Latest news with #Aswani
Techday NZ
23-04-2025
- Business
- Techday NZ
Starburst appoints Jitender Aswani to lead engineering for AI push
Starburst has appointed Jitender Aswani as Senior Vice President of Engineering to lead its global engineering organisation and advance developments in its data platform for applications and artificial intelligence. Aswani's role will include driving innovation across Starburst's data platform, with direct reporting responsibilities to Chief Executive Officer and Co-Founder, Justin Borgman. The company views Aswani's two decades of experience in machine learning, data infrastructure, and cloud technologies as instrumental to its expansion in the AI and data platform market. Prior to joining Starburst, Aswani served as Vice President of Engineering at StarTree. There, he led engineering strategy and execution for distributed, multi-cloud real-time analytics platforms and acted as Chief Information Security Officer, focusing on the company's security strategy and operations. Previously, Aswani was Head of Engineering at Moveworks, leading teams that built AI-powered enterprise solutions. His career also includes leadership positions at Netflix and Meta, where he specialised in data science, security, and infrastructure. During his tenure at Meta, he was among the first users of Trino (formerly known as Presto) at Facebook, gaining experience relevant to Starburst's technology stack. Reflecting on his new appointment, Jitender Aswani stated, "Starburst is at the forefront of a massive shift in how companies build and scale AI, and I'm incredibly excited to join a team that's enabling that transformation. As a data platform for apps and AI built on a data lakehouse architecture, Starburst is uniquely positioned to accelerate AI from development to deployment and I'm thrilled to contribute to that mission." Aswani's professional background covers both early-stage startups and global enterprises. He holds several patents in machine learning, data management, and graph optimization, and attained an MBA from the University of Chicago Booth School of Business. Commenting on the appointment, Justin Borgman said, "Jitender is a phenomenal addition to Starburst. His deep technical background, passion for AI, and leadership experience across organizations of all sizes make him the ideal person to guide our engineering team through this next phase of growth. He also brings a strong strategic mindset and values that align perfectly with our culture." Starburst provides a data platform that supports analytics, applications, and AI, aiming to unify data across cloud-based and on-premises environments. The company's technology is used by startups and large enterprises in more than 60 countries worldwide, supporting data access, collaboration, and governance on an open data lakehouse architecture. Aswani's experience leading teams involved in both security and distributed analytics platforms is expected to influence Starburst's continued development of its platform and its strategy to accelerate artificial intelligence deployment for its customers.
Zawya
28-03-2025
- Business
- Zawya
Aligning corporate interest with social good
Frank Aswani, CEO of the African Venture Philanthropy Alliance Dr Frank Aswani (pictured oppo- site), CEO of the African Venture Philanthropy Alliance (AVPA), is betting that by supporting sustainable projects that deliver social impact, a blend of venture capital, private equity and philanthropic dollars can make a much bigger impact on the conti- nent than any of them can on their own. Despite receiving billions in aid and philanthropy annually, Africa is still behind in various development indica- tors and is on course to achieve only two (partnerships and climate) of the 17 SDGs by 2030. Aswani's view is that private capital is essential to reversing this trend and is confident that investment will yield profits as well as social impact. I've known Aswani for nearly a decade, from when he was managing the African Leadership Academy in Johannesburg. The academy, the brainchild of Fred Swaniker, Acha Leke and a few other co-founders, was largely funded by philanthropic capi- tal and has been one of the continent's great success stories in the field of educa- tion and impact. When I meet with him on the sidelines of the UN General Assembly meetings in New York, I ask him how he defines im- pact investment and the state of impact investing on the continent. 'Impact investing is the kind of capital that comes into investments to seek not just social impact, but financial returns.' Private capital, he points out, is wary of social investments; this hinders the flow of funds into initiatives that address criti- cal social needs. What AVPA is doing is bringing together a diverse network of social investors across the continuum of capital – grants, debt and equity – who range from philanthropists to aid agen- cies, impact investors, venture capital and private equity fund managers, corporates and governments, to collaborate and in- vest in various stages of social ventures. Their mission is to increase the flow of capital into African social investments and help Africa close its SDG financing gap. Africa faces the triple challenge of de- clining aid, rising public debt and growing populations. 