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☆ Richard Branson and Oppenheimer's grandson urge action to stop AI and climate 'catastrophe'
▼ + stars: | 2024-02-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Richard Branson believes the environmental costs of space travel will "come down even further." Dozens of high-profile figures in business and politics are calling on world leaders to address the existential risks of artificial intelligence and the climate crisis. Virgin Group founder Richard Branson, along with former United Nations General Secretary Ban Ki-moon, and Charles Oppenheimer — the grandson of American physicist J. Robert Oppenheimer — signed an open letter urging action against the escalating dangers of the climate crisis, pandemics, nuclear weapons, and ungoverned AI. Signatories called for urgent multilateral action, including through financing the transition away from fossil fuels, signing an equitable pandemic treaty, restarting nuclear arms talks, and building global governance needed to make AI a force for good. The letter was released on Thursday by The Elders, a nongovernmental organization that was launched by former South African President Nelson Mandela and Branson to address global human rights issues and advocate for world peace.

Persons: Richard Branson, Ban, Charles Oppenheimer —, J, Robert Oppenheimer —, Nelson Mandela, Branson, MIT cosmologist Max Tegmark, Jaan Tallinn Organizations: Virgin Group, United Nations, Elders, South, Life Institute, MIT, Skype

☆ Crypto venture funding climbs for first time in nearly 2 years after bitcoin's stellar run
▼ + stars: | 2024-02-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Now, venture investors are returning. Venture funding for crypto-related companies in the fourth quarter of 2023 totaled $1.9 billion, a 2.5% increase from the prior quarter, PitchBook said Thursday. It marks the first time that venture VC investments in crypto startups have risen since the March quarter of 2022. Problems for crypto ventures were compounded that year by major collapses of crypto companies like Do Kwon's controversial algorithmic stablecoin Terra and Sam Bankman-Fried's FTX. Le said that crypto venture funding has bottomed with a rise in crypto asset prices and public market valuations of crypto-related companies such as Coinbase , Marathon Digital , and MicroStrategy .

Persons: Crypto, PitchBook, It's, Sam Bankman, FTX, Andreessen Horowitz, Le, bitcoin Organizations: Venture, Sequoia Capital, Tiger Global, CNBC, Marathon Locations: FTX

As always, Browne’s models did not strut a runway but instead were players in his fantasy, walking deliberately and serenely around a wintry wasteland filled with snow and bare trees. Of nearly 50 looks, everything was in black-and-white — typical of Browne's color discipline — with a little gold at the end. In the second, black birds emblazoned a white coat that itself covered a black jacket and skirt. And there was a rare hint of skin for the label — a sheer black blouse covered with roses and a sheer skirt. Indeed, Coon ended it with frightening screams of “Nevermore!” But for Browne and his audience it was Valentine's Day.

Persons: — Thom Browne, Edgar Allan Poe’s, ”, Janet Jackson, Queen Latifah, Browne, Carrie Coon, Lenore, Ginger, —, Hector —, Coon, Andrew Bolton, tromp Organizations: New York, of Fashion Designers of America, Costume Institute, Metropolitan Museum of Art Locations: Manhattan, Paris

☆ Delivery Hero CEO happy to keep Asia unit Foodpanda 'forever' after stock plunged on sale outlook
▼ + stars: | 2024-02-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Delivery Hero shares surged 11% Wednesday afternoon in European trading, extending gains from earlier in the day. Delivery Hero, one of Europe's largest food delivery apps, has faced recent pressure from investors over its ability to make a solid return on businesses it's wholly or partly acquired. Now, Delivery Hero is attempting to claw back from the brutal share price plunge, which brought the company's stock to its lowest level since 2022. That came after Delivery Hero announced a deal to divest its entire stake in the British food delivery company Deliveroo. Delivery Hero at the time denied the report and pushed back on speculation that a collapse in talks was imminent.

