Finance – Horseshoe Lounge Austin Fri, 01 Oct 2021 09:14:07 +0000 en-US hourly 1 Finance – Horseshoe Lounge Austin 32 32 City Approves $ 30 Million Loan for Sewer Repair; 8,000 do not receive water bills | Jackson Free Press Thu, 27 May 2021 17:52:00 +0000

Deputy Director of Public Works Carla Dazet said 8,000 Jackson’s water bills are currently “on hold,” and are not reaching recipients due to the problem with the city’s billing system. But that will change soon, she promised. Photo courtesy of the City of Jackson

If approved, the Mississippi Department of Environmental Quality will disburse a loan of $ 31,683,000 from Water Pollution Revolving Fund Loan Program to help the city of Jackson solve many of the sanitary sewer overflow issues facing the capital, Public Works Director Charles Williams told city council on Tuesday, May 25.

“We have identified several areas of the city, in terms of collection systems that need to be addressed,” Williams said during the council working session on Monday. “We have identified several areas of the city where the assessment process needs to be done. As you know, we came to the city council with an ordinance for (Compliance EnviroSystems) to go through and do some cleaning up in the city, and they found a lot of our sewer lines to be in poor condition. ”

Williams said necessary rehabilitation work will begin after mapping areas of need. “If we manage to get this loan, this money will finance any type of rehabilitation work in the areas that we have identified,” he added.

The next day, council authorized the city to apply for the loan. The resolution referred to a US Environmental Protection Agency and MDEQ Consent Decree 2013, which demanded that the “City determine the repairs and improvements necessary to bring the wastewater collection system into compliance with its National Pollutant Discharge Elimination System (NPDES) permit. “

Williams said at the council meeting on Tuesday that the loan was needed because the city’s income stream was low. “Ideally, we want to have income to do this work, but we have to use loans (state revolving funds) to do the necessary work,” he said. “We have set up areas within the city so that they can be dealt with, and that will be done in phases, or about six or seven phases.”

The director of public works said the $ 30 million loan will go to phases one and two of the necessary works. The City will hire consultants to develop a plan to resolve the issues with the sewer collection system after taking CCTV video footage of the sewer lines and cleaning.

8,000 Jackson households do not receive bills

Deputy Director of Public Works Carla Dazet told council on Tuesday the city had 8,000 “blocked bills,” indicating the number of households that are not receiving water bills due to problems in the billing system.

“We put them all at a fixed rate in January of last year,” she said. “And we’re bringing them in as we put (new) meters into service. We’re moving towards new software, which will completely eliminate the blocked bill.” She said it would start in the next few months.

“We should go live in July (or) August 1 (with the new system). And it has a verification system, which is different than what we have now. So there won’t be any more failed invoices. . They (customers) always may not agree with (the invoices). This can be estimated, (but) we will still be able to work with them under certain circumstances. But everyone will receive an invoice, “a added Dazet.

Dazet said the Water Sewer Business Administration office doesn’t turn off people’s water if they don’t pay their bills. “Our collection rate is around 85%,” she says. “But we have 14,000 customers who are not (up to date on their invoice, but) who receive an invoice.”

“(The mayor) asked that we put a safety net in place before we started (shutting off the water),” she added.

Email story tips to Kayode Crown Town / County reporter at [email protected]. Follow him on Twitter at @kayodecrown.

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Grand Forks Growth Fund to do more due diligence on tech startup, before granting a loan Thu, 27 May 2021 00:13:00 +0000

At a special meeting on May 26, committee members agreed to background check First-i, a drone company with office space in the city’s nascent tech accelerator, inside of the downtown Herald building. City staff will also verify any pending litigation against the company, and committee members intend to ask additional questions of company officials about their capital projects, before granting them a loan.

The scrutiny arises from the nature of the Accelerated loan program itself, whose purpose is to provide working capital to newly created technology companies. The program carries more risk for the city, as it is the only entity that grants the loan. Business loans normally granted by the Growth Fund and then again by the Employment Development Authority are often made in conjunction with a commercial lender, who has previously performed due diligence on a business. Other business loans, including the Startup Grand Forks Loans, are low enough in size and are unlikely to pose a significant financial threat to the city, should the business face any hardship.

