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Interface.ai raises $30M to help banks field customer requests

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Interface.ai, a customer automation platform for banks and other financial institutions, today announced that it closed a $30 million funding round led by Avataar Venture Partners.

Twenty million dollars of the round was equity, while the remaining $10 million was in the form of debt. It’s Interface’s first outside capital; the startup had been completely bootstrapped.

“Interface is trusted by more than 100 financial institutions across North America, processing millions of interactions every day,” CEO and co-founder Srinivas Njay told TechCrunch. “We’re generating tens of millions in annual recurring revenue.”

Njay said that the inspiration for Interface came from his father, who owned a credit union in India. Previously, Njay worked at Microsoft as a product manager on the Bing advertising team and at EA as a senior product manager on mobile games.

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Njay teamed up with Bruce Kim, the founder of customer management and billing company Inovaware, in 2019 to launch Interface.

“The big national banks are investing heavily in AI to transform their banking operations,” Njay said. “But for many regional and community-based financial institutions, staffing and resourcing this capability is simply out of reach. Interface democratizes access to AI.”

Interface’s core product is a collection of voice- and text-based AI agents designed to handle basic bank customer service requests. Powered by models trained on in-house data, the agents can perform tasks like helping modify mortgage payments and opening new accounts.

Banks can customize the agents by fine-tuning them on their internal data. The agents can also be configured to upsell products based on information like the content of prior chats.

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“Our AI is specifically designed for the banking industry,” Njay said, “complete with pre-built integrations, data models, and workflows.”

Financial institutions are piloting AI — and in particular generative AI — for applications ranging from customer service to predictive analytics. According to a March survey cited in American Banker, more than half of global and U.S. banks intend to implement generative AI at some level over the next year.

Besides Interface, AI startups trying to nab a slice of banks’ business include Hyperplane, which builds AI models to predict customer behavior; Cambio, which creates AI to talk to a bank’s customers; and Digital Onboarding, which specializes in strengthening banks’ relationships with customers.

Banking customers are wary of the tech, however. In a J.D. Power poll, only 27% said that they’d trust AI for financial information and advice, while less than half said they’d take product recommendations from AI.

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Institutions also aren’t necessarily deploying AI for customer communications — which is a big portion of Interface’s business. But in a spot of bright news, credit unions — one of Interface’s largest customer segments — have been aggressively adopting chatbot tech this year.

“Our platform has multiple levers for creating value,” Njay said. “The number of unique applications of AI is one of the main factors contributing to Interface’s ability to weather potential headwinds.”

With the new money from the funding round, Interface plans to expand its 120-person team across North America and India and “accelerate go-to-market initiatives.”

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Lilium faces insolvency as air taxi firm struggles to raise cash

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Lilium faces insolvency as air taxi firm struggles to raise cash


German company Lilium produces flying electric passenger drones.

Lilium

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German aerospace startup Lilium faces insolvency if it doesn’t raise emergency funding from the state government for the southeastern state of Bavaria.

Insolvency would mark a dramatic fall for a startup once touted as Europe’s best chance at building the 21st-century equivalent of “cars” that can fly.

Lilium is one of a series of firms trying to build “eVTOLs,” or electric vertical take-off and landing, vehicles.

Popularly known as flying cars or air taxis, these vehicles are being developed by startups in the United States, Europe and Asia.

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Today, however, Lilium is in trouble. The company is desperately trying to raise taxpayer funds in Germany. And so far, it’s been unsuccessful.

What happened?

Lilium has been negotiating an emergency capital injection with both Germany’s federal government and the Bavarian state government.

Inside Lilium, the German company trying to revolutionize air travel

The firm had requested 50 million euros ($54 million) of loans from the federal government. However, its request was rejected by German lawmakers.

In a regulatory filing released last week, Lilium said it had “received indication that the budget committee of the parliament of the Federal Republic of Germany will not approve a €50 million guarantee of a contemplated €100 million convertible loan.”

The proposed state aid would have been issued by KfW, the German state-owned development bank.

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Lilium is “continuing discussions with the Free State of Bavaria with respect to a guarantee of at least €50 million,” Lilium added in its filing.

A Lilium spokesperson told CNBC the company doesn’t plan to comment further beyond the statement outlined in its 6K filing.

In response to Germany’s decision to deny Lilium state aid, Hubert Aiwanger, Bavaria’s economy minister, criticized the move, saying it was “regrettable” that the federal government opted not to support the firm.

Danijel Višević, co-founder of Berlin-based climate technology investors World Fund, said that though it was “understandable” lawmakers denied Lilium support over concerns around the government supporting one single company over another, there was a misguided notion among politicians that air taxis are a “toy for millionaires.” This idea, he said, was “too short-sighted.”

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Višević suggested it was unfair that U.S. electric car manufacturer Tesla — which burned through billions of dollars before making a profit — was once able to receive a U.S. government loan, but Lilium was not.

