Breaking News in AI and Tech: Arch Raises $52 Million, OpenAI and Microsoft Agreement, and More!

OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world.Arch, a New York-based fintech startup, has raised $52 million in a series B funding round led by Oak HC/FT. The company is aiming to become the "Charles Schwab for private markets" by providing a platform that helps private market investors track their investments more efficiently. CEO Ryan Eisenman describes the struggle of investors in venture capital and private equity funds to monitor thousands of investments across different firms, each with their own portals, as "death by a thousand paper cuts." Arch aims to simplify this process by offering a customer-facing dashboard that bridges the gap between investment firms and their backers. The platform is adding new products to assist with capital calls, distributions, and potentially even supporting secondary market transactions. With 160 employees and around $260 billion in assets managed by its customers, Arch is quickly growing. The company may eventually pursue an IPO, but could also be acquired by a larger company in the financial services industry, as 85% of exits in this sector are sales to strategics. Venture deals in the financial services sector are also thriving, with companies like Hala, Kredete, Meela, and Pascal AI securing significant funding rounds.In other news, OpenAI and Microsoft have reached a preliminary agreement that could potentially lead to OpenAI going public. This deal is expected to address structural and competitive issues between the two companies, paving the way for OpenAI to restructure its for-profit arm into a public benefit corporation. Hyundai's CEO revealed that a recent ICE raid on their Georgia battery plant delayed its opening by two to three months. Tinder is trying to win back Generation Z users by introducing new "modes" focused on double dating and connecting college students. These changes are aimed at adapting to the evolving needs of users and the dating industry. Citymapper's IPO, Ray Dalio's call for wealth redistribution policies in response to AI advancements, a California bill regulating AI companion chatbots, and FDA approval for Apple Watch's blood pressure monitoring feature are also making waves in the tech world.The latest update discusses the U.S. and China trade talks in Madrid, as well as the possibility of an IPO for OpenAI. It also highlights the Fortune Future 50 list, which ranks companies most ready to thrive in the age of AI, with U.S. tech companies leading the way. The article emphasizes the importance of strategy, technology, talent, and culture in sustaining growth in the AI era. Additionally, it touches on other news such as the U.K. and U.S. cooperation on nuclear power, Trump's dealings with Hyundai fallout, and the upcoming Fed meeting. Governor Spencer Cox's criticism of social media and tech companies for contributing to American polarization is also discussed. Market updates for various countries are provided at the end of the text.Thank you for tuning into OWITH.ai: your source for all things AI and tech-related news.

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