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Fintech OpenBB aims to be more than just an ‘open source Bloomberg terminal’

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OpenBB co-founder and CEO Didier Lopes speaking at the Future of Finance and AI conference at Cornell

A newly established fintech startup OpenBB reveals the following step in its plans to tackle among the top names on the earth of investment research. The company is launching a brand new, free version of the product that may make its arsenal of monetary data and tools available to more users.

OpenBB is the work of a software engineer Didier Lopeswhich launched its Python-based platform in 2021 to enable investors and amateur enthusiasts to conduct investment research using various datasets at no cost via a command-line interface (CLI). The company moved on raise $8.5 million in seed financing from OSS capital and business angels reminiscent of Ram Shriramone in every of Google’s early supporters.

Although the community-driven open source project has amassed some 50,000 usersOpenBB can be constructing an enterprise incarnation called Terminal Pro. This paid version gives teams access to the interface; ready-made integrations with databases; some Excel add-in; and various security and support add-ons that may appeal to larger firms.

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OpenBB has several well-known clients, which include shipping and logistics firms Pangea logistics solutions and an unnamed investment firm that Lopes said has $6.4 billion in assets under management.

However, OpenBB is now struggling to attract customers who might otherwise use Bloomberg Terminal or products from upstarts reminiscent of AI market research startup AlphaSense, which was valued at $4 billion in June 2024.

Final speed

Brand latest OpenBB Terminal – not to be confused with the previous CLI-based OpenBB terminal which was launched at startup sunset in March — is a full-fledged web application, although without lots of Terminal Pro’s premium features. It is fully customizable, can run on any operating system or platform, and provides access to AI OpenBB co-pilot. Like Sunset OpenBB Terminal, the brand latest web application can be free to use.

The OpenBB Terminal is maybe something of a middle ground between the CLI-oriented nature of an open source project and the feature set of an enterprise product.

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“There was a big disconnect between the open source community we had built and the enterprise offering because the enterprise product wasn’t accessible to everyone,” Lopes told TechCrunch.

OpenBB Terminal. Image credits:OpenBB

The OpenBB terminal serves as a single endpoint for accessing financial information from roughly 100 data sources, covering stocks, options, forex, macroeconomics and more. Users may also add all their latest data to the combination – the community has already contributed financial data sets reminiscent of historical exchange rates AND cryptocurrency price data. There are also tons of extensions and toolkits that stretch OpenBB’s functionality – e.g AI stock evaluation agent.

Users can freely incorporate their very own AI systems and huge language models (LLM), which might be especially necessary for security and compliance use cases. But with OpenBB Copilot, classified as “complex artificial intelligence system”, users can immediately run queries on their data in natural language.

OpenBB co-pilot
OpenBB co-pilot. Image credits:OpenBB

Lopes highlighted one particularly quirky use case to show why a more flexible financial research platform may be desirable for some firms.

The case in query involved a shipping company using OpenBB to connect its email accounts to a customized AI co-pilot to ask questions like “?” Or “?”

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But also they are exploring ways to integrate other data to help make pricing decisions.

“They’re using artificial intelligence to go through all the emails, and that’s a lot of unstructured data that’s hard to parse,” Lopes said. “But their ultimate goal is to be able to ask questions based on emails, but also structured data such as oil prices, so that the co-pilot can offer the best price based on all that data.”

As with many community-driven products, OpenBB essentially uses the OpenBB Terminal to reach individuals who – in the long term – may also help drive sign-ups within the premium enterprise incarnation.

“If you see companies like AlphaSense (and others), they have really large sales departments and everything is very outgoing,” Lopes said. “We want to take a totally different path, using product-led development. We want analysts, researchers, funds and so forth to use our product at no cost and invite others on their team to use it.

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OpenBB currently employs 15 distributed employees, and Lopes is looking to hire several more leaders. He also said he made offers to some individuals with experience at major financial research firms.

“This hiring will likely put more workers on our runway, so we will likely be adding staff in the near future,” Lopes said.

The Bloomberg factor

OpenBB has been compared to Bloomberg Terminal from the start, and it is simple to assume that the “BB” within the name is a nod to its well-known rival. But Lopes says that is not the case.