Persons: Niklas Ostberg, Foodpanda, Ostberg, breakeven Organizations: New Straits Times, CNBC, Foodpanda, Shareholders Locations: Southeast Asia, Deliveroo

☆ Apple and Microsoft clinch key win as iMessage, Bing exempted from tough EU competition rules
▼ + stars: | 2024-02-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

The decision is a win for Apple, whose iMessage service has long faced complaints from Android users due to incompatibilities. The EU's competition restrictions also won't apply to Microsoft's Bing and Edge browsers, as well as the Redmond tech giant's online advertising service, Microsoft Advertising. The Tuesday pronouncement does not mean that Apple and Microsoft themselves won't still be treated as gatekeepers under the EU rules. Late last year, the EU unveiled six designated gatekeeper that would be subject to its rules: Google, Amazon, Apple, Meta, Microsoft, and TikTok owner ByteDance. Apple recently opened up its App Store for third-party developers in Europe, which could threaten the iPhone giant's lucrative fees.

Persons: Microsoft's Bing, Meta's WhatsApp, ByteDance Organizations: European Commission, Apple, Facebook, Users, Redmond, Microsoft, CNBC, EU, EU Digital Markets, Meta Locations: Europe

☆ London lags behind rest of Europe when it comes to 5G network quality, report finds
▼ + stars: | 2024-02-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

London falls far behind other major European cities when it comes to the quality of its 5G connection, according to a report shared with CNBC. According to MedUX, Berlin has the best 5G coverage of any European city overall, according to MedUX, with a 89.6% reach. It is also the best city overall for 5G streaming, with average latency of less than 40 milliseconds. Berlin, Barcelona, and Paris scored the highest among European cities on MedUX's overarching 5G quality benchmark. London, on the other hand, was close to the bottom of the ranking for European 5G networks.

Persons: MedUX, Berlin's, Rafael Galarreta, Galaretta Organizations: CNBC, London, Paris, 5G Locations: Reno, London, Europe, Berlin, Barcelona, Paris, Lisbon, MedUX, Milan, Porto, Munich, Germany

☆ Digital banking giant Revolut is launching phone plans for travelers in the UK
▼ + stars: | 2024-02-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Revolut is launching a travel eSIM plan in the U.K., in a rare move for a financial services firm. RevolutBritish financial technology company Revolut is launching phone plans in the U.K., the company has told CNBC exclusively, making it the first financial services firm in the country to offer telecom plans, and among the first globally. The cost of using mobile data overseas has increased for Brits in recent years. Revolut has partnered with U.K. mobile network operator 1Global, formerly known as Truphone, to launch its eSIM. Launching phone plans is a rare step from a financial services firm.

Persons: Revolut, Tara Massoudi, Massoudi, we've, it's Organizations: CNBC, Ultra, Brits, BT, Vodafone, European Union Locations: Plenty

☆ Stripe rival Adyen's shares soar 22% as European payments giant posts profit beat, slows hiring
▼ + stars: | 2024-02-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Shares of European online payments giant Adyen jumped on Thursday, after the company reported strong sales growth and better-than-expected profit for 2023. Here's how the company did in its full-year results:Net revenue: 1.626 billion euros ($1.75 billion), up 22% year-on-year. That's broadly in line with expectations of 1.636 billion euros, according to LSEG, formerly RefinitivEBITDA (earnings before interest, tax, depreciation, and amortization): 743.0 million euros, up 2% year-on-year. The company also said it "significantly expanded" its partnership with a single, unnamed existing digital customer, which contributed to better sales growth overall. The move intended to address investor concerns that the company was spending too aggressively on hiring while peers were cutting back on their capital expenditure.

Persons: Adyen, Jefferies Organizations: PayPal, Analysts, Spotify Locations: Amsterdam, Klarna

☆ Companies will continue to be able to deliver on earnings in 2024, says PIMCO's Erin Browne
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompanies will continue to be able to deliver on earnings in 2024, says PIMCO's Erin BrowneErin Browne, PIMCO portfolio manager, joins 'Closing Bell' to discuss adding equity risk to your portfolio.

