Chinese language electrical automobile start-up Nio reveals a brand new sedan AR VR glasses

The delivery of the et5 electric sedan from Nio is scheduled to begin in September 2022.

Nio

BEIJING – Chinese electric car manufacturer Nio unveiled a new sedan and custom augmented reality (AR) glasses that reduce the need for in-car screens on Saturday.

Augmented Reality is a technology for imposing digital images on the real, physical world. In cars, technology can allow drivers to keep their eyes on the road without looking at a dashboard.

Nio said it was partnered with Chinese augmented reality start-up Nreal for the AR glasses of his new sedan ET5.

The electric car is expected to ship in September 2022, with pre-financing prices starting at 328,000 yuan ($ 51,250) for battery-powered models. The AR glasses are not included in the scope of delivery and must be purchased separately according to the company.

On December 18, 2021, Nio CEO William Li will announce customized AR glasses that will be manufactured with the Chinese start-up Nreal.

Evelyn Cheng | CNBC

The ET5 is the second sedan from Nio to hit the market. The company’s first sedan, the ET7, was unveiled in January at a higher starting price before the subsidy of 448,000 yuan, but has not yet started delivery.

Shipment of the ET7 is slated to begin on March 28, 2022, said William Li, founder, chairman and CEO of Nio, at the company’s annual “Nio Day” event on Saturday.

Tesla, WORLD, Xpeng and other electric car makers in China are already selling sedans that have proven popular with local residents.

Nio said its deliveries rebounded in November from a low of 3,667 cars in October, bringing the total to 80,940 vehicles for the first 11 months of the year. The ES6 and EC6 SUVs were among the top 10 New Energy SUVs sold in China this year through November according to the China Passenger Car Association.

Nio wants to enter Germany

In the next year, the electric car maker plans to bring its products and services to Germany, the Netherlands, Sweden and Denmark, Li said. By 2025, the company aims to reach users in more than 25 countries and regions, he said.

Nio opened a flagship store in Oslo, Norway this year and started delivering vehicles to the electric-car-friendly country that rivals China Xpeng and BYD have also shipped cars.

At the beginning of November, Li announced in a conference call that the company plans to enter Norway in five other countries in Europe next year.

Nios ET5 electric sedan has six options for the interior colors, including the seat belt.

Evelyn Cheng | CNBC

Li told reporters on Sunday that he did not expect Nio to start delivering cars and selling other services in Germany until the end of next year. He did not give a specific date.

Li also declined to provide details on whether Nio, a US-listed company, would offer shares on any other exchange in the short term.

AR / VR investments

Nio’s investment arm Nio Capital is an investor in Nreal. According to a press release, the tailor-made glasses for the ET5 sedan can project an effective screen size of 201 inches by 6 meters.

Nio also announced on Saturday that it had developed virtual reality glasses together with Nolo, another Chinese start-up supported by Nio Capital. Pricing and other details of availability were not disclosed.

Read more about electric vehicles from CNBC Pro

GAC, Nio-backed EV start-up Hycan claims one other funding spherical coming

Yang Ying, CEO of Hycan, speaks with Evelyn Cheng of CNBC during the 2021 East Tech West Conference in Nansha District in Guangzhou, China.

GUANGZHOU, China – Chinese electric car startup Hycan hasn’t shipped many vehicles yet, but claims it’s about to start a major fundraiser as investors pour more money into a hot sector.

The news that more capital is looking to other players in the Chinese electric car market comes as more established startups like Nio and Xpeng delivered more than 10,000 cars each in November alone. Unofficial figures – which Hycan refused to confirm – point to sales of a few hundred vehicles in the first ten months of this year.

“We raised more than 2 billion yuan ($ 312.5 million) in January, which is recognition from our big investors. Next, the total new round of funding will be no less than that number,” said Yang Ying, CEO of Hycan in Mandarin on December 1st at CNBC’s annual East Tech West Conference in the Nansha District of Guangzhou, China.

Yang did not indicate when the funding round would be completed. He claimed that about 20 funds and investment institutions around the world are interested in Hycan.

The start-up was founded in 2018 under the name GAC-Nio and refers to its investors: state-owned automakers GAC and the US-listed electric car manufacturer Nio.

