Yahoo is acquiring Artifact, the AI-powered news app from Instagram’s co-founders Kevin Systrom and Mike Krieger, the company announced on Tuesday.
Artifact will no longer operate as a standalone app, and its proprietary AI-powered personalization technology will be integrated across Yahoo, including the Yahoo News app in the coming months.
Although Artifact started off as a simple news app, the end result seemed more like a Twitter replacement.
Artifact’s technology surfaces content users want to see and becomes more attuned to their interests over time.
As a result, users receive a personalized feed of news stories that they want to read.
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The company is part of an increasing number of resume and skill apps that are trying to combat discrimination in the hiring process.
Hellohive hosts virtual networking programs between companies and candidates on the app, with clients including Goldman Sachs, American Express, and Morgan Stanley.
Hellohive’s holistic approach to hiring is important right now especially, as companies have been shifting away from DEI commitments.
Candidates also complete a course model that prepares them for the job recruitment process.
They then express interest in an employer on the app, and the hiring process formally kicks off.
On Friday, the startup announced via a blog post it had made the decision to “wind down operations” of the app launched over a year ago, saying that the market opportunity wasn’t big enough to warrant continued investment.
It also employed several AI tools to summarize news, rewrite clickbait headlines, and surface the best content.
Existing posts will remain visible for the time being, and Artifact will continue to operate its “core news capability” through the end of February.
In part, the way users are finding news and information is changing with the arrival of AI.
The co-founder had spoken about AI’s role at Artifact at this past fall’s TechCrunch Disrupt conference in San Francisco.
Softbank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner.
Judge and Claure will fully own the firm’s $100 million Open Opportunity Fund 1, the $150 million Fund 2, as well as the entire portfolio.
Claure called the acquisition a “significant milestone,” saying it “demonstrates a concrete move towards more diverse representation within all layers of the venture capital ecosystem.”Softbank rebranded its Opportunity Growth Fund to Open Opportunity Fund (OOF) earlier this year, and appointed Judge as its chairman, who became co-owner of the Fund.
Fund 1 deployed $100 million in 75 Black-and-Latino companies, yielding seven exits and 46 follow-on rounds.
Fund 1 companies may also receive funding from Fund 2 on a “case-by-case basis,” Judge said.
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