'So we have less money to serve more Africans,' he describes the situation, adding as a prescription, 'the only way you can close that gap is to get more money from the private sector to come into the social investments.' Between now and 2030, Aswani points out, about $4.5trn will be needed annu- ally to meet the SDGs worldwide, $2.5trn of that for Africa. For context, there is some $450trn available in global capital and financial markets. In essence, merely 1% of that money can fully address the challenges identified by the UN as vital to making life better for all. So why isn't private capital moving into impact? The main reason is the percep- tion that social investments are risky and don't offer good returns. 'So in essence, we don't lack capital,' he says, 'what we lack is risk capital to de-risk social investments and crowd in private capital into the impact space.' To that end, in partnership with CIFF (Children Investment Fund Foundation) and Prosper Africa, AVPA launched a $200m Catalytic Pooled Fund in NY dur- ing the UNGA week, that will pool grant capital to be used to de-risk social invest- ments and crowd in ten times ($2bn) of domestic private capital into African social investments. In particular, the fund is targeting the $1.8trn of dormant private capital sitting in pension funds, insurance companies and dormant bank accounts. The key to successfully mobilising this capital lies in combining the differ- ent forms of capital – grants, debt, and equity – through a variety of innovative finance instruments. 'So, for example, in the early stages of supporting businesses or innovation which are still unproven, you need grants because grants can have the appetite for risk and they can take those models from an idea to a proof of concept,' he explains. Once proven, commercial capital can come in to deliver scale and multiply the im- pact. 'So what we do is bring all of them together and we try to put over the shared vision, and the value and additionality that they can each create by investing together at different stages of life cycles for social investments, rather than going it alone,' he adds. Aswani believes that there is a growing appetite within the investment commu- nity for impact. 'Increasingly we're seeing more and more fund managers who are seeking to also demonstrate the social impact of their investments.' Appetite for social good This optimism contradicts recent evidence that the corporate world is stepping back from the heights of social activism in the wake of the 'Black Lives Matter' move- ment, when every company wanted to demonstrate their commitment to social justice. References to environmental, so- cial, and governance (ESG) principles have been scaled back significantly in earnings calls and statements. Aswani, however, insists that the cor- porate mood is starting to favour invest- ments that also make impact, not least because in the long term, it makes sense for the bottom line. 'It's not sustainable for investors to just make money. You have to keep communities healthy because they are the ones who buy your products.' That is one of the ways in which corpo- rate interests align with social good, but it is by no means the only one. The BLM protests, Aswani says, show that busi- nesses can be at risk when unrest boils over and it is in their interest to help close the income gaps. 'Again, we are now seeing that it is possible to make money while meeting the needs of people and the planet. You see more companies, for example, putting money into clean technologies. That is the kind of ethos that is emerging,' he says. The State of the Market 2024 report from industry body, the Global Impact Investing Network, would seem to bear out this op- timism. Impact investing has experienced steady growth, with assets under man- agement (AUM) reaching $490bn, driven by a 14% compound annual growth rate (CAGR) over the past five years. Private equity dominates the asset class, representing 43% of AUM, though equity-like debt has grown the fastest (104% CAGR). Sub-Saharan Africa remains a significant focus for emerging market investments, receiving the highest al- location (29%). Energy, housing, and financial ser- vices lead sector investments, while the information and communication technol- ogy sector has seen the highest growth. Climate change mitigation is increasingly vital, with 69% of investors planning to boost energy sector allocations. AVPA's role is to connect investors to each other and to opportunities on the continent. 