What Lilium tried to build

“Flying cars” perhaps isn’t the right term. But what Lilium was ultimately trying to bring to the world was a vertical take-off and landing aircraft that could fly people from one city to another to ease congestion on the roads.

The company initially wanted to roll out its own digital “hailing” service that would have seen users order rides on its jets from designated areas where it would be possible for the vehicle to take off and land.

Lilium subsequently decided to change its business model.

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Rise and fall

eVTOLS: Are flying cars finally becoming reality?



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Polar’s new Vantage M3 could be the ultimate sports companion

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Polar's new Vantage M3 could be the ultimate sports companion

Polar, maker of some of the best running watch offerings on the market, has unveiled its brand new Vantage M3 smartwatch, the successor to its formidable multi-sport fitness companion.

With the Vantage M3, Polar says it’s bringing “class-leading training and health features” to its mid-range watch for the first time.

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Despite ban, purchase of Apple iPhones by govt officials quadruples in a year in Russia- The Week

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Despite ban, purchase of Apple iPhones by govt officials quadruples in a year in Russia- The Week

Despite Vladimir Putin’s administration restricting government officials from purchasing Apple’s iPhone, the purchase of the American phone by Russian government officials has increased multifold this year. Within nine months in 2024, the procurement of iPhones by Russian government officials has grown four times.

ALSO READ | Apple iPhone 16 Pro review: Small but meaningful improvements

Within nine months of 2024, the Russian government’s procurement of iPhones has grown four times compared to the corresponding period in 2023, a Russian daily reported.  Vedomosti, a Russian daily, reported from January to September in 2024, the total amount of contracts for Apple iPhone by Russian government officials for the first three quarters of 2024 amounted to  RUB 6,879,899. According to the Tenderplan trading platform, the sale of first three quarters of 2024 was higher compared to RUB 1,642,166 for the same period in 2023. 

In June last year, Russia’s Federal Security Service claimed it had uncovered an American espionage operation and sophisticated surveillance software was used to compromise thousands of iPhones. However, Apple denied the allegations. The Kremlin had directed Russian authorities to ditch iPhones and move to phones with the Android operating system, the Russian Aurora system or Chinese software over security concerns. 

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The Kremlin had also directed authorities involved in the 2024 Presidential polls to stop using iPhones because of security concerns. The government also banned authorities from using iPhones and iPads for work emails and applications. 

According to reports, the latest iPhone 16 is on high demand in Russia despite Apple halting exports to over Ukraine conflict. Unfazed by higher prices and using so-called grey or parallel imports that Russia legalised to enable the import of goods without the brand owners’ permission, Russians have been keen to get their hands on Apple’s devices, Reuters reported.

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SpaceX already gearing up for Starship’s sixth test flight

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SpaceX already gearing up for Starship's sixth test flight

SpaceX has released images of a Super Heavy booster heading to the launchpad for pre-launch testing.

“Flight 6 Super Heavy booster moved to the Starbase pad for testing,” SpaceX said in a post on X (formerly Twitter) on Tuesday.

Flight 6 Super Heavy booster moved to the Starbase pad for testing. The move comes just one week after returning the first booster caught following launch pic.twitter.com/iwmqCeF3tE

— SpaceX (@SpaceX) October 22, 2024

SpaceX, led by the billionaire entrepreneur Elon Musk, is eager to proceed with the sixth test flight of the Starship, which comprises the Super Heavy booster and Starship spacecraft.

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Once the ground-based, pre-launch testing of the Super Heavy’s engines is complete, engineers will also test the Starship’s engines. After that, the Starship will be lifted atop the Super Heavy in preparation for the sixth test flight from SpaceX’s Starbase facility in Boca Chica, Texas.

The most recent test of the most powerful rocket ever to fly took place on October 13 and was a huge success. The mission involved the launch tower’s giant mechanical arms “catching” the Super Heavy booster as it returned to Earth shortly after deploying the Starship spacecraft to orbit. It was the first attempt to perform the feat, and put SpaceX on a path to creating a reliable, reusable Starship system that will enable it to increase flight frequency and slash mission costs.

There’s no word yet on when the sixth Starship test will take place, but there’s a fair chance it could fly again by the end of next month. A message to news site NASASpaceflight (NSF) from the Federal Aviation Administration (FAA) suggested SpaceX currently has clearance to launch, provided it sticks to the same mission profile as Flight 5. However, if SpaceX changes the mission profile, the FAA will need additional time to review it before deciding whether to award a launch permit.

“The SpaceX Starship/Super Heavy Flight 5 license authorization also includes FAA approval of the Flight 6 mission profile,” the regulatory body told NSF. “The FAA determined the changes requested by Space for Flight 6 are within the scope of what has been previously analyzed. Any modifications requested by SpaceX to the approved Flight 6 scope of operations may require further FAA evaluation.”

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NASA is watching the Starship’s development closely as it will use the vehicle for the Artemis III mission, currently set for 2026, which will land the first humans on the lunar surface in five decades.






