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As hybrid work becomes mainstream in the pandemic, <keyword id="1591453" type="General" weightage="20" keywordseo="remote-desktop" source="Orion">remote desktop</keyword> software <keyword id="7335024" type="General" weightage="20" keywordseo="anydesk" source="Orion">AnyDesk</keyword> has raised $70 million in its Series C funding, taking its market value to over $600 million. Germany-based AnyDesk has been downloaded more than 500 million times and sees more than 900 million sessions each month on average. The round was led by General Atlantic, with existing investors Insight Partners, EQT Ventures and Possible Ventures also participating, reports TechCrunch. "The goal was that we wanted to make the leanest and smallest software that was easiest for the most people to use," said Philipp Weiser, CEO and co-founder of AnyDesk. AnyDesk can work on connections as low as 100 kbps and still run smooth graphics. "The tech community likes us because of those things," Weiser was quoted as saying in the report on Monday. AnyDesk's customer base has some 80,000 organisations, including educational and government institutions, media companies, IT services firms and others. Individuals can use it for free, while business users can buy services in a variety of tiers, starting at nearly $10 a month. "AnyDesk is a strong example of the agile, forward-thinking companies that are shaping Germany on a broad scale. We believe in the company's ability to create next-generation solutions that meet the needs of this new era of remote work," said Achim Berg, operating partner at General Atlantic. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/used-car-startup-cars-24-not-in-a-hurry-for-ipo-like-droom-and-cartrade-com/slidelist/87743891.cms" data-type="tilCustomLink">INTERVIEW: The CEO of the biggest startup in the used car e-tail explains why he is skipping the 2021 IPO frenzy</a> <a href="https://www.businessinsider.in/personal-finance/news/now-you-can-invest-in-global-blockchain-companies-through-this-mutual-fund-heres-how-to-do-it/articleshow/87724967.cms">Now you can invest in global blockchain companies through this mutual fund ⁠— here's how to do it</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms">Cryptocurrencies tumble as China continues its crackdown against mining</a>

Remote desktop provider AnyDesk raises $70 million at over $600 million valuation

<ul><li>India’s central bank, the Reserve Bank of India (RBI), has issued a notice alerting online payment systems to be careful of an app called ‘AnyDesk’. </li><li>The app can allegedly access confidential user data to conduct fraudulent financial transactions through apps on the Unified Payments Interface (UPI). </li><li>129 banks currently used UPI in India overseeing transactions amounting to ₹1 trillion. </li></ul>As online transactions have boomed in India, so have the <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">instances</a> of financial fraud. In its most recent notice India’s central bank, the Reserve Bank of India (RBI), has warned banks and payment system operators to be vary of an app called ‘AnyDesk’ that’s being used by fraudsters to gain access to confidential user data. 
 
 
 
 <div type="ExtQuote" text="“An app code (nine-digit number) would be generated and once the fraudster inserts this code, he would ask the victim to grant permission. Post this, the fraudster will get full access to the victim’s device.”" auname="RBI circular"></div>







 The circular highlights how once ‘AnyDesk’ has the requisite permissions, the app allegedly uses its access the confidential data to carry out fraudulent transactions using apps that are based on the Unified Payments Interface (UPI). India’s lax cybersecurity Earlier this year, on January 10, the RBI <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11452&amp;Mode=0">issued</a> a notice alerting developers of payments apps in India to introduce more stringent controls. Even the National Payments Commision of India (NPCI), the umbrella organisation that oversees all retail payments, issued a similar notice asking developers to be wary of what kind of data is being accessed on user’s devices. Indian banks aren’t safe from the onslaught either. Cosmos bank, a Pune-based Indian bank, was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/cosmos-banks-server-hacked-rs-94-crore-siphoned-off-in-2-days/articleshow/65399477.cms">robbed</a> of ₹940 million because hackers were able to clone Visa and RuPay debit cards last year. The bank assured customers that the core banking system was safe and it was only the payments gateway that was hacked. 
	
