<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule stating that paycheck advance programs, also known as earned wage access and on-demand pay, offered to employees via employers and directly via FinTech apps are to be considered as &quot;consumer loans,&quot; subject to the Truth in Lending Act.
      </p>
    </li>
    <li>
      <p>
        The CFPB aims to ensure workers understand the costs and fees associated with these products, which have grown in popularity. These products allow workers to access their wages before payday, based on a fee.
      </p>
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      <p>
        According to the CFPB's analysis, the typical paycheck advance user pays fees amounting to a 109.5% annual percentage rate (APR), despite the service being marketed as &quot;free&quot; or &quot;low cost.&quot; More than 7 million workers accessed around USD 22 billion through such products in 2022, with over 90% paying at least one fee.
      </p>
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  </ul>
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  <p>
    <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-interpretive-rule-to-ensure-workers-know-the-costs-and-fees-of-paycheck-advance-products/">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.cnbc.com/2024/07/19/what-cfpbs-rule-on-paycheck-advance-programs-means-for-workers.html#">
      CNBC
    </a>
  </p>
</div>


Financial Wellness Tools

<div>
 
 <p>The Consumer Financial Protection Bureau (CFPB) has proposed a rule stating that paycheck advance programs, also known as earned wage access and on-demand pay, should be considered as "consumer loans." This classification would make them subject to the Truth in Lending Act. These programs, offered by employers and FinTech apps, allow employees to access their wages before payday for a fee.</p>
 <p>The CFPB's goal is to ensure employees understand the costs and fees associated with these products, which have gained popularity. However, the CFPB analysis revealed that despite being marketed as "free" or "low-cost," the typical user pays fees equivalent to a 109.5% annual percentage rate (APR). In 2022, more than 7 million workers accessed approximately USD 22 billion through these products, with more than 90% paying at least one fee.</p>
 
</div>

The Consumer Financial Protection Bureau proposes interpretive rule on paycheck advance programs

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

<div>
 <p>Dottxt, an LLM interaction platform, secured USD 11.9 million through pre-seed and seed funding rounds. The seed round, which accounted for USD 8.7 million, was headed by EQT Ventures, while Elaia led the pre-seed round that raised USD 3.2 million. Other contributing investors included Seedcamp, Common Magic, Kima, and FSJ.</p>
 <p>With this capital, Dottxt plans to grow its team, primarily aiming to hire additional software engineers and a Chief of Staff. The funds will also serve to broaden Dottxt's technology and deploy it to enterprises and developers on a larger scale.</p>
 <p>Dottxt's open-source library, Outlines, has seen significant use, with over 3 million downloads, including 600,000 in September 2024. This technology is being used in production by companies of diverse sizes, and big AI players such as OpenAI and Cohere are listed among its early adopters.</p>
</div>

Dottxt raises USD 11.9 million in seed funding to improve LLMs

Modern tools to train and motivate staff, and bridge emerging skill gaps.

EdTech: Corporate Learning

ANALYST_QUICK_TAKE

<div>
 <p>Eruditus, an Indian executive education platform, secured USD 150 million in a Series F financing round. The round was spearheaded by TPG's The Rise Fund and saw participation from existing investors such as SoftBank Vision Fund 2, Leeds Illuminate, and Accel.</p>
 <p>The procured funds are destined for several purposes. The company aims to enhance its global footprint, invest in advanced AI technology, expand its operational horizons, and make further investments in the Indian and APAC market. Eruditus also has plans to scout for acquisition opportunities. A significant shift in the company’s strategic operations involves relocating its headquarters from Singapore to India in the coming 12–18 months.</p>
 
</div>
 <p><b>Analyst QuickTake</b> :<br>
 This funding marks Eruditus' first major equity round since <a href="https:<br>
//www.prosus.com/news-insights/group-updates/2021/eruditus-announces-650-million-capital-raise-led-by-accel-and-softbank"> August 2021 </a> , when it raised USD 650 million. Excluding the latest round, the company has raised over USD 814 million in equity funding. Despite the challenges facing India's EdTech sector, particularly after Byju's' <a href="https:<br>
//sp-edge.com/updates/28057"> decline </a> , funding continues to flow into companies like Eruditus.</p>