Persons: PIMCO's Erin Browne Erin Browne Organizations: Companies

☆ Wheely, Uber's luxury competitor, launches in Dubai to take on the UAE's dominant player
▼ + stars: | 2024-02-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The company, founded by Russian-Swiss entrepreneur Anton Chirkunov, told CNBC it will offer rides in the United Arab Emirates city starting Wednesday, catering mainly to wealthy clients. "European families and entrepreneurs have been moving to Dubai in the last five years," Chirkunov told CNBC in an interview ahead of the launch. Wheely's platform is tailored more toward mass market usage, however, and Chirkunov thinks his platform has an opportunity to stand out. He compares the Wheely brand to the American Express Centurion and Platinum membership credit cards in terms of brand status. Wheely plans to expand its Middle East team and chauffeur network to over 1,000 in the next three to five years, the company told CNBC exclusively.

Persons: Shariff, Covid, Anton Chirkunov, Wheely, That's, Mercedes, Chirkunov, it's, chauffeurs, Duke of Northumberland, Covid lockdowns Organizations: Russian, CNBC, United Arab Emirates, BMW, Benz, Tesla, American Express, Mercedes, East, Companies Locations: Dubai, Swiss, Europe, London, Mayfair, City of London, Wheely, Paris

☆ Delivery Hero says it hit 2023 sales growth targets in early results after 26% stock plunge
▼ + stars: | 2024-02-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Delivery Hero CEO Niklas Östberg speaking at the Noah tech conference in Berlin on June 13, 2019. Delivery Hero said the results were driven by healthy order growth in many of its geographies. Most notably, Delivery Hero also gave some rosy guidance for 2024, with the delivery company forecasting group GMV growth of 7-9% for the year, higher than its performance in 2023. Delivery Hero said it would publish additional preliminary numbers for the fourth quarter in a trading update slated for Feb. 14, when it was originally due to report numbers. Delivery Hero is one of the largest food delivery services globally with more 2.2 billion users.

Persons: Niklas Östberg, Britain's Deliveroo Organizations: Noah, Analysts Locations: Berlin, Indonesia

☆ Best red carpet looks at the 2024 Grammys
▼ + stars: | 2024-02-05 | by ( Christy Choi | ) edition.cnn.com time to read: +2 min

While we’ve seen floral and black gowns take center stage on this year’s red carpets, the Grammys are known for showcasing bolder, more theatrical fashion. And who could forget Kim Petras and Sam Smith’s bold red ensembles which matched those of their entourage. Jordan Strauss/Invision/APThankGod4Cody Kayla Oaddams/WireImage/Getty ImagesVictoria Monét looked statuesque in a structured copper mermaid dress by Versace and a Bulgari Serpenti necklace. “I feel a bit (of) Joan of Arc energy in it,” she said during the official red carpet pre-show. The singer completed the look with Tiffany & Co jewelry, including a stunning necklace featuring rubellites, diamonds and an orange sapphire.

Persons: Taylor Swift, ”, Gaurav Gupta, Kim Petras, Sam Smith’s, Caroline Polachek Matt Winkelmeyer, Calvin Harris Jordan Strauss, Jessica Betts, Niecy Nash Jordan Strauss, Kat Graham Matt Winkelmeyer, Miley Cyrus Frazer Harrison, Landon Barker Stewart Cook, Kayla Oaddams, Lauren Daigle Gilbert Flores, Billie Eilish Francis Specker, CBS Entertainment Paty Cantu Jordan Strauss, Paris Jackson Matt Winkelmeyer, Danity Kane, Dawn Richard, Gilbert Flores, Noah Kahan Jordan Strauss, Phoebe Bridgers, Lucy Dacus, Julien Baker of, Thom Browne, Jordan Strauss, Monét, Versace, Neilson Barnard, Jacob Collier Frazer Harrison, Joan of, Tiffany, Kevin Mazur Organizations: CNN, Getty, CBS, CBS Entertainment, Dua Locations: Los Angeles, Dua Lipa

☆ The best-dressed celebrities at the 2024 Grammys
▼ + stars: | 2024-02-05 | by ( Erin Mcdowell | Maria Noyen | ) www.businessinsider.com time to read: +1 min

The 2024 Grammys, hosted by Trevor Noah, took place on Sunday in Los Angeles. Dua Lipa wore a Courr è ges silver gown with a plunging neckline and Tiffany jewelry. ges silver gown with a plunging neckline and Tiffany jewelry. Many celebrities, from Miley Cyrus to Dua Lipa, turned out in their best and boldest looks. Here were the best-dressed celebrities at the 2024 Grammys.

