Latest news with #Delaware-incorporated
Yahoo
11-08-2025
- Automotive
- Yahoo
Algebrik AI and Open Lending Partner to Expand Intelligent Auto Loan Decisioning for Credit Unions
NEW YORK, Aug. 11, 2025 /PRNewswire/ -- Algebrik AI Inc., a Delaware-incorporated company headquartered in New York City and pioneering the world's first cloud-native, AI-powered, digital-era Loan Origination Platform (LOS), today announced an integration with Open Lending Corporation, an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions. This collaboration aims to strengthen auto loan decisioning capabilities within Algebrik's cloud-native, AI-powered LOS—part of the Algebrik One lending suite—enabling credit unions and community lenders to confidently extend credit to near- and non-prime borrowers while minimizing risk and streamlining workflows. Enabling Risk-Aware Auto Lending at Scale Open Lending's Lenders Protection™ platform empowers financial institutions to safely approve near- and non-prime auto loans by combining real-time risk modeling, pricing optimization, and insurance-backed loan protection. Through this partnership, Algebrik's Loan Origination System, part of Algebrik One, Algebrik's agentic AI-powered lending suite, now offers built-in access to the Lenders Protection™ platform, allowing credit unions to: Evaluate near- and non-prime applicants using Open Lending's advanced decisioning engine Receive real-time decisions (approved, counteroffer, or denied), including APR, terms, stipulations, and certificate numbers Automatically surface stipulations tied to counter-offers (e.g., vehicle details, income verification) within the lending workflow of Algebrik's Loan Origination System Leverage Open Lending's insured, risk-based decisioning directly within Algebrik's LOS- no external systems needed. Algebrik AI's LOS delivers this capability through a unified, AI-powered experience—supporting both loan officer and borrower-facing workflows. Lenders can seamlessly manage counteroffers, display dynamic payment terms, and track certificate numbers, all within a single, modern interface. Strategic Insight: Why This Partnership Matters Pankaj Jain, Founder and CEO of Algebrik AI, commented on the partnership: "We believe modern lending stacks must function as ecosystems—not toolkits. By partnering with Open Lending, we're deepening the intelligence of loan decisioning and giving lenders a seamless path to responsible loan growth. With Open Lending now embedded in Algebrik's LOS, lenders can reach underserved borrowers while maintaining the operational efficiency and compliance they demand." Josh Marcy, Chief Product Officer at Open Lending, added: "Algebrik brings a modern, purpose-built approach to lending infrastructure. The Algebrik integration leverages best practice automation capabilities and a dynamic user experience, offering fast and accurate automatic decisions that accelerate loan originations for our mutual customers. Their team has delivered a clean, intuitive experience that aligns with our vision for the future of inclusive, data-driven auto lending. " For more information on how Algebrik AI is transforming lending, visit For latest on cutting edge lending technology & AI, follow Algebrik AI on Linkedin at: Or chat with the Algebrik AI team at: letschat@ About Algebrik AI Algebrik AI, headquartered in New York City, is the company behind Algebrik One: the world's first cloud-native, AI-powered, digital-era Loan Origination Suite (LOS), designed for the next generation of members. In an industry that hasn't seen significant innovation in lending technology in over 25 years, it was high time someone stepped in to help credit unions of all sizes regain their former glory. Algebrik AI's mission is to empower credit unions to attract, engage, grow, and retain next-gen members while staying competitive in today's digital era. With Algebrik One, an end-to-end lending suite that includes Digital Account Opening, Lender's Cockpit (LOS), Omni-channel Point of Sale (PoS), AI Decision Engine, and Portfolio Analytics, we take on the heavy lifting; so credit unions can focus on helping the members and communities they serve. For more information, visit About Open Lending Open Lending provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit Media Contacts: Prateek Samantaray Chief Marketing Officer letschat@ View original content to download multimedia: SOURCE Algebrik
The National
10-08-2025
- Business
- The National