For context, Lopes said each he and his co-founder Jakub Maslek mid-pandemic, he lost money betting on firms memes crazeby which shares of publicly traded firms reminiscent of Gamestop and BlackBerry rose and fell dramatically on the back of social media hype. And so Lopes launched the GameStonk terminal early 2021 aggregated financial data for listed firms and competitors; SEC filings; earnings reports; and even market sentiment transmitted via social networks reminiscent of Reddit and Twitter.

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AND article in Vice magazine on the time called the GameStonk terminal as “.”

One sec Bloomberg Terminal it’s indispensable for a lot of and has develop into something of an ordinary within the financial industry; costs roughly $25,000 per user per yr. The GameStonk terminal was free, and initial interest convinced Lopes to quit his engineering job and deal with GameStonk full-time. It was related rebranding to OpenBB in early 2022 “to show we are serious about the company,” as Lopes wrote on the time, and lift $8.5 million in seed funding.

“When we developed our seed stage as an open-source platform — with a command-line interface offering financial data integration — people easily characterized us as an ‘open-source Bloomberg,’” Lopes said. “But the ‘BB’ in our name comes from the BlackBerry stock exchange, where both my co-founder and I lost money in the stock market.”

While the comparisons are comprehensible, OpenBB will not be an exact substitute for Bloomberg Terminal just because the startup is unable to compete on the size and size of a more established product.

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“If you see us as a successor to Bloomberg Terminal, it doesn’t really work because they have too much data,” Lopes said. “No other company in the world has as much data as Bloomberg.”

Moreover, Bloomberg Terminal packages built-in chat function which allows users to communicate with one another in real time, enhancing the “flywheel” effect similar to a conventional social network. This is something that OpenBB could replicate and is designed in order that the corporate can easily use messaging in the long run as each OpenBB Hub user already has their very own unique profile and username.

“If we decided to chat, we could use these profiles and usernames and then it wouldn’t be too difficult,” Lopes said. “But it’s not on the roadmap yet.”

OpenBB, alternatively, gives users the flexibleness to construct their very own front-end interface, add features and extensions to the open source product, and customize it until the cows come home.

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While this highlights that ultimately the 2 products serve different purposes, even in the event that they overlap, OpenBB could still face legal difficulties.

Approximately 18 months after the OpenBB rebrand registered for a trademark received its name last yr, and the United States Patent and Trademark Office (USPTO) recently published a request to launch a 30-day period by which the general public can object to the grant of the trademark. As the deadline approached, the USPTO received a request for a 90-day extension, which it granted, but most interestingly, the request was submitted by Bloomberg.

Lopes said he had not heard directly from Bloomberg concerning the potential trademark dispute, adding that he was not concerned provided that the “BB” in his company’s name will not be a reference to Bloomberg.

“If we used the word ‘BBG,’ which is what people usually use as an abbreviation for Bloomberg, we would understand it,” Lopes said. “But the word ‘BB’ is a big misuse.”

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So if it isn’t trying to be an “open source alternative to Bloomberg,” then what’s it trying to be?

“Our ultimate goal is to create the best AI-powered research and analysis workspace, building as much open source software as possible,” Lopes said.

This article was originally published on : techcrunch.com
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Microsoft Nadella sata chooses chatbots on the podcasts

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Satya Nadella at Microsoft Ignite 2023

While the general director of Microsoft, Satya Nadella, says that he likes podcasts, perhaps he didn’t take heed to them anymore.

That the treat is approaching at the end longer profile Bloomberg NadellaFocusing on the strategy of artificial intelligence Microsoft and its complicated relations with Opeli. To illustrate how much she uses Copilot’s AI assistant in her day by day life, Nadella said that as a substitute of listening to podcasts, she now sends transcription to Copilot, after which talks to Copilot with the content when driving to the office.

In addition, Nadella – who jokingly described her work as a “E -Mail driver” – said that it consists of a minimum of 10 custom agents developed in Copilot Studio to sum up E -Mailes and news, preparing for meetings and performing other tasks in the office.

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It seems that AI is already transforming Microsoft in a more significant way, and programmers supposedly the most difficult hit in the company’s last dismissals, shortly after Nadella stated that the 30% of the company’s code was written by AI.

