Latest news with #Sequoia
Yahoo
2 days ago
- Business
- Yahoo
Sequoia-backed Crosby launches a new kind of AI-powered law firm
The tech industry talks a lot about how AI is going to transform work. Legal startup Crosby, which just came out of stealth with a $5.8 million seed round led by Sequoia, is perhaps the most extreme example of what's coming that we've seen to date. Crosby isn't just making AI software for lawyers – although it is doing that. Crosby is an actual law firm using AI to provide legal services at a speed never before possible. Rather than selling tech to lawyers, Crosby has hired lawyers who use its internally developed AI software. It sells contract-review legal services, largely to startups. The company is currently promising that its AI software, with human overseers, can review a new client contract in under an hour. And it hopes to get that down even faster – perhaps to just minutes, according to its co-founder CTO John Sarihan, who spoke with TechCrunch. Ryan Daniels, Crosby's co-founder and CEO, is a lawyer himself and the son of two law professors. He cut his teeth at Cooley, one of the biggest firms that represents the tech industry. He then spent the better part of a decade doing general counsel work for startups. 'My last company, where I was the only legal person, grew from about 10 to 100 people, and I found that most of the time that I was spending on legal was for our contracts, sales agreements, [and] MSAs,' Daniels said, referring to the part of a customer contract known as a master service agreement. Contract negotiations and legal review were such a bottleneck at the company that they were the 'reason why we weren't growing as fast as we wanted to.' Today, contract negotiation remains a human-to-human process, which can take weeks or months. While there are a growing number of AI tools that help lawyers speed up parts of their work, Crosby's founders believed that the only way to use AI to really change the legal industry, was by 'building our own law firm in order to own the entire process, end to end,' said Daniels. Sarihan, who was an early employee at Ramp, set about hiring software engineers from the startup world, while Daniels began hiring lawyers. Today the startup employs about 19 people, including the founders. 'The innovation here is in the tech and in the people,' Sarihan said. The firm soft launched in January, the co-founders said, and it has already reviewed over 1,000 customer contracts — like MSAs, data processing agreements, and non-disclosure agreements — for fast-growing startups like Cursor and the sales automation startups Clay and UnifyGTM. Sequoia's Josephine Chen and Alfred Lin led the seed round along with Bain Capital Ventures with participation from a bunch of angels like Ramp co-founders Eric Glyman and Karim Atiyeh, Opendoor co-founder Eric Wu, Casetext co-founder Jake Heller, Instacart co-founder Max Mullen, and the co-founders of Flatiron Health, Zach Weinberg and Gil Shlarski. The stars aligned for Crosby to land Sequoia as an investor. Chen knew Sarihan from Ramp. She had previously met him through the co-founder of Venue, an AI procurement startup she had backed and that was acquired by Ramp last year. When the co-founders pitched their idea to Chen, she asked Sequoia's in-house lawyer about the idea, and that lawyer, Cindy Lee, knew Daniels from her time at Cooley. 'When we think about seed investing, for us, it's probably 70% around the team and 30% around the market, market dynamics, and the insight that the founders have there,' Chen explained. Given all the connections she already had to the founding team and that legal work is a $300 billion industry, Chen was down to disrupt it with Crosby. 'We had seen, even in our own portfolio [companies], how negotiating contracts can be a bottleneck for growth,' Chen said. Legal, in her view, is 'a bull's-eye case for the use of LLMs.'
Gizmodo
2 days ago
- Business
- Gizmodo
Elon Musk's xAI Is Reportedly Burning Through $1 Billion a Month
Elon Musk has promised that his AI business, xAI, will help to revolutionize society. Before it can do that, however, the company is going to need to become fiscally viable—a goal it hasn't quite met yet. Indeed, at the current moment, the company seems to be burning through cash at a rate that, in any other industry, would be entirely unsustainable. A new report from Bloomberg claims that the AI company expects to spend at least $13 billion this year, which amounts to a little over a billion dollars per month. The outlet cites 'people familiar with the deal terms who asked not to be identified because the information is private.' At the same time, the company continues to raise massive amounts of money from investors to keep up with its mind-boggling cash flows. The outlet reports: The company is now finalizing $4.3 billion in new equity funding, and it already has plans to raise another $6.4 billion of capital next year, the company has told investors. And that is on top of the $5 billion in debt that Bloomberg has previously reported Morgan Stanley is helping it raise. The corporate debt is expected to help pay for xAI's data center development, the people said. Other companies have decided to do project financing instead. It was recently reported that xAI had gotten a generous infusion of investment from some of Silicon Valley's top venture capital firms (including Google-backer Sequoia). Bloomberg notes, however, that despite the company's 'prolific fundraising efforts,' it is just 'barely keeping pace with expenses' due to its immense cash burn. Gizmodo reached out to xAI for more information. What is the company doing with all that money? xAI's main contribution to society so far is Grok, Musk's 'anti-woke' chatbot that is, sometimes, surprisingly woke. Grok has raised eyebrows in the past, with its unprompted rants about 'white genocide.' The company merged with X (the company formerly known as Twitter, which Musk bought in 2022) earlier this year. Bloomberg's new report notes that xAI hopes to use X's ongoing data flows (from its zillions of user- and bot-generated posts) to help continually train Grok's algorithm. xAI may be owned by the richest man in the world, but the company is really viewed as an underdog when it comes to the current race for AI supremacy. Musk's company is in pitched battle against a number of other, better-positioned, better-resourced firms (like OpenAI, Meta, and Anthropic), all of which are seeking to crown themselves the definitive king of the AI boom. As per usual, Musk has made big promises about what he believes his companies can deliver in the realm of automation, robotics, and generative AI. He has claimed that his company will eventually create a product line of domestic robots that will take care of Americans' household tasks, and, more recently, he has promised to launch a robotaxi business. Hyperbole aside, it remains to be seen whether Musk's company will even be able to survive these early, cash-hungry stages of its business lifecycle.