 
 
 <div type="image" title="Cosmos-Bank-696x464" msid="68043247" hostid="261" caption="&amp;lt;p&amp;gt;Cosmos Bank branch in Maharashtra&amp;lt;/p&amp;gt;"></div>







 The use of digital wallets and online transactions have seen an increase since the government’s demonetisation exercise. And while hacking is a reality, there are also startups working on solving that problem. Appknox, for example, is a startup that <a href="https://appknox.com/in/">specialises</a> in mobile app security and has identified several critical vulnerabilities in UPI mobile apps. It’s critical to raise awareness about online digital security especially since India <a href="https://www.npci.org.in/product-statistics/upi-product-statistics">currently</a> has 129 banks on UPI will over 650 million transactions amounting to ₹1 trillion as of January. See also: <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">A majority of Indian corporates are unprepared for cyber security challenges: Report</a> <a href="https://www.businessinsider.in/can-nilekani-the-architect-of-the-worlds-largest-biometric-project-spark-digital-payments-in-india/articleshow/67439834.cms">Can Nilekani, the architect of the world’s largest biometric project, spark digital payments in India?</a> <a href="https://www.businessinsider.in/here-are-the-biggest-bank-frauds-that-happened-in-india-last-financial-year/articleshow/63942569.cms">Here are the biggest bank frauds that happened in India the previous financial year</a>

India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data

BCCI President <keyword id="6359039" type="General" weightage="20" keywordseo="sourav-ganguly" source="Orion">Sourav Ganguly</keyword> on Wednesday has been appointed as the chair of the <keyword id="12549888" type="General" weightage="20" keywordseo="ICC-Mens-cricket-committee" source="Orion">ICC Men's Cricket Committee</keyword>. Ganguly, the former India captain, succeeds his former team-mate and India captain Anil Kumble, who stepped down after having served the maximum of three three-year terms. The decision was taken at the International Cricket Council (ICC) Board Meeting in Dubai on Tuesday. "I am delighted to welcome Sourav to the position of Chair of the ICC Men's Cricket Committee. His experience as one of the world's best players and latterly as an administrator will help us shape our cricketing decisions moving forward. I would also like to thank Anil for his outstanding leadership over the last nine years which has included improving the international game through more regular and consistent application of DRS and a robust process for addressing suspect bowling actions," said ICC chairman <keyword id="6758293" type="General" weightage="20" keywordseo="greg-barclay" source="Orion">Greg Barclay</keyword>. The <keyword id="209835" type="General" weightage="20" keywordseo="icc-board" source="Orion">ICC Board</keyword> also approved the continuation of the ICC World Test Championship (WTC) in its current form of a nine-team league over a two-year period with a final between the top two teams at the conclusion. Following the expansion of the ICC Men's Cricket World Cup to a 14-team event in the next cycle (2027), the Board has accepted a recommendation from the Chief Executives' Committee (CEC) that the primary avenue for qualification for the event is based on rankings at a pre-determined cutoff date with the 10 highest-ranked teams on the Men's ODI Rankings qualifying automatically, and the remainder being determined via a global qualifier. The Board has approved first-class status and List A classification being applied to women's cricket to align with the men's game and applied retrospectively. In coming time, the ICC Women's Committee will be known as the ICC Women's Cricket Committee and will assume all decision-making responsibility for women's cricket reporting directly to the CEC. Johnny Grave, CEO of Cricket West Indies, has been appointed to the ICC Women's Cricket Committee. "This has been an extremely productive set of Board meetings and I'd like to thank my fellow Board Directors for their efforts in travelling to Dubai to enable us to enjoy our first face to face meeting in more than two years. International travel is not easy in COVID times, but we have achieved a significant amount by being in the same room," added Barclay. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/qualcomms-chipsets-will-drive-bmws-next-gen-cars/articleshow/87754100.cms">Qualcomm's chipsets will drive BMW's next gen cars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/remote-desktop-provider-anydesk-raises-70-million-at-over-600-million-valuation/articleshow/87751394.cms">Remote desktop provider AnyDesk raises $70 million at over $600 million valuation</a>

BCCI president Sourav Ganguly appointed as chair of ICC Men's cricket committee

The excitement around Go Fashion IPO is making money for shareholders of TCNS Clothing too