'We have a deal share plat- form where we list the impact pipeline. And these deals can only be listed by an existing investor and not the en- trepreneur running the deal. That way, other investors are assured that some- one else has some skin in the game,' he explains. This approach means that the due diligence has already been done on listed deals, accelerating the process of securing additional capital for growth and scaling. Alongside the platform, AVPA also facilitates pitch sessions where investors can assess these opportunities. AVPA also creates 'communities of im- pact' around specific challenges. Whether it's healthcare, climate, or country-spe- cific initiatives, Aswani emphasises the importance of bringing together stake- holders across sectors to collaborate, co- invest and exchange ideas. The third pillar of the company's ap- proach is research. Through its Research and Knowledge Hub, it not only conducts studies but also consolidates research from partners and members, creating a repository of knowledge that supports the overall impact investment ecosystem. Adapting models to environments On the ground, Aswani says impact in- vestors work around the unique chal- lenges on the continent to get investments where they are needed. Take, for example, women's inability to access finance in some parts of Africa because they cannot own property and thus cannot have the collateral that most lenders require. This is not only unfortunate for women-led businesses but also a missed opportunity because, Aswani points out, women tend to pay their debts. 'So one of the innovative models that have been applied is a revenue share mod- el where the borrower pays the debt based on how much money she makes. When she makes more money; she pays more. And her cash flow is not affected because she pays according to what she has. And this way, she doesn't need collateral.' Outcome-based financing is another innovation. 'Let's take a situation where someone wins a government contract to supply 200,000 textbooks. Because of cor- ruption and inefficiencies in the system, sometimes they might supply the first 20,000 and the 180,000 will never be seen. With outcome-based financing, however, payment is based on only what has been delivered.' This involves a rigorous process where an independent evaluator verifies that the books have not only been delivered but have also reached the intended recipients. 'They even go to the kids' homes to make sure the books are with those kids.' Only after the results are confirmed does the investor receive payment – what they initially invested plus a return of 10-15%. Education, Aswani says, is important for the success of impact investing in Africa. And yet, there is only one school in all of Africa where impact and sus- tainable finance training is offered. 'One of the things we have to do to mobilise capital at the required speed and scale is make sure we've got a critical mass of impact-competent human capital on the continent,' he avers. AVPA runs a number of impact invest- ing training programmes including its flagship Africa Impact Investing Fel- lowship (AIIF). 'It's a three-month virtual programme where we bring in Africans from organisations that are deploying impact capital. It's very popular - always over-subscribed.' On the back of that, he says, sim- ilar programmes have been com- missioned for healthcare investors - the Africa Healthcare Funders' Fo- rum (AHFF), and for climate inves- tors, the Africa Climate Investing Forum (ACIF), in partnership with the Lemelson Foundation. 'We need to tailor our education to fit our needs,' Aswani con- cludes. n © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Boston Globe
26-03-2025
- Politics
- Boston Globe
‘It's really scary:' Students, residents react to sudden arrest of Tufts student
'It hits closer to home, definitely,' said Elliott Riseman, a freshman. 'It's right at home.' Advertisement In this image taken from security camera video, Rumeysa Ozturk, a 30-year-old doctoral student at Tufts University, is detained by Department of Homeland Security agents on a street in Somerville on Tuesday. Uncredited/Associated Press Ozturk's attorney, Mahsa Khanbabai, said she has not been able to contact her. A federal judge in Boston ordered US Immigration and Customs Enforcement not to remove Ozturk from Massachusetts on Tuesday without prior notice. It was unclear Wednesday why Ozturk was detained. She had voiced support for the pro-Palestinian movement at Tufts, but was not known as a prominent leader. Her lawyer said she is not aware of any charges against her. Ellis Bedsworth, an undergraduate student at Tufts, said she read the email notifying students about the detainment Tuesday night. 'It's scary, and it's really sad that it's happening,' she said while studying in the Mayer Campus Center Wednesday morning. 'It feels really far away until it happens here, and it's hard to know how to help.' Related : While Bedsworth said she was impressed by the speed with which Tufts notified students of the arrest, another student, Charlie Koenig, said he wished the email said more. 'The email Tufts sent last night was softly worded for what the situation is,' he said. 'And [the university] is not doing enough to stop it.' Advertisement Monish Aswani, a 19-year-old sophomore economics major who is from Hong Kong, said his visa concerns had been temporarily assuaged after he managed to reenter the country after spring break without incident, but the arrest of Ozturk brought those worries back to the top of his mind. 