Finextra
3 days ago
- Business
- Finextra
London fintech for immigrant communities Aspora raises $53 million
London fintech Aspora has raised $53 million in Series B funding, furthering its mission to build a financial ecosystem tailored to the unique needs of diaspora communities. 1 Like 0 Formerly known as Vance, the new capital injection was co-led by Sequoia and Greylock, with Nik Storonsky's Quantum Light Ventures also contributing to the round. The latest raise marks the culmination of three rounds of funding over the past six months to the tune of $93 million: In a blog post announcing the funding, the firm says that over 250,000 non-resident Indians now send money with Aspora: "We have processed over $2B in volume—a five-fold increase from the $400M we were handling just six months ago. Most importantly, our users have saved over $15M in fees that would have otherwise gone to traditional remittance providers. From its headquarters in London and offices in Dubai and Bengaluru, the firm is currently serving users across the UK, UAE and EU, with plans to launch in the United States this July followed by Canada, Australia and Singapore before the end of the year. Aspora is also expanding beyond remittances to build a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders. Parth Garg, founder and CEO, says: 'The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We're just getting started—our users deserve modern financial infrastructure that works across borders.'
Geeky Gadgets
3 days ago
- Geeky Gadgets
macOS 26 Tahoe VS macOS 15 Sequoia: A Deep Dive into Apple's Latest OS
Apple's macOS has consistently set the standard for design evolution, and its app icons are a key part of this legacy. Comparing macOS 26 Tahoe to macOS 15 Sequoia reveals a deliberate shift in design philosophy, blending aesthetics, functionality, and user experience. These changes redefine the visual identity of the operating system and influence how you interact with it daily. By exploring these differences, you gain insight into Apple's approach to creating a cohesive and modern interface. The video below from HalfManHalfTech gives us more details. Watch this video on YouTube. The Evolution of App Icon Design The transition from macOS 15 Sequoia to macOS 26 Tahoe represents a significant departure from skeuomorphic design principles toward a minimalist aesthetic that aligns with contemporary design trends. In macOS 15 Sequoia: Icons were highly detailed, featuring realistic textures, pronounced shadows, and intricate gradients. This skeuomorphic style aimed to replicate physical objects, offering a sense of familiarity and depth. Icons were highly detailed, featuring realistic textures, pronounced shadows, and intricate gradients. This skeuomorphic style aimed to replicate physical objects, offering a sense of familiarity and depth. In macOS 26 Tahoe: Apple embraced a flat design language, characterized by simplified shapes, muted color palettes, and subtle gradients. This minimalist approach prioritizes clarity and modernity. This evolution reflects Apple's broader goal of achieving visual consistency across its platforms. By adopting a flatter aesthetic, macOS 26 Tahoe ensures that app icons integrate seamlessly with the operating system's overall design. For you, this results in a cleaner, more streamlined interface that feels intuitive and less visually overwhelming. Key Visual and Stylistic Changes The visual updates in macOS 26 Tahoe extend beyond individual app icons, reshaping the overall design language of the operating system to create a more cohesive experience. Geometric Precision: Icons in Tahoe feature sharper, more defined shapes, moving away from the ornate and textured designs of Sequoia. Icons in Tahoe feature sharper, more defined shapes, moving away from the ornate and textured designs of Sequoia. Simplified Gradients: While Sequoia relied on bold shading and intricate details, Tahoe uses subtle gradients to achieve a polished, modern look. While Sequoia relied on bold shading and intricate details, Tahoe uses subtle gradients to achieve a polished, modern look. Minimal Shadowing: Shadows in Tahoe are understated, contributing to a flatter and more cohesive aesthetic. For instance, the Finder app icon in Sequoia displayed a detailed smiley face with pronounced shading, while in Tahoe, the same icon is reimagined with softer gradients and a sleeker appearance. These updates modernize the operating system and reduce visual distractions, allowing you to focus on functionality and usability. Impact on User Experience The redesign of app icons in macOS 26 Tahoe directly enhances your experience by improving usability and reducing cognitive load. The changes are not merely cosmetic but serve practical purposes that benefit everyday interactions. Improved Recognition: Simplified icons are easier to identify, even at smaller sizes, such as in the Dock or Launchpad. This enhances navigation and makes finding apps faster and more intuitive. Simplified icons are easier to identify, even at smaller sizes, such as in the Dock or Launchpad. This enhances navigation and makes finding apps faster and more intuitive. Unified Aesthetic: Consistent icon design across macOS 26 Tahoe creates a cohesive interface, making the operating system feel more harmonious and user-friendly. Consistent icon design across macOS 26 Tahoe creates a cohesive interface, making the operating