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Swedish investment firm EQT Ventures employs a proprietary AI and big data tool to identify hot startups to invest in as it looks to stay ahead of the pack in Europe.</li><li>The fund's data-driven efforts have seen four of its last 10 investments come through its "Motherbrain" technology.</li><li>EQT says investors which don't become data-driven risk being left behind in the future. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Investors across all asset classes are are always looking for a cutting edge over the competition but the pace of change has been markedly slower in venture capital than in other sectors.That may be changing as the industry looks to adopt algorithmic and data-driven investing as standard, with Sweden's EQT Ventures set up deliberately for that purpose.EQT Ventures is a relatively new fund within the Stockholm-based private equity group EQT which covers traditional sectors in credit, public equities, and infrastructure. One of the firm's cofounders, EQT Ventures partner Lars Jörnow, estimates that four of the fund's last 10 investments have come through Motherbrain, its propriety AI platform.Motherbrain, <a href="https://www.businessinsider.com/eqt-ventures-partner-reveals-why-ai-is-the-future-of-venture-capital-2018-8?r=US&amp;IR=T">referred to as a she with her own email address at the fund</a>, has scanned more than 10 million startups, and is an essential part of the operations of EQT as the VC firm looks to compete with larger funds."We're in a competitive situation where founders have the choice of many funds which is hard to quantify so we think long term, 15-20 years from now, if you're not data-driven you won't be around anymore," Jornow told Business Insider in an interview at Web Summit in Lisbon.The platform is built out of a variety of data sources including website traffic, app store downloads, valuation data, fundraising news, financial data, and investor information alongside other inputs from members of the EQT Ventures team.Some of the recent investments made through Motherbrain include Amazon Go competitor <a href="https://techcrunch.com/2019/07/25/standard-cognition-lands-35m-at-535m-valuation-to-battle-amazon-go/">Standard Cognition</a>, augmented reality gaming studio WarDucks, college student career network Handshake, and remote desktop company AnyDesk.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>The example of AnyDesk is cited by Jörnow as proof of Motherbrain's value to the fund. The company, which raised a €6.5 million ($7.8 million) Series A last May, is based in Stuttgart and seemed to have been passed over by Berlin's VC scene but its activity was picked up by Motherbrain, leading to EQT Ventures' investment.The firm's first investment through Motherbrain was Danish employee data startup Peakon in 2017.Unsurprisingly, the fund is bullish on Motherbrain's future uses. Jörnow predicts that some 90% of the firms investment decisions will come through Motherbrain in the next five years.<h3>Unicorn hunting and breaking tradition</h3>Motherbrain's applications are breaking the mold in the world of venture capital where personal connections and stereotypes of an "old boys' network" can still apply. However, EQT Venture's operating partner for analytics, Henrik Landgren says that EQT will soon do away with many traditional data sources. "We don't need to see pitch decks, even great ones, or pitches from our close friends because we already have the data on these companies."The platform would have successfully picked out a number of - undisclosed - unicorns in the market with its current configurations, EQT claimed. Landgren indicated that the fund is constantly adding sources to Motherbrain and that as much time is spent analyzing and learning from existing data sets as looking for new ones.His data team is now six people out of a total at 15 across the EQT firm which has more than $45 billion in AUM, of which its venture arm is approximately $650 million emphasising its focus on data.Not everyone is convinced by the move to big data in venture, though. Last year multiple people left <a href="https://www.businessinsider.com/social-capital-founding-partner-ted-maidenberg-is-joining-arjun-sethis-new-vc-firm-2018-7?r=US&amp;IR=T">Silicon Valley fund Social Capital after it announced a move towards more data-driven decision making</a>.But the trend is becoming more common. Notably GV (formerly Google Ventures), Correlation Ventures, Fly Ventures, and of course the aforementioned Social Capital pioneered "CaaS" - capital-as-a-service, in imitation of software-as-a-service.Notably, as big data and analytics transform other market sectors it seems EQT have made this pursuit one of its central pillars across its portfolio. Earlier this year it was reported that the fund would let Motherbrain loose on its buyout fund which could significantly improve deal flow information and report making within the private equity group, <a href="https://www.bloomberg.com/news/articles/2019-06-26/eqt-s-motherbrain-ready-to-take-on-46-billion-in-buyout-funds">per a Bloomberg report</a>.There is still plenty to iron out. "We haven't even started," Landgren added. "It's a no-brainer that you would use tech to invest in tech companies so we will improve our algorithms. Soon all funds will be talking about using data."

