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The Impact of Conversational AI: 2021 and Forward

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Master Of Code Global

Automation has consistently been one of the fastest-growing fields in the past decade and also one of the most influential trends. It has been continuously expanding into increasingly complex areas of business operations such as finance and compliance. In the past few years, automation has also become a part of customer relations and management with the help of a technology called conversational AI — the latter proving its importance during the pandemic.

In 2020, with companies being short-staffed globally, automation helped bring productivity and operations closer to 2019 levels but it wasn’t just process automation on its own, conversational AI played a key role as well, both internally and externally. With that in mind, let’s take a closer look at conversational AI’s impact last year and its influence going forward.

In order to fully understand conversational AI, there are three broad concepts that we must know as well: artificial intelligence, automation, and computer speech. Speech is arguably the easiest concept to grasp — it’s teaching computers how we speak. Computers only speak in zeros and ones, we don’t. Developers and scientists have been trying to bridge this gap by making computer speech more natural with the most progress being made recently with automation and artificial intelligence becoming a part of conversational tech.

Each of these technologies add more capabilities to conversational tech. For instance, AI enables the computer to process exponentially more data faster and significantly refine its speech. Furthermore, with machine learning, computers can “evolve” and learn by making mistakes, although it’s too complex to explain in this article.

Likewise, automation allows the conversational tech to be integrated into complex workflows and be very useful in various areas including customer service, internal messaging systems, business intelligence (BI), analytics, etc.

Examples of Modern Implementations of Conversational AI

In essence, it’s a technology that gives computers the ability to not only comprehend natural speech but also derive commands and take appropriate action without any direct input from the user.

One of the most dominant themes of this global health crisis has been limiting human contact. In an ideal world, this would mean that businesses would pivot to operating by putting employees in contact with consumers. However, in the real world, this wasn’t possible due to the heavy reliance on the human workforce.

However, some businesses used this challenge to put conversational AI to its biggest test — replacing human capital, albeit temporarily. From mobile AI assistants that allowed customers to check store inventory without visiting the store to health chatbots that enabled users to self-diagnose and take proactive health measures, a lot of chatbots were deployed last year to continue serving customers without exposing anyone to risk.

At the same time, the extended lockdowns and travel restrictions meant consumers spent over 50% more time on messaging services such as Facebook Messenger and WhatsApp. This also became an opportunity to put conversational AI through its paces. Businesses built applications for messaging platforms and social media platforms to bring important services closer to their fingertips. From placing grocery orders on Facebook Messenger to browsing shopping catalogs on Instagram.

1. Chatbot Trends Report 2021

2. 4 DO’s and 3 DON’Ts for Training a Chatbot NLP Model

3. Concierge Bot: Handle Multiple Chatbots from One Chat Screen

4. An expert system: Conversational AI Vs Chatbots

As you may imagine, the ability to not only parse documents and messages but to also take autonomous action has tremendous value to any business — it’s taking automation to a whole new level. On top of this, because the technology is rather open-ended and the implementation-dependent on the business itself, possibilities are virtually limitless. That said, the use of conversational tech is, for now, most concentrated in a few key business areas including customer service and engagement, business intelligence, and sales.

What is Conversational AI and How Does it Work?

We’ll take a look closer look at examples of conversational AI in these areas but before, let’s answer the important question of how conversational AI is actually implemented. Since this technology is most useful when users are able to “talk” to it directly, one of the most popular implementations of conversational AI is a chatbot. A chatbot is an umbrella term covering different types of bots but the ones we’re interested in are usually referred to as AI chatbots. Chatbots aren’t new and have existed for well over a decade but with new technologies like natural-language-processing (NLP), developers are able to infuse artificial intelligence to make chatbots far more capable. At the same time, almost all major social media and messaging platforms have chatbot support.

Let’s now take a closer look at some of the most popular examples of conversational AI implementations:

Today, you can find more than a handful of companies selling the same product/service at the same price. With so little product differentiation, customers have begun basing their buying decision on customer service. In fact, according to Microsoft, customer service expectations for more than half (54%) of consumers have increased globally.

Customer service/engagement bots are thus built with one purpose — to open up a two-way communication channel that offers consumers a unique and valuable shopping experience. Customer service bots are most commonly known for providing business/product-related information in a question-answer format but there have been some very creative implementations of customer bots as well.

