Artificial intelligence facilitates better control of global development aid

A team of AI experts led by Stefan Feuerriegel, Head of LMU’s Institute of Artificial Intelligence in Management, is injecting transparency into global development aid. The researchers have developed an artificial intelligence system that categorizes aid projects more comprehensively than it was possible up to now and facilitates better monitoring of these projects. The findings are published in the journal Nature Sustainability.A team of AI experts led by Stefan Feuerriegel, Head of LMU’s Institute of Artificial Intelligence in Management, is injecting transparency into global development aid. The researchers have developed an artificial intelligence system that categorizes aid projects more comprehensively than it was possible up to now and facilitates better monitoring of these projects. The findings are published in the journal Nature Sustainability.Computer Sciences

Robots are creating images and telling jokes: Five things to know about foundation models and the next generation of AI

If you’ve seen photos of a teapot shaped like an avocado or read a well-written article that veers off on slightly weird tangents, you may have been exposed to a new trend in artificial intelligence (AI).If you’ve seen photos of a teapot shaped like an avocado or read a well-written article that veers off on slightly weird tangents, you may have been exposed to a new trend in artificial intelligence (AI).Robotics

Data collected from acquaintances and even strangers can predict your locationon April 13, 2022 at 9:17 am

Data about our habits and movements are constantly collected via mobile phone apps, fitness trackers, credit card logs, websites visited, and other means.Data about our habits and movements are constantly collected via mobile phone apps, fitness trackers, credit card logs, websites visited, and other means.

New AI algorithms for cost-effective medical image diagnostics

Medical imaging is an important part of modern healthcare, enhancing both the precision, reliability and development of treatment for various diseases. Artificial intelligence has also been widely used to further enhance the process.Medical imaging is an important part of modern healthcare, enhancing both the precision, reliability and development of treatment for various diseases. Artificial intelligence has also been widely used to further enhance the process.Computer Sciences

Zoom launches AI-powered features aimed at sales teams

Today during its second Work Transformation Summit this week, Zoom announced Zoom IQ for Sales, a product that uses AI to analyze sales meetings and deals to provide insights. It’s the company’s first explicit foray into sales automation software, a market that — according to Verified Market Research — could grow to $7.3 billion in size by 2028.

Sales changed dramatically during the pandemic, when lockdowns forced companies — and their sales teams — to adopt digital tools to get work done. According to a 2020 McKinsey report, almost 90% of sales moved to a videoconference/phone/web sales model in 2020, as business-to-business companies in particular began to see digital interactions as highly important. An unaffiliated study from Harvard Business Review found 82% of companies believe that, out of all technologies, AI has the potential to “significantly” improve alignment between sales and marketing by introducing accountability.

“Zoom is always searching for ways to help our customers elevate their end customers’ experience and Zoom IQ for Sales is the latest development in that journey,” Josh Dulberger, Zoom’s head of product, data and AI, told TechCrunch via email. “Zoom IQ for Sales … [can] identify opportunities, assess risks, and ultimately enable and improve sales team performance. It uses natural language processing models to process post-meeting transcripts and deal progress data, generating insights for sales reps and managers.”

In many ways, Zoom IQ for Sales is an outgrowth of Zoom’s increasing investments in AI. Zoom last May introduced an AI-powered feature that shows highlights from recorded meetings, automatically selecting the “best” parts of meetings based on keywords from audio transcriptions. The company more recently acquired Kites, a startup specializing in real-time translation and transcription.

Zoom IQ for Sales also marks the expansion of Zoom’s omnichannel contact center strategy, which arguably began with the launch of Zoom Contact Center in February. At the time, Zoom said it saw Zoom Contact Center as “supporting customer service use cases,” including upselling, by “combining unified communications and contact center capabilities [with Zoom].”

“Zoom has made strategic investments in homegrown speech recognition technologies and recruited a world-class team to produce high-fidelity transcription services that are a backbone for products like Zoom IQ …We’re developing domain-specific NLU (natural language understanding) using few-shot models to build features that will be more reliable and valuable to our users,” Dulberger continued. “Sales teams … want to focus on the customer, and managing the engagement rather than taking notes, but also so they can review their calls to pick up nuances, easily identify next steps, or solicit some guidance from a colleague. Managers and sales leaders can’t sit in on every call, but want to understand the selling climate, when to coach, and which reps are finding the right message.”

Zoom IQ for Sales generates an engagement score that aims to capture how attentive a given customer is based on “talk-time” ratio, the lag time between responses, and the number times that the customer speaks during the call. A separate metric, the sentiment score, measures “positive” and “negative” words and phrases used in meetings. Yet another score monitors the use of filler words like “oh,” “like,” “uh,” and “um,” which some studies show can have a negative impact on sales close rates.

