Rewire has recently partnered with a Philippines government authorised company to offer the needed infrastructure for OFWs, Overseas Filipino Workers, to pay their Social Security System.
Among other important financial services provided online include remittance, a European bank account and a debit card, and SSS payments through an app. Thus, Filipino customers can pay the SSS payment at 4pm or 4am and the outcome will be the same.
DreaMed Diabetes is announcing the use of its Artificial Pancreas algorithm in Medtronic’s new CE Marked MiniMed 780G Advanced Hybrid Closed Loop system. Collaboration between Medtronic and DreaMed dates back to 2015, when the two companies signed an exclusive worldwide development and license agreement.
DeepSpin, a Berlin-based startup that is developing what it describes as a “next-generation, AI-powered MRI imaging machine”, has raised €600,000 in seed funding.
Backing the round is APEX Digital Health, with participation from existing investors Entrepreneur First (EF) and SOSV, along with a number of unnamed angel investors. Including grants and earlier investment, it brings the total raised to €1 million pre-launch.
DeepSpin is a graduate of EF’s company builder programme, where its two founders — Clemens Tepel, a former McKinsey consultant, and Pedro Freire Silva, a PhD researcher from KIT — decided to partner in September 2019. Freire Silva drew on his research into small-scale, mass-manufacturable MRI systems and pitched the idea to his future co-founder.
“From the beginning I found the idea very intriguing and so we directly jumped into attempting to prove its feasibility,” says Tepel. “Within 4 weeks we were able to prove it in simulation, get industry-leading advisors on board and get first LOIs [letter of intent] from interested clinicians”.
Yet-to-launch and still in the development phase, DeepSpin aims to build a new type of MRI system at a “fraction of the cost, weight and size” of existing systems. To make this possible, the startup is has developed a new antenna technology combined with AI-controlled operation, which the startup is currently patenting.
“The problem we are solving is that MRI, the most advanced medical imaging method, is currently not easily accessible because it is incredibly expensive, requires specialised operators and needs specifically shielded rooms,” explains Tepel. “We are removing all of these constraints based on our proprietary technology, making MRI universally accessible for any patient, anywhere in the world”.
Adds Freire Silva: “Instead of combining highly expensive hardware with standard software, as it is done on conventional MRI scanners, we will be able to obtain the same clinical information by applying very sophisticated algorithms on simplified hardware, thereby reducing our system’s cost by orders of magnitude”.
Tepel tells me this approach has not been taken before because both key enablers — highly capable AI-algorithms and the specific antenna design – were only available very recently.
Having proven DeepSpin’s methods in simulation, the next step and the team’s current focus is to develop a first fully AI-driven prototype. “Based on that, we will develop an initial product version, aimed at pre-clinical applications, before going into medical certification, which then will allow us to sell our product for clinical use across a range of medical domains and to new geographies that can’t afford conventional systems,” says Tepel.
In just three days, Juganu completed installation of its patented foam technology on the Friendship Bridge – a border crossing between the Brazilian city of Foz de Iguaçu and the Paraguayan city of Ciudad del Este. This 1,812-ft-long arch bridge with a pedestrian path that crosses over the Parana River is the main economic corridor between the two countries. It is also known for its lax security and frequent smuggling of goods from Paraguay into Brazil.
The development of the MD-Logic algorithm was initiated at the Institute of Endocrinology and Diabetes at the Schneider Children’s Medical Centre of Israel headed by Prof. Moshe Phillip in 2007. The project spawned the creation of DreaMed Diabetes and an agreement with Medtronic, leading to the implementation of the algorithm into the MiniMed 780G system.
French AI startup Monk, a unique system for car damage detection, has closed a €2.1 million seed round led by Iris Capital, alongside Plug and Play and key business angels including Patrick Sayer (former CEO of Eurazeo), Yannis Yahiaoui (founder of Adot), and Arthur Waller (founder of PriceMatch and Pennylane).
Monk was founded in 2019 when Aboubakr Laraki (CEO) and Fayçal Slaoui (CTO), both specialized in AI and image recognition, met and shared the conviction that the market of AI-based damages detection was still at its earliest stage, requiring an expert approach. They partnered from the very beginning of the company with Getaround, a leader of the peer-to-peer car rental market to provide them with car damages claims material that proved game-changing compared to the solutions available then in the industry.
