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LATEST TECH NEWS: Facebook acquires Swedish map company Mapillary. 4 other things and a trivia you need to know today, June 22, 2020

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These 5 latest stories from the tech space will keep you updated with trends today.

1. Facebook acquires Swedish map company Mapillary

Social networking site Facebook has acquired Swedish mapping technology company Mapillary, to expand its venture as a tech giant in the industry. The Swedish company collects images from tens of thousands of contributors to build immersive and up-to-date maps. According to Jan Erik Solem, Mapillary CEO, the company’s technology will be used to power products like Facebook Marketplace and supply data to humanitarian organisations.

Although, Facebook declined to state the terms of the new investment, it, however, confirmed that it indeed acquired the Swedish map company. Industry reviewers commenting on the deal noted that the investment is, perhaps, a move by Facebook to solve one of the most expensive problems in mapping: keeping maps updated with “street-level data” about signs, addresses and other information that can be observed from the road.

2. Egyptian startup MoneyFellows closes $4m Series-A deal

Four year old Egyptian fintech startup MoneyFellows, has closed $4-million in a Series-A investment from venture capital (VC) firms. According to press, the new MoneyFellows’ investment was led by Partech and Sawari Ventures, VC firms supporting financial services startups. The new investment is expected to support MoneyFellows as it works towards helping millions of new users reach their financial goals.

Announcing the new deal, today, Monday, June 22, statement from the startup confirmed that the round followed a $1-million round that the startup raised from 500 Startups, Dubai Angel Investors and Phoenician Funds along with other unnamed individual investors who participated. The fund will see the startup continue to push its vision to help users manage money circles by digitising the informal traditional rotating savings and credit association model.


Tech Trivia:

What is the parent organisation of Google?

A. Apple
B. Alphabet Inc.
C. Microsoft
D. Ford

Answer: See end of post.


3. Inclusive Fintech 50 opens application for its 2nd edition

African startups looking for investment opportunities can apply for the 2nd edition of the Inclusive Fintech 50, as the MetLife Foundation initiative seeks to identify 50 high-potential, early-stage and innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide. Although launched last year, the initiative has created visibility for the most promising inclusive fintechs with a solution among credit, insurance, payments and remittances, amongst others.

Read Also: LATEST TECH NEWS: Twitter flags yet another Trump tweet. Four other things and a trivia you need to know today, June 19, 2020

According the profile last year, the initiative equally considered startups with solutions in savings and personal financial management, while not leaving behind those tackling infrastructure challenges of the underserved segments. Selected fintechs will benefit from increased visibility, with the opportunity to connect with peers and position themselves for investment through connections to investors. Two of the selected fintechs will also receive cash prizes of US$25,000.

4. Coca-Cola Africa launches challenge to identify market tech solutions

Beverage company Coca-Cola, through its Coca-Cola Africa subsidiary, has launched a startup challenge aimed at identifying tech-based solutions measuring the performance of its products in markets largely dominated by informal trade. The challenge launch comes in partnership with tech review platform, Disrupt Africa. According to Coca-Cola Africa, the “Tracking Revolution Challenge” will see Disrupt Africa source startups from across the continent and give them the chance to pitch in front of Coca-Cola executives for the opportunity of securing a pilot project with the company.

This challenge is expected to solve an internal business problem for the beverage manufacturer. Although headquartered in Johannesburg, South Africa, Coca-Cola Africa covers Southern Africa, East Africa and the Horn of Africa. Market insights have revealed that majority of non-alcoholic ready to drink beverages in these markets are sold through informal retailers, therefore, making it challenging for many manufacturers, including Coca-Cola Africa, in obtaining further insights into performance using actual real time data.

5. Taiwan’s Deep01 raises $2.7 million to improve its AI imaging software

Taiwanese startup, Deep01, that develops software to help doctors interpret CT brain scans more quickly, has, today, raised $2.7 million in funding to further improve quality of its product. The funding, according to press, was led by PC maker ASUSTek. This investment comes on the heels of the company’s first purchase order record, which was worth about $700,000 earlier this year.

Aside from the new raiser, Deep01’s product has also obtained clearance from both Taiwan and the United States’ Food and Drug Administrations. While PC maker ASUSTek led the round, other investors included the Digital Economy Fund, which is co-funded by Taiwanese research organizations Industrial Technology Research Institute (ITRI) and the Institute for Information Industry (III), and BE Capital.


Tech Trivia Answer: Alphabet Inc.

Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware. It is considered one of the Big Four technology companies alongside Amazon, Apple, and Microsoft.

In August 2015, Google announced plans to reorganize its various interests as a conglomerate called Alphabet Inc. Google is Alphabet’s leading subsidiary and will continue to be the umbrella company for Alphabet’s Internet interests. Sundar Pichai was then appointed CEO of Google, replacing Larry Page who thereafter became the CEO of Alphabet.

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