Take, Nike’s Stylebot for example. It’s an AI chatbot that helps customers find, personalize, and even create their own shoe designs. Although customers could buy shoes using the bot as well, its main purpose was to engage with the customers and it did that very well — achieving a click-through rate (CTR) 12.5 times more than Nike’s average CTR and also 4 times the conversions.

Business intelligence is a field bringing together analytics, big data, and data visualization to help decision-makers gain visibility inside and outside their company. Most companies deploy dozens of BI tools ranging from relatively simple (GSuite) to custom-built platforms. However, most of these BI tools lack integration which means deriving insights from the data in different tools is still time-consuming and manual.

Conversational Business Intelligence

BI bots use conversational tech and artificial intelligence to trigger complex automated workflows and interpret commands from normal speech and text. For instance, with just a simple text-based message, BI bots can autonomously:

  • track and send live updates about lockdowns, COVID-19 cases, supply chain disruptions, etc.
  • scan large data sets and find specific documents
  • share documents securely
  • visualize raw data into tables and charts
  • gain crucial insights into customer behavior and buying trends

AI chatbots for sales is one of the most valuable implementations of conversational AI as it has a direct impact on a company’s bottom line. The purpose of sales bots is to make online shopping more convenient and engaging for the customer. Since an increasing number of customers spent more time on messaging and social media platforms, companies deployed chatbots to bring products where their customers now were.

One of the most popular examples of a feature-rich sales chatbot is SnapTravel. In addition to deploying AI chatbots to all major messaging platforms including Facebook Messenger, WhatsApp, and SMS, the travel company has also developed RCS chatbots, allowing consumers to check hotel reservations and flight status, book tickets, and much more — through the default SMS apps.

Implementing any new technology is a long-term investment which begs the question: will conversational AI still be a viable alternative once things go back to “normal”. Consumer behavior trends in 2021 indicate that conversational tech will not only survive after the pandemic but also thrive. Take a look at the following global trends:

  • New Generational Behaviorisms

Millennials but especially Generation Z are growing up with smartphones — they’re absolutely used to the convenience of having the world at their fingertips and it’s going to be essential to cater to these habits.

Furthermore, these demographics actually prefer talking to AI chatbots rather than human sales representatives.

Conversational AI and COVID-19
  • Productivity and Efficiency

There are hundreds of ways automation improves productivity and efficiency but conversational AI takes this one step further — enabling automation in places where it normally wouldn’t be possible. For instance, L’Oréal used an AI chatbot to free up 200 hours (a whole working month) while shortlisting 80 interns from a talent pool of 12,000.

  • Cost Savings

Apart from the indirect cost savings associated with time savings, conversational AI can reduce costs directly by automating a number of tasks in business intelligence (BI), marketing, CRM, and more, thereby reducing dependence on permanent staff. Additionally, conversational AI is more secure, less error-prone, and generally more reliable at handling routine tasks.

  • Rise of Online Shopping

Online shopping has been on a steady rise for the past decade and will continue to grow at a fast pace. Furthermore, the pandemic forced a lot of new demographics to shop online for the first time, most of whom will continue shopping online even after the pandemic is over.

  • Consumer Engagement

According to KPMG, personalization is the biggest factor in customer loyalty, and we predict that personalization will be one of the most important business trends of this decade as companies adopt more and more technologies that allow them to communicate on a one-to-one basis economically. Conversational AI is one such technology. Furthermore, maintaining a two-way is paramount to increasing brand loyalty and in turn, sales. This isn’t possible with traditional business messaging.

The changing consumer preferences and needs are enough to prove that conversational AI is here to stay but it doesn’t just end there. Conversational AI also ties in extremely well with various dominant trends of this decade, making it a key tool in the modern marketing arsenal. It’s a scalable, reliable, and evolving technology that opens up new possibilities to aid in internal decision-making, increase brand loyalty, reduce costs, and most importantly, offer a personalized shopping experience that helps you stand out from the crowd.

Conversational AI has numerous benefits for businesses in 2021 but the most important benefit is conversational AI’s role in differentiating your product or service from the rest. It helps businesses cater to the need for instant gratification by providing solving a wide variety of customer queries instantly. It also enables the business to improve brand loyalty through a more personalized communication channel without any significant increase in CRM costs.

To get started with Conversational AI, consider contacting the Master of Code. If you’d like to learn more about chatbots and how they can be tailored to your exact business model, schedule a free discovery session today with one of our experts today.

