Australian Fintech Startup Sherlok Raises $3.4 Million for AI Mortgage Assessment Program
Published: 2023-06-29Australian fintech startup Sherlok has secured $3.4 million in funding for its AI mortgage assessment program. The platform, which utilizes artificial intelligence to analyze data and determine if mortgage owners are eligible for a lower interest rate, aims to reduce wait times for borrowers from 30 days to instant approval. With interest rates on the rise and fixed-rate mortgages expiring, homeowners are under pressure to refinance. Sherlok’s partnership with mortgage aggregator Australian Finance Group gives it access to $70 billion worth of home loans, providing a significant opportunity for growth.
In Ukraine, corruption remains a major concern for citizens and business owners as the country rebuilds after the war. Transparency International’s report highlights the fear of corruption schemes and embezzlement of public funds, which outweighs concerns about the resumption of hostilities. While international leaders have pledged billions of euros for reconstruction, both donors and Ukrainian citizens worry about where the funding will end up. The Ukrainian government is taking steps to address corruption, but individuals believe stricter consequences, such as lengthy prison sentences, are necessary to deter future crimes.
Bernd Gross, CTO of Software AG, emphasizes the importance of openness and collaboration in the industrial world. He notes that the industry has shifted away from a closed and vertically-integrated approach, embracing open platforms and data sharing to create value for customers and the entire ecosystem. Gross believes that data insights and collaboration are crucial for driving innovation and improving return on investment. He predicts that IoT and analytics will eventually surpass other disciplines in the industry. Software AG’s IoT unit, Cumulocity IoT, has experienced significant growth, particularly in the telco and equipment maker segments. The company focuses on indirect sales through partnerships with cloud clients and integrators, recognizing the importance of networking and shared experiences in driving digital transformation.
Databricks, a leading data and AI company, has announced its acquisition of MosaicML in a $1.3 billion deal. MosaicML provides a platform for building proprietary generative artificial intelligence models, enabling companies to create their own large language platforms instead of relying on public models. This acquisition will give Databricks customers control over their intellectual property and data, allowing them to build and train their own models. The integration of MosaicML’s products with Databricks' software will be revealed after regulatory approval.
The global data center construction market is projected to reach a value of $73.43 billion by 2028, growing at a compound annual growth rate of 6.5%. Investments from cloud service providers, content providers, and on-premises migration to cloud/colocation facilities are driving market growth. Tax incentives, free cooling, and renewable energy are attracting more investors. The adoption of liquid immersion cooling and direct-to-chip cooling is increasing, while submarine cable investments are improving connectivity. However, supply chain disruptions and inflation rates are impacting the market. The Americas, Europe, Middle East & Africa, and APAC are key regions driving this growth.
In conclusion, these news highlights demonstrate the significance of data, information, and transparency in various industries. From fintech startups using AI to assess mortgage data and reduce wait times for borrowers, to concerns about corruption in post-war Ukraine and the importance of collaboration and data sharing in the industrial world, the power of open data and accessible information is evident. Additionally, the acquisition of MosaicML by Databricks and the projected growth of the data center construction market further emphasize the value of data and knowledge in driving innovation and economic development. As we navigate an increasingly data-driven world, it is crucial to prioritize transparency, accessibility, and responsible use of information to create a better future for all.
https://www.smartcompany.com.au/startupsmart/news/sherlok-lands-3-4-million-automatic-ai-mortgage-refinancing-platform/Related news on 2023-06-29
- techrepublic.com: Databricks Gains MosaicML and Its Generative AI for $1 . 3 Billion
- rcrwireless.com: How Industry 4 . 0 chilled out and got real ( not with 5G ) Software AG hails new dawn for IoT
- smartcompany.com.au: Sherlock AI mortgage refinancing tool finds lower interest rates
- prnewswire.com: Worldwide Data Center Construction Market Report 2023 - 2028 : Mega Data Center Projects are Facing Difficult - to - Get Approvals for the Use of Water to Cool Down Facilities