Persons: Trevor Noah, Dua Lipa, Tiffany, Boygenius, Thom Browne, —, Miley Cyrus Organizations: Service Locations: Los Angeles, Dua, Dua Lipa

☆ Meta shares surge 17% in premarket trade after announcing first-ever dividend
▼ + stars: | 2024-02-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Meta founder and CEO Mark Zuckerberg speaks during Meta Connect event at Meta headquarters in Menlo Park, California on September 27, 2023. Josh Edelson | AFP | Getty ImagesShares of Facebook parent company Meta jumped Friday, after the firm reported a threefold jump in fourth-quarter profit and issued its first-ever dividend. First-ever dividendMeta said it would pay investors a dividend of 50 cents a share on March 26, in the company's first-ever cash dividend. Meta also announced a $50 billion share buyback. Ben Barringer, technology analyst at Quilter Cheviot, said this represented a "symbolic moment and indicates what a turnaround story Meta has been on since its struggles in 2022."

Persons: Mark Zuckerberg, Josh Edelson, Meta, Ben Barringer, Cheviot, Barringer Organizations: Meta, AFP, Getty, Facebook, Revenue, Investors, Microsoft Locations: Menlo Park , California, U.S

☆ Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300%
▼ + stars: | 2024-02-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Payments giant Mastercard says it has built its own proprietary generative artificial intelligence model to help thousands of banks in its network detect and root out fraudulent transactions. The company told CNBC exclusively that its new advanced AI model, Decision Intelligence Pro, will allow banks to better assess suspicious transactions on its network in real-time and determine whether they're legitimate or not. Ajay Bhalla, Mastercard's president of cyber and intelligence business unit, told CNBC that the new AI solution is a proprietary recurrent neural network — a core part of generative AI — from Mastercard built from scratch by the company's cybersecurity and anti-fraud teams. "We are using the transformer models which basically help get the power of generative AI," Bhalla told CNBC in an exclusive interview earlier this week. Mastercard's proprietary algorithm is trained on data from the roughly 125 billion transactions that go through the company's card network annually.

Persons: Joan Cros Garcia, Corbis, Ajay Bhalla, Bhalla, we've, — Organizations: MasterCard, Mobile, Congress, Getty, Mastercard, CNBC Locations: BARCELONA, SPAIN, Barcelona, Spain

☆ Volkswagen sets up its own AI lab as car industry looks to embrace the tech
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Volkswagen, like other car giants, are pushing heavily into AI to boost their technology credentials and make their cars smarter. German automaker Volkswagen has established its own artificial intelligence lab, the company said Wednesday, reflecting growing ambitions from the car industry to adopt the buzzy technology. In a press release, Volkswagen said its new AI lab will serve as a "globally networked competence center and incubator" to produce proofs of concept in the field of the tech surrounding automotive innovations. AI labs are research and development hubs for exploring artificial intelligence breakthroughs. Volkswagen claimed it would bring its lab's AI innovations to its own vehicles to make them smarter.

Persons: Google's, Oliver Blume Organizations: Volkswagen, Microsoft, Volkswagen Group, Porsche AG, Benz

☆ Former UK finance minister joins Coinbase crypto exchange as an advisor
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Former British Chancellor George Osborne addresses guests during a visit to the Manchester Chamber of Commerce on July 1, 2016 in Manchester, England. LONDON — A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company's regulatory bargaining power at a time when it faces severe scrutiny stateside. Coinbase announced that George Osborne, who served as Britain's chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council. Faryar Shirzad, Coinbase's chief policy officer, said the company was "pleased to have George join our council at an exciting time for us in the U.K. and globally." We look forward to relying on his insights and experiences as we grow Coinbase around the world," Shirzard added.

