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Finance & AI

Campfire Secures $35M Series A to Disrupt ERP with AI

AI-powered accounting startup Campfire raised a $35 million Series A led by Accel. Campfire aims to disrupt traditional ERP systems like NetSuite with an LLM-powered alternative.

Campfire automates tasks such as itemizing cloud computing bills and generating cash flow analysis. Some customers migrated from NetSuite to Campfire, resulting in faster monthly closing times.

The startup has gained traction, reaching around 100 customers at its seed stage, including Replit and Replo, and is now up to 12 employees. Accel led the Series A due to Campfire's early traction and the large ERP software market.

Technology & Dating Apps

Tinder Implements Facial Recognition for California Users to Combat Impersonation

Tinder is introducing a new 'Face Check' feature for new users in California, requiring them to use facial recognition technology during profile verification. This aims to reduce impersonation by ensuring users are real and their faces match profile photos. The feature involves a short video selfie, after which the video is deleted but an encrypted face map is stored for future duplicate profile detection. Users who pass the check receive a photo verified badge. Face Check is already in use in Colombia and Canada and differs from Tinder's ID Check, which verifies age and identity using government-issued IDs.

Artificial Intelligence

AI Teammates: Reshaping Industries and Neglected Markets

Navin Chaddha of Mayfield believes AI can revolutionize industries like consulting, law, and accounting by creating "AI teammates" that operate with software-like margins. He suggests startups should target neglected markets rather than competing with giants like Accenture, focusing on the 30 million small U.S. companies and 100 million worldwide that can't afford knowledge workers. AI can assist with tasks like implementing Salesforce or building websites, with humans in the loop for complex issues. Outcome-based pricing, where customers pay per event rather than per hour, can lead to high gross margins.

Mayfield has dedicated $100 million to "AI teammates," digital companions collaborating with humans for better outcomes. Chaddha acknowledges potential job displacement but believes humans will adapt and markets will expand, similar to previous technology waves. He advises VCs to focus on making small amounts of money bigger, rather than collecting logos, and to avoid FOMO by having their own North Star and discipline.

Gruve, an AI tech consulting startup, exemplifies this model by acquiring a security consulting company and growing its revenue through AI, achieving high gross margins with outcome-based pricing. While established firms like McKinsey face an innovator's dilemma in adopting AI models, smaller companies focusing on neglected markets have the potential to compete with them in the future.

Artificial Intelligence

OpenAI Responds to Meta's Talent Acquisition with Compensation Adjustments

OpenAI's Chief Research Officer, Mark Chen, expressed concern over Meta's recent hiring of several senior researchers from OpenAI.

In response, OpenAI leadership, including CEO Sam Altman, is actively working to retain talent by recalibrating compensation packages and exploring creative ways to reward top performers.

Reports indicate that at least eight researchers have moved from OpenAI to Meta, prompting OpenAI to take proactive measures to address the talent drain.

Entertainment

Apple's 'F1' Breaks Box Office Records, Signaling a Theatrical Turning Point

Apple's film 'F1' has become a box office success, earning $55.6 million domestically and $144 million globally. This marks a significant turnaround after previous theatrical underperformances like 'Argylle'. 'F1,' directed by Joseph Kosinski, mirrors the 'Top Gun: Maverick' formula, combining realistic cinematography with a familiar narrative. The film has benefited from the surging popularity of Formula One racing in the U.S., fueled by Netflix's docuseries 'Drive to Survive,' and features Brad Pitt and Lewis Hamilton. Despite a high budget of over $200 million, the film's success raises questions about profitability and its role as promotion for Apple TV+ content.

Business and Politics

Trump Claims "Wealthy People" Are Set to Buy TikTok, Awaits China's Approval

President Trump stated a group of wealthy individuals are set to acquire TikTok. He mentioned needing China's approval, suggesting President Xi Jinping's involvement. While details on the buyers remain undisclosed, Trump plans to reveal their identities soon. He has previously delayed a bill forcing ByteDance to sell TikTok or face a ban in the US, and has considered options like a joint venture with US ownership or acquisition by figures like Larry Ellison or Elon Musk.

Technology & Publishing

Authors Unite Against AI: A Call for Ethical Publishing

A group of authors, including prominent names like Lauren Groff and R.F. Kuang, have issued an open letter urging book publishers to limit their use of AI tools. The letter emphasizes concerns about authors' work being exploited to train AI models without compensation. Key demands include publishers pledging not to release AI-created books, avoiding the replacement of human staff with AI, and refraining from degrading existing roles into AI monitoring positions. The letter gained significant traction, amassing over 1,100 additional signatures within 24 hours of its release. This action follows lawsuits filed by authors against tech companies for using their books to train AI models.

Technology

Meta Expands AI Team with Additional OpenAI Researchers

Meta has reportedly hired four more researchers from OpenAI, including Shengjia Zhao, Jiahui Yu, Shuchao Bi, and Hongyu Ren. This follows earlier reports of Meta hiring other OpenAI researchers, including Trapit Bansal.

This hiring spree comes after the launch of Meta’s Llama 4 AI models, which reportedly did not perform as well as CEO Mark Zuckerberg had hoped.

There has been some back-and-forth between the two companies, with OpenAI CEO Sam Altman suggesting that Meta was offering large signing bonuses to attract talent.

Technology News

AI Talent Wars and Autonomous Vehicle Maneuvers: A Week in Tech Shifts

AI Talent Acquisition: Meta has hired Trapit Bansal, a key OpenAI researcher, to enhance its AI superintelligence team, joining other AI talents poached from rival labs.

Autonomous Vehicle Developments: Travis Kalanick may return to the self-driving car industry by acquiring Pony AI's U.S. arm, potentially with Uber's support.

Copyright and AI Training: A federal judge ruled that training AI on copyrighted books without permission can be considered fair use, sparking debate among creatives.

AI-Powered Fashion: Google has launched Doppl, an experimental app that uses AI to allow users to virtually try on outfits using an AI-generated version of themselves.

Energy Storage Innovation: Redwood Materials activated North America's largest microgrid, powered by retired EV batteries, to fuel an AI data center.

Robotaxi Scrutiny: Tesla's new robotaxis in Austin are under investigation by federal safety regulators due to videos showing unsafe driving behavior.

Publisher Revenue Solutions: Google introduced Offerwall in Ad Manager to help publishers generate revenue through micropayments, surveys, and ad views as AI impacts search traffic.

Leadership Changes at Tesla: Elon Musk reportedly fired Omead Afshar, Tesla's VP in charge of sales and manufacturing in North America and Europe.

Facebook Group Issues: Facebook Groups are experiencing mass suspensions, potentially due to faulty AI-based moderation.

Windows Update: The iconic Windows blue screen of death is being replaced with a black screen.

Cybersecurity

Scattered Spider Hackers Target Airlines and Transportation Sector, Warns FBI

The FBI and cybersecurity firms are warning that the hacking group Scattered Spider is now targeting airlines and the transportation sector. The hackers, known for social engineering and phishing tactics, may target large corporations and their third-party IT providers.

Hawaiian Airlines and WestJet have recently reported cyberattacks, with WestJet's incident linked to Scattered Spider. This wave of attacks follows previous targets in the U.K. retail sector and the insurance industry. Scattered Spider has also previously broken into hotel chains, casinos, and technology giants.

The FBI's statement highlights that anyone in the airline ecosystem, including trusted vendors and contractors, could be at risk.