Eruditus raises USD 150 million in Series F funding to expand global presence

Exploring the limitless possibilities of AI

Generative AI Applications

<div>
 <p>UK-based text-to-speech company Neuphonic has secured GBP 3 million in pre-seed funding in a round led by Moonfire VC and included contributions from Tiny VC, Salica Oryx Fund, and Cur8 Capital.</p>
 <p>The firm intends to use this finance to grow its language capabilities and voice services, boost model performance via increased research, and to create on-device solutions.</p>
 <p>Neuphonic's unique algorithm, currently patent-pending, allows for real-time speech production with an ultra-low latency of 25 milliseconds. Its API is accessible to clientele through an exclusive closed beta program.</p>
</div>

Neuphonic raises GBP 3 million in pre-seed funding to expand capabilities

PROMINENT_CATEGORY

<div>
 <p>Bain &amp; Company, a global consultancy firm, has broadened its collaboration with OpenAI to hasten the deployment of AI in businesses. The enhanced partnership involves the foundation of an OpenAI Center of Excellence at Bain, the joint design of industry-tailored solutions primarily for retail and healthcare life sciences, and the application of OpenAI's latest technologies such as multi-modal, real-time, and reasoning applications. The objective of this alliance is to augment Bain's capacity in providing potent AI solutions and assisting clients in navigating their AI transformation journey.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The partnership has already yielded results for clients such as The Coca-Cola Company and Amgen, with Bain embedding multiple AI solutions into clients' operations across various use cases. The expanded collaboration will continue to focus on delivering concrete business results and transformational impact for clients globally.</p>

Bain & Company expands partnership with OpenAI to accelerate AI solutions for clients

<div>
 <p>OpenAI has shared a preview of a unique Windows app for ChatGPT, that is currently exclusive to ChatGPT Plus, Team, Enterprise, and Edu users. A more comprehensive version is promised later in the year.</p>
 <p>The unique feature of the ChatGPT app for Windows supports users to communicate about files and photos, experience the latest model enhancements of OpenAIl, inclusive of the o1-preview model, and is compatible with most Windows 10 machines. The app's capability to condense to a small "companion" window while using other apps, permits users to upload files and photos, summarize documents, and generate images using OpenAI's DALL-E 3 image generator.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> By making ChatGPT available on Windows, OpenAI is tapping into a vast market of users who rely on this operating system for daily tasks. The app is compatible with most Windows 10 machines, which broadens its reach significantly. While the app currently has limitations, its integration into the Windows ecosystem positions it well for future growth and development.&nbsp;</p>

OpenAI launches ChatGPT app for Windows in preview

Artificial intelligence is identifying and testing new therapies faster than ever.

AI Drug Discovery

<div> 

<p>AI biotech firm, Terray Therapeutics, based in California, successfully raised a substantial amount of USD 120 million in a Series B funding round. The round saw significant financial injections from Bedford Ridge Capital and NVentures, among investors like Madrona Ventures and Maverick Capital.</p>
<p>Terray Therapeutics plans to utilize this funding to push internal programs towards clinical trials and simultaneously work on enhancing its integrated AI platform, tNova.</p>

</div>

Terray Therapeutics raises USD 120 million in Series B funding

Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

<div>
 
 <p>Biotechnology company Capricor Therapeutics raised USD 75 million in a public offering for the sale and purchase of around 4.4 million shares at USD 17.00 per share. An additional option to buy around 0.7 million more shares is available for 30 days. The offering is projected to close on October 18, 2024, provided it fulfills closing conditions.</p>
 <p>The raised funds will be allotted for the evolution of the firm's product candidates, enhancement of manufacturing capabilities, catering to working capital prerequisites, and addressing general corporate requirements.</p>
 <p>Focusing on the development of cell and exosome-based therapeutics for rare diseases, especially Duchenne muscular dystrophy (DMD), Capricor's lead candidate, deramiocel (CAP-1002), is an allogeneic cardiac-derived cell therapy. It comprises cardio-sphere cells (CDCs) engineered to deal with cardiac and skeletal muscle deterioration associated with DMD.</p>
 