Beyond this, Zoom IQ for Sales attempts to identify “good” questions by treating the length of customers’ responses as a corollary for engagement. Sales teams can also feed a list of product features to Zoom IQ so that the software can count the number of times each feature is mentioned in the call.

“Zoom IQ for Sales’ analysis covers customers’ reactions, conversational and selling skills, customer pain points, competitors, deal risk metrics, and more,” Dulberger said. “[Sales teams can even] view [the] Salesforce deal status associated with recorded meetings.”

The jury’s out on the accuracy of Zoom’s algorithms, particularly given the company’s history of deploying flawed AI. Sentiment analysis algorithms are especially prone to gender and race bias, and not every salesperson will necessarily agree with how Zoom measures engagement.

That aside, several platforms, including Gong and VoiceOps, already offer features similar to Zoom IQ for Sales — adding pressure on Zoom to demonstrate differentiation. Dulberger made a case for the strength of Zoom’s customer and product ecosystem, painting Zoom IQ for Sales as an opportunity for the company to bolster its broader platform.

Zoom is almost certainly feeling the pressure from investors to establish new lines of revenue. While the company’s earnings soared during the pandemic, guidance is down as customers begin to shift to hybrid and in-office work arrangements less reliant on videoconferencing.

“Half a million businesses choose Zoom and rely on it for internal and external conversations,” Dulberger continued. “The Zoom platform already has a strong foundation in this area with features such as transcription, recordings, and highlights. This also gives us an opportunity to expand this type of functionality across the Zoom platform such as Zoom Contact Center and within our meetings and events solutions to help presenters pace their speech, take notes, capture action items, or employ specific tactics.”

An external beta for Zoom IQ for Sales is currently ongoing. Alongside it, Whiteboard, Zoom’s virtual whiteboarding product, will be generally available beginning April 19. Two related features, Webinar Reactions (which lets webinar attendees use reactions) and Session Branding (which lets hosts customize webinar wallpapers), are available now, while the recently announced Zoom Events Backstage — a behind-the-scenes waiting space for webinar participants — is scheduled to launch in late April.

Today during its second Work Transformation Summit this week, Zoom announced Zoom IQ for Sales, a product that uses AI to analyze sales meetings and deals to provide insights. It’s the company’s first explicit foray into sales automation software, a market that — according to Verified Market Research — could grow to $7.3 billion in

8 cannabis investors share their outlook on the European market in H1 2022

Germany’s government created quite a buzz when it announced that recreational cannabis would be legalized during the current term. Does this mean that we’ll see recreational use of cannabis for adults becoming a common policy in Europe? It’s too soon to say.

After interviewing several active investors in cannabis-related startups, we learned that the regulatory and functional landscape in Europe is just as fragmented as it is in North America. Another important data point that connects both regions: the black market is a competitive factor. According to Europol, illicit spending on cannabis in the EU amounts to €9 billion each year.

However, things are moving on the legal side of the market — it appears medical cannabis still carries most of the momentum, and it is only accelerating. Around €354 million worth of unlicensed medical cannabis will be sold in Europe in 2022, according to market intelligence firm Prohibition Partners, and this number is expected to rise to around €2.3 billion by 2026.

Investments and M&A in the sector are also being spurred by Germany’s promised legislation.

“Our belief is that M&A will be front of mind for all legal cannabis operators. The difference in Europe is that there is opportunity for non-cannabis players to potentially get strategic and attempt to enter the market through an integration of cannabis as a CPG [consumer packaged good] or pharmaceutical-grade option,” said Todd Harrison, founding partner at CB1 Capital Management.

Also encouraging for producers and operators is the fact that medical cannabis isn’t verboten at a federal level across the EU, which lets companies legally sell their products across borders.

“This means that you can produce cannabis, for example, in Portugal, and sell to any EU country as long as you have export/import licenses. Hence, cross-border commerce in Europe is relatively fluid, meaning companies can scale relatively quickly if they know what they’re doing,” said David Bonnier, founding partner at Enexis AB.

We spoke with:

Todd Harrison, founding partner and CIO, CB1 Capital Management
Yoni Meyer, partner, Casa Verde Capital
Viken Douzdjian, managing partner and co-founder, Argonautic Ventures
David Bonnier, founding partner, Enexis AB
Will Gibbs, principal, Octopus Ventures
Oliver Lamb, co-founder and investment manager, Óskare Capital
Leah Fletcher, founder and director, Arbutus Innovation Centre
will.i.am, investor, Sanity Group

David Bonnier, founding partner, Enexis AB

What are some of the biggest challenges facing Europe’s cannabis industry right now?

Europe is largely a medical-only market right now. Unlike the U.S., medical cannabis in Europe is regulated as a medicine and falls under EU and national pharmaceutical regulatory systems.