GAC and a company called Pearl River Investment invested 2.4 billion yuan in the start-up in January, according to the electric car maker. Yang became CEO that month after holding various leadership roles at GAC. In May, the start-up rebranded under the name Hycan.

The company launched its second model in October, an electric SUV called the Z03, priced from 132,800 yuan to 168,800 yuan. That’s a lower price range than models from Nio and Tesla.

Yang said Hycan received more than 30,000 orders. He expects the company’s total deliveries for this year to be at least ten times those of the previous year. It wasn’t clear how many vehicles Hycan was delivering in 2020 when the only model on the market was which was the 007.

Hycan has focused its strategy on attracting young consumers who were mainly born after 1995. The start-up has played its partnership with the Chinese esports team EDG, which defeated a South Korean team in a highly regarded championship in November.

Yang said the company plans to partner with two or three international fashion brands next year, although he has yet to reveal their names.

Read more about electric vehicles from CNBC Pro

Shares of EV start-up Lucid soar on new reservations, 2022 manufacturing

Electric vehicle startup Lucid announced on September 28, 2021 that it had started producing its first cars for customers at its facility in Casa Grande, Arizona.

Clear

Shares in Clear group rose more than 5% during after-hours trading before even pulling back to around after the first quarterly results were released as a publicly traded company.

The electric vehicle startup announced a sharp spike in vehicle reservations and confirmed its production target for next year, while reporting a net loss of $ 524.4 million in the third quarter.

Lucid, which went public in July via a SPAC deal, reported that it lost $ 1.5 billion in the first nine months of the year.

The company announced Monday that it had more than 17,000 reservations for its Air sedan, up from 13,000 in the third quarter. Reservations through September represented a backlog of $ 1.3 billion, the company said.

Lucid also confirmed its production target of 20,000 vehicles for the next year, but said there are still hurdles to reaching those plans.

“We remain confident of reaching 20,000 units in 2022,” said Lucid CEO Peter Rawlinson in a press release. “Given the ongoing challenges for the automotive industry with global disruptions in supply chains and logistics, this goal is not without risk.”

Rawlinson said the automaker is taking steps to ease the hurdles in the supply chain and continues to plan to bring lower-cost versions of Lucid Air to market by 2022.

The automaker’s third-quarter revenue was $ 232,000, mostly from a battery deal with the Formula E electric racing league, Lucid CFO Sherry House told Wall Street analysts on Monday during a call. She said the company will begin collecting vehicle sales revenue and reporting details of the sales in the fourth quarter.

Shares closed at $ 44.88 per share, up 2.2%. The stock price remained below its 52-week high of nearly $ 65 per share in February when it was reported that Lucid was close to a deal with blank check firm Churchill Capital IV Corp. stood to go public.

Read more about electric vehicles from CNBC Pro

Lucid’s shares are up more than 80% since the company’s IPO through a reverse merger with Churchill in July. The largest daily increase of 31% came late last month when the company confirmed customer deliveries the Lucid Air Dream Edition were at the beginning.

“I feel great about our stock price,” House told CNBC during a telephone interview. “The start we had, where it is today, and also the growth path that, frankly, lies ahead of us. I see that we are seen as a technology company with a platform that can be expanded across many vehicle variants “and sustainable technology.”

Rawlinson repeated these remarks: “I think what happens in our stock value reflects our status as a technology company more than an automotive company.”

The fully electric Air sedan was named Car of the Year by MotorTrend on Monday, a coveted award in the automotive industry. It is the first time that a new automotive company’s first product has received the award, the publication said.

In total, Lucid has announced that it will deliver 520 customer-configured ones Lucid Air Dream Editions, followed by the production of cheaper models. Lucid announced to investors in July that according to an investor presentation, 20,000 Lucid Air sedans will be produced in 2022, with sales of more than $ 2.2 billion.

The Dream Edition is a special edition of their flagship sedan for $ 169,000 with an industry-leading range of up to 520 miles, according to the EPA. Prices for an entry-level version of the car, the Lucid Air sedan, start at $ 77,400 before a federal tax credit of up to $ 7,500 for plug-in vehicles.

