Remitly Releases Update to Money Transfer Service to India

Remitly, one of the largest private digital remittance companies headquartered in the U.S., announced it has released an update to its money transfer service to India. The update moves its daily sending limit to $30,000 on money sent to India from the U.S. The company also announced it has enlisted critically acclaimed Bollywood actor R. Madhavan as its brand ambassador. “The remittance industry is undergoing a rapid digital transformation and India is the top receiver of remittances in the world, receiving over $69 billion in remittances in 2017, higher than any other country,” said Matt Oppenheimer, Remitly CEO. “This is a credit to India’s overseas communities around the world. They made the courageous decision to move to another country to live and work, sending their earnings back to loved ones in India. We’re committed to this community and honored to make the experience of sending money across borders easier for the hard-working individuals that contribute so much. We are delighted to welcome Maddy to the Remitly team and excited to launch our new campaign with him.” Remitly remains committed to India’s overseas community as evidenced by its growing partner network of over 150 banks for receivers in India and its recent update to the U.S. to India daily sending limit. “I look forward to working with the Remitly team to build deeper connections with India's overseas community in service of their mission to transform the lives of immigrants and their families around the world,” said Madhavan.

Eros Now Announces Partnership With InMobi

Eros International PLC, a global company in the Indian film entertainment industry, announced that Eros Now, its cutting-edge digital over-the-top South Asian entertainment platform, has partnered with InMobi, a global provider of enterprise platforms for marketers. The association will enable advertisers to directly monetize on Eros Now’s video platform, which boasts an audience of over a 100 million registered users, dedicated to Bollywood and movie streaming. Through the partnership, Eros Now will adopt InMobi’s disruptive mobile-first advertising platform to market content through the in-app video universe across India. “The digital penetration is seeing an incremental growth across cities in India and the consumer is increasingly spending much more time on their mobile devices than they did a few years ago, making it one of the most sought-after platforms for advertising,” Rishika Lulla Singh, Eros Digital CEO, said. Added InMobi founder and CEO Naveen Tewari: “Our association with Eros Now marks an industry first partnership in the OTT space which is the next big thing after the app economy. It will be a trendsetter in many ways.” With this partnership, the two companies will work in close cooperation to devise a go-to-market strategy, offering integrated advertising and marketing solutions for Eros Now.

DNAlite Therapeutics Raises $1.5M in Seed Funding

DNAlite Therapeutics Inc., an early stage preclinical therapeutic company, has raised $1.5 million in a seed-stage financing. DNAlite was founded by U.C. Berkeley graduates Mubhij Ahmad and Timothy Day in 2016. The proceeds of the round will be used to continue development of gastrointestinal tract gene therapy treatments for patients who suffer from genetic intestinal diseases, utilizing DNAlite’s proprietary delivery platform technology. “We are very excited to receive this investment to help DNAlite push forward its technology. We look forward to continuing to work closely with our investors and partners to move new treatments further through our pipeline. We are pleased to bring on board Xixi Zhu with her scientific background and experience in operations, cross border fundraising and business development and Dr. Cassandra Callmann with her expertise in nanoparticle drug delivery,” Ahmad said.

Observe.AI Secures $8 Million Series A Round

Observe.AI has secured $8 million in Series A funding led by Nexus Venture Partners. Observe.AI empowers call center agents to do their jobs better. Founded in May 2017 by Indian American entrepreneurs Akash Singh, Sharath Keshava and Swapnil Jain, Observe.AI already boasts one of the largest call centers in the U.S. among its customers. The company recently partnered with Talkdesk to launch its voice AI platform for Talkdesk customers. Swapnil Jain, founder and CEO of Observe.AI, said, “Humans like talking to humans because it gives them a sense of assurance which is at the core of a delightful customer experience. We are using the power of AI to make that voice conversation even more delightful by equipping the customer support agent with the tools needed while the call is going on. The agent no longer needs to place customers on hold, or transfer them around; continuous engagement is established until a successful resolution is reached. Our agent-first approach is all about making the job of the agent easier which translates into better productivity and higher customer satisfaction.” Added Ram Gupta, managing director of Nexus Venture Partners: “We are excited to partner with the team at Observe.AI as it leads this positive disruption in the call center ecosystem.”

WGL Energy Secures $75 Million Financing

WGL Energy Systems Inc., a WGL company, announced that it has secured a $75 million financing package from M&T Bank to provide funding for future solar energy projects. WGL Energy seeks to expand its renewable energy programs and will partner with organizations across the country on these key solar energy initiatives. The credit package provides WGL with the flexibility and autonomy to choose between one and up to 30 projects to invest in, own and operate. WGL Energy has more than 290 megawatts of distributed generation projects installed or under contract across 21 states and the District of Columbia. “WGL Energy is looking forward to working with other energy innovators throughout the county to expand our reach of diverse, renewable energy solutions such as solar so more customers and communities can enjoy the benefits of stabilized prices and lower carbon emissions,” said Sanjiv Mahan, president of WGL Energy. “M&T Bank was instrumental in providing us with a creative and structured solution to our specific financing needs.”

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