As such, standards for production and distribution of medical cannabis are exceptionally high. Moreover, European doctors are generally more conservative and evidence-based. Therefore, it takes time to build the necessary infrastructure in order to get stakeholder buy-in.

Key challenges include (1) lack of education and buy-in from industry stakeholders such as physicians, research institutes, insurance companies, politicians, etc.; and (2) lack of downstream infrastructure such as research centers, specialized clinics, licensed wholesale distributors and manufacturers.

The good news is that since cannabis companies have to operate under pharmaceutical regulatory systems in Europe, we are seeing material accumulation of high-quality patient data.

Note that doctors in Europe can only prescribe a finished product to patients, unlike the U.S., where you only need a medical card. Patients must often follow up with doctors several times, which yields several valuable patient data points that can be used in real-world evidence studies.

As such, we believe Europe will most likely become a key leader on the research front for medical cannabis, which will further help lift the evidence base and general acceptance.

How are these issues informing your advice to your cannabis-related portfolio companies?

We are focused on companies that know how to navigate the European regulatory landscape and are filling key gaps in the market.

For example, we currently like the downstream part of the value chain, which has been underserved so far, including distribution companies, specialized clinics platforms, research and development centers, and companies that are accumulating patient data, which we believe will become very valuable over time. We also like ancillary businesses.

As in the U.S., legislation across Europe is fragmented but evolving. Are these situations comparable to you?

To an extent, albeit there are some key differences. Given that North America has already paved a pathway (starting in 1996 with medical cannabis in California, and again in 2012 with adult use in Colorado and Washington), legislation in Europe is accelerating at a faster pace.

While the Netherlands was first to legalize medical cannabis in Europe in 2003, the legalization wave really didn’t happen until much later, when Italy legalized, followed by Germany, Poland, the United Kingdom and many more. Currently, nearly 400 million Europeans now have legal access to medical cannabis in some form, which is more than in the U.S.

Also, Europe does not suffer from federal prohibition of medical cannabis like in the U.S. There is an EU-wide directive for production and distribution standards for medical cannabis products, which is interpreted by each country.

This means that you can produce cannabis, for example, in Portugal and sell to any EU country as long as you have export/import licenses. Hence, cross-border commerce in Europe is relatively fluid, meaning companies can scale relatively quickly if they know what they’re doing.

Which sector shows the most promise for growth in Europe this year: medical or recreational? Has the popularity of CBD products made investors more comfortable about recreational use?

While there is a lot of buzz around the use of cannabis by adults, it is still largely a non-existent market from a commercial standpoint. Malta has legalized (albeit it has a small population); the Netherlands is running a pilot program for legal production, which was previously illegal; Switzerland is running a commercial pilot program; and a few other countries have legalized home-grown cannabis for personal use.

Salsify secures $200M as the boom in e-commerce catapults its valuation to $2B

E-commerce is booming, but it’s become increasingly apparent over the years that the businesses that are able to capitalize on that trend — and contribute to that growth — are those able to grasp the right technology to navigate the space. Today, Salsify, one of the startups building e-commerce solutions to that end, is announcing a big round of $200 million, a sum that speaks both to the demand in the market, and its success to date.

“It’s been very busy,” CEO and co-founder Jason Purcell told TechCrunch in an interview. “The thing that catalyzed us in first place was the idea that multichannel commerce would become big, and in the last two years Covid has made that trend abundantly clear. We have doubled in size.”

Salsify’s platform is aimed at retailers, brands, and the various partners they work with to tap into centralised inventory and product information, data that can in turn be used to power more unified experiences wherever those products are sold. (Its favored term to describe this is the “digital shelf”, a reference point I think to the many companies it works with and their huge legacy businesses selling CPG goods on physical shelves.)

In 2021, ARR went up to $110 million and the company now has 1,200 customers, up from 800 when I last spoke with it in 2020. The list includes huge names like Coca-Cola, Libbey, KraftHeinz, Columbia and Mars.

This is a Series F and it values Salsify (named after the widely spreading wildflower) at $2 billion. That is a notable jump since the company didn’t disclose a number when it raised its Series E, a $155 million round in 2020 (PitchBook however puts it at $805 million, and before at $308 million in 2018). This latest round is being led by TPG, with Permira’s Growth Opportunities Fund, Neuberger Berman Funds, and Cap Table Coalition also participating. It has now raised more than $450 million.

In a venture market that is very active for e-commerce tech — just earlier today, another startup startup, UK’s Moot, that is building tech to help brands manage commerce across multiple platforms — announced $18 million in funding; last week another company in a similar space, Productsup, announced $70 million in funding — this round and valuation make Salsify one of the biggest contenders in this space.

