’s clues and answers.
Technology
FCC mandates all phones will have to be hearing aid-compatible
The FCC has approved regulations that mandate phone manufacturers to ensure their products work with hearing aids. Making phones compatible with hearing aids could help the aging American population.
All phones in the US to be compatible with hearing aids
The Apple AirPods Pro 2 has a hearing aid feature. With this feature activated, these premium True Wireless Stereo earbuds can transform into over-the-counter hearing aids. Needless to say, this approval must have shaken up the hearing aid market.
The US FCC has now reportedly approved new regulations that require all phone makers to make their handsets compatible with hearing aids. While announcing the new rules for phone manufacturers, the FCC stated, “Under the new rules, after a transition period, Americans with hearing loss will no longer be limited in their choice of technologies, features, and prices available in the mobile handset marketplace.”
The FCC has appreciated cell carriers, phone makers, and researchers for coming up with the final draft of the new rules. The agency categorically noted, “Establishing a 100% hearing aid compatibility requirement for all mobile handsets was made possible by the collaborative efforts of members of the Hearing Aid Compatibility Task Force — an independent organization of wireless service providers, handset manufacturers, research institutions, and advocates for those with hearing loss.”
Appreciating the industries involved seems necessary because these tech and hardware companies would have to collaborate closely for this to work. Ensuring every cellphone can work reliably with any hearing aid would need wireless communication protocols to be perfectly cross-compatible.
Hearing aids work quite differently compared to regular headphones. Although the basic premise is the same, hearing aids have to correctly amplify different aspects or frequencies of incoming sound. This needs careful calibration of multiple hardware and software components. It’s no wonder that only a few companies such as Apple and Samsung were able to lead this nascent but growing market.
Phone makers must ensure distortion-free sound at high volume
Incidentally, the onus of ensuring phones work with hearing aids doesn’t rest solely on the device manufacturers. Even hearing aid makers will have to make some fundamental changes.
Specifically speaking, the FCC has practically banned proprietary Bluetooth coupling standards in assistive devices. This rule extends to OTC hearing aids such as Apple’s AirPods Pro 2, and other products that would launch in the future.
The FCC is also forcing phone manufacturers to embed better-quality audio enhancement chips in their products. Moving forward, all new mobile handsets sold in the US will have to allow users to raise the volume without introducing distortion. In other words, handset makers will have to ensure their devices deliver clear and crisp sound, even at high volumes.
Cellphones sold in the US would have to carry labels that clearly state hearing aid compatibility. The packaging must also mention whether the handsets meet Bluetooth or telecoil coupling requirements.
Technology
Sam Altman’s Worldcoin startup is dropping the coin and doubling down on Orbs
Sam Altman’s Worldcoin is going to need some new business cards printed up because it’s dropping the “coin” in its name. The OpenAI CEO’s startup is shifting from cryptocurrency to focus more on its identification technology and it just unveiled a new version of its signature gadget.
reported that the new company called (wait for it) World will focus its eye scanning tech on confirming identities, something that could come in handy in a world of deep fake videos popping up all over the internet.
Co-founder and CEO Alex Blania introduced the World’s newest device called Orb, a biometric eye scanner used to confirm human identities through an identity service called Deep Face.
The latest model of the Orb, which uses NVIDIA’s Jetson chipset, will roll out to customers as the need arises. Chief Device Officer Rich Heley said at the San Francisco event that access to the Orb will be on demand and delivered the same way that people order pizza. A company statement says, “These advancements make it possible to offer new ways of providing World ID’s proof of human verification in more places around the world.”
According to , almost 7 million people have been scanned by World Orbs to date. Everyone in attendance at the San Francisco launch event received a free Orb for their human identifying needs.
Technology
Small but mighty: H2O.ai’s new AI models challenge tech giants in document analysis
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H2O.ai, a provider of open-source AI platforms, announced today two new vision-language models designed to improve document analysis and optical character recognition (OCR) tasks.
The models, named H2OVL Mississippi-2B and H2OVL-Mississippi-0.8B, show competitive performance against much larger models from major tech companies, potentially offering a more efficient solution for businesses dealing with document-heavy workflows.
