Companies & Markets

Business management System Osome Increases US$2m in seed Financing

AI-POWERED company management platform Osome has increased US$2 million for its seed round headed by Berlin-headquartered venture capital company Target Global. Other shareholders included Phystech Ventures, AD.RU capital and lots of angel investors.

Osome, that is located in Singapore, was launched in January 2018 to facilitate company direction for small and midsize businesses (SMEs). Its suite of services includes company registration, company record keeping, bookkeeping, and filing of annual returnsand corporate secretary solutions and payroll management.

Osome said in a press statement that its stage employs automation resources and AI (artificial intelligence) to increase response time and precision, and also to lower price. The new capital will be utilized for product development and expansion into Australia and Hong Kong.

“We understand how much time and resources are spent on problems with no direct relation to business”, said Mike Lobanov, general partner at Target International. “Countless jobs in different states face such issues, which explains why Osome includes a excellent chance to input other foreign markets.”

At the core of Osome’s technologies is a proprietary AI chatbot that responds to customers’ requests and assists them in critical but time consuming jobs involved with business management, stated the company. For instance, users wanting to incorporate a corporation will be advised to offer key details for registration in the protected chat; Osome then handles the necessary documentation.

Google to pay out US$150-200m over YouTube privacy Asserts


GOOGLE will cover US$150-200 million to settle allegations YouTube violated a children’s privacy legislation when collecting data to better target its adverts, US media reports said on Friday.

The US Federal Trade Commission agreed that the sum of the settlement against YouTube parent Google, that, if accepted by the Justice Department, are the largest settlement in a situation involving children’s solitude, ” The New York Times reported.

The allegations from YouTube were made with privacy groups that said the platform had violated laws protecting children’s privacy by gathering data on consumers under the age of 13 without getting consent from parents, Politico reported.

The FTC is expected to announce its decision on the settlement in September, The New York Times explained.

US authorities have long argued Google fails to protect kids from harmful content and data collection on its own YouTube platform.

Advocacy band The Center for Digital Democracy said in a statement that the proposed compensation would be”dangerously low” awarded Google’s size and revenue, and called on the FTC to”enjoin Google from committing further violations” of children’s privacy law.

Google remains the money-making motor for parent firm Alphabet, with the majority of its earnings coming from electronic advertisements, which accounted for US$116 billion of the US$136 billion the Silicon Valley-based firm took in last year.

Fellow US technology giant Facebook recently settled a listing US$5 billion nice using the US Federal Trade Commission for misusing users’ private data. AFP