Rocket internet to invest up to €2.6bn in AI, fintech
German tech-focused venture capital (VC) firm Rocket Internet has announced that it will look to increase its investments in financial technology and artificial intelligence-focused companies.
The company has a cash pile of up to €2.6bn that it would be willing to attribute to these areas, having invested successfully into a number of startups including HelloFresh, Delivery Hero and Home24.
“In the first quarter of 2018, our selected companies continued to make progress on their path towards profitability, while demonstrating sustainable growth”, says Oliver Samwer, CEO of Rocket Internet.
Having released its quarterly results of late, the company reported a consolidated profit of €75mn.
According to Reuters, Samwer has revealed that although the company has not set any criteria or a timeframe surrounding this, it is currently actively pursuing opportunities within the fintech and AI markets.
The news comes shortly after Alibaba’s purchase of Daraz, a Pakistan-based ecommerce platform, from Rocket Internet earlier this month, marking the Chinese company’s second purchase of Rocket Internet assets.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”