Home Technology Worldcoin co-founder leaves firm to start ‘Blackrock for new economy’ – TechCrunch

Worldcoin co-founder leaves firm to start ‘Blackrock for new economy’ – TechCrunch

by Shashank
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Top 3 Best : According to the latest news, regulatory filings, and investor decks obtained by TechCrunch, Worldcoin co-founder, and former CEO Max Novendstern is leaving the high-profile startup to launch a new venture. raised.

A Worldcoin spokesperson confirmed Novendstern is no longer affiliated with the startup but said he continues to advise the company. Novendstern did not respond to his Twitter message on Wednesday.

His new venture is called Mana, and he’s building “an AI venture capitalist that runs autonomously on-chain” or “Blackrock for the new economy,” according to investor Deck. The startup is raising money in partnership with Tribe Capital, Multicoin Capital, Dragonfly, and Variant, according to sources familiar with the matter. Multicoin did not respond to emails on Wednesday, as per the latest news

“Their target is general AI that can analyze any company and fund it with one click. Their goal is a venture model that scales like software. Anyone can invest, and Al improves with scale, so the system improves on the flywheel. At the core of their system is the ‘programmatic trading memo’,” the investor presentation said.

“For any investment criteria (team, product, strategy, etc.), Al predicts analyst decisions. Predictions are output by data pipelines and split between neural networks and human labelers. Use tools to train Als (“GitHub Copilot for Investors”). Success means beating all funds in the world in terms of speed of capital and cost of capital in an exponentially growing market. Ventures are no longer constrained by early equity checks into Bay’s moonshot. Rather, in new markets, as software globalization hits the “second half of the chessboard”, it will require simultaneous underwriting of all asset classes (liabilities, equities, tokens) across all cities and industries. ”

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