MainFunc Inc. has raised $60 million on the strength of its principal technology — a free, AI-powered search engine called Genspark. The platform responds to queries by writing custom summaries that are presented in a “Sparkpage,” a one-page overview featuring content from around the web. Genspark joins a growing field of generative AI search engines, the best-known of which is Perplexity, which has raised $250 million since its 2022 launch and is currently valued at about $2.5 billion. Reuters says Genspark’s funding values the company at $260 million. Google also offers “AI Overviews” as part of Google search. Continue reading Genspark Joins Collection of GenAI-Powered Search Engines

China put a halt to Ant Group’s two initial public offerings, leaving investors, employees and shareholders in a state of shock. The IPOs, described as “heavily oversubscribed,” was expected to raise at least $334.4 billion. The first inkling that things were going off the rails came Wednesday when some investors were informed their orders were canceled and monies would be refunded. The Shanghai Stock Exchange suspended the scheduled November 5 IPO, saying Ant might not be in compliance with new fintech regulations. Continue reading Chinese Regulators Suspend Ant IPO, Legislate New Hurdles