“If you act like a bank…” said City Attorney Dan Gaustad “Act like a bank,” concluded Meredeth Richards, director of community development.

At Wednesday’s meeting, committee members first met with First-i officials before embarking on a one-hour session, closed to the public, to discuss the company’s financial and proprietary information. Once the background checks are complete, these officials will appear again before the loan review committee to answer questions about the company’s future plans, including cash flow and the ability to repay debt.

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First-i is a company that plans to sell drones attached to specific buildings. These drones act as surveillance units in an emergency, then relay that information to first responders, a proverbial eye in the sky for law enforcement, firefighters and emergency response workers. The company decided to venture into North Dakota for a variety of reasons, including the favorable regulatory climate for unmanned aerial systems and UND’s well-established reputation in aviation and engineering.

“You’ve, to your credit, focused on ‘how do we build a pool of expertise in small businesses that will grow into larger businesses that then become self-fulfilling, in terms of becoming a center of excellence?’ ‘Said Jon Gaster, Managing Member of First-i. “I think you’re already halfway on the UAS side, and certainly now on the aviation side, which attracted us.”

The city signed on to the accelerated loan program earlier in May. The program is capitalized by 10% of JDA’s economic development portfolio, with a soft cap of $ 2 million. The maximum amount that can be loaned to a start-up is $ 250,000, and the note carries a five-year term at 2% interest. No payment is required for the first three years, and a lump sum payment is required for the fifth year for the remaining loan balance.

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Indian Spinny raises $ 65 million to expand online used car platform Thu, 08 Apr 2021 02:38:33 +0000

Hundreds of thousands of used cars are sold in India every month. But buying one through the traditional channel and offline could prove to be a laborious and high-risk process.

A Gurgaon-based startup that is trying to improve the experience said Thursday it has raised a new round of funding.

Spinny raised $ 65 million in her Series C funding round, the five-year-old Indian startup said. The new round was led by General Catalyst, a Silicon Valley-based venture capital firm, while Arena Holdings, Think Investments and Feroz Dewan’s existing investors Fundamentum Partnership – backed by tech veterans Nandan Nilekani and Sanjeev Aggarwal – and Elevation Capital took part.

The round, which brings Spinny’s increase to date to over $ 120 million, valued the startup at around $ 350 million, down from around $ 150 million a year ago, one person told TechCrunch. close to the file. The startup declined to comment on the assessment.

Spinny operates a platform to facilitate the sale and purchase of used cars. One of the biggest challenges people face when buying a used car is the trust factor, and Niraj Singh, co-founder and CEO of Spinny, says the in-depth inspection and transparent of the car by the startup, buys it from the owner and then sells it. to customers addresses these concerns.

The startup says it is removing traditional middlemen from the equation, making it more affordable and reliable for customers to buy a used car. If a customer is not happy with the car they bought from Spinny, they get a full refund, he said.

Spinny began its journey as a market for used cars, but Singh said the startup has broadened its offering to become a full platform.

Used cars on the market are expected to increase 22% CAGR to 7.2 million cars sold per year. (BoFA research)

Days after one of my previous conversations with Singh, New Delhi announced a multi-month lockdown in the country as it prepared to contain the spread of the coronavirus pandemic. Singh said the pandemic had hampered Spinny’s business for a few months, but the startup has long since recovered to its pre-pandemic growth figures.

The pandemic has made many cautious about taking an Uber or Ola ride and exploring buying their own cars, which has sped up growth, Singh said. It also drastically reduced the CAC (customer acquisition cost) for Spinny, he added.

“We believe Spinny is uniquely positioned to seize this opportunity – given its compelling leadership and real market momentum. As long-time investors, we have been impressed with how Spinny is reinventing every part of the buying process – injecting confidence and security into all aspects of the customer experience, ”said Adam Valkin, General Partner of General Catalyst, in a press release.

Spinny, which was operational in five Indian cities last year, plans to expand to 15 cities by the end of 2021 and also deploy part of the new fund to expand its full-stack platform, said Singh.

“Spinny has become the most trusted used car brand in India and is fast becoming the biggest in India as well. It is heartwarming to hear customers describe the experience of buying a used car. of Spinny as being better than buying a new car. This was made possible by Niraj and the customer obsession and relentless execution of the entire Spinny team. We are privileged to be their first partners and we are delighted to overtake in this round, ”said Mukul Arora, partner at Elevation Capital, in a statement.