The tax haven firms given cash by the Scottish Government
Other offshore firms in receipt of public subsidies ditched pledges to create hundreds of jobs, or laid off hundreds of workers just a few years after accepting millions of pounds of taxpayer handouts. This investigation is part of The Ferret's ongoing Money Trail series, in which we are exploring how international wealth flows through Scotland, and how it shapes our politics, public finances, and land and property ownership. Our findings prompted calls from an MSP to give the Scottish Government the means to 'claw back' public funds when firms fail to deliver on promises of jobs and investment. Campaigners and the Scottish Greens want the public funding of tax havens to be banned altogether. READ MORE: 'Absolutely crazy': Scottish jazz artist scores new film by Hollywood director Incorporating a firm offshore does not equate to wrongdoing. But the anonymity afforded to corporate owners in jurisdictions like the Cayman Islands, British Virgin Islands, or the US state of Delaware creates risks of 'corruption and tax abuse', campaigners warned. Transparency International UK argued that companies must be required to reveal their true owners before they are given public money. Scottish Enterprise (SE), the Government's business agency, awards grants and other payments to firms active in Scotland or seeking to set up a base here, incentivising them to invest and create local jobs. The agency's financial support led to more than 9000 Scottish jobs being generated by global companies last year alone, it said. But some subsidised firms collectively promised to create more than 1000 jobs which either failed to materialise, or were cut just years later, while 1150 more are at risk. The Ferret analysed a list of grants, investments and other payments of more than £25,000 that SE made to nearly 2600 companies between January 2020 and December 2024. We identified 18 that were ultimately owned in tax or secrecy havens, and had been given £1m or more in grants by Scottish Enterprise over the investment agency's lifetime. Mangata Networks IN 2022, the Delaware-incorporated satellite maker, Mangata Networks, announced a hub in Prestwick which it claimed would create 575 new jobs. A total of £84m in taxpayer funding was pledged – £54.5m from SE and £29m from the Scottish, UK, and Ayrshire local governments – that was expected to be repaid over 15 years. Files released by the Scottish Government, via a separate FOI request, claim Mangata's boss 'clearly stated' he would only choose Scotland if given 'an incentive package' that exceeded an offer from a rival country. However, Mangata last year scrapped plans to create the jobs, reportedly blaming challenging economic conditions, increased material costs and supply chain issues. Mangata said at the time it would continue its Scottish research and development operations, which were subsidised by a separate SE grant. Mangata has received £4.3m from SE to date. SE stressed that subsidised firms are typically paid in tranches at pre-agreed milestones, and are required to evidence project expenditure before they can claim grant payments. As such Mangata will not receive the full £54.5m originally pledged. LumiraDx IN 2021, SE agreed to provisionally award £15m to LumiraDx – a Cayman Islands-owned health diagnostics firm – to help create 500 to 750 new jobs as part of plans to establish hubs across Scotland. But two years later, the firm had announced 510 redundancies in Clackmannanshire and Stirlingshire. LumiraDx reportedly said it grew its operation to make Covid-19 test kits, and was shrinking back to pre-pandemic levels. LumiraDx, which received £3.6m from SE, is in the process of being liquidated, according to the UK business registry. Spirit AeroSystems SPIRIT AeroSystems, whose parent company is also incorporated in the tax and secrecy haven of Delaware, makes planes and US military aircraft. It opened a hub in Prestwick in 2021, and took nearly £7.9m in SE grants. Then-first minister Nicola Sturgeon making a keynote speech on Scotland's economy at Spirit AeroSystems in Prestwick in 2017First Minister at the time Nicola Sturgeon said then that the facility could create more quality manufacturing jobs. But Airbus is taking over most Prestwick operations from the loss-making Spirit, and promised only to retain the 1150 workers based there in the short-term. Clydeport THE west coast ports, run by Peel Ports and ultimately owned in the Cayman Islands, received £1.1m