Jaan Tallinn
Auto Added by WPeMatico
Auto Added by WPeMatico
Meet Lightyear, a new London-based startup coming out of stealth today. The company is building a stock trading app with a focus on creating a truly commission-free app. In addition to waving account fees and trading fees, Lightyear doesn’t charge foreign exchange fees either — up to a certain point.
The two founders met when they were working at Wise — then known as TransferWise. That’s why it makes sense that Lightyear wants to stand out from the crowd with lower foreign exchange fees.
Martin Sokk, co-founder and CEO of Lightyear, worked at Wise between 2012 and 2017. He held various roles, such as head of product, head of people and head of operations. Mihkel Aamer, Lightyear’s other co-founder and CTO, was an engineering lead at Wise between 2013 and 2019.
“Having spent my career in financial services, I’ve seen the good, the bad and the ugly. I believe retail investing in Europe is still very much ‘the ugly’ — we’re talking about sneaky fees, less access and complicated products remaining as the status quo,” Aamer said in a statement. “We’re building something that will change that by opening up investing to everyone, whichever global market they want to invest in and however much they want to invest.”
As a user, you can expect a mobile app that lets you buy and sell shares and ETFs. There will be 1,500 stocks and ETFs from multiple markets at launch. Customers won’t pay any account fees, trading fees and foreign exchange fees. But there will be a limit on foreign exchange fees. After £3,000 per month, users will pay 0.35% in FX fees.
The app isn’t quite ready just yet, as Lightyear is opening up a waitlist today. The product should roll out at some point during the third quarter of this year.
Image Credits: Lightyear
Lightyear has raised a $1.5 million pre-seed funding round co-led by the new unnamed fund formed by Wise co-founder Taavet Hinrikus and Teleport co-founder Sten Tamkivi. This is their first investment through this new venture. Skype co-founder Jaan Tallinn is also co-leading the fund through Metaplanet. There are also several business angels participating in today’s funding round, including Checkout.com CTO Ott Kaukver, former president of Robinhood U.K. Wander Rutgers and Veriff founder Kaarel Kotkas.
It’s a nice list of investors, but the company will face tough competition from other startups — you’ll likely end up paying more fees if you use one of these competitors, but they’re already well established. For instance, Berlin-based stock trading app Trade Republic has recently raised $900 million. In the U.K., Freetrade has also managed to attract 600,000 users.
And yet, more importantly, Lightyear also competes with legacy brokers. Unlike in the U.S., the vast majority of retail investors still rely on traditional banks and web platforms for stock trading. There will be room for more than one company in this space. So let’s see how Lightyear executes in the coming months.
Powered by WPeMatico
As AI has grown from a menagerie of research projects to include a handful of titanic, industry-powering models like GPT-3, there is a need for the sector to evolve — or so thinks Dario Amodei, former VP of research at OpenAI, who struck out on his own to create a new company a few months ago. Anthropic, as it’s called, was founded with his sister Daniela and its goal is to create “large-scale AI systems that are steerable, interpretable, and robust.”
The challenge the siblings Amodei are tackling is simply that these AI models, while incredibly powerful, are not well understood. GPT-3, which they worked on, is an astonishingly versatile language system that can produce extremely convincing text in practically any style, and on any topic.
But say you had it generate rhyming couplets with Shakespeare and Pope as examples. How does it do it? What is it “thinking”? Which knob would you tweak, which dial would you turn, to make it more melancholy, less romantic, or limit its diction and lexicon in specific ways? Certainly there are parameters to change here and there, but really no one knows exactly how this extremely convincing language sausage is being made.
It’s one thing to not know when an AI model is generating poetry, quite another when the model is watching a department store for suspicious behavior, or fetching legal precedents for a judge about to pass down a sentence. Today the general rule is: the more powerful the system, the harder it is to explain its actions. That’s not exactly a good trend.
“Large, general systems of today can have significant benefits, but can also be unpredictable, unreliable, and opaque: our goal is to make progress on these issues,” reads the company’s self-description. “For now, we’re primarily focused on research towards these goals; down the road, we foresee many opportunities for our work to create value commercially and for public benefit.”
The goal seems to be to integrate safety principles into the existing priority system of AI development that generally favors efficiency and power. Like any other industry, it’s easier and more effective to incorporate something from the beginning than to bolt it on at the end. Attempting to make some of the biggest models out there able to be picked apart and understood may be more work than building them in the first place. Anthropic seems to be starting fresh.
“Anthropic’s goal is to make the fundamental research advances that will let us build more capable, general, and reliable AI systems, then deploy these systems in a way that benefits people,” said Dario Amodei, CEO of the new venture, in a short post announcing the company and its $124 million in funding.
That funding, by the way, is as star-studded as you might expect. It was led by Skype co-founder Jaan Tallinn, and included James McClave, Dustin Moskovitz, Eric Schmidt and the Center for Emerging Risk Research, among others.
The company is a public benefit corporation, and the plan for now, as the limited information on the site suggests, is to remain heads-down on researching these fundamental questions of how to make large models more tractable and interpretable. We can expect more information later this year, perhaps, as the mission and team coalesces and initial results pan out.
The name, incidentally, is adjacent to anthropocentric, and concerns relevancy to human experience or existence. Perhaps it derives from the “Anthropic principle,” the notion that intelligent life is possible in the universe because… well, we’re here. If intelligence is inevitable under the right conditions, the company just has to create those conditions.
Powered by WPeMatico