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AfDB Approves Yen 13.9 Billion Loan to Modernize Bengaluru Electricity Distribution System Thu, 08 Apr 2021 02:38:23 +0000

In a significant development, the Asian Development Bank (AfDB) approved a loan of $ 190 million (~ 13.9 billion yen) to upgrade the existing electricity distribution system in the city of Bengaluru in Karnataka, according to A press release.

Financial assistance will include $ 100 million (~ 7.36 billion yen) in the form of a sovereign loan and $ 90 million (~ 6.62 billion yen) in the form of a non-sovereign loan to Bangalore Electricity Supply Company Limited ( BESCOM) for its ‘Bengaluru Smart Energy Efficient Power Distribution’ project. BESCOM is one of five state-owned electricity distribution companies.

The loan is expected to assist DISCOM in its operations and maintenance (O&M) activities and financial management.

Speaking on the development, Teruhisa Oi, Senior Energy Specialist for South Asia, said: “Reliable and sustainable electricity distribution and service is an important aspect of the growth and development of the world. ‘India. We believe this project will improve the efficient distribution and delivery of electricity supply to residents of Bengaluru and support the Indian government’s strategy of building an energy-efficient distribution network.

Echoing similar sentiments, Mayank Choudhary, Senior Investment Specialist in the AfDB’s Private Sector Operations Department, said, “This feature is an innovative financing arrangement, the first of its kind to combine public and private loans to a public company. This funding structure reduces BESCOM’s sovereign exposure while helping it mobilize resources for capital spending using a market-based approach.

According to the press release, the project is expected to streamline the city’s entire electricity distribution process. The project will convert 7,200 km of overhead distribution lines into underground cables, with 2,800 km of fiber optic cabling. This move is expected to protect distribution lines from natural hazards and, in so doing, reduce business losses by 30%. Fiber cabling used for the project will be used for smart metering systems, distribution automation system (DAS) and other communication networks. The project will also install 1,700 automatic crown units with DAS to monitor the distribution line switchgear.

Founded in 1966, ADB now has 68 members, 49 of whom are from the region.

Recently, the AfDB announced that it had approved a $ 430 million (~ 31.64 billion yen) Multi-Tranche Financing Facility (CFP) to improve the reliability and quality of power supply in the Uttar Pradesh. The funding will be used for the Uttar Pradesh Electricity Distribution Grid Rehabilitation Project, which will improve the sustainability and efficiency of the state’s electricity supply.

Earlier, the AfDB announced that it had approved a loan of $ 132.8 million (~ 9.77 billion yen) to modernize the electricity distribution network of Meghalaya. The loan will be used to support a joint initiative of the Government of Meghalaya and the Government of India called “24 * 7 Power for All Meghalaya” which aims to provide continuous, reliable and affordable power to all.

Image Credit: Photo by James Wainscoat on Unsplash

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Grinnell College to replace need-based loans with scholarships – The Scarlet and Black Thu, 08 Apr 2021 02:38:13 +0000

By Eva Hill

All needs-based loans that are part of financial aid at Grinnell College will be replaced by grants starting in the fall of 2021, according to an email to all students from College President Anne Harris sent this morning. . The “no loan” initiative has been approved by the board of trustees and aims “to reduce the debt burden on our students,” Harris wrote in the email.

Harris said the initiative is a response to the COVID-19 pandemic and the financial pressures it has placed on students. The initiative is expected to cost around $ 5 million per year (the announcement email says the College has spent more than $ 10 million in the past year in response to “unforeseen student needs” resulting from the pandemic) .

“Equitable access to a Grinnell education is a powerful principle to uphold, and I am very honored to work with a team that has done just that,” Harris told S&B, noting that the initiative will enable Grinnell students without federal loans that begin in 2021 for a debt-free degree.

According to American News and World Report, 61% of Grinnell graduate students in the most recently surveyed class (2019) had taken out some form of loan from college or private or federal sources, with an average total debt per student of $ 20,093. The median federal debt for a Grinnell graduate student that year was $ 17,000.

