Eight Innovative Startups Showcase Cutting-Edge Financial Technologies at Sixth Annual FinTech Innovation Lab Demo Day in New York City
Program participants include 51maps, AlphaPoint, Cambridge Blockchain, ForwardLane, Quarule, Syndicated Loan Direct, T-REX Group and untapt
NEW YORK; June 23, 2016 – A select group of leading-edge financial services technology (fintech) companies demonstrated their products and services to dozens of top bank, venture capital and technology executives today at the sixth annual New York FinTech Innovation Lab Demo Day.
Created by Accenture (NYSE: ACN) and the Partnership Fund for New York City in 2010, the FinTech Innovation Lab is a 12-week mentoring program to enhance fintech innovation and drive high-tech job growth in New York City by connecting startups with decision makers at some of the world’s leading financial institutions. This year’s Demo Day was held at Bank of America’s One Bryant Park in Manhattan.
The eight companies in this year’s lab were selected by senior technology executives from 16 participating financial institutions and have spent the last 12 weeks receiving intensive mentoring, product and business-development advice, and exposure to senior financial industry, technology and venture capital executives. The 2016 FinTech Innovation Lab participants are:
- 51maps — provides a secure platform that allows companies to integrate all of the applications used by employees into one central, secure dashboard that can be accessed on any device. This enables a seamless, intuitive user experience with enhanced security and navigation, increasing employee efficiency as well as the overall customer experience.
- AlphaPoint — provides blockchain-enabled solutions to issue, track, and trade digital assets. Its secure, scalable, and customizable platform enables customers to deploy blockchain technology today to reduce operational costs and generate revenue from new products and services. AlphaPoint has 3 live blockchain applications, with over 20 customers, and over $500 Million transacted on the platform.
- Cambridge Blockchain — an identity management platform for multinational banks that puts control of personal identity data back in the hands of the end user. This blockchain-enabled approach meets the strictest new data privacy rules, eliminates redundant know-your-customer compliance steps and improves the user experience.
- ForwardLane — uses artificial intelligence to scale the quality and sophistication of ultra-high net worth investment advice to everyone. The wealth management solution empowers financial advisors to deliver high-quality, personalized and differentiated service to clients.
- Quarule — automates risk controls and compliance certification at scale by teaching computers the meaning of regulations, policies and standards using Artificial Intelligence and technology licensed from SRI International.
- Syndicated Loan Direct — extracts information from unstructured legal debt documents using artificial intelligence to create financial metrics that drastically reduce analysis time, improve capital management, assist with quicker trading decisions, and increase liquidity.
- T-REX — a platform that provides tools for sophisticated risk analysis and valuation of assets to make the finance process more efficient and transparent, shortening the transaction time from up to six months to less than one week. The platform initially focuses on renewable energy assets, such as solar, and plans to expand into additional asset classes.
- untapt — a data-driven hiring platform that uses machine intelligence to better match quality technologists with hiring managers. This allows companies to fill their growing need for engineering talent, solving a critical industry pain point. untapt can be used to bring new talent into a company, or can be used within an organization as an internal mobility tool.
Fund investment, New Lab, opened its doors for the first time this week, providing a professional base and support for 350 people, across 50 independent companies.
New Lab covers 84,000 square feet and is a breakthrough ecosystem of shared resources where entrepreneurs, engineers, designers, and academics—in fields such as artificial intelligence, robotics, and connected devices—can take their ideas from concept to prototype to production all under one roof.
New Report: Commercial Life Sciences Can Be New York’s Next Big Industry
Jobs, Economic Activity Can Double with State/City/Industry Collaboration
A new report released today by the Partnership Fund for New York City finds that New York’s life sciences industry is uniquely positioned for explosive growth. The report, titled ‘New York’s Next Big Industry: Commercial Life Sciences,’ contrasts the strength of the city’s research institutions and top scientists with its relatively small number of start-up companies, venture capital investments and jobs in life sciences. It calls for public and private actions to develop the facilities and funding needed to capture the economic benefits of New York’s rich research and clinical assets. To read the full report, visit http://pfnyc.org/our-research/commercial-life-sciences/.
