TechCrunch Summary (2023-05-15 09AM)

Source: ZestMoney founders resign as Goldman Sachs-backed fintech struggles to raise funds

Summary
Founders of Indian fintech ZestMoney have resigned, following a failed acquisition deal with PhonePe. Lizzie Chapman, Priya Sharma and Ashish Anantharaman expressed their support for the incoming management team and the continued potential of the company.

Fact

💰 ZestMoney provides small ticket loans to first-time internet customers.

📉 The deal to acquire ZestMoney by PhonePe failed to complete.

💼 The founders promised to provide full support to the incoming management team, and facilitate a smooth transition over the next four months.

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Source: Cybercriminals who targeted Ukraine are actually Russian government hackers, researchers say

Summary
The cybercrime group known as Cuba Ransomware, which was previously associated with a malware strain, RomCom RAT, is actually a group working for the Russian government, according to cybersecurity researchers at BlackBerry. The researchers claim that the group targeted Ukrainian military units and local governments.

Fact

🕵️‍♂️ BlackBerry’s cybersecurity researchers claim Cuba Ransomware, the group previously thought to be interested in cybercrime and ransomware, is actually an arm of the Russian government targeting Ukraine.

🤖 Remote Access Trojan (RAT) called RomCom RAT is used by the hackers who have disguised themselves under the Cuba Ransomware moniker and targeted various sectors.

🎭 Russian government hackers previously disguised themselves with different made-up personas, including Guccifer 2.0, Iranian hacking groups, an Islamist hacking group, and others.

🇺🇦 Targets of Cuba Ransomware included Ukrainian military units, local government agencies, and Ukraine’s parliament.

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Source: VCs love to talk about AI, but they aren’t writing as many checks as you might think

Summary
AI investment has not been as hot as expected despite recent interest in the sector. CB Insights reports a 66% decline of funds for AI start-ups in Q1 2023, with the number of deals falling by 37%, indicating a notable slowdown.

Facts

💰 Investment in AI startups declined by 66% YoY in Q1 2023.

👥 The number of deals decreased by 37% to 554 in the same period.

🤔 The trend of reduced investment comes despite the recent developments and interest in the AI sector, with various cloud infrastructure and enterprise companies having announced new generative AI products.

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Source: Amazon is developing a ‘Lord of the Rings’ MMO

Summary
Amazon will release an open-world Middle-earth massively multiplayer online game based on the works of J.R.R. Tolkien’s “The Lord of the Rings” and “The Hobbit.” Amazon Games Orange County studio will develop the game, which will be available for PC and consoles.

Fact
💻 The open-world MMO adventure set in Middle-earth will be developed by Amazon Games Orange County studio, the same studio behind the MMO New World, and released globally for PC and consoles.

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