David vs. Goliath: How H2O.ai’s tiny models are outsmarting tech giants
The H2OVL Mississippi-0.8B model, with only 800 million parameters, surpassed all other models, including those with billions more parameters, on the OCRBench Text Recognition task. Meanwhile, the 2-billion parameter H2OVL Mississippi-2B model demonstrated strong general performance across a range of vision-language benchmarks.
“We’ve designed H2OVL Mississippi models to be a high-performance yet cost-effective solution, bringing AI-powered OCR, visual understanding, and Document AI to businesses,” Sri Ambati, CEO and Founder of H2O.ai said in an exclusive interview with VentureBeat. “By combining advanced multimodal AI with efficiency, H2OVL Mississippi delivers precise, scalable Document AI solutions across a range of industries.”
The release of these models marks a significant step in H2O.ai’s strategy to make AI technology more accessible. By making the models freely available on Hugging Face, a popular platform for sharing machine learning models, H2O.ai is allowing developers and businesses to modify and adapt the models for specific document AI needs.
Efficiency meets effectiveness: A new approach to document processing
Ambati highlighted the economic advantages of smaller, specialized models. “Our approach to generative pre-trained transformers stems from our deep investment in Document AI, where we collaborate with customers to extract meaning from enterprise documents,” he said. “These models can run anywhere, on a small footprint, efficiently and sustainably, allowing fine-tuning on domain-specific images and documents at a fraction of the cost.”
The announcement comes as businesses seek more efficient ways to process and extract information from large volumes of documents. Traditional OCR and document analysis methods often struggle with poor-quality scans, challenging handwriting, or heavily modified documents. H2O.ai’s new models aim to address these issues while offering a more resource-efficient alternative to larger language models that may be excessive for specific document-related tasks.
Industry analysts note that H2O.ai’s approach could disrupt the current landscape dominated by tech giants. By focusing on smaller, more specialized models, H2O.ai may be able to capture a significant portion of the enterprise market that values efficiency and cost-effectiveness.
Open source and enterprise-ready: H2O.ai’s strategy for AI adoption
“At H2O.ai, making AI accessible isn’t just an idea. It’s a movement,” Ambati told VentureBeat. “By releasing a series of small foundational models that can be easily fine-tuned to specific tasks, we are expanding the possibilities for creating and using AI.”
H2O.ai has raised $256 million from investors including Commonwealth Bank, Nvidia, Goldman Sachs, and Wells Fargo. The company’s open-source approach and focus on practical, enterprise-ready AI solutions have helped it build a community of over 20,000 organizations and more than half of the Fortune 500 companies as customers.
As businesses continue to grapple with digital transformation and the need to extract value from unstructured data, H2O.ai’s new vision-language models could provide a compelling option for those looking to implement document AI solutions without the computational overhead of larger models. The true test will be in real-world applications, but H2O.ai’s demonstration of competitive performance with much smaller models suggests a promising direction for the future of enterprise AI.
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Technology
Can AI make us feel less alone? The founder of Manifest thinks so
Amy Wu, founder of the AI-based mental health app Manifest, has a bold prediction for the next wave of tech.
“Separately from the AI trend, I think so many people are seeing this loneliness epidemic that’s happening with Gen Z,” she said. “There is no doubt in my mind that there will be unicorns that emerge from those categories to address the loneliness epidemic.”
Manifest isn’t quite a unicorn yet — it’s only in its seed stage, having just raised $3.4 million from a16z Speedrun and a number of other investors. But Wu sees her company as part of a new crop of products trying to mitigate a rise in loneliness.
Wu is in her late twenties, right on the cusp of the murky boundary between millennials and Gen Z, but she understands the struggles of the younger generation. A report from Cigna found that three out of five adults report that they sometimes or always feel lonely; that number is even higher among respondents aged 18-22, at 73%. Manifest is the app she wishes she had when she was an undergraduate at Stanford, navigating a competitive, intimidating environment while living on her own for the first time.
“I really felt like the real world punched me in the face,” Wu told TechCrunch. “I feel like school teaches you all these things around, here’s how to get a job at Facebook, or Google, or Microsoft, or Goldman Sachs, but it doesn’t teach you how to go build your own emotional toolkit.”