(Tagstotransate) microsoft

This article was originally published on : techcrunch.com
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The planned Openai data center in Abu Dhabi would be greater than Monaco

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Sam Altman, CEO of OpenAI

Opeli is able to help in developing a surprising campus of the 5-gigawatt data center in Abu Dhabi, positioning the corporate because the fundamental tenant of anchor in what can grow to be considered one of the biggest AI infrastructure projects in the world, in accordance with the brand new Bloomberg report.

Apparently, the thing would include a tremendous 10 square miles and consumed power balancing five nuclear reactors, overshadowing the prevailing AI infrastructure announced by OpenAI or its competitors. (Opeli has not yet asked TechCrunch’s request for comment, but in order to be larger than Monaco in retrospect.)

The ZAA project, developed in cooperation with the G42-Konglomerate with headquarters in Abu Zabi- is an element of the ambitious Stargate OpenAI project, Joint Venture announced in January, where in January could see mass data centers around the globe supplied with the event of AI.

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While the primary Stargate campus in the United States – already in Abilene in Texas – is to realize 1.2 gigawatts, this counterpart from the Middle East will be more than 4 times.

The project appears among the many wider AI between the USA and Zea, which were a few years old, and annoyed some legislators.

OpenAI reports from ZAA come from 2023 Partnership With G42, the pursuit of AI adoption in the Middle East. During the conversation earlier in Abu Dhabi, the final director of Opeli, Altman himself, praised Zea, saying: “He spoke about artificial intelligence Because it was cool before. “

As in the case of a big a part of the AI ​​world, these relationships are … complicated. Established in 2018, G42 is chaired by Szejk Tahnoon Bin Zayed Al Nahyan, the national security advisor of ZAA and the younger brother of this country. His embrace by OpenAI raised concerns at the top of 2023 amongst American officials who were afraid that G42 could enable the Chinese government access advanced American technology.

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These fears focused on “G42”Active relationships“With Blalisted entities, including Huawei and Beijing Genomics Institute, in addition to those related to people related to Chinese intelligence efforts.

After pressure from American legislators, CEO G42 told Bloomberg At the start of 2024, the corporate modified its strategy, saying: “All our Chinese investments that were previously collected. For this reason, of course, we no longer need any physical presence in China.”

Shortly afterwards, Microsoft – the fundamental shareholder of Opeli together with his own wider interests in the region – announced an investment of $ 1.5 billion in G42, and its president Brad Smith joined the board of G42.

(Tagstransate) Abu dhabi

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Redpoint collects USD 650 million 3 years after the last large fund at an early stage

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Redpoint Ventures, an organization based in San Francisco, which is a few quarter of a century, collected $ 650 million at an early stage, in keeping with A regulatory notification.

The latest RedPoint fund corresponds to the size of its previous fund, which was collected barely lower than three years ago. On the market where many enterprises reduce their capital allegations, this cohesion may indicate that limited partners are relatively satisfied with its results.

The company’s early stage strategy is managed by 4 managing partners: Alex Bard (pictured above), Satish Dharmraraj, Annie Kadavy and Eric Brescia, who joined the company in 2021 after he served as the operational director of Githuba for nearly three years.

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The last outstanding investments of the RedPoint team at an early stage include AI Coding Pool Pool, which was founded by the former partner Redpoint and CTO GitHub Jason Warner, distributed laboratories of SQL database programmers and Platform Management Platform Platform Levelpath.

A multi -stage company also conducts a development strategy led by Logan Barlett, Jacob Effron, Elliot Geidt and Scott Raney partners. Last 12 months, Redpoint raised its fifth growth fund at USD 740 million, which is a small increase in the USD 725 million fund closed three years earlier.

The recent RedPoint outputs include the next insurance, which was sold for $ 2.6 billion in March, Tastemada Startup Media Travel -utar -Media was enriched by Wonder for $ 90 million, and the takeover of Hashicorp $ 6.4 billion by IBM.

Redpoint didn’t answer the request for comment.

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(Tagstranslate) Early Stage Venture Capital (T) Basenside (T) Redpoint Venture Partners

This article was originally published on : techcrunch.com
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