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Pace Secures $10 Million Investment from Sequoia Capital
Pace, an agentic AI startup focused on insurance operations, recently raised $10 million in funding from Sequoia Capital, according to Fortune. The company, led by CEO and co-founder Jamie Cuffe, aims to revolutionize business process outsourcing (BPOs) within the insurance industry by leveraging artificial intelligence.
Cuffe, who grew up in major insurance hubs like London, New York, and Bermuda, observed the evolution of outsourcing. "The Internet is really what gave rise to outsourcing," Cuffe told Fortune, noting the shift of work offshore in the 1990s and 2000s. Pace is now capitalizing on the potential of AI to handle tasks previously outsourced.
In other news, Trayd (YCS23), a construction payroll and back-office software company, announced it is hiring senior engineers in New York City. According to a Hacker News post, Trayd experienced significant growth, reporting a "57 month-over-month revenue growth." The company emphasizes accuracy and reliability in its payroll software, highlighting that "99% accuracy is an F." Trayd's tech stack includes TypeScript, Node, Postgres, Prisma, React, and React Native.
Meanwhile, Pfizer CEO Albert Bourla discussed leading the company after the COVID-19 pandemic in an interview with Fortune Editor-in-Chief Alyson Shontell. Bourla, who joined Pfizer in 1993 and led the company through the pandemic, oversaw the development of the first FDA-approved COVID-19 vaccine in collaboration with BioNTech, as well as the introduction of Paxlovid.
In Minneapolis, tensions remain high as detailed in a reporter's notebook from NPR News. The article recounts an incident where a reporter was mistaken for an ICE officer, highlighting the ongoing concerns and anxieties within the community.
Finally, Hacker News featured a discussion regarding resources for learning 6502 Assembly Language and the Apple II. The discussion emphasized the importance of finding resources specifically tailored to Apple II programming, including its memory map and hardware.
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FedEx Freight Holding Co. is issuing investment-grade dollar bonds in a four-part offering, with the longest-tenor note priced 1.4 percentage points above Treasuries, as it prepares for its spinoff from FedEx Corp. in June. The bond sale signals significant financial activity surrounding the spinoff, potentially impacting the market's valuation of both FedEx and the newly independent FedEx Freight.
India's reduced demand for Russian crude oil, despite Russia maintaining high production levels at 3.18 million barrels a day, is creating a surplus and logistical challenges for Russian oil exports. This situation highlights the complexities of global energy markets and the impact of geopolitical factors on supply chains, potentially requiring Russia to adapt its export strategies.
Amazon is settling a class-action lawsuit for over $1 billion related to allegedly mishandled returns, highlighting the complexities of managing e-commerce logistics at scale. The settlement, which includes refunds and payments to affected customers, underscores the importance of transparent and reliable AI-driven systems for processing returns and maintaining consumer trust in the digital marketplace.
Moonshot AI has released Kimi K2.5, a multimodal open-source AI model excelling in text, image, and video understanding, trained on 15 trillion tokens. Kimi K2.5 demonstrates strong coding capabilities and agent orchestration, outperforming proprietary models like Gemini 3 Pro and GPT 5.2 in coding benchmarks and achieving top scores in video understanding, signaling advancements in AI-driven development and multimedia processing.
MicroVision has submitted a $33 million bid to acquire Luminar's lidar business, surpassing Quantum Computing Inc.'s previous offer and signaling further consolidation in the disrupted lidar market. The acquisition, which includes key IP, inventory, talent, and commercial contracts, aims to expand MicroVision's sensor portfolio and position it for increased commercial adoption and safety advancements in the automotive sector. The sale is pending court approval following Luminar's bankruptcy case.
A crisis of truth has emerged in Minneapolis following the police shooting of Alex Pretti, exacerbated by the rapid spread of AI-generated imagery and conflicting narratives online. This incident highlights the growing challenge of discerning reality in the age of increasingly sophisticated AI, raising critical questions about trust and the reliability of visual information in the digital sphere. The Vergecast explores this issue.
Samsung's Galaxy Z Trifold, a phone-tablet hybrid featuring a unique trifolding design, launches this Friday with a premium price tag of $2,899 for the 512GB model. This device, one of the first trifolding phones available in the US market, represents a significant advancement in foldable display technology, though its high cost may limit its initial appeal to early adopters.
Pinterest is laying off approximately 15% of its workforce, around 700 employees, by September 2026 to strategically invest in AI-driven initiatives. This restructuring highlights a growing trend of companies prioritizing AI, potentially impacting employment as businesses shift focus towards automation and AI-powered products.
Flora, a node-based design tool utilizing generative AI, secured $42 million in Series A funding led by Redpoint Ventures to advance its platform. The tool allows designers to create and iterate media assets using multimodal inputs like images, text, and video, offering a new workflow to accommodate AI-driven design processes and compete with established players like Adobe and Figma. This investment signals a growing trend towards AI-centric design tools that offer more flexible and iterative creative workflows.
Review Book Reviews A kids' guide to phone-free fun, from the author of 'The Anxious Generation' January 27, 20269:00 AM ET By Tahneer Oksman Jonathan Haidt's 2024 book The Anxious Generation made the case that smartphones and social media had "rewired" kids' brains. His new book, The Amazing Generation, is a collaboration with science journalist Catherine Price and graphic novelist Cynthia Yuan Cheng.
India and the European Union have finalized a comprehensive free trade agreement after nearly 20 years of negotiations, aiming to strengthen economic and strategic relations. The agreement, affecting a substantial portion of the global population and GDP, seeks to eliminate tariffs on most goods and diversify trade partnerships amid rising trade tensions with the United States. Both Indian and EU leaders have expressed optimism about the opportunities the deal will create for their respective economies.
Multiple news sources report that Congressional Democrats are seeking Justice Department records related to the fatal shootings of two U.S. citizens by Border Patrol agents in Minneapolis, alleging obstruction and inappropriate targeting, while Second Amendment advocates criticize potential infringements on gun rights following one of the shootings. Amidst these events, new U.S. visa restrictions on Palestinians are raising diplomatic concerns, and a couple's emotionally taxing journey to Poland, including visits to Warsaw's historical sites and the impending visit to Auschwitz, underscores personal and historical connections to the Holocaust.
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