from SE via their subsidiary companies. A member of Westminster's public accounts committee claimed in 2013 that Peel did 'not pay their fair share of corporation tax' – a claim rejected by the company. READ MORE: Nicola Sturgeon 'felt like disappearing into North Sea after arrest', excerpt reveals Its billionaire chair, John Whittaker, who is domiciled in the tax haven of the Isle of Man, was last year accused of leaving Ardrossan port to ruin, while he and other shareholders received nearly £300m in dividends. Port director Jim McSporran told The Ferret his firm invested £68m in Scotland in the last three years, which would 'transform the economic prosperity of the west coast' and create 'thousands of jobs'. THE tech firm was given £1.1m by SE. It was part of Work Tech Group – which is incorporated in the British Virgin Islands (BVI) – until it demerged from the group in January. The BVI is a renowned tax and secrecy haven and Work Tech's latest UK accounts state that the controlling party of the company is 'not known'. Earlier in July, the BVI and several other UK offshore territories failed to meet the final deadline to introduce publicly accessible beneficial ownership registers designed to deter financial corruption. A spokesperson said Work Tech Group was also registered in the UK, requiring it to disclose the same information as UK companies, and pay corporation tax. Both Work Tech and 'met their tax and reporting obligations', they added. HarperCollins THE publishing firm – founded in Glasgow but owned by News Corporation for decades – received nearly £2m from SE to design and install a robotic management system at its Robroyston warehouse. Rupert Murdoch News Corp, owned by the family of billionaire media baron Rupert Murdoch, is incorporated in Delaware. Calls for tighter rules and 'clawback clause' CAMPAIGNERS and MSPs urged SE to demand more transparency from companies about their ownership and tax affairs before awarding public money to them with conditionality attached to grants. Others challenged the investment arm to stop funding tax haven firms altogether. Tom Brake, a former LibDem MP and director of campaign group Unlock Democracy, highlighted that Holyrood blocked Covid-19 relief funds to tax haven firms after parliament backed a Green amendment to a 2020 bill. 'There is a cast-iron case for adopting this policy comprehensively to stop taxpayers' money from disappearing into companies whose tax affairs are a closed book,' he added. The Greens also called on the Scottish Government to adopt the policy 'on a permanent basis'. Labour MSP Paul Sweeney urged SE to write 'a clawback clause' into contracts to recoup public funds if firms 'fail to deliver' on projects, or later slash their Scottish investments. 'There have been too many cases of public subsidies being awarded to projects undertaken by multinational firms that have failed to create the jobs and economic growth that were promised,' he said. READ MORE: 'F***ing slags': Oasis take aim at Edinburgh Council chiefs in first Murrayfield gig Alex Cobham, chief executive of the Tax Justice Network, stressed that while not all firms using secrecy jurisdictions are 'behaving badly', the lack of transparency creates risks of 'corruption and tax abuse'. Any company receiving public funds should be required to disclose their financial affairs in all the jurisdictions where they operate, he argued. Juliet Swann of Transparency International UK also called for tighter rules. 'Requiring companies registered in tax havens to disclose their true owners as a condition of receiving public funding would dramatically improve due diligence,' she said. 'The public has a right to know who ultimately benefits from their money.' A spokesperson for Scottish Enterprise said: 'Global businesses are attracted to Scotland by its collaborative business support environment, access to a skilled workforce, as well as a range of funding packages to develop new, or grow existing, operations here. Scottish Enterprise's focus is on attracting and working with inward investors to invest and create jobs in Scotland. 'As a direct result of our support last year, global companies choosing to locate here generated more than 9000 jobs in Scotland. 'Corporation tax is a matter reserved to the UK Government and decisions around the location of registered offices are made by individual companies and are based on a wide range of factors.' Every company named in this article was approached for comment.