Eschewing pitch decks and personal connections in favour of data - here's how a European investor uses AI to stay on top

<div class="KonaFilter image-container display-table"><div><div class="image on-image">EQT Ventures</div></div></div><ul><li>EQT Ventures has developed Motherbrain, an AI-powered software program to help it find new startups in which to invest. </li><li>Motherbrain is treated as a partner at the firm, and even has her own e-mail address. </li><li>EQT Ventures partner Alastair Mitchell believes that the venture capital industry is 20 years behind other kinds of investors because it doesn't embrace algorithms or data in making deals. </li><li>Some other VCs believe that no machine can replace the human touch in dealmaking.</li></ul>Stockholm-based investment firm EQT Ventures has 30 employees. Among them, the firm has one partner who stands out from the rest. Like EQT Venture's other partners, she has a company email address, a short bio on the company's website, and a record of insightful market predictions. But there's one small catch: She isn't actually human.Her name is "Motherbrain" and she's a powerful, data-driven machine overseen by a team of data scientists and software developers. Her job description: Use all of that data to predict which startups will become billion dollar companies, faster than anyone else in venture capital."It's a 'she,' actually. We refer to her as a 'she,'" Alastair Mitchell, a founding partner at the firm said in a phone conversation, after I referred to Motherbrain multiple times as "it.""She's a core part of our thesis," he continued. "When we founded EQT we wanted to disrupt European ventures. We had multiple approaches to disrupting venture capital, and one of our main interests was the way in which software and AI will disrupt venture capital itself." Already, Mitchell said that Motherbrain has found two formerly undiscovered companies for the firm, one of which is currently unannounced. The other company is a remote desktop service called AnyDesk, which EQT Ventures led a €6.5 million investment in earlier this year."When we invested in them, they were a team of 15 people based out of a small town in Germany," said Mitchell. "They weren't on anyone's network. They weren't on Pitchbook or Crunchbase, they hadn't raised any angel money or talked to investors. But they had built an amazing bit of software."With Motherbrain, Mitchell and his firm have taken a bold stance in an important debate at the center of the venture capital world: In an industry that drives technological innovation, how much should technology itself influence the way firms invest?<h2>'The VC fund of the future will not be based purely on the old boy's club of internal partners'</h2>For EQT Ventures and its team, data is the key to not only informing whether or not a startup will be a good investment in the future, it's a route to discovering great companies as well. "Clearly the more startups you see, the more likely you are to find the better deal," said Mitchell. "It's a data-based problem. The more data you have, the more companies you see, and then you can make better decisions faster."Typically, investors rely on their professional and social networks to hear about interesting companies and notable new technological innovations. But even the most well-connected investor will fall short of a software program that's tasked with the exclusive job of combing the internet in search of undiscovered startups. "It seems totally ludicrous that this process of discovering companies could not be dramatically improved through the use of modern data and AI," said Mitchell. "It's a pretty obvious conclusion that the VC fund of the future will not be based purely on the old boy's club of internal partners, but on the data and software they use to source and pick those companies."While Mitchell declined to disclose the exact specifics of how Motherbrain's proprietary technology works, he said that its AI-powered software discovered AnyDesk's software by tracking down the large number of web downloads it regularly received. "We wouldn't have been able to discover this company without Motherbrain, because there's no way we would have known to look for it," said Mitchell.Mitchell also said that Motherbrain's data revealed that AnyDesk was poised to outpace a $2 billion competitor in its field, meaning that EQT was going to get in on the deal early.In addition to AnyDesk, Mitchell credits Motherbrain with one of EQT's best investments in a fast-growing Finnish gaming company called Small Giant Games. "It's an unbelievable unicorn company. It's gone from taking in $50,000 in a month to $15 million a month in just over a year," he said.Mitchell said that the decision to invest was almost entirely based on Motherbrain's insight."We entirely made the decision to invest in them based on data," "We looked at the trends within the data, and the potential monetization. From that information, we were able to make an investment."<h2>Can a machine invest as well as a human?</h2>While data typically plays a large role in traditional venture capital, firms differ in their approach. In multiple conversations with Business Insider, many venture capitalists have said that their investing decisions are based on a number of contributing factors. Tangible data like metrics and analytics are big part of the process, they say, but there's also a fundamental human element that goes into calling a good deal, as well. Some call it intuition. Others describe it as emotional intelligence. Still others describe it as instinct; a gut feeling that guides the final decision. Or, as Deven Parekh, managing director at Insight Venture Partners puts it: "At the end of the day, for now at least, venture capital is still a human decision business. Determining a good deal still requires human judgement." But does it?According to Mitchell, venture capital's current reliance on human insight has placed the industry abysmally behind the data-driven approach traditionally used by institutional investors."Venture capital is probably 20 years behind given the fact that the stock market has been trading algorithmically for many years," said Mitchell. "Right now, the classic phrase that investors would use is that the industry is about 98% human pattern recognition. 