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Why hire a marketing consultant for your tech startup 

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Why hire a marketing consultant for your tech startup 

There are many tech startup companies being founded from the ground up—and they’re encouraging to see. However, keeping them thriving is different. Beyond the products or real-life solutions they provide, how they’re perceived by the world is important. Marketing in the tech industry goes beyond the technicalities but is more about being able to relay your offerings to other people. This is where hiring a marketing consultant comes in.

The unique challenges of tech startup marketing

Tech startups have always been at the forefront of developing the next big innovation. These latest trends are constantly being made from scratch and released in the market. The cycle just goes on and on, but what’s challenging on their end is communicating these often-complicated stuff to the masses in a manner that’ll be understood. If they’re doing these things for the people, then the general audience should be able to comprehend and appreciate them with their current level of thinking.

The marriage of technical and marketing principles for your startup requires a person dedicated to your craft and audience. Marketing consultants fit the bill as they’re passionate about training your sales team with best practices to keep them driving growth for the long term. Not only that, but they also provide expert insights on how to strategically and creatively approach your situation.

It’s a known fact that startups operate on a limited budget, so it’s crucial to make your marketing efforts impactful and effective. Asking for guidance from a reputable marketing consultant is the best way to go.

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Expertise and specialized knowledge

Marketing consultants can bring the best out of your tech startup as they’re always in the loop with what’s hot and what’s not in the industry. There’s no one-size-fits-all when it comes to trying to put yourself out there. Their specialized knowledge enables them to tailor-fit your products’ marketing according to your target audience and the direction of the company.

Working with a marketing consultant just hits different compared to doing the marketing on your own. While you may think you can DIY your way, having a professional working for you whose role is solely dedicated to marketing will exponentially boost your reach. They’re not juggling other roles, so they can go all in with spreading your offerings to other people.

Data-driven decision making

In relation to the discussion above, marketing consultants’ application of their specialized knowledge lies in their savage decision-making. Every marketing decision is backed up by qualitative and quantitative facts—nothing arises out of thin air. Marketing consultants study consumer behavior and market trends to identify which effort brings the most success. They establish key performance indicators (KPIs) to measure how their marketing campaigns are doing.

Interpreting marketing data isn’t for the faint of heart because a lot can be at stake. Methodologies and analytical tools can be complex at times, which is why marketing consultants are given this task. There are a lot of variables at play, and just relying on John Doe can prove to be risky.

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Building brand identity

Your brand identity should clearly define who you are and what you’re all about. This should be distinct for you alone and be established early on. Marketing consultants are there to guide you in coming up with compelling content that connects with your community and create a cohesive representation.

Beyond the colors, shapes, and sizes, consultants can dwell on the psychological and emotional aspects of branding and connect with your target people on a deeper level. They can create a visual identity that’s so appealing that people will always remember it because of its uniqueness and relatability. They can also craft messaging that clearly communicates your unique value proposition and position your startup effectively against competitors.

Note that building an identity for your tech startup is a collaboration between you, as the leader of your organization, and the marketing consultant. It ultimately starts with how you see your tech startup, bouncing it with your consultant, and teaming up to build the brand identity you want to be known for. Both of your efforts will be geared towards differentiating your brand in a crowded market and creating messages that speak directly to your customers’ pain points and aspirations.

Navigating the digital landscape

The battle for tech startups lies in their online presence. Marketing consultants can guide you through the complexities of digital marketing, including search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, and content marketing. These means of marketing put you in the position of pitching your products to your audience, and all they need to do is act upon your offering.

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Conclusion

Effective marketing is your best ally in making your tech startup thriving. Having a good marketing consultant can unlock the potential of your business. As the tech industry continues to evolve, the guidance of a marketing expert can provide the competitive edge needed in this dynamic ecosystem.

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Qualcomm and Google team up to help carmakers create AI voice systems

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Car manufacturers will be able to develop new AI voice assistants for their cars thanks to a new partnership with Qualcomm and Google. announced earlier today that it’s working with Google on a new AI development system for carmakers.

The new version is based on , Google’s infotainment platform for cars. Qualcomm is offering its Snapdragon Digital Chassis with Google Cloud and AAOS to generate new AI-powered digital cockpits for cars. Qualcomm also unveiled for powering driving systems including the Snapdragon Cockpit Elite for dashboards and the Snapdragon Ride Elite for self-driving features.

The new interface will allow car drivers and passengers to interact with custom voice assistants, immersive maps and real-time driving updates. Carmakers can use the new system to create their own unique and marketable AI voice assistants that don’t require a connection to a smartphone.

Other carmakers have taken steps to try to integrate AI systems in its vehicles. announced plans at CES 2024 that it would integrate ChatGPT in its cars’ voice assistants across a range of newer models. After a slow start, AAOS now underpins vehicles from several manufacturers including Chevrolet, Honda, Volvo and Rivian.

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