Need-based ‘loan-less’ financial assistance is offered by a small but growing contingency schools in the United States, most of which are high-level or otherwise prestigious institutions. In 2001, Princeton University was the first to make the switch; since then other major colleges and universities have followed including Columbia, Brown, Harvard, Pomona, Stanford, Swarthmore, Yale, UPenn, Vanderbilt and Amherst.

The Grinnell Financial Aid Office will continue to provide additional loan options to families outside of need-based aid, the email said.

Updated Nov 17, 11:53 a.m.: Additional background information added on Loan-Free Aid at U.S. Institutes of Higher Education.

Reporting by Seth Taylor.


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In flooded Michigan neighborhoods, who should pay for the dikes? Thu, 08 Apr 2021 02:37:59 +0000

This only adds to Myrtle Thompson Curtis’ concerns about the changing socio-economic and racial makeup of her neighborhood. Curtis runs Feedom-Freedom Growers, a neighborhood group that operates a community garden attached to Fox Creek.

Over the past few years, Jefferson Chalmers home prices have steadily increased northward. There’s a new craft cafe on Jefferson Avenue, a bra shop just down the street, and a $ 14 million project to redevelop a century-old ballroom with shops downstairs.

The trend is expected to continue as the city plans to contribute $ 130 million in economic development funds to Jefferson Chalmers and six other neighborhoods.

Curtis is happy to see new investments, but is concerned that longtime residents who endured the neighborhood’s leanest years may not be able to hold out long enough to reap the benefits of the city’s sustained economic recovery.

“There is a feeling that people could be kicked out, overpriced,” Curtis said. “It’s a little scary.”

A beggar-thy-neighbor approach to improving levees, she worries, will only accelerate this trend: people with money will strengthen their properties. People without money will not do it. As a result, they will be faced with higher flood insurance rates, city quotes and repeated flooding. Some will be forced to move and will be replaced by richer newcomers who can afford a dike.

“We need the city to pay attention to the owners who have come here, who have invested sweat, money and time to create something all these years,” she said.

Experts say Thompson Curtis’ concerns are valid. So-called “climate gentrification” has started to take shape in vulnerable areas of Miami and New Orleans, as worsening flood threats prompt richer people to migrate, displacing residents to low. returned.

But communities can avoid these trends if they start planning now for what they want their future to look like, said Maria Lemos, co-director of Great Lakes Integrated Sciences and Assessments at the University of Michigan School for Environment and Sustainability and co- author of the Midwest Chapter of the National Climate Assessment.

“You can’t just react,” Lemos said. “You have to think ahead and try to find the best way to navigate these compromises. “

Who pays?

What is happening at Jefferson Chalmers is not an isolated problem.

Climate and planning experts say Great Lakes coastal communities should, where possible, retreat from shorelines and floodplains, in search of higher soil that is less prone to erosion. When this is not possible, communities should upgrade their infrastructure to cope with fluctuating water levels.

“If you have infrastructure near the lake, you should now think about the possibility that at some point that infrastructure is a risk,” said Richard Norton, professor of town and country planning at the UM. ‘s Taubman College of Architecture and Urban Planning.

But such decisions involve a host of delicate moral, political and practical questions, including:

  • Should questions about removing or strengthening coastal land be decided differently in heavily populated residential areas than in sparse vacation communities?
  • Should decisions about who pays for dikes or other reinforcements be different in low-income neighborhoods than in prosperous ones?

“These are issues that we can’t tackle one neighborhood at a time, one city at a time,” said Beth Gibbons, executive director of the American Society of Adaptation Professionals.

Michigan and the country need policies and programs to guide local decision-making, she said.

President Biden and Governor Gretchen Whitmer have both prioritized climate action, but comprehensive strategies – and the money to implement them – have yet to emerge. This leaves local communities to make policies themselves, at least for the time being.

At Jefferson Chalmers, Josh Elling is looking for a solution that combines the resources of local residents, municipal government and federal agencies.

Elling, CEO of Jefferson East, Inc., a nonprofit community development group representing five neighborhoods in eastern Detroit, sees constant flooding a displacement threat for low-income residents and a threat to the outlook long-term economic development of the neighborhood.

His group is working to certify dike contractors in a municipal program that offers interest-free home repair loans to low- and moderate-income homeowners. But, Elling admitted, some residents just can’t afford a dike, even with a loan.

