Finance

AI Assistant for CFOs: Startup Raises $8.7 Million Seed Funding from General Catalyst

Sapien, a platform designed to create "autonomous coworkers" for finance professionals, officially launched on Tuesday with an $8.7 million seed funding round led by General Catalyst. The startup aims to leverage AI to analyze company financials and streamline complex workflows that typically take days, condensing them into minutes. Founded by CEO Ron Nachum, CTO Pranav Ravella, and chief scientist Arya Grayeli, Sapien integrates with tools like Excel, ERP, and CRM systems to assist finance teams. 

The platform breaks down queries posed by finance professionals and adapts its learning with each interaction, allowing users to challenge its assumptions. For example, it can evaluate revenue trends in healthcare across numerous clinics or analyze extensive transaction data for manufacturers, significantly reducing manual work. Sapien is already in use by CFOs in various sectors, demonstrating its effectiveness by uncovering a nearly $10 million error for a manufacturer during a critical board meeting. The founders, all 20 years old and friends since high school, were inspired to automate tedious finance processes while pursuing their interests in machine learning and finance.

TECH

US Treasury Targets Chinese Military Tech with Investment Restrictions

This week, the U.S. Treasury Department announced a new rule to limit American investments in China related to military technology. The rule focuses on monitoring and restricting investments in China's artificial intelligence, semiconductor, and quantum computing sectors to prevent the Chinese military from gaining an edge in advanced technologies. It is part of an executive order issued by President Joe Biden in August 2023, which aims to reduce U.S. capital flows to "countries of concern," including China, Hong Kong, and Macau. These restrictions, targeting military-applicable technologies like code-breaking and advanced fighter jets, are set to take effect on January 2.

CRYPTO

Leak Uncovers Potential $1.4 Trillion Earthquake in China as Bitcoin Breaks $70,000

In 2024, Bitcoin's price has skyrocketed, fueled by a Wall Street crypto "revolution" led by BlackRock and a dovish shift from the Federal Reserve, creating a "nightmare" scenario for some. Amid accusations that the Fed and ECB are quietly targeting Bitcoin, a leak suggests China may soon unveil a $1.4 trillion stimulus package to revive its stalled economy, with analysts predicting this could further boost Bitcoin's price.