</div>

Capricor Therapeutics raises USD 75 million in public offering to develop rare disease candidates

<div>
 <p>Yourgene Health, a molecular diagnostics firm, has obtained the EU's in vitro diagnostic regulation (IVDR) certification for its Yourgene Cystic Fibrosis Base assay. This tool is designed for healthcare professionals to use in molecular labs. It helps detect Europe's top 50 Cystic Fibrosis mutations, focusing on carrier screening, newborn screening, and male infertility testing. The unlocking system involved - the amplification-refractory mutation system technology and genetic analyzers - helps spot point mutations, insertions, or DNA deletions.</p>
 <p>Yourgene's specialization lies in genetic testing technologies like non-invasive prenatal testing (NIPT). Its key source of power - the proprietary Ranger Technology - allows DNA size selection and enrichment. Their main products range from NIPT for Down's Syndrome and other genetic disorders to Cystic Fibrosis screening tests, invasive rapid aneuploidy tests, and DPYD genotyping for oncology applications.</p>
</div>

Yourgene Health receives EU IVDR certification for cystic fibrosis base assay

INCUMBENTS_PRESENT

<div>
 
 <p>Orano Med and Sanofi have formed a partnership to work on developing targeted cancer therapies. The specifics about the financial arrangements and other aspects were not disclosed.</p>
 <p>The aim of this collaboration is to use Orano Med's specialized knowledge in targeted cancer treatments, notably its lead-212 alpha-emitting isotope, and Sanofi's extensive healthcare network to create new advancements in cancer treatment. The organizations also have intentions to increase the manufacturing facilities of Orano Med for pharmaceuticals based on lead-212.</p>
 <p>Orano Med, a biotechnology company, is advancing a new generation of targeted alpha therapies dedicated to cancer treatment. The organization utilizes the distinctive properties of lead-212, a scarce alpha-emitting radioisotope, to create targeted alpha-emitter therapies (TAT). Currently, the organization's primary drug candidate, AlphaMedix, is in the process of being evaluated as a treatment for neuroendocrine tumors.</p>
 
</div>

Orano Med collaborates with Sanofi for development of targeted cancer therapies

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

<div>
 
 <p>Root Insurance is collaborating with Arity, a telematics technology company, to broaden its data sources for its novel UBI model. Arity's Drivesight technology and 1-999 driving score will be integrated into Root's proprietary scoring system to provide instantaneous quotes for customers who already possess an Arity score. The objective of this collaboration is to augment Root's capability to offer personalised rates derived from past driving behaviour when offering insurance quotes.</p>
 <p>The newly developed model, Root UBI v5, will be applicable to new insurance policies from September 19, 2024 and policies up for renewal from November 6, 2024. Customers have the option to apply their existing Arity data, undertake a traditional test drive, or completely bypass the test drive when procuring coverage.</p>
 
</div>

All Updates

The Consumer Financial Protection Bureau proposes interpretive rule on paycheck advance programs

Dottxt raises USD 11.9 million in seed funding to improve LLMs

Eruditus raises USD 150 million in Series F funding to expand global presence

Neuphonic raises GBP 3 million in pre-seed funding to expand capabilities

Bain & Company expands partnership with OpenAI to accelerate AI solutions for clients

OpenAI launches ChatGPT app for Windows in preview

Terray Therapeutics raises USD 120 million in Series B funding

Capricor Therapeutics raises USD 75 million in public offering to develop rare disease candidates

Yourgene Health receives EU IVDR certification for cystic fibrosis base assay

Orano Med collaborates with Sanofi for development of targeted cancer therapies

Root partners with Arity to enhance usage-based insurance model

Financial Wellness Tools

The Consumer Financial Protection Bureau proposes interpretive rule on paycheck advance programs

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