“The hollow-tooth approach,” he said, in which city officials expect individual residents to tackle a neighborhood-wide problem that, in turn, is the product of global climate change, “will not work”.

There is no shortage of other ideas.

Some residents prefer to install gates at the mouth of Fox Creek and adjacent canals to cut the neighborhood’s connection to the Detroit River when water levels are high. The US Army Corps of Engineers suggested such a solution in 1976, but it never came to fruition. Krajniak, of Grosse Pointe Park, said staff in his town also recommended flood control valves.

Others are pushing the city to seek FEMA flood mitigation funds to build a uniform dike throughout the neighborhood. FEMA spokesperson Cassie Ringsdorf said those dollars are available as grants to local governments and FEMA typically covers 75 percent of the costs.

Still others want a special appraisal district, allowing neighborhood residents to share the expenses of a uniform dike and pay off debt over time.

“You can protect your most vulnerable population, create great new public amenities, and make us more resilient to the new normal of higher lake levels and increasing precipitation,” Elling said. “Now is the time for the city to put the big plans in place. “

Suburbs should benefit as well, he said: Less flooding would mean less water pouring into storm sewers, which increases treatment costs and puts stress on the Conner Creek wet weather treatment facility which serves customers throughout the region. A failure of the installation would propagate outward, causing wastewater to back up into residents’ basements.

But the city has no money to help, said Ray Solomon, general manager of the Detroit neighborhoods department, and “if you buy a house, the seawall is part of the purchase that is your responsibility.”

The city sought federal grants to help it, he said, but then the pandemic struck. Federal funding priorities have changed, Solomon said, and the hoped-for aid “just never materialized.”

For now, he said, the best option for residents is to band together with their neighbors and see if they can get a group rate from a dike contractor. The city, which has several lots in the neighborhood, is evaluating its possibilities of paying to raise its own dikes.

Pay for climate change

Experts say disputes over the cost of climate change preparedness will become increasingly common – especially in low-income communities – unless state and federal governments, businesses or philanthropists step in to help. .

Repeated flooding in the neighborhood underscores the state’s need to prepare now, said Rep. Joe Tate, who lives in Jefferson Chalmers, but “it’s just a red flag if we do something about this. topic”.

Biden presented a $ 2 trillion climate spending plan and pledged to spend 40% on investments benefiting underprivileged communities. And in January of this year, then-President Trump signed a bill sponsored by Senator Gary Peters, D-Michigan, to create a revolving loan program to help local governments fund mitigation projects. high water. At the state level, Governor Whitmer’s budget proposal includes $ 40 million in grants to help coastal communities deal with issues like high water levels.

But none of the above solutions have been funded yet, and residents of Jefferson Chalmers say they need a solution now, before water levels rise again.

For now, the tiger dams are. City officials said they plan to keep them in place for months to come and then reassess them based on water levels forecast for the summer.

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New rule makes seasonal fishermen and crew members eligible for paycheck protection program Thu, 08 Apr 2021 02:37:39 +0000
Purse seiners fish a commercial herring opening in Sitka Bay in 2014 (File Photo / KCAW)

A new paycheck protection program rule allows commercial fishing companies to include their crew members’ pay when they apply for the paycheck protection program.

Previously, the PPP recognized crew members as “independent” by the Internal Revenue Service. Senator Lisa Murkowski, Dan Sullivan and Congressman Don Young urged the Treasury and Small Business Administration Department to make the fix.

Murkowski said last month that previous demands left crew wages out of the equation when applying for loans.

“The PPP didn’t really take into account that so many of our businesses in Alaska are seasonal,” she said. “When you think of fishing in Bristol Bay, it is definitely a seasonal activity. This is the very definition of it.

In the announcement, she said that “enabling fishermen to get the resources they need through P3s isn’t just fair, it means these businesses so essential to Alaska have a chance to make a comeback. to beat”. Senator Sullivan called the new rule a “common sense solution.”

Individual crew members will be able to calculate up to $ 100,000 in payroll over a 12-week period.

People can apply for PPP here.

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Senators ask Amazon about the use of cameras to monitor delivery drivers Thu, 08 Apr 2021 02:37:18 +0000

Amazon is deploying an AI-powered camera for delivery vans that monitors driver safety issues. Senators on Wednesday asked questions about privacy and security concerns raised by the program.