Lucid is one of a handful of EV startups that went public through deals with SPAC companies since last year. But unlike many of his SPAC colleagues, Lucid actually generates revenue and produces vehicles. Also, unlike others, it has so far avoided any federal investigation into potentially misleading statements made to investors, such as: Nikola, Lordstown Motors and canoe.

26-year-old CEO completes SPAC deal and brings his autonomous trucking start-up Embark public

25 year old Embark CEO and co-founder Alex Rodrigues

According to Alex Rodrigues, CEO of Embark Trucks, the congestion in US ports, the shortage of trucks and the rise in e-commerce have created a unique opportunity for autonomous trucking has completed its SPAC merger and is trading on Thursday under the ticker EMBK on the Nasdaq.

“What we’ve heard from investors is that people really understand the need here and there’s a lot of excitement about the potential to revolutionize the way logistics work,” Rodrigues told CNBC. “We’re really at a tipping point now where it really starts to affect everyday people and when people don’t get their Christmas presents the need for a solution becomes much more urgent.”

Embark was founded in 2016 by 20-year-old Rodrigues and Brandon Moak and focuses on software and assistive technology for autonomous trucking. Embark can convert existing truck fleets into autonomous fleets and works with hauliers and truck manufacturers instead of developing their own vehicles. According to the Embark website, The company’s autonomous technology can improve fuel efficiency by 10%, reduce delivery time by 40%, and increase sales per truck by 300%.

In June, Embark announced that it would be using Northern Genesis Acquisition Corp II, a special purpose acquisition company, in a $ 5.2 billion deal.

As of Thursday, Embark expects to generate gross cash proceeds of approximately $ 614 million, including a private investment of $ 200 million from Knight-Swift Transportation Holdings, the largest trucker in the country, along with venture capital firms Sequoia Capital and Tiger Global. Rodrigues also becomes one of the youngest CEOs of a US public company at the age of 26.

Embark is the latest in a wave of autonomous freight forwarders to go public in 2021. TuSimple‘s IPO was in April, and it works with now UPS on railways for autonomous parcel delivery. Aurora innovation went public this month in a SPAC merger.

Wedbush predicts that approximately $ 750 billion will be spent on autonomous commercial vehicles over the next five years. Embark is partnered with AB InBev, Budweiser brewer, Werner company, a trucker for large retail stores, Ryder and DHL, and others, as all industries are looking to reduce supply chain spending.

“I think we are really excited that the industry recognizes that we are here as a quality partner and that we have been able to partner with some of the best in the business,” said Rodrigues.

Walmart announced this week it is with fully autonomous trucking to move online food orders through a partnership with the start-up Gatik.

Rodrigues believes it is another tailwind for his company and its autonomous logistics. “Large established players understand the urgency and necessity of this technology. We see that as a big plus. “

Correction: Plus and Hennessy Capital Investment Corp V have terminated their merger agreement. In a previous version, the status of the deal was incorrectly stated.

Aaron Tan’s recommendation for constructing a $1 billion start-up

As a former start-up investor and co-founder and CEO of $ 1 billion auto marketplace car, Aaron Tan knows a thing or two about running a business.

But if he had one piece of advice to other budding entrepreneurs, it would be this: Don’t go alone.

“I don’t know if I’m qualified enough to give advice per se. But I would always say that you should try to find a core team of people,” said Tan CNBC does it.

For 36-year-old Tan, it was critical to his business.

You must first find a group of friends willing to take the leap of faith with you.

Aaron Tan

Co-Founder and CEO, Carro

When he was first inspired to come up with an algorithm to help car buyers and sellers compare the best deals across Southeast Asia, he quickly brought his friends from the Carnegie Mellon School of Computer Science to join him on the journey accompany.

Tan is Singaporean and his co-founders Aditya Lesmana and Kelvin Chng are Indonesians and Thais, respectively. That meant that together they had a much better understanding of the markets they were targeting and the problems they were solving – more than Tan would have ever had alone.

“I am always grateful that my team has been very international from day one. That makes entering the market a lot easier for us,” said Tan.

