
Robots
There's a global race for robot supremacy. From Shanghai to Silicon Valley, companies are trying to develop humanoids that can take on physical work. China is emerging as a major player thanks to abundant government support. Host Carmel Crimmins talks to Brenda Goh, Reuters bureau chief in Shanghai, and Anna Tong, Reuters technology correspondent in San Francisco, about the drive for humanoid labor. Plus, how to train your robot.
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Reuters
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- Reuters
EliseAI raises $250 million in a16z-led round to expand in healthcare
Aug 20 (Reuters) - Enterprise software maker EliseAI has raised $250 million in a Series E funding round to expand its automation tools for the healthcare and housing industries, the company told Reuters. The latest funding values the company at over $2.2 billion, doubling its valuation from about a year ago. Venture capital firm Andreessen Horowitz led the round, with participation from Bessemer Venture Partners and existing investors such as Sapphire Ventures. The New York-based company, which builds AI to automate customer service and operations, said it surpassed $100 million in annual recurring revenue (ARR) earlier this year. The fresh capital will be used to fuel product innovation and double its roughly 300-person team over the next year, its CEO Minna Song told Reuters in an interview, with hiring plans across offices in New York, San Francisco, Boston and Chicago. The funding highlights investor appetite for so-called vertical AI companies that build deeply integrated, industry-specific solutions rather than general-purpose models. For EliseAI, the capital provides the firepower to deepen its hold on the real estate market and scale its newer healthcare division, tackling costly administrative tasks in two of the economy's largest and most complex sectors. "We've seen a fundamental shift in the market, from talking about AI to using it to solve really costly problems," Song said in an interview. "The demand from our customers was really strong, and so we decided that now is the time to invest in scaling." EliseAI's platform is able to automate the entire resolution process by focusing on specific industries, said Alex Immerman, partner at Andreessen Horowitz. "A vertical AI like ours will go really, really deep and will take that customer request and then handle every step that's required to resolve it," he said, including coordinating with vendors, scheduling, and ensuring compliance. The company started by targeting the housing industry in 2017, and expanded its applications to healthcare since 2022, an industry it said is burdened by similar communication friction and manual processes. With generative AI technology bursting onto the scene, its software can handle more complicated customer inquiries and workflows by integrating with models like the ones from OpenAI. It serves Zillow Group and other rental managers, and touts its technology is currently used in one in eight apartments in the U.S. In healthcare, the company has been focusing on outpatient specialties, including dermatology and women's health, integrating with electronic health record systems to automate administrative work.

Reuters
29 minutes ago
- Reuters
China leaves benchmark lending rates unchanged, matching forecast
SHANGHAI, Aug 20 (Reuters) - China kept benchmark lending rates unchanged for the third consecutive month on Wednesday, meeting market expectations, as authorities signalled they are in no rush to deliver monetary stimulus despite a string of recent disappointing economic data. The steady LPR fixings highlighted the central bank's preference for targeted structural policies to support specific sectors of the economy, rather than resorting to broad-based monetary easing. A de-escalation in trade tensions between Washington and Beijing also reduced urgency for more stimulus, as the world's two largest economies agreed to extend a tariff truce for another 90 days. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%. In a Reuters survey of 23 market participants conducted this week, all participants predicted no change to either of the two rates. In the latest quarterly monetary policy report, the central bank said it would implement and refine moderately loose monetary policy while cautioning against funds idling within the banking system. A string of July data pointed to signs of economic slowdown. China's factory output growth slumped to an eight-month low last month, retail sales slowed sharply, and new yuan loans contracted for the first time in 20 years. China said last week that it would offer interest subsidies for businesses in eight consumer service sectors to support services consumption. ** HO WOEI CHEN, ECONOMIST, UOB "Authorities may place greater emphasis on more targeted measures on the property market and consumption demand such as the loan interest subsidy policy and trade-in subsidies." She expects a 10-basis-point rate reduction in the fourth quarter of this year, adding the "prospect of a further 50-basis-point cut to reserve requirement ratio (RRR) remains in place." China "must continue to exert efforts in macro policies and increase them at appropriate time to promote the continued implementation of existing and established policies while maintaining policy continuity and stability," the official People's Daily said in a commentary on Wednesday. It added that it will enhance policy flexibility to cope with changes in the external environment.

Daily Mail
31 minutes ago
- Daily Mail
Fury as Home Depot does screeching U-turn on tariff price promise
Home Depot is preparing to raise prices, just months after promising to hold the line on costs. On Tuesday, CFO Richard McPhail said tariffs are forcing the home improvement giant to pass along higher costs to shoppers. 'Tariff rates are significantly higher today than they were at this time last quarter,' McPhail told The Wall Street Journal. 'So, as you would expect, there will be modest price movement in some categories, but it won't be broad-based.' The shift marks a reversal from May, when McPhail pledged to 'generally maintain our current pricing levels across our portfolio.' Home Depot, which runs more than 2,300 stores, has tried to diversify its global supply chain to be less reliant on China, which faces the highest tariffs. Half of its products are now made in the US. Still, analysts say tariffs are squeezing margins. 'Home Depot is finding that tariffs will bite in terms of its own costs,' Neil Saunders, retail expert at GlobalData, told Daily Mail. 'It will need to selectively raise prices on some products as we move through this year.' Still, Saunders noted that the company can't raise prices across the board. Rival chains have been merchandising lower prices to attract customers while mixing in higher prices, making it risky for any retailer to move too aggressively. 'Being competitive on price is key for Home Depot,' Saunders added. 'It will also not be alone. Other retailers, including other DIY chains, will need to increase their prices, too.' Still, Home Depot executives said they're confident the company can use its scale to bring some cost relief to customers. While shoppers might see price hikes on certain items, executives say the entire bill is cheaper at its stores. 'Our customers tend to shop with us for their entire project – not for a single item here or there,' McPhail said. The chain tells the Daily Mail that half of its product is made in the US 'For example, they probably aren't going to just buy a bathtub. They're also going to buy the tile, the grout, the shower head, the vanity. 'So, we're focused on protecting the value of the entire project.' Home Depot isn't the only retailer under pressure. Earlier this month, American carmaking giants Ford and GM slashed their profit expectations while reporting billion-dollar tariff costs this year. Walmart, Target, Best Buy, and Amazon all initially warned consumers that President Donald Trump's tariffs would continue to drive costs higher. Trump lashed out at the companies for making the pronouncements, urging retailers to 'eat the tariffs' and sending administration officials to call price hikes a 'hostile and political act.' The moves have largely silenced retailers from openly discussing price hikes. However, they're still slowly making their way through the economy. In July, core inflation rose to 3.1 percent, a 0.3 percentage point increase from June. Days later, the Labor Department reported that July's producer price index, which measures inflation before it reaches consumers, was up 0.9 percent from June and 3.3 percent from a year earlier.