And likely it is one attracting some attention from even bigger companies eyeing consolidation, although for now Salsify is focused on being the consolidator itself. Last year, US-based (HQ in Boston) Salsify acquired SKUvantage and Alkemics respectively to expand into Australia and France.

There have been dozens, probably hundreds, of tech companies built on the concept of arming the non-Amazons of this world with tools that help them compete with, and leverage, Amazon better. Salsify’s approach has been to tackle the problem as “experience management” (which it abbreviates to XM and attaches to each of its different product lines), and to look at it in the big picture, in terms of how it applies not just to brands but also retailers and the different companies that work in that complex supply chain, which all need information to do their jobs, but also potentially can provide critical insights (eg around inventory) to improve how the bigger process works.

That platform and wider integration functionality is also something that speaks to how bigger brands have seen that they need to work in modern times — gone are the days where their legacy supplier relationships and physical sales channels are enough in competition with newly emerging D2C competitors that leverage new platforms like social media apps and influencers to connect with new consumers.

It’s also why investors have come running to the company. Purcell described this latest round as “opportunistic,” in that the company still had capital from its last round in the bank but had been getting approached by investors looking to work with the company.

“As consumer behavior shifts increasingly towards digital and omnichannel, there has been an evolution in the way that brands think about their technology strategy and how they evolve their tech stack,” said Arun Agarwal, MD at TPG, in a statement. “Through its integrated platform, Salsify is optimizing the shopping experience for brands, retailers, and distributors, powering consumer interactions and enabling consistency, simplicity, and agility. TPG has a long track record of backing leading SaaS companies, and we look forward to partnering with Jason and his team to drive Salsify’s growth and market leadership further.”

Moot channels $18M for a platform and toolkit to power e-commerce strategies for brands

E-commerce today is played out wherever a consumer sees something and wants it — be it on a company’s site or app, a social media feed, a marketplace, a search, or an advert. Today a startup called Moot that’s helping businesses and brands sell through all those channels in a unified way is announcing $18 million in a round led by Espresso Capital to expand its business both organically and via M&A.

On the first point, Moot is planning on doubling down on building more tech, including enhanced AI capabilities to help automate and analyze more of its customers’ activities. On the second point, Moot said it already has two deals underway.

With the boost that e-commerce has had in the last couple of years, the company — based out of Staffordshire in the Midlands of England — has been on a growth tear. It’s on track to make £100 million ($130 million) in ARR by the end of this year, after growing 300% year-on-year in 2021, with customers including fashion retailers like Timberland and Asos, media brands like House Beautiful, and dozens of others.

Moot got its start out of first-hand experience about the shortcomings of e-commerce solutions out in the market today. Nick Moutter, the founder and CEO, was building out an online housewares brand called Olivia’s, initially using Shopify to run it.

As the business grew, however, he found that the tech it was using to sell across different channels were too siloed, and thus made certain functions like inventory management and more unified logistics very clumsy. He and his team couldn’t find anything in the market that fit their needs — a platform that let the company manage selling across different channels in a unified way — and so they built it.

Over time, they were finding others approaching them to pay to use the tools, and eventually they decided to spin that business out. And thus Moot was born.

“We realized there was a huge demand in industry,” said Moutter, expecially among companies in “the second stage of growth, where they are hitting the ceiling of Shopify, and looking for more advanced solutions to scale.”

The company today lets a brand set up and sell through a variety of channels, including their own sites and apps, as well as third-party marketplaces, wholesales and more.

The key feature of the service is that there is a central database within the platform that can be updated to reflect activity across all of the different channels. Although e-commerce itself is a very fragmented experience — and so it should be, giving consumers lots of choice in the process — the idea with Moot is that it doesn’t need to be similarly fragmented at the back end.

This is not completely unchartered territory: companies like Shopify and WooCommerce are also building solutions to handle this for companies as they scale and expand; and arguably a wide variety of headless and semi-headless solutions in the market like Commercetools are also addressing this same pain point. But given the size of the e-commerce industry — eMarketer estimates it will be worth $5.5 trillion in 2022 — the e-commerce as a service industry will have room for all of these, and judging by Moot’s growth is likely in need of more.

That will see it bringing on more brands, but also a new wave of other companies that work with brands, such as the roll-up players, which themselves are growing by acquisition but in many cases are bringing in third-party technology to run those acquired brands more efficiently. That is where Moot would fit in.

“Moot is a leader in the fast-growing EaaS space. Their unique platform combining operational capabilities, advanced user experience, and customer acquisition technology is attracting a growing list of tier-1 global clients,” said Will Hutchins, MD of Espresso Capital, in a statement. “The rapid growth in e-commerce presents a terrific opportunity for Moot and we believe the company has the right team and technology platform to become a global EaaS leader, helping their clients provide highly differentiated e-commerce experiences. We’re excited to be partnering with them on this next exciting phase of their growth.”