2% is based on data."This paradigm, said Mitchell, is deeply flawed. While Mitchell said that EQT Ventures currently relies on a 50/50 split of human insight and AI-powered data, he suggests that an ideal investing model would rely more heavily on algorithms and machine-driven analytics. "I think we're going to end up around 80% data and 20% human insight and personal experience," he said. "In venture capital, we're investing in technology, but the industry itself is so far behind. The irony is never lost on me."<h2>Not every VC loves having that much data</h2>While most venture firms typically use at least some data to inform their deals, there's been debate over just how much of that information should be a part of the decision-making process. <a href="https://medium.com/social-capital/capital-as-a-service-a-new-operating-system-for-early-stage-investing-6d001416c0df">After Silicon Valley venture firm Social Capital announced plans to move to a more data-informed investment approach last year,</a> several partners left the firm. In conversations with Business Insider, multiple people familiar with the firm <a href="https://www.businessinsider.com/social-capital-founding-partner-ted-maidenberg-is-joining-arjun-sethis-new-vc-firm-2018-7">suggested that the departures had resulted in part due to its move to data-driven investing.</a>See more: <a href="https://www.businessinsider.com/social-capital-founding-partner-ted-maidenberg-is-joining-arjun-sethis-new-vc-firm-2018-7">VCs are fleeing ex-Facebook exec Chamath Palihapitiya's firm to launch an offshoot fund: 'It's like Social Capital without Chamath'</a>"As soon as you move to algorithms and you're just purely data-driven, you're going to lose the sensibility of a company," one person familiar with the departures who asked not to be identified told Business Insider at the time. "I don't care if you're the founder of a tech startup or a VC. Being disconnected from the touch is damaging."Social Capital is far from being the only venture firm to express a growing interest in data. GV (formerly Google Ventures) has long distinguished itself as leader in data driven investing.<a href="https://www.nytimes.com/2013/06/24/technology/venture-capital-blends-more-data-crunching-into-choice-of-targets.html"> In a 2013 interview with the New York Times,</a> a managing partner at the firm said that data was a critical component of its decision-making process. "We have access to the world's largest data sets you can imagine, our cloud computer infrastructure is the biggest ever," <a href="https://www.nytimes.com/2013/06/24/technology/venture-capital-blends-more-data-crunching-into-choice-of-targets.html">he said.</a> "It would be foolish to just go out and make gut investments."<h2>This could be the future of VC</h2>Mitchell predicts that data-driven investing is still only in its very nascent stages. In the upcoming years, venture firms will run with a deeper reliance on AI-sourced insights, he said. "In the future, you're going to see the rise of small startup investment shops that will be run exclusively by engineers," he said. "They'll say, 'Oh, we can run this better than everyone else and raise money off the back of the software we make.'"Not every investor seems sure about the algorithmic future of investing."Oftentimes, the best deals aren't clear," said Insight Venture Partner's managing director Deven Parekh. "When you put an algorithm against an investment, I worry that the algorithm will focus on the lowest common denominators in the investment process."While Parekh said that data informs a large part of how his firm invests, he's speculative of the idea that AI-driven investing could be the future of venture capital."But who knows?" Parekh continued. "Will this evolve over the next thirty years? I don't know. But there's probably a lot of livelihoods that are at risk before we get to venture capital."For Mitchell, running a venture firm that actively cultivates its own proprietary tech is essential not only to investing but to attracting startup founders as well. "Our founders love it," he said. "They're on the cutting edge of data. They love that we have a team of 10 data scientists, and that we're iterating and testing our own software. We're not sitting in an ivy tower saying that we have the best insight based on our own gut feeling." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/iphone-issues-problems-hardware-software-ios-2018-7">Everything wrong with the iPhone</a></h3> <div> </div> </div>

A partner at a $630 million fund reveals his firm's secret to scouting billion dollar companies - and says that the rest of venture capital is 20 years behind

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Remote desktop provider AnyDesk raises $70 million at over $600 million valuation

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India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data

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BCCI president Sourav Ganguly appointed as chair of ICC Men's cricket committee

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Eschewing pitch decks and personal connections in favour of data - here's how a European investor uses AI to stay on top

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A partner at a $630 million fund reveals his firm's secret to scouting billion dollar companies - and says that the rest of venture capital is 20 years behind

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