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After a week or so of rumors, the U.S. Department of Commerce (DOC) formally rescinded the Biden administration’s Artificial Intelligence Diffusion Rule days before it was set to go into effect. The Artificial Intelligence Diffusion Rule, which was introduced by former president Joe Biden in January and set to come into force on May 15, introduced limits on exporting U.S.-made AI chips to many countries for the first time while bolstering existing restrictions. On Tuesday, the DOC announced that it instructed staff not to enforce the Biden-era regulation. The DOC plans to issue a replacement rule in the future, likely…

Asuene, a Japan-based climate technology provider, and NZero, a US startup specialising in real-time energy data and emissions tracking, have announced a strategic acquisition deal. Asuene focuses on ESG data management and decarbonisation services, while NZero provides AI-powered energy intelligence solutions. The deal makes NZero a wholly-owned subsidiary of Asuene America Holdings, further strengthening Asuene’s expansion into the US Greentech and corporate sustainability markets.The acquisition is aimed at combining Asuene’s leadership in sustainability compliance in Asia with NZero’s advanced GHG emissions measurement capabilities, as the companies position themselves as a global powerhouse in climate technology. The financial terms of the…

iCapital has announced the acquisition of Citi Global Alternatives, an indirect subsidiary of Citi and the adviser to Citi Wealth’s global alternative investment platform.This platform includes over 180 funds, covering a wide range of asset classes such as private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.iCapital chairman and CEO Lawrence Calcano said, “We are excited to partner with Citi Wealth to drive growth for their alternatives business globally. iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform.“Additionally, we will enhance Citi Wealth’s global sales capabilities…

Audible, Amazon’s audiobook service, announced on Tuesday that it’s partnering with select publishers to convert print and e-books into AI-narrated audiobooks. This initiative aims to quickly expand its catalog as it competes with Apple, Spotify, and others in the rapidly growing audiobook market. Audible is leveraging Amazon’s AI capabilities to assist publishers in producing audiobooks. Publishers can choose from over 100 AI-generated voices available in English, French, Spanish, and Italian, with multiple accents and dialect options. The company plans to expand these options over time. Additionally, Audible plans to roll out a beta version of AI translation later this year,…

ATLANTA (AP) — An injunction barring the enforcement of Florida’s drag-show ban will remain in effect after a federal appeals court ruled Tuesday that the law is likely unconstitutional.A three-judge panel for the 11th Circuit Court of Appeals voted 2-1 to back a lower court decision that described Florida’s law, purportedly aimed at protecting children from drag shows, as overly broad and vaguely written. The case now returns to the Middle District of Florida, where a federal bench trial can be scheduled.Attorney Melissa Stewart, who is representing Hamburger Mary’s, a drag-themed casual-dining restaurant, said they’re thrilled the First Amendment rights…

Addepar, a global technology and data platform used by investment professionals, has secured $230m in a Series G funding round that values the company at $3.25bn.The round was co-led by London-based Vitruvian Partners and returning investor WestCap from New York. Additional support came from existing backers 8VC and Valor Equity Partners, while Singapore’s EDBI joined as a new investor through SG Growth Capital, a platform of the Singapore Economic Development Board and Enterprise Singapore.Founded in the aftermath of the 2008 financial crisis, Addepar provides an integrated platform that supports investment professionals in managing over $7tn in assets across more than…

As diplomats around the world struggle to figure out Trump, Qatar may have found the perfect way to please the American president—dangling a supersized gift to stroke his ego. Donald Trump has plane envy. “You look at some of the Arab countries, and the planes they have parked alongside the United States of America’s plane—it’s like from a different planet,” he marveled Monday. To compensate, Trump is now considering accepting a plane from Qatar, an energy-rich monarchy that has long sought to curry favor with the U.S. president. “A very nice gesture,” Trump said. Trump’s Boeing 757 includes leathers from…

Fincom, a RegTech company specialising in anti-money laundering (AML) compliance and sanctions screening, has raised new capital in a Series B funding round.The round was led by Nasdaq Ventures, with participation from Macquarie Group, G1 Ventures, and existing backers AnD Ventures and ff Venture Capital. The exact amount of funding was not disclosed.Fincom is known for its advanced approach to sanctions screening, which uses proprietary algorithms, computational linguistics and phonetic matching to deliver more accurate and cost-effective compliance results. Its technology is designed to be language-agnostic and compatible across multiple data formats, helping financial institutions reduce false positives and improve…

Bestow, a technology provider for the life insurance sector, has raised $120m in an oversubscribed Series D funding round as it continues to reposition itself as a core technology partner for carriers.The round was co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital. Alongside the equity raise, Bestow also secured a $50m credit facility from TriplePoint Capital to further support its operations and growth initiatives.Bestow provides a vertically integrated InsurTech platform that enables life and annuity carriers to digitise their operations—from product development and underwriting through to policy administration. The platform is designed to help insurers modernise,…

Amsterdam-based FinTech start-up MarvelX has raised $6m in seed funding to launch its AI-powered platform targeting the insurance industry.The round was led by EQT Ventures, with participation from high-profile angels including Jobi George, Keith Grose, Yana Abramova, Humphrey Valenbreder, Mehdi Ghissassi, and Plug and Play.MarvelX, founded by former bunq head of data and AI Ali el Hassouni, is developing a vertical AI agent platform designed to automate up to 90% of operational workflows. Its first product, ClaimOS MaX, is focused on insurance claims processing, fraud detection and customer communication.The platform connects seamlessly with insurers’ existing systems to centralise data and…