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Source: https://chatbotslife.com/the-impact-of-conversational-ai-2021-and-forward-e1211c892370?source=rss—-a49517e4c30b—4

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Optimal Dynamics nabs $22M for AI-powered freight logistics

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Join Transform 2021 this July 12-16. Register for the AI event of the year.


Optimal Dynamics, a New York-based startup applying AI to shipping logistics, today announced that it closed a $18.4 million round led by Bessemer Venture Partners. Optimal Dynamics says that the funds will be used to more than triple its 25-person team and support engineering efforts, as well as bolster sales and marketing departments.

Last-mile delivery logistics tends to be the most expensive and time-consuming part of the shipping process. According to one estimate, last-mile accounts for 53% of total shipping costs and 41% of total supply chain costs. With the rise of ecommerce in the U.S., retail providers are increasingly focusing on fulfilment and distribution at the lowest cost. Particularly in the construction industry, the pandemic continues to disrupt wholesalers — a 2020 Statista survey found that 73% of buyers and users of freight transportation and logistics services experienced an impact on their operations.

Founded in 2016, Optimal Dynamics offers a platform that taps AI to generate shipment plans likely to be profitable — and on time. The fruit of nearly 40 years of R&D at Princeton, the company’s product generates simulations for freight transportation, enabling logistics companies to answer questions about what equipment they should buy, how many drivers they need, daily dispatching, load acceptance, and more.

Simulating logistics

Roughly 80% of all cargo in the U.S. is transported by the 7.1 million people who drive flatbed trailers, dry vans, and other heavy lifters for the country’s 1.3 million trucking companies. The trucking industry generates $726 billion in revenue annually and is forecast to grow 75% by 2026. Even before the pandemic, last-mile delivery was fast becoming the most profitable part of the supply chain, with research firm Capgemini pegging its share of the pie at 41%.

Optimal Dynamics’ platform can perform strategic, tactical, and real-time freight planning, forecasting shipment events as far as two weeks in advance. CEO Daniel Powell — who cofounded the company with his father, Warren Princeton, a professor of operations research and financial engineering — says that the underlying technology was deployed, tested, and iterated with trucking companies, railroads, and energy companies, along with projects in health, ecommerce, finance, and materials science.

“Use of something called ‘high-dimensional AI’ allows us to take in exponentially greater detail while planning under uncertainty. We also leverage clever methods that allow us to deploy robust AI systems even when we have very little training data, a common issue in the logistics industry,” Powell told VentureBeat via email. “The results are … a dramatic increase in companies’ abilities to plan into the future.”

The global logistics market was worth $10.32 billion in 2017 and is estimated to grow to $12.68 billion USD by 2023, according to Research and Markets. Optimal Dynamics competes with Uber, which offers a logistics service called Uber Freight. San Francisco-based startup KeepTruckin recently secured $149 million to further develop its shipment marketplace. Next Trucking closed a $97 million investment. And Convoy raised $400 million at a $2.75 billion valuation to make freight trucking more efficient.

But 25-employee Optimal Dynamics investor Mike Droesch, a partner at BVP, says that demand remains strong for the company’s products. “Logistics operators need to consider a staggering number of variables, making this an ideal application for a software-as-a-service product that can help operators make more informed decisions by leveraging Optimal Dynamics industry leading technology. We were really impressed with the combination of their deep technology and the commercial impact that Optimal Dynamics is already delivering to their customers,” he said in a statement.

With the latest funding round, a series A, Optimal Dynamics has raised over $22 million to date. Beyond Bessemer, Fusion Fund, The Westly Group, TenOneTen Ventures, Embark Ventures, FitzGate Ventures, and John Larkin and John Hess also contributed .

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Source: https://venturebeat.com/2021/05/13/optimal-dynamics-nabs-22m-for-ai-powered-freight-logistics/

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Code-scanning platform BluBracket nabs $12M for enterprise security

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Code security startup BluBracket today announced it has raised $12 million in a series A round led by Evolution Equity Partners. The capital will be used to further develop BluBracket’s products and grow its sales team.

Detecting exploits in source code can be a pain point for enterprises, especially with the onset of containerization, infrastructure as code, and microservices. According to a recent Flexera report, the number of vulnerabilities remotely exploitable in apps reached more than 13,300 from 249 vendors in 2020. In 2019, Barracuda Networks found that 13% of security pros hadn’t patched their web apps over the past 12 months. And in a 2020 survey from Edgescan, organizations said it took them an average of just over 50 days to address critical vulnerabilities in internet-facing apps.

