<div>
  <ul>
    <li>
      <p>
        Embark Trucks, an autonomous truck manufacturer, has partnered with several shippers and cargo haulers, namely, AB InBev, Werner Enterprises, Mesilla Valley Transportation, and Bison Transport, to test its autonomous technology.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Through the program, Embark Trucks plans to finetune and scale its software and related services. This includes its flagship product, &ldquo;Embark Driver,&rdquo; a per-mile software license for autonomous navigation, and &ldquo;Embark Guardian,&rdquo; which provides remote vehicle monitoring, dispatching, and access to real-time data such as weather and construction.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Embark Trucks develops autonomous semi-trucks for freight and logistics purposes. Its trucks are currently developed with the Society of Automotive Engineers (SAE) Level 2 automation (i.e., vehicles can control both the speed and the steering but require a safety driver to oversee the operation). Last month the company unveiled Embark Universal Interface (EUI), a set of standardized self-driving components and interfaces necessary for truck original equipment manufacturers (OEMs) to integrate autonomous technology into their vehicles. The company&rsquo;s technology is reportedly being utilized by five Fortune 500 companies in the southwest US, including Amazon.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.prnewswire.com/news-releases/embark-launches-partner-development-program-to-bring-embark-driver-to-market-301264418.html">
      Press Release
    </a>
  </p>
  <p>
    <a href="https://www.cnbc.com/2021/04/08/ab-inbev-werner-enterprises-to-test-embark-autonomous-trucks.html">
      CNBC
    </a>
  </p>
</div>


Truck Industry Tech

Embark Trucks partners with several shippers and cargo haulers to test its autonomous technology

Managing employee health-related benefits

Health Benefits Platforms

<div>
 
 <p>Paytient, a company specializing in a care navigation platform for employee health benefits, has welcomed Joe Gabler into the role of chief growth officer (CGO). This role is considered crucial to the expansion of the company's strategic partnerships with major employers, payers, and pharmacy benefit managers (PBMs). Overall, Gabler's appointment is expected to drive substantial company growth.</p>
 <p>The company highlights Gabler’s extensive career, noting his 20 years of experience in building successful companies and innovating healthcare payment solutions. Gabler's previous roles include a 13-year tenure at SPS Commerce, and a leading role at Solutran, where he was instrumental in the creation of a significant payment network that served a large portion of the Medicare Advantage market. </p>
 
</div>

Paytient appoints Joe Gabler as chief growth officer

Foundation Models

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

OpenAI introduces Media Manager to control content use in AI training

<div>
 
 <p>OpenAI has announced a new tool for identifying images produced by its DALL-E generator. This tool reportedly achieves around a 98% success rate in identifying DALL-E 3 images, but performs less accurately when confronted with modified DALL-E 3 images and those created by different AI models.</p>
 <p>Additionally, the DALL-E image generator is set to have watermarking features incorporated, in line with the requirements set out by the Coalition for Content Provenance and Authenticity (C2PA) standards.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Detecting AI-generated images has become a challenge amidst deepfakes. Last month, Meta and <a href="https:<br>
//sp-edge.com/updates/28333"> Google </a> claimed they plan to label AI-generated media using the C2PA standard.</p>

OpenAI launches tool to detect images generated from DALL-E

Exploring the limitless possibilities of AI

Generative AI Applications

INCUMBENTS_PRESENT

<div>
 
 <p>Microsoft and OpenAI have established a USD 2 million fund with the objective of dealing with potential dangers posed by AI and deepfakes, primarily those threatening democratic processes.</p>
 <p>Initiatives envisaged under this fund primarily concentrate on AI and possible exploitation, including the augmentation of "deep fakes" detection, advocating for ethical AI usage and enhancing the public's AI comprehension. In addition, efforts are underway to limit certain AI features during campaign periods, which forms a component of the actions tech giants are taking to prevent AI abuse.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This initiative could improve societal resilience by promoting a better understanding and literacy of AI among citizens. This would help prevent deception and bolster genuine information, primarily aimed at voters and communities vulnerable to misinformation. Additionally, it intends to spur collaboration and partnerships with organizations that align with their mission.</p>

Microsoft and OpenAI launch USD 2 million fund to address deepfake threats

<div>
 
 <p>Microsoft has unveiled the amalgamation of Azure Web Application Firewall (WAF) and Azure Firewall with Microsoft Copilot for Security. This integration enhances Azure network's security through AI-powered capabilities.</p>
 <p>Copilot's role is to automate security analysis. This automation provides analysts with actionable insights, cuts down the time required for manual investigations, and improves the accuracy of detection via natural language queries.</p>
 <p>Microsoft will release a public preview of these integrations on Microsoft Build on May 21, 2024. This launch comes after internal testing and early customer usage, with continuous refinements based on user feedback.</p>
 
</div>

Microsoft integrates Azure Web Application Firewall (WAF) and Azure Firewall into Microsoft Copilot for Security