Monk’s solution is based on a ground-breaking artificial intelligence technology allowing to detect damages on any car relying on pictures taken by users, renters and/or drivers for a fraction of the traditional solutions price. Monk has already convinced several professionals of the car logistics and rental industry, as well as a Tier 1 European car Manufacturer (partnership to be announced later this year).
“Among all the solutions we’ve tested to automatically detect damage on vehicles from photos provided by our users, not only did Monk eclipse the competition but their results also exceeded by far our expectations” said P. Beret, VP of Risk Getaround.
While the company is only starting its sales outreach, this new funding round will support Monk’s R&D programme, the recruitment of new team members, especially data scientists, and its business expansion across Europe.
“Monk’s mission is to transform the mobility and insurance market by bringing trust and efficiency whenever a car changes hands. We’ve built an AI-based, hardware-free, inspection system that assesses instantly any vehicle’s condition from photos or videos. From day 1 the challenge proposed by Getaround was equivalent to climbing up the Everest. Internally it paved the way for a strong culture of breaking walls and externally the product we ended up with has echoed a lot in the automotive and insurance industries. We’ve been lucky to quickly deploy our product in other contexts and build high quality customer relationships that we aim at consolidating and developing in the coming months. We are proud to work with our new partners, who understand very well our challenges. This funding will help us boost our R&D and scale our product market-fit internationally,” commented Aboubakr Laraki, Monk’s CEO and co-founder.
“Monk has the potential to address many issues related to car damages. They’re starting with car rental claims processes in an industry on the verge of being drastically transformed by the recent crisis. But the insurance industry is also looking for tools to simplify and optimize its underwriting and claim appraisal processes, a $ 200 billion market today, where it would allow for more efficient, optimized and faster settlement. This would represent tremendous savings and a better customer satisfaction for insurers. We believe Monk has the potential to solve these issues with its cutting edge technology”, declared Julien-David Nitlech, Managing Partner at Iris Capital.
Europe is bouncing back to normalcy as the lockdown imposed due to COVID-19 is gradually easing a bit. In an attempt to revive the lost economy, the tech startups and other businesses are kicking back to normal and are striving hard to go back to the pre-COVID era. As a result, several tech startups in Europe have made headlines in recent times. Some have launched new products and services and some others have received funding to expand their business and take the same to the next level. Here is a roundup of what happened this week in the European tech startup arena brought to you by Silicon Canals, your most authentic source of European tech news with an edge.
Dutch leading fintech gets funding from prominent Dutch VC
Dutch fintech startup Floryn, formerly known as InvoiceFinance, got €9 million from Endeit Capital recently, also supported by existing shareholders Peak Capital. The Dutch startup, based in Den Bosch, finances loans of up to €2 million for small and medium-sized companies. Floryn will use part of the investment to recruit additional staff for product development. The rest of the amount will be used to fuel its national, and international expansion as demand for business loans in Europe has witnessed a surge of 98%.
Founded in 2016 by Sven van der Biezen (CEO), Marijn van Aerle (CTO) and Gion van den Bogaert (CFRO), the Netherlands-based company has raised €6 million in equity in 2017 from Peak Capital (known for Catawiki and OneFit) and Kalo Bagijn, co-founder of BinckBank and Brand New Day. In 2019, €60 million in financing was provided by NIBC and private investors, and currently, the company employs around 50 people.
London-based AI startup secures funding to tackle growing waste crisis
London-based Greyparrot that uses computer vision AI to scale efficient processing of recycling has secured £1.825 million (nearly €2.03 million) seed funding led by early-stage industrial tech investor Speedinvest along with participation from UK-based early-stage B2B investor, Force Over Mass.
The UK startup has trained a slew of machine learning models to identify various types of waste including glass, paper, newspaper, cardboard, cans and several types of plastic. This makes sorting recycling process more efficient and it applies automation and digitisation to the waste management industry. Greyparrot will use the fresh investment to further develop its product and expand into the global markets.
Claris launches its first open platform for developers
SumUp expands e-commerce product lineup to support businesses
UK-based payments service SumUp has launched an online payment tool to help businesses adapt to the social distancing norms. The latest solution of SumUp is a part of the company’s ongoing push into the online retail industry as a part of its drive to provide a complete toolkit for merchants. With this new addition lets merchants showcase their products remotely enabling the making of taking of all payments for their businesses. The SumUp online store is a SaaS product and comes with a subscription pricing and multi-tiered model. It also lets SMEs quickly set up and design their own online stores sans any previous knowledge of web design or technology.