Aaron Tan, Co-Founder and CEO of Southeast Asian auto marketplace Carro.

automobile

This advice dates back to Tan’s beginnings as a venture capitalist (VC) investing in companies in the US and Southeast Asia.

A strong founding team is important for a start-up, he said.

“As a former VC, I’ve seen companies and we haven’t invested, mostly because there was a strong person and no co-founders,” said Tan.

it is very important to support and complement one another.

Aaron Tan

Co-Founder and CEO, Carro

“It is very important for me to support and complement each other,” he added.

According to Tan, a founder’s ability to build a founding team is a good sign that they are self-aware and understand their strengths and weaknesses. But it also shows their ability to convince others of their vision.

“You will know if you can start a business or not after a while because you will find more people who believe in the trip,” Tan said.

“You have to first find this group of friends willing to take the leap of faith with you before you are able to find the next 100, the next 1,000 people who will grow your business,” he said.

Do not miss: How 3 college friends started a $ 1 billion business selling used cars

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Thailand’s fintech startup Ascend Cash lands $150M at a $1.5B valuation – TechCrunch

Money go up, the Thai fintech startup behind TrueMoney, an e-wallet service, announced today that it has raised a $ 150 million Series C round valued at $ 1.5 billion.

The Series C round was led by Charoen Pokphand group, a major shareholder in Ascend Money, with the participation of Bow Wave Capital Management and returning supporters Ant group.

Ascend Money will use the proceeds to grow its e-wallet application – TrueMoney Wallet – and expand its digital financial services, which range from digital lending and digital investments to cross-border money transfers in Southeast Asia.

Founded in 2013, the company also plans to expand its global operations in six countries – Thailand, Indonesia, Vietnam, Myanmar, Cambodia and the Philippines.

Since the coronavirus outbreak, electronic payments through TrueMoney Wallet have grown exponentially due to social distancing measures and growing public awareness of contactless transactions across the region, Tanyapong Thamavaranukupt, co-president of Ascend Money, told TechCrunch. Its users in Thailand have grown from 17 million in early 2021 to 20 million now, while its online payment application case transactions have increased by over 75%, Thamavaranukupt said.

“The growth in e-payment suggests that consumer spending habits are changing as Southeast Asia moves towards a digital economy and a cashless society,” said Thamavaranukupt.

“The disruptive effects of the pandemic have accelerated the growth of the digital economy across Southeast Asia,” said Itai Lemberger, Founder and CEO of Bow Wave Capital Management.

The total payment volume in the six countries of Southeast Asia in 2020 was 14 billion US dollars, which corresponds to a growth of 84% between 2019 and 2020. About 70% came from Thailand while 30% came from the international market, said Co-President Thamavaranukupt. According to its own research, Ascend Money has around 70% of the market share in Thailand, Thamavaranukupt said.

Ascend Money informs TechCrunch that it has accumulated a total of 50 million users through TrueMoney and offline channels to date, including approximately 88,000 TrueMoney agent networks, which is its core strength for regional expansion.

The e-wallet service also serves as a payment channel for B2B, from big brands to local SME owners to street market entrepreneurs. The TrueMoney Wallet platform offers a digital loan service along with the payment service to customers including small business owners who do not have traditional credit ratings to access the digital loans, Thamavaranukupt said.

“Aside from e-wallet, we are an agent-based payment and transfer service provider. We also launched TrueMoney Wallet for agents last year [networks] and have migrated our offline agent to the online platform, which would help improve and digitize their operations, ”said Thamavaranukupt.

True Money agents are local business owners who have registered with Ascend Money to generate additional income by providing services such as bill payment, phone top-up, and domestic and cross-border remittance services as their agents, he explained.

“We offer TrueMoney Wallet and the TrueMoney Agent service in several other countries outside of Thailand. Most users do not have a bank account and the low-bank population has limited access to basic financial services, ”Thamavaranukupt said.

“Ascend Money offers a financial platform with opportunities for the financially marginalized as well as SMEs in the region. The company’s success is also testament to Thailand’s ability and strong ecosystem to help domestic fintech companies and startups expand overseas, ”said Ascend Money Founder and Chairman of the Board, Suphachai Chearavanont.