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

<div>
 
 <p>Flywire recorded a loss per share of USD 0.05 for Q1 2024, a greater loss compared to Q1 2023's loss per share of USD 0.03 and exceeding the estimated USD 0.02 loss per share for Q1 2024 predicted by analysts. Total revenue increased by 21% YoY, reaching USD 114.1 million for Q1 2024, up from USD 94.4 million in Q1 2023 and surpassing analyst expectations of USD 109.9 million for the quarter.</p>
 <p>This increase in total revenue was attributed to a 23% YoY increase in total payment volume, which rose to USD 7.0 billion in Q1 2024, from USD 5.7 billion in Q1 2023. The company's adjusted EBITDA for Q2 FY2024 is reported at USD 13.2 million, a significant increase from the USD 7.0 million recorded the previous year. Flywire added more than 200 new clients in Q1 2024, the most it has ever added in a single quarter, bringing its total global client base to over 4,000. The company also noted record high new client acquisitions within the travel vertical for the quarter.</p>
 <p>During the quarter, Flywire <a href="https://sp-edge.com/updates/26524"> collaborated </a> with the <a href="https://sp-edge.com/companies/35340"> State Bank of India </a> to facilitate digital cross-border payments for Indian students paying international education fees in INR, thereby expanding its product reach in India. A new partnership was also formed with <a href="https://sp-edge.com/companies/211099"> VTEX </a> , a digital commerce platform, allowing for an integrated digital payment experience for higher education institutions throughout Latin America.</p>
 <p>For Q2 FY2024, Flywire anticipates a total revenue in the range of USD 99 million to USD 108 million (representing a YoY growth of 16.7%–27.3%). However, the company has revised its full-year FY2024 total revenue forecast downwards, now estimated to be between USD 491 million and USD 519 million (equating to a YoY growth of 21.8%–46.6%). Flywire also forecasts an adjusted EBITDA for Q2 FY2024 between USD 1 million and USD 4 million, while the prediction for full-year FY2024 ranges from USD 64 million to USD 75 million (signifying a YoY growth of 52.4%–78.6%).</p>
 
</div>

Flywire beats Q1 FY2024 revenue estimates; reports highest quarterly client signing and revises down full-year FY2024 guidance

<div>

 <p>Marqeta's Q1 2024 loss per share decreased to USD 0.07 from USD 0.13 in Q1 2023, exceeding analyst expectations. However, its total revenue saw a 46% YoY decrease to USD 118.0 million in Q1 2024, missing analyst estimates slightly. </p> 

 <p>The firm reported a 33% YoY increase in total processing volume (TPV) to USD 67 billion for Q1 2024. The GAAP net loss for the quarter was USD 36 million, whilst adjusted EBITDA was positive USD 9 million, resulting in an adjusted EBITDA margin of 8%.</p>

 <p>Business updates include the global expansion of Marqeta's UberEats partnership into eight additional markets. The firm also partnered with <a href="https://sp-edge.com/companies/35375">Klarna</a> to launch a new flexible payment card and with <a href="https://sp-edge.com/companies/999264">Rain</a> to launch a debit card that allows employers to access earned wages.</p>
 
 <p>The board authorized a new share repurchase program for up to USD 200 million of Class A common stock, demonstrating confidence in the company's prospects. Following this announcement, Marqeta’s share price rose 1.57% in after-hours trading.</p>

</div>

Marqeta narrowly misses Q1 FY2024 revenue estimates despite growth in transaction volume and expanded reach

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

Neo Insurance

<div>
 
 <p>Digital life insurer Eleos, based in the UK, has secured USD 4 million in a seed funding round. The round was led by Indico Capital and Fuel Ventures, and saw participation from APX. This puts the total of funds raised by the company at USD 4.8 million.</p>
 <p>Eleos plans to use the new funding to launch additional life and disability insurance products. Moreover, it aims to form distribution partnerships in the UK, as well as to expand into the US market.</p>
 <p>Established in 2022, Eleos provides digital life and income protection directly to customers and collaborates with financial brands to offer embedded white-labeled insurance. The company anticipates that by the end of 2024, it will surpass GBP 1 million, or approximately USD 1.3 million, in revenue.</p>
 
</div>

Eleos raises USD 4 million in seed funding for product and partnership expansion

<div>
 
 <p>Digital landlord and homeowners insurance provider, Honeycomb, has secured USD 36 million in Series B investment round. This funding round included contributions from leaders such as Zeev Ventures and also involved active participation from Arkin Holdings, Launchbay Capital, Ibex Investors, Phoenix Insurance, and IT-Farm. With this round, the total capital amassed by Honeycomb now amounts to USD 54.7 million.</p>
 <p>The company has plans to allocate the newly acquired funds towards a spectrum of growth initiatives. This includes doubling its team strength to 180 members in the coming 18 months. Furthermore, Honeycomb is also focused on enhancing the experience of end-users, diversifying the portfolio of policies it offers in terms of type and size, as well as launching an array of new insurance services.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Honeycomb raised USD 15.4 million in a Series A funding round from Ibex Ventures in January 2022. These funds were used to develop its platform and expand in the US.</p>

Honeycomb raises USD 36 million in Series B funding to improve customer offerings

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

<div>
 
 <p>Suki, a healthcare digital assistant provider, has secured a national group purchasing agreement with the health improvement organization, Premier. Premier will have access to Suki's AI-powered scribe, Suki Assistant, starting May 1, 2024.</p>
 <p>Suki Assistant is an AI tool that assists clinicians with administrative tasks. It creates clinical records by listening to conversations between the patient and clinician, simplifies code processes, responds to questions, and aids with dictation. It can also be integrated with major Electronic Health Records (EHR) systems, leading to increased efficiency by reducing the time clinicians spend note-taking.</p>
 
</div>

All Updates