Persons: George Osborne, beefing, He'll, Mark Esper, Patrick Toomey, Coinbase, George, Shirzard, Osborne Organizations: Manchester Chamber of Commerce, Wednesday, Coinbase, of Defense Locations: Manchester, England, British, Coinbase

☆ Delivery Hero plunges to record low after selling stake in food delivery rival Deliveroo
▼ + stars: | 2024-01-30 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Shares of German food delivery company Delivery Hero fell to a record low Tuesday after announcing it was selling its minority stake in rival firm Deliveroo . The stake sale will fetch roughly £76.8 million for Delivery Hero. The proceeds represent less than a third of what Delivery Hero paid for the shares when it first bought them in 2021, Reuters reported. Deliveroo shares reacted negatively to the news, plunging as much as 7% Tuesday. Delivery Hero shares sank nearly 6% to hit a record low.

Persons: Deliveroo Organizations: Reuters Locations: Victoria, London, England, Deliveroo

☆ Sony is making a bold bet on an African gaming startup to boost PlayStation’s reach in the continent
▼ + stars: | 2024-01-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Sony is making a bold bet on Africa's video game industry. The Japanese consumer electronics and gaming giant has invested an undisclosed sum into Carry1st, a video game studio based in Cape Town, South Africa, via its Sony Innovation Fund venture arm, Carry1st told CNBC exclusively. The deal is a strategic investment that will see the two companies partner on a range of commercial opportunities. "We believe very firmly that there is an incredibly underrated console opportunity in Africa," Robbin-Coker said, citing countries like Nigeria, Morocco and Algeria as places where console adoption is rising a lot. Sony is coming into an emerging gaming market with blistering growth potential.

Persons: Carry1st, Cordel, Coker Organizations: Sony, Sony Innovation Fund, CNBC, PlayStation Locations: Cape Town , South Africa, Africa, Nigeria, Morocco, Algeria, Konvoy

☆ Tesla recalls nearly 200,000 vehicles in the U.S. over rearview camera bug
▼ + stars: | 2024-01-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

BURBANK, CALIFORNIA - JANUARY 16: Tesla electric cars are parked at a Tesla dealership on January 16, 2024 in Burbank, California. (Photo by Mario Tama/Getty Images)Electric vehicle maker Tesla is recalling nearly 200,000 cars in the U.S. due to a "software instability" that prevented the rearview camera image from displaying, according to the National Highway Traffic Safety Administration (NHTSA). The U.S. agency said in a recall update on its website that Tesla was recalling certain 2023 Model S, X, and Y vehicles equipped with full self-driving 4.0, the company's driverless software system, due to the software bug. The potential number of cars affected by the recall is 199,575, the NHTSA said. Tesla's reference number for the recall is SB-24-00-002 and customers with questions are advised to speak to the company's customer services.

Persons: Mario Tama, Tesla Organizations: National, Traffic Safety Administration, NHTSA Locations: BURBANK , CALIFORNIA, Burbank , California, U.S

☆ Thousands Protest Australia Day Holiday With 'Invasion Day' Rallies
▼ + stars: | 2024-01-25 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

SYDNEY (Reuters) - Thousand's marked Australia's national day on Friday with "Invasion Day" rallies in support of the country's Indigenous community, many of whom oppose celebrating the day a British fleet sailed into Sydney Harbour in 1788. Australia Day commemorates the day Britain established the state of New South Wales a penal colony, arriving in what is now the state capital Sydney with a "First Fleet" bringing colonists and convicts. Many people celebrate the holiday with barbecues and trips to the beach, and it is also a popular date for immigrants to receive their Australian citizenship. In Sydney, thousands of protesters, many waving Indigenous flags, gathered in the city centre at an "Invasion Day" rally before a march that closed nearby city streets. Two statues of colonial figures were vandalised in Melbourne earlier this week ahead of the contentious national holiday.

Persons: Browne, Anthony Albanese, Albanese, Sam McKeith, Lincoln Organizations: SYDNEY, Sydney Harbour, Australian Broadcasting Corp, Labor Party Locations: British, Sydney, Britain, New South Wales, Victoria's Melbourne, Canberra, Melbourne

NEW YORK (AP) — It's a little late for John Leventhal to be considered a hot young thing in music. The thought of doing a solo record sort of creeped into my consciousness and, when the pandemic hit, I really couldn't avoid it. AP: How do you think a first John Leventhal album would have sounded if you made it 50 years ago? I don't think I would have made a good record 40 years ago because it wouldn't have been tempered by what I've learned. It felt more like creating a product, like it was someone in the record industry's “good idea.” And it is a good idea.