Last year, Ascend Money also opened a service for expatriates such as Myanmar and Cambodian migrant workers in Thailand that they can use to register with TrueMoney Wallet and send money to their families back home, Thamavaranukupt said.

Ascend Money is considering an IPO after hitting $ 1.5 billion valuation, co-president Monsinee Nakapanant told TechCrunch, without giving a specific timeline.

BizStarts lands AARP seed cash for entrepreneurial startup program

The entrepreneurial startup organization BizStarts is launching its third BizStarts Institute program on Saturday, this time in collaboration with AARP Wisconsin.

“AARP Wisconsin has provided BizStarts with $ 20,000 worth of seed money to help entrepreneurs in the institute program get their businesses up and running,” BizStarts said in a statement.

The BizStarts Institute is a program launched in 2020 that teaches entrepreneurs from underserved areas the basics of business management.

The program wants to help Low-income entrepreneurs are making their dreams come true – and improve the Milwaukee neighborhood at the same time.

The first part of the program takes place at St. Ann’s Center for Intergenerational Care and takes place every Saturday for six weeks. After the entrepreneurs go through the program, they are matched with a mentor and student counselors to help them start their business.

“I can’t tell you how excited we are to be working with AARP,” said Patrick Snyder, Executive Director of BizStarts, in a statement. “These companies only need a small amount to get started and generate positive cash flow.

“Most of our entrepreneurs are customer-financed – they grow when more people buy from them,” said the organization’s statement. This means that “with just a little start-up capital, you will never feel the pressure to take out a loan.”

More:Northwestern Mutual launches a $ 100 million impact investing fund for black communities

More:5 angel investors set up Milwaukee Venture Partners to support startups in the region

The bootcamp program, which starts on Saturday, ends with a competition in which the participants can pitch their business plans.

“The winner of the pitch competition will be rewarded with $ 1,000 in prize money,” said Snyder. “The rest of the starting capital will be divided equally between the rest of the cohort.”

You can find more information about the BizStarts Institute at https://bizstarts.com/bizstarts-institute/

This start-up makes use of laptop imaginative and prescient to get your fast-food order made precisely

An employee places a drink order with a customer in the drive-through of a Starbucks coffee shop in Rodeo, California.

David Paul Morris | Bloomberg | Getty Images

Restaurant tech startup Agot AI has closed a $ 10 million financing round that will help the company accomplish its mission to improve the accuracy of fast food orders.

The start-up installs overhead cameras in restaurant kitchens and uses computer vision to check – similar to autonomous vehicles – whether the employees are preparing the orders correctly. The technology is designed to improve work efficiency and reduce customer waiting times.

Agricultural investment firm Continental Grain, which recently bought poultry giant Sanderson Farms with Cargill, led the startup’s seed funding round. The Kitchen Fund – which is invested in Sweetgreen, Cava, and Gregorys Coffee – and Grit Ventures also participated.

According to Pitchbook, Agot raised just $ 50,000 during its previous funding round in May 2020.

“We are excited to help the Agot team bring their computer vision solution to market, increase work efficiency, improve off-premise operations and provide real-time analytics to demanding QSR operators,” said Continental Grain in a statement to CNBC.

Order accuracy can have a profound impact on consumer willingness to return to a restaurant and the overall experience. The American Customer Satisfaction Index’s annual consumer survey found that fast food restaurant orders were accurate 84% of the time in 2021, which was less than the previous year.

Agot co-founder and CEO Evan DeSantola said the technology can detect over 85% of order errors and alert them to these issues before staff serve food to customers.

“We see that all over the [quick-service restaurant] Order accuracy in the industry is becoming a growing concern as a result of the shift to drive-through, “said DeSantola.” What was once a minor pain point if accuracy rates haven’t gotten much better is now a much bigger pain point. “

Drive-through orders increased prior to the pandemic, but the health crisis resulted in many consumers switching to this ordering method due to closed dining rooms, convenience and safety concerns. In December, drive-through transactions were up 22% year over year, according to the NPD Group. SeeLevel HX’s annual drive-thru study found that average times at 10 fast food chains slowed by almost half a minute over the past year.