system feel more harmonious and user-friendly. Reduced Fragmentation: In macOS 15 Sequoia, varied icon styles—especially from third-party apps—could disrupt the user experience. Tahoe's streamlined design minimizes these inconsistencies, fostering a more integrated environment. By prioritizing clarity and uniformity, Apple ensures that every interaction feels seamless, whether you're launching an app, switching between tasks, or navigating the system. Practical Benefits of Simplified Icons Beyond their visual appeal, the redesigned icons in macOS 26 Tahoe address practical concerns, particularly in adapting to modern display technologies and user needs. Optimized for High-Resolution Screens: Simplified designs ensure that icons remain sharp and legible on Retina displays and high-resolution monitors, enhancing visual clarity. Simplified designs ensure that icons remain sharp and legible on Retina displays and high-resolution monitors, enhancing visual clarity. Enhanced Scalability: Icons in Tahoe are designed to maintain their clarity at various sizes, preventing the blurriness that could occur with Sequoia's intricate details. For example, the Calendar app icon in Sequoia relied on fine details that could appear blurry on high-resolution screens. In Tahoe, the design is cleaner, featuring bold text and simplified elements that adapt seamlessly to different resolutions. These updates ensure a consistent and visually pleasing experience, regardless of the device you're using. Consistency Across Apple's Ecosystem One of the standout advantages of macOS 26 Tahoe's app icon redesign is its emphasis on consistency across Apple's ecosystem, creating a unified experience for users. Unified Design Language: By aligning macOS icon design with iOS and iPadOS, Apple creates a seamless experience for users transitioning between devices. This consistency reinforces the brand's identity and simplifies navigation across platforms. By aligning macOS icon design with iOS and iPadOS, Apple creates a seamless experience for users transitioning between devices. This consistency reinforces the brand's identity and simplifies navigation across platforms. Encouraging Developer Adoption: Tahoe's streamlined aesthetic encourages third-party developers to follow Apple's design guidelines, resulting in a more harmonious interface. This reduces the visual fragmentation that was sometimes evident in Sequoia. In contrast, macOS 15 Sequoia's lack of strict design standards occasionally led to mismatched icons, disrupting the overall user experience. Tahoe addresses this issue by fostering a cohesive visual identity that extends across all Apple platforms, making sure a seamless and integrated experience for you. Redefining the macOS Experience The evolution of app icon design from macOS 15 Sequoia to macOS 26 Tahoe underscores Apple's commitment to balancing aesthetics, functionality, and user experience. By adopting a minimalist and consistent design language, Tahoe modernizes the operating system while enhancing usability and adaptability. For you, these updates translate to a cleaner, more intuitive interface that aligns with Apple's broader ecosystem. Whether you're navigating the Dock, launching apps, or transitioning between devices, the redesigned icons in macOS 26 Tahoe ensure a seamless and visually cohesive experience that reflects Apple's dedication to design excellence. Here are additional guides from our expansive article library that you may find useful on macOS 26 Tahoe. Source & Image Credit: HalfManHalfTech Filed Under: Apple, Laptops, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
Time of India
4 days ago
- Business
- Time of India
Fintech Aspora raises $53 million to expand cross-border banking for global Indians
Bengaluru: Aspora, a London-headquartered fintech startup focused on providing banking services for immigrant communities, has raised $53 million co-led by Sequoia and Greylock, with participation from Quantum Light Ventures. The company, which was previously known as Vance, is targeting the global Indian diaspora as its first major customer base. The latest round follows Aspora's $35 million and a $5 million seed extension last year. Over the past six months, the company has raised a total of $93 million across multiple funding rounds. Founded by Parth Garg in 2022, who dropped out of Stanford University to start the venture, Aspora is building cross-border financial products for non-resident Indians (NRIs) and other diaspora segments. According to the company, it currently serves 250,000 users, with its primary user base in the UAE. Over the past six months, Aspora's transaction volume has grown from $400 million to more than $2 billion, with users saving over $15 million in fees compared to traditional providers. Aspora offers zero-fee remittance transfers from the UAE and provides exchange rates identical to market benchmarks displayed on Google, while fees may apply in other markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon Every Night, See What Happens A Week Later [Video] getfittoday Undo The company currently operates across the UK, EU, and UAE, and plans to launch in the United States in July 2025, followed by expansion into Canada, Australia, and Singapore by the end of the year. In addition to institutional investors, Aspora is backed by a group of individual investors that includes Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).
