Latest news with #ProductInnovation
Yahoo
05-08-2025
- Business
- Yahoo
Snappt Acquires Trigo to Enhance Applicant Trust Platform for Multifamily Housing, Secures $50M Growth Financing
Strategic growth financing accelerates expansion through acquisition and supports product innovation LOS ANGELES, August 05, 2025--(BUSINESS WIRE)--Snappt, the leading platform for applicant trust in multifamily housing, today announced it has acquired Trigo, a company known for its breakthrough technology in verifying rental payment history. Backed by a $50 million committed facility from Hercules Capital, Inc. (NYSE: HTGC), the acquisition expands Snappt's platform and strengthens its ability to help property managers make faster, more confident leasing decisions. Together, these milestones mark a major step toward building the industry's most complete and trusted solution embedded into the application and screening process. "This moment marks a major leap forward for Snappt," said James Hyde, CEO of Snappt. "With the backing of Hercules Capital and the strategic acquisition of Trigo, we're not just expanding our platform, we're accelerating our vision for a fully integrated trust infrastructure that meets the evolving needs of property managers. These combined milestones enable us to deliver faster, more secure leasing decisions while setting a new standard for accuracy and transparency across the rental journey." "Snappt has consistently demonstrated category leadership through product innovation and customer obsession," said Thomas Krane, Managing Director at Insight Partners. "Their evolution from point solution to platform—and now, with the acquisition of Trigo, a fully integrated trust infrastructure—reinforces why we continue to back their vision. Snappt is solving one of the most urgent and complex challenges in multifamily housing: establishing trust at scale." Property managers are facing rising pressure to reduce risk, streamline leasing workflows, and minimize costly evictions. Snappt's Applicant Trust Platform helps property managers spot fake pay stubs, altered bank statements, and other forms of application fraud while confirming key indicators of tenant reliability like verified rent payment history, income, identity, assets, and employment. The result: faster approvals and greater confidence that applicants are both qualified and likely to pay rent on time, which in return builds a community you can trust. "Trigo was founded on the idea that the best predictor of someone's ability to pay rent is if they paid rent in the past," said Sam Stein, CEO and Co-Founder of Trigo. "We're excited to join forces with Snappt to scale our impact and bring verification innovation to more leasing teams across the country." The acquisition of Trigo deepens Snappt's capabilities in applicant trust and enables it to natively support one of property managers' most requested proof points: verified rental payment history. Combined with Snappt's industry-leading fraud detection capabilities, the expanded platform enables operators to make faster, more confident leasing decisions while improving accessibility for qualified renters. "Hercules Capital is excited to partner with Snappt as they continue to provide an industry-leading platform for applicant trust," said Ruslan Sergeyev, Managing Director at Hercules Capital. "Snappt's vision for an end-to-end trust infrastructure resonated deeply with us. Their proven AI-powered technology, rapid growth, and commitment to product innovation make them a compelling partner as they continue to scale." These milestones underscore a period of strong momentum for Snappt, marked by the recent appointment of CEO James Hyde, continued product innovation, and strategic partnerships with industry leaders like Mastercard and Tenant Cloud. Since its founding in 2019, Snappt has analyzed over 14 million documents with 99.8% accuracy, preventing more than $1.9 billion in potential bad debt. Today, its solutions protect over 2.2 million rental units and are trusted by many of the nation's top property management companies. In the transactions, Hercules Capital, Inc. was represented by Will Gerber from Morrison & Foerster LLP. Trigo, Inc. was represented by Michael Fesher from Quarles & Brady LLP. Snappt, Inc. was represented by Stephen Fisher, Will Black, Liz Malmen, and Steve Krafcik from Fenwick & West LLP. About Snappt Snappt is an AI-powered applicant fraud detection and income verification solution for multifamily property managers. Since its inception in 2019, Snappt's technology has been adept at identifying even the slightest document alterations, saving leasing teams time while reducing bad debt and evictions. As the market leader for fraud detection, Snappt has analyzed over 14 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc. 5000 list. Visit View source version on Contacts Media Contact:Walker Sandssnappt@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
17-06-2025
- Health
- The Hindu
Amway India unveils Nutrilite Triple Protect
Aligning with the evolving consumer need, Amway India said it has strengthened its nutrition category offering with Nutrilite Triple Protect, a plant-based supplement powered by the natural strength of Acerola Cherry, Turmeric, and Licorice. 'This potent formulation has nutrients that offer triple-action benefits—supporting immunity, reducing inflammation, and providing strong antioxidant protection for the gut, skin, and immune health,' the company said. Rajneesh Chopra, Managing Director, Amway India, said, 'As poor nutrition continues to impact over half the nation's health, the need for clean, plant-based solutions for overall wellbeing has never been greater.' 'Today's consumers are prioritizing health like never before, with 52% ranking immunity as the top benefit they seek in supplements - underscoring a growing demand for holistic wellness recommendations,' he said. 'Keeping in mind the consumer needs and as part of our strategic business priority of Accelerating Product Innovation Pipeline, we are introducing our latest innovation - Nutrilite Triple Protect by Amway,' he added. 'This one-of-a-kind formulation brings together science-backed ingredients to support immunity, gut and skin-empowering individuals to take a proactive, holistic approach to wellness,' he further said.