DeSantola and his co-founder, Alex Litzenberger, who serves as the company’s chief technology officer, met while studying computer science at Carnegie Mellon University. You founded the company 2½ years ago after experiencing long waiting times and incorrect orders yourself. The founder’s alma mater also took part in the seed round.

“At Agot, we knew it wasn’t a point solution,” said Greg Golkin, managing partner of the Kitchen Fund. “It’s a platform that is being built and order accuracy is just the first application. Computer vision won’t stop there. “

Golkin also said that Agot was furthest ahead of other startups exploring similar computer vision solutions in restaurant technology. According to its founders, Agot has received several takeover bids that it has declined.

DeSantola said the typical Agot customer has at least 2,000 restaurant locations. However, he declined to share the names of current restaurant customers, citing strict nondisclosure agreements.

Agot plans to use the cash from the latest round of funding to expand its product and engineering teams and expand its reach for both existing customers and adding new chains to its roster.

Debt-Busting Tech Startup Brilliant Cash Pronounces Public Launch, With $31 Million in Funding

SAN FRANCISCO – () –Light money, an artificial intelligence (AI) financial platform based on its unique MoneyScience ™ algorithm, has secured $ 31 million in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures, along with investments from prominent angel investors like Ram Shriram (Alphabet board member and founder of Sherpalo Ventures).

Bright Money is helping Americans take control of their debts and start building real wealth through bespoke AI-powered financial planning. With its algorithm, Bright Money does all of the data processing math and financial planning for each user. Bright Money uses thousands of data points from a user’s financial life to build the best possible path to financial well-being while fitting into the user’s daily money activities. It works to outsmart banks and lending companies so that any Bright Money user can always get the best bang for their buck.

The Bright Money platform is designed for real financial needs that matter most to Americans, helping them move forward and make their dreams come true. It focuses on getting people out of debt, improving their credit scores, and increasing savings to build real wealth. On average, users pay more than $ 2,200 in credit card debt each year by using the platform, saving $ 750 in fees and interest fees, and adding 30-100 points to their creditworthiness.

The platform primarily helps hard-working, middle-income Americans – those between the ages of 25 and 40 who make $ 50,000 to $ 100,000 a year. These Americans have traditionally been underserved by banks and even by the youngest “neo banks”. Unlike existing services and products, Bright Money doesn’t just offer users more credit or a unified product. Bright Money offers highly customized planning that reacts to and adapts to each user’s changing finances while enabling intelligent automated payments that reduce debt and build wealth faster than most Americans can alone.

Bright Money was co-founded by Avi Patchava, an Oxford University graduate data science expert with a decade of experience using algorithms to solve consumer problems. and Petko Plachkov, a financial services veteran and serial entrepreneur who has successfully developed and scaled financial products for millennials for the past decade.

“When we started building Bright in 2019, we wanted to bring a unique system based on data science to help Americans organize their finances and fight their debts,” says Patchava. “The Series A funding we have secured will allow us to take our platform to the next level by giving users a transformative journey with their money to truly improve their financial future. We exist to deliver real results to people – not just another financial product. This is only the tip of the iceberg when it comes to harnessing the power of data science to fuel personal finances. ”

Bright Money has assembled a team of more than 100 money scientists: seasoned data scientists and AI engineers from leading research centers around the world with experience in finance, consumer technology and adtech. They spent two years building the MoneyScienceTM platform (a system of 34 different AI algorithms) from the ground up to provide unique financial planning and insights to consumers. Bright Money’s technology enables hyper-personalized and bespoke financial plans normally only offered to the wealthy through dedicated financial advisors.

“We designed Bright to meet the financial planning needs of middle-class Americans with no hidden costs or fees,” said Plachkov. “Bright is only $ 15 a month – affordable for everyone. How to get Bright’s algorithm for your finances for less than the price of Netflix. Most Americans make a decent living, but they’re poorly served by traditional financial firms and fintechs that offer one-size-fits-all solutions. With more than 30,000 people getting results with the Bright platform in beta, we know we are building a platform for the future of people’s money. ”

“Bright has invested in building a unique technology-enabled solution that will help consumers manage their money and reduce debt,” says Shriram. “The consumer debt and savings business is ripe for innovation to bring real value and simplicity to users looking to improve their financial lives.”