BluBracket, which was founded in 2019 and is headquartered in Palo Alto, California, scans codebases for secrets and blocks future commits from introducing new risks. The platform can monitor real-time risk scores across codebases, git configurations, infrastructure as code, code copies, and code access and resolve issues, detecting passwords and over 50 different types of tokens, keys, and IDs.

Code-scanning automation

Coralogix estimates that developers create 70 bugs per 1,000 lines of code and that fixing a bug takes 30 times longer than writing a line of code. In the U.S., companies spend $113 billion annually on identifying and fixing product defects.

BluBracket attempts to prevent this by proactively monitoring public repositories with the highest risk factors, generating reports for dev teams. It prioritizes commits based on their risk scores, minimizing duplicates using a tracking hash for every secret. A rules engine reduces false positives and scans for regular expressions, as well as sensitive words. And BluBracket sanitizes commit history both locally and remotely, supporting the exporting of reports via download or email.

BluBracket offers a free product in its Community Edition. Both it and the company’s paid products, Teams and Enterprise, work with GitHub, BitBucket, and Gitlab and offer CI/CD integration with Jenkins, GitHub Actions, and Azure Pipelines.

BluBracket

Above: The Community Edition of BluBracket’s software.

Image Credit: BluBracket

“Since our introduction early last year, the industry has seen through Solar Winds how big of an attack surface code is. Hackers are exploiting credentials and secrets in code, and valuable code is available in the public domain for virtually every company we engage with,” CEO Prakash Linga, who cofounded BluBracket with Ajay Arora, told VentureBeat via email.

BluBracket competes on some fronts with Sourcegraph, a “universal code search” platform that enables developer teams to manage and glean insights from their codebase. It has another rival in Amazon’s CodeGuru, an AI-powered developer tool that provides recommendations for improving code quality. There’s also cloud monitoring platform Datadog, codebase coverage tester Codecov, and feature-piloting solution LaunchDarkly, to name a few.

But BluBracket, which has about 30 employees, says demand for its code security solutions has increased “dramatically” since 2020. Its security products are being used in “dozens” of companies with “thousands” of users, according to Linga.

“DevSecOps and AppSec teams are scrambling, as we all know, to address this growing threat. By enabling their developers to keep these secrets out of code in the first place, our solutions make everyone’s life easier,” Linga continued. “We are excited to work with Evolution on this next stage of our company’s growth.”

Unusual Ventures, Point72 Ventures, SignalFire, and Firebolt Ventures also participated in BluBracket’s latest funding round. The startup had previously raised $6.5 million in a seed round led by Unusual Ventures.

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Source: https://venturebeat.com/2021/05/13/code-scanning-platform-blubracket-nabs-12m-for-enterprise-security/

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Data governance and security startup Cyral raises $26M

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Data security and governance startup Cyral today announced it has raised $26 million, bringing its total to date to $41.1 million. The company plans to put the funds toward expanding its platform and global workforce.

Managing and securing data remains a challenge for enterprises. Just 29% of IT executives give their employees an “A” grade for following procedures to keep files and documents secure, according to Egnyte’s most recent survey. A separate report from KPMG found only 35% of C-suite leaders highly trust their organization’s use of data and analytics, with 92% saying they were concerned about the reputational risk of machine-assisted decisions.

Redwood City, California-based Cyral, which was founded in 2018 by Manav Mital and Srini Vadlamani, uses stateless interception technology to deliver enterprise data governance across platforms, including Amazon S3, Snowflake, Kafka, MongoDB, and Oracle. Cyral monitors activity across popular databases, pipelines, and data warehouses — whether on-premises, hosted, or software-as-service-based. And it traces data flows and requests, sending output logs, traces, and metrics to third-party infrastructure and management dashboards.

Cyral can prevent unauthorized access from users, apps, and tools and provide dynamic attribute-based access control, as well as ephemeral access with “just-enough” privileges. The platform supports both alerting and blocking of disallowed accesses and continuously monitors privileges across clouds, tracking and enforcing just-in-time and just-enough privileges for all users and apps.

Identifying roles and anomalies

Beyond this, Cyral can identify users behind shared roles and service accounts to tag all activity with the actual user identity, enabling policies to be specified against them. And it can perform baselining and anomaly detection, analyzing aggregated activity across data endpoints and generating policies for normal activity, which can be set to alert or block anomalous access.

