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      <p>
        Paylocity has announced its agreement to acquire Airbase, which offers a comprehensive set of expense management tools for businesses, for ~USD 325 million.
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        The acquisition is expected to expand Paylocity's suite of services and reportedly&nbsp;deliver integrated value to HR and finance leaders by providing a single platform for managing all spending across an organization. This move will extend Paylocity's target market beyond human capital management (HCM) and into the Office of the CFO.
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        <b>Analyst QuickTake:</b>
        This acquisition marks a significant step for Paylocity in accelerating its growth. Airbase, with its USD 251.5 million in funding and a broad 
        <a href="https://sp-edge.com/updates/30409">
          product 
        </a>
        portfolio, primarily serves large and medium-scale enterprises, providing Paylocity with new avenues for growth in terms of customer base and product offerings.
      </p>
    </li>
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  <p>
    <a href="https://www.globenewswire.com/en/news-release/2024/09/04/2940893/29665/en/Paylocity-Announces-Definitive-Agreement-to-Acquire-Airbase-Inc-a-Leading-Spend-Management-Software-Solution-Provider.html">
      <b>Press release</b>
    </a>
  </p>
</div>


Business Expense Management

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

<div>
 <p>Paylocity has disclosed its intent to purchase Airbase, a firm providing comprehensive expense management tools for corporations, for an estimated cost of USD 325 million.</p>
 <p>This acquisition anticipates expanding Paylocity's range of services, aimed at delivering integrated value to HR and finance leaders through a unified platform for managing all organizational expenses. Consequently, this strategy will broaden Paylocity's target market beyond Human Capital Management (HCM) to include the Office of the CFO.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This acquisition marks a significant step for Paylocity in accelerating its growth. Airbase, with its USD 251.5 million in funding and a broad <a href="https:<br>
//sp-edge.com/updates/30409"> product </a> portfolio, primarily serves large and medium-scale enterprises, providing Paylocity with new avenues for growth in terms of customer base and product offerings.</p>

Paylocity to acquire Airbase for USD 325 million to expand spend management offering

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

<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

PROMINENT_CATEGORY

<div>
 <p>Perplexity, an AI chat and search platform, now offers Internal Knowledge Search for Pro and Enterprise Pro users. This service permits clients to search across the web and their internal databases within the same platform. Its availability is exclusive to the company's premium tier subscribers.</p>
 <p>This new feature lets users upload and look through their files such as Excel spreadsheets, Word documents, and PDFs. However, it's only limited to specific files that users consider crucial and upload to the platform, capping at 500 uploads for Enterprise Pro users. In addition, Perplexity unveiled Spaces, a feature for teams to share, organize research, customize AI assistants, and regulate access to information.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> With these new features, Perplexity is positioning itself as a major player in the AI search engine market. Its ability to combine internal and external data queries differentiates it from traditional search engines and even some AI-driven competitors. As businesses increasingly seek integrated solutions that enhance productivity and collaboration, Perplexity's offerings could attract a growing user base, particularly among enterprise clients.</p>

Perplexity launches Internal Knowledge Search for enterprise users

<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

<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

<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>

All Updates

Paylocity to acquire Airbase for USD 325 million to expand spend management offering

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

Perplexity launches Internal Knowledge Search for enterprise users

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

Business Expense Management

Paylocity to acquire Airbase for USD 325 million to expand spend management offering

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