The report, produced with the help of KPMG, finds that New York is about equal to Massachusetts and California when it comes to research grants and discoveries, but falls far behind when it comes to business activity, venture investment and jobs. New York City currently has only 14,000 jobs in commercial life sciences, compared to over 50,000 in both Silicon Valley and Boston/Cambridge.
The following article appeared on the Wall Street Journal’s Venture Capital Pro platform:
Gormley’s Take: To Build a Biotech Hub, New York Needs to Find Talent
By Brian Gormley – June 22, 2016
New York has been creating lab space for startups in a bid to capture more biotech venture capital and emerge as a top life-sciences hub. Now it has to give biotech VCs more of what they need most: entrepreneurial talent.
Home to top drug companies and medical-research centers, New York would seem a natural breeding ground for biotech. Yet it lags behind cities in California and Massachusetts in attracting the venture dollars.
In fiscal year 2015, the state generated 6 cents in life-sciences venture financing for each dollar received in National Institutes of Health grants, according to a new report from the Partnership Fund for New York City, which invests in startups. By contrast Massachusetts and California generated $1.32 and $1.27, respectively.
Follow this link to read the full story.
Read the Fund’s report here.
“The city’s business community has been steadfast that mayoral control is the only viable way to run New York City’s schools. This end-of-session compromise is welcome news and critical for the future success of the city’s students.”
Rgenix, a cancer therapeutics company developing first-in-class drugs targeting novel cancer pathways, announced a $33 million Series B financing led by Novo A/S and Sofinnova Partners, with participation from existing investors including Partnership Fund for New York City, Alexandria Venture Investments, and Conegliano Ventures LP. The financing will support clinical development of Rgenix’s lead drug candidates, RGX-104 and RGX-202, as well as further development of its therapeutics pipeline.
Click here for more information.
Enigma, a graduate from the FinTech Innovation Lab Program, has been named one of the 11 hottest startups in the country by Inc.
Enigma, part of the 2014 graduating class, received significant feedback from mentors at a variety of financial services institutions on its data management products as a part of the FinTech Innovation Lab Program. It has gone on to impress investors with its new product line and growth.
To read the story in full, click here.
AIG, Deutsche Bank and other members of the Partnership for New York City discuss the challenges in maintaining employee mental health
Subject matter experts discuss the use and abuse of opioids with nearly 2 million Americans abusing prescription drugs today
NEW YORK, June 6, 2016 – The National Alliance on Mental Illness of New York City (NAMI-NYC Metro) and Northeast Business Group on Health (NEBGH) co-hosted its second CEO Summit on Mental Health in the Workplace in New York City alongside the Partnership for New York City and the American Psychiatric Association Foundation’s Partnership For Workplace Mental Health. The meeting included several members of the Partnership for New York City and other top employers.
The business community is relying on the leadership of Majority Leader John Flanagan to ensure that New York City schools continue to have a rational governance system, along the lines of the mayoral control legislation that his conference was instrumental in designing in 2002. The bill that Majority Leader Flanagan introduced last night would require greater parent and community involvement in policy-making and more communication about what is happening in the schools, which are both laudable. On the other hand, his bill extends mayoral control for only one year and contains a provision that would establish an Education Inspector appointed by the Governor, confirmed by the Senate, with powers to appeal all local policy decisions to the State Education Department, which is primarily accountable to the Assembly majority. If this provision is enacted, once again we will have fractured lines of authority and accountability in management of the city schools. It is understandable that Majority Leader Flanagan and his conference are looking for some additional transparency and access to data on school performance, but hopefully they can achieve that without throwing our schools back into a divisive governance system in which nothing can get done.
“The Business Regulation Council has demonstrated that business and labor interests representing all parts of our state can work together to come up with policy and regulatory actions that enhance the economic interests of all New Yorkers. Within six weeks, members of the Council, with input from the public, were able to identify dozens of opportunities to improve the state’s business climate. We hope the recommendations of the Council to the Governor, Senate and Assembly can result in some quick wins that will benefit employers and workers alike. We will continue to work on some of the thornier issues – such as worker’s compensation, insurance, tax, and procurement – in order to carry out the full mission with which the Council was charged.”