When you open the Manifest app, you’ll see a pastel gradient orb in the center of the screen. You can hold the button to talk, or tap it to type, in response to a number of prompts: “What’s on your mind?,” “What are you worried about?,” or “What would be useful for us to talk about?”
Then, the app’s AI will mirror your language and turn it into an affirmation, which you can turn into a personalized audio meditation.
For example, if you tell the app that you’re finding it hard to be proud of yourself after running a 5K because you got last place in your age group (totally not pulling from personal experience…!), it will spit out a couple of affirmations, like, “I strive to appreciate my progress, no matter how small,” or, “I trust that my commitment to this process will lead to growth in both my physical and mental health.”
Maybe those words of AI-generated wisdom help. Maybe they don’t. But Manifest isn’t meant to be an end-all-be-all mental health solution or a replacement for actual mental health treatment. Instead, Manifest is designed to be something that you can use for a few minutes every day to feel just a little bit more grounded.
“We are a wellness app that’s really kind of designed to meet Gen Z where they’re already at,” Wu said. “The real core thesis behind Manifest was like, can we make these bite-sized interactions with wellness super easy and super delightful, where it doesn’t feel like a chore to go do Manifest?”
In a time when young people are overwhelmed by the constant noise of social media, it may seem counterintuitive to use technology — let alone something that can feel as impersonal and amorphous as AI — to address loneliness. But Wu thinks that if Gen Z is already sucked into their phones, then wellness needs to happen there, too.
“Gen Z is hanging out way less in person,” she said. “So it’s like, what do you give a generation that we’ve already done this to? Like, the idea that you tell that person to go outside and hang with their friend is an astronomical leap for them, so how do you go and give them something where they’re already at?”
Manifest launched in stealth this summer, and so far, users have generated 18.7 million “manifestations” in the app.
As with any app of its nature, Manifest has to navigate the ethical challenges around making a consumer mental health product with no medical backing. Wu said that there are safeguards embedded in Manifest’s AI, such as redirecting users to a suicide hotline if they mention self-harm. There are some topics like this that Manifest will decline to engage with.
From a risk standpoint, this could be a smart move for Manifest — it’s dangerous to leverage an experimental AI as a tool to help with something as serious as preventing self-harm. But other startups battling loneliness, like chatbot company Nomi AI, take a different approach. When Nomi AI users open up about thoughts of self-harm, the AI companions won’t halt the conversation — instead, they will try to de-escalate the situation by talking the user through their feelings.
Alex Cardinell, the founder of Nomi AI, argues that just stopping a conversation and providing a suicide hotline number could be alienating to someone who’s struggling for connection.
“I want to make those users feel heard in whatever their dark moment is, because that’s how you get someone to open up, how you get someone to reconsider their way of thinking,” Cardinell told TechCrunch in a recent conversation. “I really want to look at what’s aligned with the user, rather than what’s aligned with the strictest attorney’s loss mitigation strategy.”
Wu doesn’t think that Manifest, or any consumer app, is where people should go if they are in a situation where they need legitimate medical help. But young people are turning to these tools when seeking real medical care isn’t accessible. So, if Wu is right about the impending unicorn startups that will combat the loneliness epidemic, those companies — and Manifest — will need to tread thoughtfully.
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Technology
Amazon will stream a live election special hosted by Brian Williams
Amazon wants Prime Video to be the place you watch coverage of election night. The company announced today that it will be streaming a live election night special on Prime Video hosted by former NBC Nightly News anchor Brian Williams. The show will kick off on November 5th at 5PM ET.
“Brian Williams will be joined live by guests including prominent contributors across news and traditional media, representing a range of backgrounds and perspectives, to share real-time poll results and commentary while also referencing third-party news sources across all political affiliations,” Amazon writes in a blog post. The company adds that it will be an “informative, accessible and non-partisan presentation.” Amazon will announce the guests in “the coming weeks.”
The show and Williams’ involvement were rumored to be in the works last month.
This election night special is just the latest live programming from Amazon on Prime Video. The company has aired live Thursday Night Football NFL games since 2022, and it will be getting a lot of NBA games starting in 2025.
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