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  <p>
  </p>
  <ul>
    <li>
      <p>
        The Federal Deposit Insurance Corporation (FDIC) Board of Directors has approved a notice of proposed rulemaking to strengthen recordkeeping for bank deposits received from third-party, non-bank companies such as 
        <a href="https://sp-edge.com/companies/271739">
          Synapse
        </a>
        , which accept deposits on behalf of consumers and businesses.
      </p>
    </li>
    <li>
      <p>
        Under the proposed rule, FDIC-insured banks holding certain custodial accounts would be required to ensure accurate account records are maintained to determine individual fund owners, including daily account reconciliation.
      </p>
    </li>
    <li>
      <p>
        The proposed regulatory change aims to address risks related to third-party banking arrangements, protect depositors, and promote public confidence in insured deposits. It also seeks to strengthen compliance with anti-money laundering and counter-terrorism financing laws.
      </p>
    </li>
  </ul>
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  </p>
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<div>
  <p>
    <a href="https://www.fdic.gov/news/press-releases/2024/fdic-proposes-deposit-insurance-recordkeeping-rule-banks-third-party">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.reuters.com/business/finance/us-regulator-propose-strengthened-rules-banks-working-with-fintechs-2024-09-17/">
      Reuters
    </a>
  </p>
</div>


FinTech Infrastructure

<div>

<p>The Federal Deposit Insurance Corporation (FDIC) Board of Directors has proposed a rule that would enforce stronger recordkeeping for bank deposits received from third-party non-bank companies like <a href="https://sp-edge.com/companies/271739"> Synapse </a>. These companies facilitate deposits on behalf of consumers and businesses.</p>

<p>This proposed rule would mandate FDIC-insured banks that hold certain custodial accounts to maintain accurate records to identify individual fund owners, this would include day-to-day account reconciliation.</p>

<p>The intent of this regulation revision is to mitigate risks associated with third-party banking arrangements. It aims to safeguard depositors and bolster public trust in insured deposits. Another major objective is to fortify compliance with laws pertaining to anti-money laundering and countering terrorism financing.</p>

</div>

FDIC proposes new recordkeeping rules on Banks' third-party accounts

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

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>

Root partners with Arity to enhance usage-based insurance model

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

<div>
 <p>Verute Technologies Pvt Ltd., trading as AI inference provider Simplismart, has raised USD 7 million in a Series A funding round. The round was led by Accel and featured contributions from Shastra VC, Titan Capital, and various angel investors, including Notion Inc. co-founder Akshay Kothari.</p>
 <p>The funding will be channelled towards building Simplismart's infrastructure platform, developing its product, talent acquisition, and funding sales and marketing initiatives.</p>
 <p>Established in 2022, Simplismart has crafted a fast inference engine that enhances the performance of AI model deployment. It provides a standardized language for software engineers to apply in creating GenAI applications. The company asserts its primary advantage lies in diminishing the time required for models to respond to queries.&nbsp;</p>
 
</div>

All Updates

FDIC proposes new recordkeeping rules on Banks' third-party accounts

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

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

Simplismart raises USD 7 million in Series A funding to build infrastructure platform

FinTech Infrastructure

FDIC proposes new recordkeeping rules on Banks' third-party accounts

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