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Source: Crunchbase
Summary
Tem, a startup, has raised $22 million in Series A funding led by Lightspeed to expand its AI-powered transaction engine to the US and Australia. The engine uses AI to cut costs.
Our Reading
The announcement sounds ambitious.
The startup claims to have built a transaction engine that relies on AI to cut costs, but this is just a rebranding of existing automation technology. We’ve seen this before, and it’s just a more efficient way of doing what’s already being done.
The funding will be used to expand the engine to new markets, but we’ll have to see if it actually delivers on its promises. The press release is full of buzzwords, but the actual details are scarce.
The company is using AI to optimize transactions, but this is just a fancy way of saying they’re using machine learning to make existing processes more efficient. It’s not a new concept, and we’ve seen it before under different names.
The real question is, will this new funding lead to actual innovation or just more marketing jargon?
Tem is just rebranding the same old automation ideas with AI and calling it a breakthrough. We’ve seen this before, and it’s just a rehashing of old concepts.
Original Observation: Tem is just AI-washing existing automation technology.
Author: Evan Null