Cloud-based voice platform gets funded
Paris-based Aircall, a cloud-based voice platform that helps businesses and teams to connect globally recently secured $ 65 million (nearly €58.6 million) Series C funding led by DTCP along with participation from new investors Adam Street and Swisscom along with existing UK-based existing investors Draper Esprit, Balderton Capital, eFounders, and NextWorld. This is the largest funding round secured by the French company till date taking its overall funding amount to $ 100 million (nearly €90.1 million). Aircall will use this investment to expand into new markets across the world, double its customer base in Europe, enhance its leading tech capabilities and hire 100 new staff by the end of this year.
Former Bird UK chief joins Voi
The UK government is all set to accelerate trials of e-scooter rentals to reduce crowding on public modes of transportation and adhere to social distancing norms. In this attempt, Sweden-based Voi Technology has hired Richard Corbett, the former head of e-scooter giant Bird UK to head its Ireland, Benelux, and UK operations. Corbett has helped the rival brand launch e-scooter rentals in the Netherlands. At Voi, Corbett will be responsible for leading the push into the UK market, where it expects to witness at least 50,000 rides per day in 2020 in London.
Stripe expands to five European countries
Europe has some of the largest and fastest-growing online economies in the world. This growth has been driven further by the accelerated shift towards online during the COVID-19 crisis. Adyen’s arch rival lets more European entrepreneurs and businesses accept payments online from anywhere in the world within a few minutes. Already, Stripe exists in 39 countries, of which 29 are in Europe. Now, the US fintech is coming to more European countries to make payment acceptance and money movement faster and simpler for everyone. With this expansion, online companies in Czech Republic, Romania, Cyprus, Malta, and Bulgaria can gain access to Stripe’s product stack to launch, operate and scale their business globally.
SaaS/enterprise tech VC firm increases investment
European SaaS/enterprise tech VC firm, Notion VC, has increased investment in new companies by 89% in the last 12 months. This way, it increases assets under management to $ 0.5 billion. Besides this, the VC firm also promoted Itxaso del Palacio to Partner. And, she will be responsible for B2B SaaS investments across Europe. Palacio is a part of Notion since 2018 and has led investments into Yulife, Mya, and Forest Admin. This promotion comes at a time when Notion secured £125 million fourth venture fund in October last year and its recent hires roping in industry veteran Andy Leaver joining the firm. Notion has invested in more than 60 B2B tech startups since its debut in 2009 including companies such as GoCardless, Dixa, Paddle, Mews, CurrencyCloud, Unbabel, and Tradeshift.
Digital dentistry platform from Berlin secures funding
PlusDental, a Berlin-based digital dentistry platform has secured €32 million Series C funding from international investors. The investment was led by Hong Kong-based Ping An Global Voyager Fund, which joins it as a new investor. The others that have invested in the healthtech company include Christian Wegner, the founder of Re-commerce platform Momox, Lakestar, and HV Holtzbrinck.
Specialising in digital dentistry and aesthetic orthodontic treatments with clear aligners,. PlusDental will use this fresh Investment to develop its proprietary digital dentistry platform and continue expansion of business in Germany and Europe.
MaaS Global teams up with Finnish fintech startup
Maas Global, a leading Mobility as a Service provider has teamed up with Enfuce, the largest fintech startup in Finland to launch a card payment offering in the former’s all-inclusive mobility app, Whim. This partnership lets MaaS Global issue Mastercard prepaid cards securely and expand its offering to new markets. Notably, MaaS Global revolutionises urban mobility by gathering all public and private transport services in convenient, travelling subscriptions. In partnership with Enfuce, MaaS Global accessed a flexible and fully scalable payment infrastructure solution. Enfuce’s close guidance will let MaaS Global offer Whim customers a reliable, efficient and most of all easy payment experience.
EZ Factory secures growth boost
EZ Factory, a supplier of mobile apps used in production environments has secured €720k growth boost. With this investment, the company is expected to break even by the end of this year. Notably, the Eindhoven-based tech startup, develops innovative and user-friendly apps to support operational teams in factories. These tools let them work more efficiently and improve the process continuously. They developed EZ-GO, a digital application that facilitates autonomous maintenance, work instructions, inspections, and audits. This makes factories safer and more efficient, allows operators to suggest improvements, and makes results available in a real time dashboard.