Getty Images

A group of five U.S. senators sent an open letter to Amazon CEO Jeff Bezos on Wednesday asking about Amazon’s use of driver surveillance videos to monitor its delivery van drivers. The program, first reported in February, targets cameras AI powered software manufacturer Netradyne to drivers to report safety concerns. Senators echoed concerns drivers have raised about confidentiality and increased discipline in an already very demanding job.

In the letter, Massachusetts Senators Edward Markey and Elizabeth Warren join Richard Blumenthal of Connecticut, Cory Booker of New Jersey and Bernie Sanders of Vermont in congratulating Amazon for wanting to improve driver safety, but added that they feared that the camera program could have the opposite effect. (All except Sanders, who is independent, are Democrats.)

“While Amazon may intend to use Driveri cameras to improve road safety, this monitoring could, in practice, place significant pressure on drivers to speed up on their routes, which may lead to driver fatigue and reduced safety, ”the lawmaker said. wrote.

Amazon did not respond to a request for comment.

Senators asked Bezos for detailed descriptions of how driver video data is stored, viewed and shared, and which third parties can access it. They also asked whether the images would be used as part of Amazon’s discipline system for drivers, and whether contractors who do not work directly for Amazon will also be subject to surveillance.

In previous reports, drivers have said they fear cameras will put more pressure on them to work even faster than they already are and lead to discipline for behaviors that are difficult to avoid under intense time constraints. Sometimes, according to Motherboard, drivers are expected to deliver 400 packages in 10-hour shifts, making it difficult to avoid things like leaving a package in plain view or throwing it over a door. Some drivers said that to keep up with the workload, they felt pressured to urinate or even defecate outside when a bathroom was not available.

The camera system can give audio alerts to drivers when they detect things like distracted driving or passing through stop signs. The system also downloads the video when drivers brake or take too strong turns or cause “excessive G-force”. According to an Amazon video explaining the program, drivers can also turn off the camera while taking breaks. Additionally, the cameras will not provide a live feed or spy on drivers at work.

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Massive new sculpture takes shape outside University of Michigan art museum Thu, 08 Apr 2021 02:36:51 +0000

A 25 foot tall head landed at the door of the University of Michigan Art Museum.

The sculpture by Spanish artist Jaume Plensa, titled “Behind the Walls”, was donated to the university by longtime donors J. Ira and Nicki Harris. It represents the head of a teenage girl with disembodied hands placed over her eyes. According to the museum’s website, the work prompts the viewer to reflect on the nature of “exclusion and concealment”.

The sculpture was installed at the State Street entrance to the building between Tuesday, November 10 and Wednesday, November 11 by Chicago-based contractor Methods and Materials. The giant head, which is elongated to give passers-by an ever-changing perspective, was originally commissioned for the first Frieze Sculpture Festival in Manhattan, where it was unveiled at Rockefeller Plaza in May 2019. At that time, the artist was researching to challenge viewers to reflect on individual responsibility and conscience.

25-foot sculpture being installed at the University of Michigan Art Museum

“Sometimes our hands are the biggest walls,” Plensa said. “They can cover our eyes and we can blind ourselves to a lot of what is going on around us.”

That message is even more relevant now, according to museum director Christina Olsen.

“This new work comes at a critical time in our country and around the world, sparking deep reflection on willful ignorance and collective inaction,” said Olsen.

The artist is perhaps best known for “Crown Fountain”, a pair of LED walls installed in Chicago’s Millennium Park in 2004 that display larger-than-life images of local residents “spitting” in combination with jets of water. emitted by each wall. “Awilda,” a larger 40-foot tall elongated head sculpture similar to “Behind the Walls” stood in the park from 2014 to 2016.

The Harris family also helped the museum integrate a neighboring sculpture, the 53-foot-tall steel “Orion” by Mark di Suvero, into the museum’s permanent collection. Another sculpture by di Suvero, ‘Shang’, was on display at the site where ‘Behind the Walls’ stands before it was purchased by a private collector earlier this year.

The installation is just the latest change at UMMA for 2020 – in October, the museum was also draped in a quilt-like artwork made from burlap bags by the artist in residence Ibrahim Mahama. The museum’s glass-walled gallery was also redeveloped to accommodate a satellite office where students could register and vote in the 2020 general election.