“Cyral is built on a high-performance stateless interception technology that monitors all data endpoint activity in real time and enables unified visibility, identity federation, and granular access controls. [The platform] automates workflows and enables collaboration between DevOps and Security teams to automate assurance and prevent data leakage,” the spokesperson said.

Cyral

Existing investors, including Redpoint, Costanoa Ventures, A.Capital, and strategic investor Silicon Valley CISO Investments, participated in Cyral’s latest funding round. Since launching in Q2 2020, Cyral — which has 40 employees and occupies a market estimated to be worth $5.7 billion by 2025, according to Markets and Markets — says it has nearly doubled the size of its team and close to quadrupled its valuation.

“This is an emerging market with no entrenched solutions … We’re now working with customers across a variety of industries — finance, health care, insurance, supply chain, technology, and more. They include some of the world’s largest organizations with complex environments and some of the fastest-growing tech companies,” the spokesperson said. “With Cyral, our company was built during the pandemic. We have grown the majority of our company during this time, and it has allowed us to start our company with a remote-first business model.”

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VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:

  • up-to-date information on the subjects of interest to you
  • our newsletters
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Source: https://venturebeat.com/2021/05/13/data-governance-and-security-startup-cyral-raises-26m/

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Data governance and security startup Cyral raises $26M

Avatar

Published

on

Join Transform 2021 this July 12-16. Register for the AI event of the year.


Data security and governance startup Cyral today announced it has raised $26 million, bringing its total to date to $41.1 million. The company plans to put the funds toward expanding its platform and global workforce.

Managing and securing data remains a challenge for enterprises. Just 29% of IT executives give their employees an “A” grade for following procedures to keep files and documents secure, according to Egnyte’s most recent survey. A separate report from KPMG found only 35% of C-suite leaders highly trust their organization’s use of data and analytics, with 92% saying they were concerned about the reputational risk of machine-assisted decisions.

Redwood City, California-based Cyral, which was founded in 2018 by Manav Mital and Srini Vadlamani, uses stateless interception technology to deliver enterprise data governance across platforms, including Amazon S3, Snowflake, Kafka, MongoDB, and Oracle. Cyral monitors activity across popular databases, pipelines, and data warehouses — whether on-premises, hosted, or software-as-service-based. And it traces data flows and requests, sending output logs, traces, and metrics to third-party infrastructure and management dashboards.

Cyral can prevent unauthorized access from users, apps, and tools and provide dynamic attribute-based access control, as well as ephemeral access with “just-enough” privileges. The platform supports both alerting and blocking of disallowed accesses and continuously monitors privileges across clouds, tracking and enforcing just-in-time and just-enough privileges for all users and apps.

Identifying roles and anomalies

Beyond this, Cyral can identify users behind shared roles and service accounts to tag all activity with the actual user identity, enabling policies to be specified against them. And it can perform baselining and anomaly detection, analyzing aggregated activity across data endpoints and generating policies for normal activity, which can be set to alert or block anomalous access.

“Cyral is built on a high-performance stateless interception technology that monitors all data endpoint activity in real time and enables unified visibility, identity federation, and granular access controls. [The platform] automates workflows and enables collaboration between DevOps and Security teams to automate assurance and prevent data leakage,” the spokesperson said.

Cyral

Existing investors, including Redpoint, Costanoa Ventures, A.Capital, and strategic investor Silicon Valley CISO Investments, participated in Cyral’s latest funding round. Since launching in Q2 2020, Cyral — which has 40 employees and occupies a market estimated to be worth $5.7 billion by 2025, according to Markets and Markets — says it has nearly doubled the size of its team and close to quadrupled its valuation.

“This is an emerging market with no entrenched solutions … We’re now working with customers across a variety of industries — finance, health care, insurance, supply chain, technology, and more. They include some of the world’s largest organizations with complex environments and some of the fastest-growing tech companies,” the spokesperson said. “With Cyral, our company was built during the pandemic. We have grown the majority of our company during this time, and it has allowed us to start our company with a remote-first business model.”

VentureBeat

VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:

  • up-to-date information on the subjects of interest to you
  • our newsletters
  • gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
  • networking features, and more

Become a member

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://venturebeat.com/2021/05/13/data-governance-and-security-startup-cyral-raises-26m/

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