Persons: —, John Leventhal, He's, Shawn Colvin, Jim Lauderdale, Leventhal, Marc Cohn, Sarah Jarosz, Joan Osborne, William Bell, Rosanne Cash, Jackson Browne, Willie Nelson, Ry Cooder, Elvis Costello, Donald Fagen, Cash, Cohn, Matt Berninger, LEVENTHAL, I've, We're, Doc Watson, Howlin, Wolf, Igor Stravinsky, Duke Ellington, Miles Davis, George Jones, I'm, It's Organizations: Boys of, Associated Press, Beatles Locations: New York, Boys of Alabama

☆ India's Zee Entertainment urges Sony to restore blockbuster merger, sues over termination
▼ + stars: | 2024-01-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Indian entertainment conglomerate Zee Entertainment on Wednesday said it urged Sony to revive their blockbuster entertainment merger and has sued the Japanese tech giant over the deal's termination. Sony earlier this week called of the transaction with Zee Entertainment, which is reported to be worth $10 billion. In a filing, Zee said it denies that Sony is entitled to call off the merger agreement and that its claim for a termination fee is "legally untenable and has no basis whatsoever." A merger of Zee with Sony's India subsidiary, Culver Max Entertainment Pvt. Sony would have gained access to Zee's local content, giving it a bigger footing in the lucrative Indian entertainment market.

Persons: Zee, Culver Max, BEPL, Punit Goenka, Arjun Kharpal Organizations: Zee Entertainment, Sony, Zee Entertainment Enterprises, Sony's, CNBC Wednesday, Culver, MCA, Company, Singapore International Arbitration Center, Zee, Culver Max Entertainment, Ltd, Bangla Entertainment, Disney, Reliance Industries Locations: India, Zee, Singapore, Sony's India

☆ Founders of Wise and Skype raise $436 million to build tech giants in Europe
▼ + stars: | 2024-01-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The founders of Wise, Skype and Songkick have raised 400 million euros ($436.4 million) for a new fund to back technology startups in Europe. Plural Fund II, the firm's second to date, arrives just 18 months after the firm raised its last fund, a 250 million-euro vehicle. Only 8% of VCs in Europe are former founders, he says, much lower than the 60% in the United States. So, if we look at the track record, and our ability to get the deals done, I think that all seems to say that this is really missing in Europe," Hinrikus added. Plural raised the funds from a mix of limited partners, including British and American university endowments, U.S. foundations and insurers, strategic family offices in Europe and the United States.

Persons: Wise, Taavet Hinrikus, fintech, Ian Hogarth, Sten Tamkivi, Khaled Helioui, Hinrikus, they're, we've, Carina Namih Organizations: Skype, Balderton, Bigpoint, CNBC Locations: Europe, VCs, United States, American

☆ SoftBank leads TravelPerk's $104 million fundraising, in a bet that AI will reshape corporate travel
▼ + stars: | 2024-01-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

TravelPerkBarcelona-based startup TravelPerk, which helps automate corporate travel and expenses, has raised $104 million in fresh funding from Japanese tech investing giant SoftBank and a flood of other names, to invest in artificial intelligence development and new products. SoftBank invested $70 million in TravelPerk's latest round, which the company said was an extension of its "D-1" funding round. The fundraising round shows SoftBank is placing a major bet on a company driving disruption in corporate travel through new technologies, such as AI — which has seen significant buzz since the November 2022 launch of OpenAI's ChatGPT. Whereas many travel agents operate on low single digits gross margins, Meir says that TravelPerk's profit margin stood at 60% last year. TravelPerk competes with American Express, BCD Travel, SAP Concur and Navan in the corporate travel management space.

Persons: Avi Meir, TravelPerk, Felix, SoftBank, that's, Meir, Roy Hefer Organizations: SoftBank Vision, Felix Capital, American, CNBC, American Express, SAP Locations: TravelPerk Barcelona, Navan, U.S

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