A group of 18 senators sent the Department of Justice (DOJ) a letter raising concerns about the agency’s funding and oversight of what they called “frequently inaccurate” facial recognition software. The group highlighted that law enforcement has widely used facial recognition and other biometric technologies. However, they stated that these technologies can be unreliable and inaccurate, especially concerning race and ethnicity. The senators, led by Senate Judiciary Committee Chair Dick Durbin and Sen. Raphael Warnock, suggested that the DOJ funding for the deployment of the technology is potentially a problem. They also
Spelman College has made history on its 100th birthday as the recipient of a $100 million donation: the largest-ever single gift to a historically Black college. The college is based in Atlanta and is a historically Black liberal arts college for women. The donation came from businesswoman and philanthropist Ronda Stryker and her husband, William Johnston – the chairman of the wealth management company Greenleaf Trust. Stryker has been a Spelman College Trustee since 1997 and a member of Harvard Medical School’s board of fellows member. She is also the granddaughter
Young Black people are more likely to invest in stocks than their white counterparts, according to a recently published survey by Ariel Investments and Charles Schwab. The survey, conducted in 2022, found that 68% of Black respondents under 40 invested in the stock market, compared to 57% of white under 40s. More Black Americans Investing In Stock The 2022 survey compared Black and white survey respondents with an average household income of $99,000 and $106,000. The study found that overall, the stock market participation is higher among younger Black Americans,
BlackRock Inc. has agreed to purchase Global Infrastructure Partners (GIP), which Adebayo “Bayo” Ogunlesi co-founded, for around $12.5 billion. BlackRock Inc. Purchases GIP GIP is a leading global independent infrastructure fund manager. They target infrastructure businesses and assets in the energy, transportation, digital, water, and waste sectors, where they believe their expertise and relationships provide a competitive advantage. It was founded in 2006 and has grown to be one of the world’s largest infrastructure investors, managing $100 billion in assets on behalf of its global investor base. Along the almost 20-year history
Investment firm Compass Diversified has acquired a majority stake in Beatrice Dixon’s plant-derived feminine care brand, The Honey Pot Company. The Honey Pot Co. was founded in 2012, offering products across the feminine hygiene, menstrual, consumer health, and sexual wellness categories. It can be found in more than 33,000 stores across the US, including Target, Walmart, CVS, and Walgreens, with annual sales estimated to be around $120 million. The Honey Pot Co.’s distinct approach to product formulation, using plant-derived ingredients and clinically tested formulas, has fostered a loyal and diverse customer base over the years.
Nigerian fintech startup Cleva has raised $1.5 million in pre-seed funding in a round led by San Francisco-based 1984 Ventures. Founded by Tolu Alabi and Phillip Abel, alumni of Stripe and Amazon Web Services (AWS), Cleva’s product provides a way for Africans to navigate hyperinflation challenges. Africans face persistent challenges in receiving international payments for their skills and products. According to the startup, it is estimated that the market for facilitating payments for remote workers and freelancers in Africa will be an $18 billion opportunity. Nigerian Startup Cleva Cleva is a USD banking platform for emerging
Chatbot Engineer Academy has announced the launch of a new initiative to revolutionize the tech job market for low-income individuals. Audrey Bell-Kearney, the dynamic founder and President of the Gwinnett Women’s Chamber of Commerce and a visionary leader in AI, founded the academy with a focus on no-code AI chatbots. A no-code AI chatbot is a tool you can create without learning a programming language first. UpSkill To UpLift Initative Chatbot Engineer Academy has now launched the “UpSkill to UpLift Initiative.” UpSkill To UpLift Initiative is a groundbreaking program that
Black women have always been, and continue to be, at the forefront of tech, driving innovation, raising capital, and challenging inequity. This year, the tech world continues to shift and evolve rapidly. For those wanting to stay ahead of the curve and make their mark in this dynamic world, here are three must-read books by Black women leaders. Your First Million – Arlan Hamilton Arlan Hamilton is the founder and managing partner of Backstage Capital, which has raised more than $10 million while investing in over 100 companies led by people of
The National Institute of Biomedical Imaging and Bioengineering (NIBIB) has created a new tech fellowship to increase diversity in the industry. NIBIB aims to transform the understanding of disease and its prevention, detection, diagnosis, and treatment through engineering. Bringing new medical technologies to the marketplace is a long, expensive process that can be even more challenging for underrepresented entrepreneurs in biotech. Recognizing the need for more biotechnology innovators from underrepresented groups and building on its history of working with leaders in the biotech industry, NIBIB created the RADx Tech DIVE fellowship program.
ORO Impact, a social impact fintech company, has recently launched a down payment assistance (DPA) platform to transform homeownership throughout the US. ORO Impact The company addresses two national challenges, the first being down payment affordability has put homeownership outreach for many Americans. Secondly, employee tenure is at record lows as employers struggle to attract and retain employees. Homeownership currently reflects racial inequity, with rates for African American and Latino households lagging the national median by 22% and 15%, according to Black News. In many parts of the country, African American