For $ 15 a month, users have access to all of the great Bright Money platform tools, educational resources – The School of MoneyScience ™ – and 24/7 access to customer support via phone, email and chat. Based in San Francisco with offices in London and Bangalore, Bright Money currently has 150 members on the data science and customer service team and is compatible with 14,000 banks in the US. For more information on Bright Money, see brightmoney.co.

About light money

Light money is an artificial intelligence (AI) financial platform powered by its unique MoneyScience ™ algorithm designed to help Americans take control of their debt and start building real wealth. Bright Money’s technology enables all users to access highly customized financial plans – usually only available from financial planners charging thousands of dollars – to help settle credit card debt, build their creditworthiness, and start saving. Bright Money delivers results to its users, with the average customer shedding $ 440 in debt and saving $ 750 a year in interest in the first three months. Bright Money’s patented platform has helped over 30,000 Americans to date and managed hundreds of millions of debts. Bright Money was founded in 2019 by Avi Patchava, a leader in the AI ​​industry. and Petko Plachkov, a serial financial services entrepreneur; and has teams in San Francisco, London and India.

MoneyScienceTM, Bright Money’s patented AI platform, uses thousands of data points on each consumer’s financial life and 34 algorithms to create highly customized financial plans for users. The MoneyScienceTM system was developed from the ground up over two years by leading AI and machine learning experts, combining basic AI technologies from other industries (adtech, entertainment, robotics and industrial automation) with best practices in personal finance. The result is simple, understandable, and impactful plans that are uniquely tailored to each individual – hyper-personalized for each user. Currently, such detailed planning is only available from professional financial planners, who charge thousands of dollars for such a service.

Hong Kong biotech start-up Prenetics to checklist in US by means of SPAC deal

Hong Kong biotech company Prenetics is going public through a merger with Artisan Acquisition – a special purpose vehicle for acquisitions, or SPAC – to value the combined company at $ 1.7 billion, the companies announced Thursday.

Confirm CNBC’s previous report, the two companies said the deal is expected to close in the fourth quarter.

This makes Prenetics the first Hong Kong unicorn or multi-billion dollar start-up to become a publicly traded company.

Prenetics CEO Danny Yeung (left) and Artisan Acquisitions founder Adrian Cheng, who is also CEO and Executive Vice Chairman of New World Development. Prenetics goes public through a SPAC merger with Artisan Acquisition that will value the combined company at $ 1.7 billion.

Source: Prenetics

The merged company will trade on the Nasdaq under a new ticker symbol PRE when it closes.

The merger is expected to generate up to $ 459 million in cash revenue that will be used for strategic acquisitions, geographic expansion, and research and development.

Artisan Acquisition is supported by Adrian Cheng, CEO and Executive Vice Chairman of Hong Kong-listed Development of the new world. Prenetics – a diagnostics and genetic testing company in 10 countries – wants to leverage Cheng’s business portfolio that includes retail, hospitality, healthcare and real estate.

Invest in M&A

According to Ben Cheng, CEO of Artisan Acquisition, Prenetics was chosen for a number of reasons.

The Hong Kong-based startup is a high-growth company that is revolutionizing the healthcare industry and is led by an established entrepreneur, Cheng told CNBC.Squawk Box Asia” on Thursday.

He was referring to Artisan’s CEO and co-founder, Danny Yeung, who previously worked at Groupon.

“We are very confident about his track record,” said Cheng.

For his part, Yeung told CNBC that using the cash proceeds from the deal for mergers and acquisitions is a top priority for Prenetics.

“The US is a priority market for us, Southeast Asia and the rest of Europe – we will certainly invest in growth, manufacturing, product development and research and development again,” he said on Thursday.

To date, Prenetics has performed more than 5 million Covid-19 tests for customers including the Hong Kong government and London Heathrow Airport.

It counts names like Chinese internet company Alibaba, as well as the insurers Ping An and Prudential as strategic investors.

The company has grown significantly since it was founded in 2014. Revenue is expected to triple year-on-year to $ 205 million in 2021 and to increase to $ 600 million by 2025.

– CNBC’s Saheli Roy Choudhury contributed to this report.