Quilt-shaped panels cover the new outdoor facility at the University of Michigan Art Museum

53-foot-tall ‘Orion’ sculpture returns to University of Michigan Museum of Art

Over 2,600 students have registered to vote at the University of Michigan satellite clerk’s office

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Dataminr Announces $ 475 Million Funding Round, Bringing Valuation to $ 4.1 Billion Wed, 07 Apr 2021 23:17:44 +0000

New funding will accelerate the growth of the company’s business line, international sales and expansion of the AI ​​platform

NEW YORK, March 23, 2021 / PRNewswire / – Dataminr, the leading real-time information discovery platform, today announced the closing of a $ 475 million funding round one $ 4.1 billion Evaluation. Funding investors include Eldridge, Valor Equity Partners, MSD Capital, Reinvent Capital, ArrowMark Partners, IVP, Eden Global and investment funds managed by Morgan Stanley Tactical Value.

The injection of new capital will fuel the growth of the company’s business line, whose revenue has doubled three years in a row as customers expand the use of Dataminr’s platform in areas of physical safety and security, management of risks and reputational crises, business intelligence and detection of cyberthreats. The company will also invest more in internationalization, expanding its commercial presence in the private and public sectors through the Europe and Asia Pacific regions to meet the growing global demand for its product.

“We live in an increasingly unpredictable world, where Dataminr’s unmatched ability to detect disruption events and critical information well ahead of other sources is more relevant than ever for public and private sector organizations around the world.” , said the founder and CEO of Dataminr. Ted bailey. “Today, more than half of Fortune 50 companies rely on Dataminr, and this additional capital will allow the company to accelerate the growth of its customer base, both in the United States and abroad, as organizations are looking for the fastest, most comprehensive, and most accurate tools. real-time information. ”

Since its inception in 2009, Dataminr has created the world’s leading real-time information discovery platform that detects digital patterns of emerging events and critical information from public data signals. Today, Dataminr’s leading AI platform performs billions of calculations daily on billions of public data entries from more than 100,000 unique public data sources.

The company will use this new capital to continue the rapid expansion of its public data sources on global and regional social media platforms, blogs, web forums, audio and radio transmissions, the deep and dark web, cyber signals and public IoT sensors. Additionally, Dataminr will continue to expand the reach of its AI platform by investing more in areas of AI that the company has pioneered, covering multimodal event detection, multimodal fusion AI and dynamic feedback loops between humans and AI with experts in the field.

“We are only at the beginning of the explosion of public digital data that describes world events in real time,” Bailey said. “Dataminr will use this new capital to continue its mission of integrating all available public data signals to create the leading event and information discovery platform for businesses and public sector organizations around the world.”

The company has been recognized for its revolutionary AI platform and rapid revenue growth and by Forbes IA 50 and Deloitte Rapide 500. At the end of 2019, Dataminr delivered the first digital warning to COVID-19[feminine et a fourni un indicateur avancé précieux sur la croissance imminente du nombre de cas de COVID-19 alors que la pandémie balayait le monde. Parallèlement au produit d’entreprise de Dataminr, Dataminr Pulse, la société fournit aux organisations du secteur public Première alerte pour la première réponse, y compris la Les Nations Unies, qui utilise First Alert dans plus de 100 pays. Dataminr pour les actualités est utilisé dans plus de 650 rédactions et par plus de 30 000 journalistes à travers le monde.

Eden Global Partners a servi de partenaire stratégique pour le tour de table de la série F, et JP Morgan a servi d’agent de placement de la société en ce qui concerne les investissements réalisés par les clients de banque privée de JP Morgan.

Dataminr est la principale plate-forme de découverte d’informations en temps réel au monde, fournissant les premiers avertissements sur les événements à fort impact et les informations critiques bien avant les autres sources. Reconnue comme l’une des principales entreprises d’IA au monde, Dataminr permet une réponse plus rapide, une atténuation des risques plus efficace et une gestion de crise plus solide pour les organisations des secteurs public et privé couvrant les entreprises mondiales, les premiers intervenants, les ONG et les salles de rédaction. Dataminr est l’un des celui de New York les plus grandes entreprises technologiques privées, avec 650 employés répartis dans sept bureaux mondiaux.

Contact: [email protected]

SOURCE Dataminr

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