Business Standard
02-07-2025
- Business
- Business Standard
Concord Biotech acquires 75% stake in Stellon Biotech
Concord Biotech has made an equity investment of USD 1,500 in Stellon Biotech Inc. This investment represents the subscription of 15 million equity shares at a price of USD 0.0001 per share resulting into 75% ownership in Stellon Biotech Inc to expand Company's business operations in USA. Stellon Biotech Inc. is a Delaware-incorporated pharmaceutical company established in December 2024. As a newly formed entity, Stellon is currently in its pre-revenue phase and was specifically created to support the marketing and commercialization of products developed by Concord Biotech. Powered by Capital Market - Live News
Associated Press
15-04-2025
- Business
- Associated Press
PLAUD.AI Acquires YC-Backed StarJar to Power Its New Enterprise Solution, PLAUD for Business
SAN FRANCISCO, April 15, 2025 /PRNewswire/ -- 's brand owner PLAUD Inc., a Delaware-incorporated, San Francisco-based industry leader in AI-native hardware and software solutions for AI note-taking, today announced its acquisition of StarJar, a Y Combinator-backed medical AI provider. The acquisition will accelerate the launch of PLAUD for Business, a unified platform where teams capture, organize, and leverage collective intelligence. Founded in December 2021 and entirely bootstrapped, has built a global presence with teams in San Francisco, Seattle, Tokyo, and Shenzhen, each focused on different core functions. In just over two years, the company has scaled to an impressive $180 million annual revenue run rate, achieving 10x annual growth for two consecutive years. From Consumer Success to Enterprise Transformation Since its market entry, has experienced explosive growth with its two flagship consumer products, the PLAUD NOTE and PLAUD NotePin, reaching over 700,000 users globally, making it the second-largest AI hardware product by volume globally, just behind Meta Ray-Ban. With a solid professional user base now in place, is expanding into the enterprise space with solutions that drive greater efficiency and productivity for businesses. The intelligence platform enables teams to: These power solutions serve professionals across diverse sectors, including field sales, healthcare professionals, legal practitioners, headhunters, technicians, and beyond. PLAUD for Business meets the highest enterprise security and data privacy standards, including HIPAA and SOC 2, among other security frameworks. The data protection commitment makes a trusted partner for individual and enterprise users. 'We've been listening carefully to our users, and there's been an overwhelming demand for enterprise-level solutions that allow teams to collaborate through a unified intelligence platform and tailor-made capabilities,' said Nathan Hsu, Co-Founder and CEO of 'Professionals aren't just looking to enhance their individual productivity—they want tools that can capture collective intelligence and transform how entire organizations work together. That's exactly what drove this acquisition and the creation of PLAUD for Business.' StarJar Founders Joining Following the acquisition, StarJar's two co-founders, Ruming Zhen and Qi Zhang, will join to lead the development of PLAUD for Business, slated for official launch in the summer of 2025. Ruming Zhen is an accomplished AI and software professional with an impressive background. A Stanford graduate, he previously held product leadership roles at Tesla and Intuit. Qi Zhang brings deep expertise in software engineering and AI development, having spent nearly a decade at Amazon, where he contributed to several of the company's most innovative initiatives. The duo began their entrepreneurial journey in medical AI in 2023. Invited by PLAUD, they are now joining forces to build the next-generation enterprise AI note-taking solution. Unlike other software-only AI note-taking tools on the market, PLAUD's solution leverages dedicated sensors to capture conversations in multiple scenarios, unlocking previously untapped real-life data and creating tremendous incremental value. Expands Vision with Strategic Developer Platform Investment has also begun significant engineering investments to build a comprehensive developer platform with APIs and SDKs. This platform will enable AI companies and clients to build solutions on top of PLAUD's intelligence infrastructure, which encompasses hardware, software, cloud services, and AI capabilities. Yijia Zhang, former founder and CEO of Lingxin Intelligent and an early member of Google's Assistant and Android Auto team, has recently joined to lead these engineering efforts. About is building the next generation of intelligence infrastructure and interface from what you hear, say, and see. Its unified infrastructure seamlessly integrates hardware, software, cloud services, and AI capabilities. Through three distinct interfaces—prosumer products, enterprise solutions, and an OS-level developer platform— is transforming how the world captures, extracts, and utilizes intelligence from both digital and real-life interactions. For more information, visit the website, or follow on Facebook, LinkedIn, X, Instagram, YouTube. Join the winning team: Explore moonshot positions from LinkedIn. Media kit & interview requests: [email protected] View original content: SOURCE