Yahoo
20-05-2025
- Business
- Yahoo
MIT Disavowed a Viral Paper Claiming That AI Leads to More Scientific Discoveries
The Massachusetts Institute of Technology (MIT) is distancing itself from a headline-making paper about AI's purported ability to accelerate the speed of science. The paper in question is "Artificial Intelligence, Scientific Discovery, and Product Innovation," and was published in December as a pre-print by an MIT graduate student in economics, Aidan Toner-Rodgers. It quickly generated buzz, and outlets including The Wall Street Journal, Nature, and The Atlantic covered the paper's (alleged) findings, which purported to demonstrate how the embrace of AI at a materials science lab led to a significant increase in workforce productivity and scientific discovery, albeit, at the cost of workforce happiness. Toner-Rodgers' work even earned praise from top MIT economists David Autor and 2024 Nobel laureate Daron Acemoglu, the latter of whom called the paper "fantastic." But it seems that praise was premature, to put it mildly. In a press release on Friday, MIT conceded that following an internal investigation, it "has no confidence in the provenance, reliability or validity of the data and has no confidence in the veracity of the research contained in the paper." MIT didn't give a reason for its backpedaling, citing "student privacy laws and MIT policy," but it's a black eye on MIT nonetheless. The university has also requested that the paper be removed from the ePrint archive ArXiv and requested it be withdrawn from consideration by the Quarterly Journal of Economics, where it's currently under review. The ordeal is "more than just embarrassing," Autor told the WSJ in a new report, "it's heartbreaking." According to the WSJ's latest story, the course reversal kicked off in January, when an unnamed computer scientist "with experience in materials science" approached Autor and Acemoglu with questions about how the AI tech centered in the study actually worked, and "how a lab he wasn't aware of had experienced gains in innovation." When Autor and Acemoglu were unable to get to the bottom of those questions on their own, they took their concerns to MIT's higher-ups. Enter, months later: Friday's press release, in which Autor and Acemoglu, in a joint statement, said they wanted to "set the record straight." That a paper evidently so flawed passed under so many well-educated eyes with little apparent pushback is, on the one hand, pretty shocking. Then again, as materials scientist Ben Shindel wrote in a blog post, its conclusion — that AI means more scientific productivity, but less joy — feels somewhat intuitive. And yet, according to the WSJ's reporting, it wasn't until closer inspection by someone with domain expertise, who could see through the paper's optimistic veneer, that those seemingly intuitive threads unwound. More on AI and the workforce: AI Is Helping Job Seekers Lie, Flood the Market, and Steal Jobs
NDTV
18-05-2025
- Business
- NDTV
MIT Retracts Popular Study Claiming AI Boosts Scientific Discoveries
The Massachusetts Institute of Technology (MIT) has disavowed the research of a PhD student on the impact of AI on the workforce that had impressed the field experts. On Friday (May 16), MIT released a statement, announcing that it reviewed the paper following concerns and decided that it should be "withdrawn from public discourse. "MIT has contacted arXiv to formally request that the paper be withdrawn and The Quarterly Journal of Economics, where it had been submitted," read the statement by MIT. The university said it had requested the study author to submit the request to withdraw the paper, but they had not done it yet. "Our understanding is that only authors of papers appearing on arXiv can submit withdrawal requests. We have directed the author to submit such a request, but to date, the author has not done so. Therefore, in an effort to clarify the research record, MIT respectfully request that the paper be marked as withdrawn from arXiv as soon as possible." The paper titled "Artificial Intelligence, Scientific Discovery, and Product Innovation" was published on the preprint site, arXiv, in November 2024. Preprints, by definition, have not yet undergone peer review, but the study received considerable attention, including from the likes of MIT economists Daron Acemoglu (who recently won the Nobel Prize) and David Autor. The latter told the Wall Street Journal that he was "floored" by the findings. The study claimed that AI's introduction to a large but unidentified materials science lab led to the discovery of more materials and more patent filings. However, the increased efficiency came at the cost of reducing researchers' satisfaction with their work. Both Mr Acemoglu and Mr Autor, who were acknowledged in the paper footnote, released a statement alongside the MIT release. saying they found inconsistencies in the study after its release. "Over time, we had concerns about the validity of this research, which we brought to the attention of the appropriate office at MIT. In early February, MIT followed its written policy and conducted an internal, confidential review," read the joint statement. The researcher responsible for the study is no longer affiliated with the university, MIT added.