'Knowing that I'm an international student as well, and maybe this could happen to me, is quite frightening,' he said. Aswani said he understood if students were being removed for violating the terms of their visas, or if their acts of protest went too far. But he added that, from what he'd seen of the demonstrations on Tufts' campus last year, they were relatively benign. 'People come from different places, they have different cultures, they have different identities, and they stand for different things,' he said. 'And university is a place where you come together and you share these ideas, so you're able to communicate freely and share your experiences and learn from others.' 'Not being able to do that does take a toll on people,' he added. 'The government taking serious actions, deporting kids back to their home nations, seems like a step too far.' Aswani noted his background in Hong Kong, a territory subject to harsh restrictions on free speech by the Chinese government. That situation is unique, he said, but he acknowledged that Ozturk's arrest made for a worrying parallel. 'Someone who's coming from, for example, Hong Kong, would think that coming into the US, they would have some sort of freedom,' he said. 'Being able to do what they want, say what they want, protest and stand for what they stand for.' Advertisement Adriana Callen, a Tufts senior who lives in the area where the arrest took place, said she had noticed cars loitering in the area on Wednesday afternoon. 'We didn't even put it together until hours later,' she said. 'So it definitely was quite shocking. I wasn't even honestly sure until right now.' When she first heard the news of what had happened, she said she was 'appalled.' 'I don't even know how to react,' she added. Callen said she didn't know Ozturk, but that many of her international student friends who live in the area had expressed fears about going to classes on campus. 'People have a right to address problems that they see, problems in the world, problems everywhere,' she said. 'We need to make sure everyone is able to express opinions, and that people shouldn't have to fear their safety in order to do so.' Joe Ferraro, 48, said he's lived in the same house on Mason Street for his entire life. It's a quiet neighborhood of spacious triple deckers, which is populated by as many families as it is college students — many of them, he noted, from other states, countries, and 'all over the place.' 'I live next door to a college,' he said. 'There's new, young people walking up and down this street all the time. The subway is over there, the college is over there. This neighborhood is full of people her age all the time, and different ones all the time, every couple of years.' Neighbor Joe Ferraro gestures to where the arrest happened as he spoke to reporters on his porch Wednesday. Lane Turner/Globe Staff He wasn't at home when the arrest occurred, he said. But his parents, both in their 70s, had noticed a car with several people inside idling out front for around six hours. They were thinking of calling the police, he said, when the arrest happened. Advertisement When shown a video of the arrest, Ferraro became visibly emotional. 'It's too much,' he said. 'I don't need to live in a place where people get plucked off the street like that, just walking around. That's bananas. That's just insane.' 'I don't care what she was doing,' Ferraro continued. 'You can't just nab people off the sidewalk and throw them in a car and take them away, and expect anyone who's seen it to be alright afterwards.' The sudden arrest has shattered the sense of calm on the residential street. After seeing the footage of plainclothes ICE agents emerging from their unmarked cars, Ferraro said he is now on edge for anyone loitering in the area. 'Now every guy in normal clothes that's hanging around here, that's what I'm going to think,' he said. Ferraro added that even his son, after hearing the news, is now afraid that his high school friends may be at risk. 'Half the kids he knows are terrified their parents will get taken off the street,' he said. 'Part of me is afraid to talk about it,' he said. 'But come pluck me off the sidewalk then, if that's what you get for talking about it.' One international Tufts graduate student who asked to remain anonymous due to fear of retaliation said when she read the university's email, she wasn't concerned so much about herself as she was about the 'state of this country.' 'This is just a sign of the times, and it's probably not going to end well,' she said while studying in the Collaborative Learning and Innovation Complex Wednesday morning. Advertisement 'It makes me wonder if I made the right choice coming here,' she said, adding she's thought about leaving but she 'doesn't know how bad it has to get' for her to make that decision. 'I know [Ozturk] had connections to the Palestine protests, and that makes me very cautious in participating in anything because you don't want to have your name out there any more,' she added. Nick Stoico can be reached at
