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Artificial Intelligence

Harvey AI Secures $300M in Series E Funding, Valuation Soars to $5 Billion

Harvey AI, specializing in AI-powered legal automation, has successfully raised $300 million in Series E funding, elevating its valuation to $5 billion. The funding round was jointly led by Kleiner Perkins and Coatue, with participation from existing investors.

This financial boost arrives just four months after a previous $300 million Series D round led by Sequoia, which valued the company at $3 billion. Harvey AI intends to use the new funds to expand its team significantly, planning to double its current workforce of 340 employees.

The expansion aims to support the development of AI products for professional services beyond the legal field, including tax accounting. Currently, Harvey AI's solutions are utilized by 337 legal clients to assist in document review and contract drafting. The company has experienced rapid growth, reaching an annualized run-rate revenue of $75 million in April, up from $50 million earlier in the year.

Artificial Intelligence

Amazon's AI-Enhanced Alexa+ Reaches Over a Million Users in Early Access

Amazon's upgraded digital assistant, Alexa+, powered by generative AI, has expanded to over a million users through its waitlist program. Currently in early access, Alexa+ offers more natural and personalized interactions, improved smart home integration, and expanded AI capabilities. While free during early access and eventually for Prime customers, non-Prime users will pay $19.99 per month after its public launch. The service aims to revitalize Alexa by allowing for more natural language interactions, easier routine creation, and the ability to summarize emails, create stories, and provide summaries of smart home activity. Initial partners include OpenTable, Ticketmaster, and Uber Eats. Early user reviews are mixed, but Amazon has shipped nearly 90% of the features it previously announced.

Energy

New York to Build Large-Scale Nuclear Power Plant

New York Governor Kathy Hochul announced plans to build a large nuclear power plant capable of generating at least 1 gigawatt of electricity. The New York Power Authority (NYPA) will oversee the project, with potential partnerships from private entities. Sites under consideration include existing nuclear plants owned by Constellation Energy. The initiative aims to reduce reliance on fossil fuels and aligns with renewed interest in nuclear power from tech companies like Microsoft, Meta, and Amazon. The project's success hinges on regulatory and permitting reforms at the federal level to avoid past issues with delays and budget overruns.

Business & Publishing

ByteDance Halts 8th Note Press Venture Amidst Publishing Challenges

ByteDance, TikTok's parent company, is closing its book publisher, 8th Note Press, shortly after its launch in 2023. The press aimed to capitalize on TikTok's #BookTok community's influence on book sales. Authors who joined 8th Note Press, hoping for increased sales due to its TikTok affiliation, are now being given back their publication rights. The reasons behind ByteDance's decision to shut down the press remain unclear, as the company has not responded to requests for comment.

Finance

Finom Secures €115M to Expand SMB Financial Platform Across Europe

Finom, an Amsterdam-based challenger bank targeting small and medium-sized businesses (SMBs) in Europe, has raised €115 million in a Series C equity round. This follows a recent $105 million growth funding round. The company plans to use the funding to expand its financial platform, which combines banking, invoicing, and AI-enabled accounting services for SMBs.

The Series C round was led by AVP, with participation from Headline, Cogito Capital, General Catalyst, and Northzone. Finom aims to reach one million business customers by the end of 2026. The funding will support strategic acquisitions to expand its customer base and product portfolio.

Finom operates with an electronic money institution (EMI) license in key markets such as the Netherlands, France, Italy, and Spain. It is also expanding its product line with lending services, starting in the Netherlands. The company is leveraging AI internally to automate routine tasks and improve efficiency.

Technology

OpenAI's Jony Ive Deal Faces Legal Hurdle Over 'io' Trademark

OpenAI removed promotional content featuring Sam Altman and Jony Ive due to a court order related to a trademark complaint from iyO, an Alphabet X spin-off. The issue revolves around the use of the name 'io.' Despite this, OpenAI confirms the $6.5 billion acquisition of Ive's company is proceeding as planned. The lawsuit alleges consumer confusion due to the promotional video. The promotional video remains viewable on X.

International Relations & Technology

Europe Considers Alternatives to US Tech Amid Compliance Concerns

European governments are re-evaluating their reliance on American technology and services due to concerns that U.S. companies must comply with U.S. government actions. The trigger was Microsoft's disabling of the International Criminal Court prosecutor's email after President Trump sanctioned him. This has prompted some to seek alternative solutions, like Swiss email service Proton. Microsoft has since made policy changes and announced 'sovereign solutions' to protect European institutions.

Comics and Art

Paul Pope's Art: A Blend of Analog Tradition and AI Awareness

Paul Pope, renowned for his comics like "Batman: Year 100" and "Battling Boy," is experiencing a career resurgence with a gallery show, an expanded art book, and the upcoming release of his sci-fi epic "THB."

Pope acknowledges the challenges of creating graphic novels, describing the process as lengthy and often frustrating due to the lack of public visibility during production. He views his current activities as strategic moves to reintroduce and rebrand himself in the comics world.

Despite his preference for traditional analog techniques using brushes and ink, Pope isn't averse to using AI for research and acknowledges its potential as a tool. However, he expresses concerns about AI's implications, particularly regarding copyright and the potential displacement of artists. He worries more about the development of killer robots and surveillance technologies than AI plagiarism.

Pope discusses his career arc, his analog working style, and his views on the increasing digitalization of comics. He emphasizes the importance of preserving the human element in art and creativity, which he believes machines cannot replicate. He is also working on "Battling Boy 2", which will be released after "THB".

Technology News

Tech World Highlights: Meta's Smart Glasses, Wix's Acquisition, and More

This week's tech news includes Meta's partnership with Oakley for new smart glasses capable of recording 3K video and responding to AI prompts. Wix acquired Base44, a 6-month-old AI web app builder, for $80 million. Finland launched the world's largest sand battery for heat storage. VanMoof is back with its S6 e-bike after bankruptcy. SpaceX's Starship rocket exploded during a test. Digg's reboot has entered alpha testing. The U.S. Navy is speeding up work with startups. Meta is trying to lure AI talent from OpenAI and DeepMind. Cluely’s party was shut down by the police.