Yahoo
10-04-2025
- Business
- Yahoo
California faces pressure to wade into Elon Musk-Sam Altman row
SAN FRANCISCO — California Attorney General Rob Bonta is facing growing pressure from major nonprofits to take action against OpenAI — a move that could potentially place him in an awkward alliance with Elon Musk. The pressure campaign comes as Musk's rivalry with former business partner Sam Altman is heating up in court over OpenAI's plan to become a for-profit company. Bonta is already probing OpenAI's shift to a for-profit model, but should his office further shoulder into the legal dispute, they could find themselves on the same side as estranged early OpenAI funder Musk, who has taken the Delaware-incorporated company to court to block its conversion. OpenAI countersued the billionaire in federal court Wednesday. Musk and Bonta would make even stranger bedfellows. The top state lawyer has increasingly become the face of California's Trump resistance, suing the administration over the Musk-led DOGE effort to fire thousands of federal workers and choke off federal funding to California and other states. Meanwhile, Bonta is also defending the state's social media laws against Musk's legal challenges. A coalition of nonprofit leaders sent a letter to Bonta's office on Wednesday, including from the San Francisco Foundation and Economic Security Project, as well as labor groups, calling on the AG to 'take action to transfer OpenAI's charitable assets to a truly independent nonprofit or nonprofits.' 'This isn't about trying to stop the conversion of nonprofit to for-profit,' Fred Blackwell, the CEO of the San Francisco Foundation, told POLITICO's California Decoded newsletter. 'It's really purely about making sure the assets that were accumulated for the public good stay that way.' The group points to the state attorney general's office intervening in the 1990s when nonprofit health companies like The California Wellness Foundation (a petition signatory) were established through a transfer of charitable assets. 'Similarly, it is imperative that the Attorney General demand the distribution of OpenAI, Inc.'s charitable assets to independent nonprofit entities that will use these assets for public benefit,' the petition said. Blackwell's group sent a letter to Bonta's office in January to that effect before filing the longer detailed petition, where they characterize potentially the entirety of OpenAI's latest $300 billion valuation as charitable assets. 'Our Board has been very clear that we intend to strengthen the non-profit so that it can deliver on its mission for the long term. We're not selling it, we're doubling down on its work,' an OpenAI spokesperson said in a statement. The company previously told POLITICO it plans to make its nonprofit parent company a shareholder in the new for-profit enterprise, and to appoint a committee to oversee and distribute the assets that flow into it. OpenAI met with the petitioners before they filed their petition Wednesday and offered to have their respective legal teams meet, according to an email seen by POLITICO, and a person with knowledge of the situation who was not authorized to discuss it publicly. Bonta's office said in an emailed statement that the California "Department of Justice is committed to protecting charitable assets for their intended purpose.' His office declined to comment on any ongoing investigations, but referenced its letter to OpenAI requesting restructuring plans and the value of its charitable assets. OpenAI countersued Musk in a California court on Wednesday, directly disputing his claims and accusing him of intentionally trying to hamstring OpenAI as he builds his own competitor, xAI. 'Elon's nonstop actions against us are just bad-faith tactics to slow down OpenAI and seize control of the leading AI innovations for his personal benefit,' the company wrote on X, the site Musk owns. The Delaware attorney general's office has said it is in conversation with OpenAI and is reviewing the matter. Musk's attorneys have tried to bring Bonta into the case he filed against OpenAI on public interest grounds, but so far the attorney general has declined, said Rose Chan Loui, a nonprofit law expert at UCLA. Bonta 'is trying to get out of the federal case mostly on the argument that they can't be dragged into federal court,' she said. But 'Elon Musk has filed a brief saying that we're not dragging you in as a defendant, we're dragging you as a matter that concerns you.' At stake is not just the open question of how much of the company's $300 billion valuation should be conserved as nonprofit assets, Loui said. The company in raising its latest $40 billion funding round agreed to return half that amount if it does not make the change to a for-profit this year. Like this content? Consider signing up for POLITICO's California Decoded newsletter.
