ByteDance Must Produce DSA Risk Assessment for TikTok Lite within 24 hours for EU Review

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The EU’s latest concerns about TikTok’s DSA compliance center on the launch of TikTok Lite. TikTok has been given 24 hours to provide the risk assessment for TikTok Lite. It’s not clear whether TikTok conducted a DSA risk assessment for the new reward program ahead of launching TikTok Lite in the two EU markets. But the regulation’s focus on systemic risk essentially makes such a step obligatory for features that are likely to appeal to minors. TikTok did tell us it requires TikTok Lite users to verify that they are 18 or older in order to collect points through their use of the app.

Rubrik’s Initial Public Offering Filing Unveils the Formation of an AI Governance Board. Prepare for It.

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According to the Form S-1, the new AI governance committee includes managers from Rubrik’s engineering, product, legal and information security teams. Here’s why having AI governance could become the new normal. “Aside from its strategic role to devise and oversee an AI governance program, from an operational perspective, AI governance committees are a key tool in addressing and minimizing risks,” he said. The EU AI Act has teeth, and “the penalties for non-compliance with the AI Act are significant,” British-American law firm Norton Rose Fulbright noted. Establishing AI governance committees likely will be at least one way to try to help on the trust front.

USA and European Union Pledge to Strengthen AI Safety and Risk Investigation Efforts

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The main development out of the sixth TTC meeting appears to be a commitment from EU and US AI oversight bodies, the European AI Office and the US AI Safety Institute, to set up what’s couched as “a Dialogue”. The aim is fostering a deeper collaboration between the AI institutions, with a particular focus on encouraging the sharing of scientific information among respective AI research ecosystems. “Working groups jointly staffed by United States science agencies and European Commission departments and agencies have achieved substantial progress by defining critical milestones for deliverables in the areas of extreme weather, energy, emergency response, and reconstruction. We are also making constructive progress in health and agriculture.”In addition, an overview document on the collaboration around AI for the public good was published Friday. The joint statement refers to 2024 as “a Pivotal Year for Democratic Resilience”, on account of the number of elections being held around the world.

Revolutionize Your Ride: Zaver Secures $30 Million to Bring Buy-Now-Pay-Later Option to Porsche Enthusiasts

Zaver now has $30 million to make it a realityWe last checked in on Zaver, a Swedish B2C Buy-Now-Pay-Later (BNPL) provider in Europe, when it raised a $5 million funding round in 2021. The company has now closed a $10 million extension to its Series A funding round, bringing its total Series A to $20 million. Total investment to date stands at $30 million. In Europe, Zaver competes on BNPL with Klarna, PayPal, and incumbents such as Santander and BNP Paribas. However, Zaver’s schtick is it claims it can assess the risk on BNPL cart sizes of up to €200,000 in real time due to its risk assessment algorithms.

“Rescue Funds Endangered as Fisker Misses Out on Promising Nissan Deal”

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The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration have been terminated, a development that puts a separate near-term rescue funding effort in danger. Fisker revealed in a Monday morning regulatory filing that the automaker terminated the negotiations on March 22. Fisker said in the filing that it will ask the unnamed investor to waive the closing condition. In February, Fisker laid of 15% of its staff (around 200 people) and last week reported having just $121 million in the bank. Fisker had held talks with other automakers, including Mazda, but only Nissan recently remained at the table.

Apple Faces DOJ Lawsuit: What Lies Ahead?

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The U.S. Department of Justice filed a lawsuit against Apple Thursday, accusing the company led by CEO Tim Cook of engaging in anti-competitive business practices. The allegations include claims that Apple prevents competitors from accessing certain iPhone features and that the company’s actions impact the “flow of speech” through its streaming service, Apple TV+. This is not the first time Apple has faced legal action from the DOJ. In 2012, the agency sued Apple for conspiring with publishers to increase ebook prices, a lawsuit that was not settled until 2016. Morgan Stanley analysts said Friday that the current lawsuit could also favor Apple, as many similar allegations have already been ruled on by a judge in the Apple vs Epic case, with the ruling stating that Apple does not violate antitrust laws.

“Empowering Individuals from Unstable Economies: Nsave Secures $4 Million for Offshore Account Access”

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Nsave, a fintech based in Geneva making banking in Switzerland accessible to people in countries at war or those with unstable banking sectors or facing high inflation, has raised $4 million seed funding. Amer Baroudi and Abdallah AbuHashem co-founded nsave in 2021 from lived experiences. “And then based on the risk scores, you might be prompted into different streams of questions or enhanced due-diligence mechanisms. Also, in war-torn countries like Sudan, people with savings in local banks have a hard time accessing their money. “Now nsave is live, there’s finally a trusted option to protect their users against the rampant inflation of distressed economies, providing safe, stable offshore accounts to people who need them the most.”

Youverify secures $2.5M funding to bolster anti-money laundering regulations in Nigeria

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Since 2022, Youverify has expanded its real-time business verification coverage to 145 jurisdictions across 48 countries. Across these countries, Youverify processes 4 million monthly applications for over 3,500 businesses with 800 active clients. Additionally, the platform’s capacity to verify IDs has expanded from 400 million to 5 billion people — as well as 600 million businesses across various industries such as gaming, travel, healthcare, and telecommunications. “Individuals and businesses can verify their identity, registration status and ownership using their government data through Youverify. In addition, we launched our anti-money laundering and risk classification product to address some of these industries,” the CEO noted.

European Parliament gives approval to EU AI Act deal

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The European Parliament voted Wednesday to adopt the AI Act, securing the bloc pole-position in setting rules for a broad sweep of artificial intelligence-powered software — or what regional lawmakers have dubbed “the world’s first comprehensive AI law”. pic.twitter.com/t4ahAwkaSn — Thierry Breton (@ThierryBreton) March 13, 2024Once published in the EU’s Official Journal in the coming months, the AI Act will come into force 20 days after that. And with that alone the AI Act has nudged the future of AI in a human-centric direction. But the legislation also puts some (light touch) transparency obligations on a third subset of apps, including AI chatbots; generative AI tools that can create synthetic media (aka deepfakes); and general purpose AI models (GPAI). Rules for GPAIs were a later addition to the AI Act, driven by concerned MEPs.

Thoma Bravo Acquires Everbridge in $1.8B Privatization of Critical Event Management Software

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Everbridge, a critical event management (CEM) software company, is going private in a $1.8 billion all-cash deal that will see it taken over by private equity giant Thoma Bravo — 20% more than what was originally announced last month. Things never recovered, with its valuation hovering at below the $1 billion mark for the past six months. Premium planThoma Bravo, a private equity firm renowned for snapping up underperforming enterprise software firms, is effectively paying a premium in excess of 83%* on Everbridge’s market cap on February 2. “We look forward to working with Everbridge to expand their ability to capitalize on opportunities in an expanding marketplace for risk, compliance, and safety solutions,” Thoma Bravo partner Hudson Smith said in a press release. *This article was updated on March 1, 2024, with amended acquisition price and premiums after Everbridge’s “go shop” process yielded greater interest.