August 8, 2024
Tech News
Bank Pembangunan Malaysia Berhad (BPMB) has automated over half of its manual HR tasks using Workday Human Capital Management (HCM) to reduce human error and enhance daily operations. The implementation has improved reporting capabilities, talent management processes, and employee experience, while reducing data fragmentation. This initiative aims to deliver operational excellence and strategic growth for the bank.
Defense tech startup Anduril has raised $1.5 billion in a funding round, valuing the company at $14 billion. The company aims to become a major American defense contractor, rivaling established firms like Lockheed Martin and Boeing. The new funding will help scale its software-defined manufacturing platform, “Arsenal,” to produce tens of thousands of autonomous military systems annually.
Cambridge-based Riverlane has raised $75 million in Series C funding to advance quantum computing technology. The company aims to achieve a breakthrough within the next few years, focusing on error correction to make quantum computers more reliable. Quantum computing promises significant advancements in drug development, climate change mitigation, and other fields.
Techstars is laying off 17% of its workforce and ending its $80 million J.P. Morgan-backed AdvancingCities program by the end of the year. The program aimed to support diverse founders across the U.S. The layoffs primarily affect engineering, support services, and sales and partnerships, while most accelerator programs remain unaffected.
Tech Explained
Human Capital Management (HCM) – HCM is a set of practices related to people resource management. It focuses on the recruitment, management, and development of employees within an organization.
Quantum Computing – Quantum computing is a type of computing that uses quantum-mechanical phenomena, such as superposition and entanglement, to perform operations on data. It has the potential to solve complex problems much faster than classical computers.
Error Correction – Error correction is a process used in computing to detect and correct errors in data transmission or storage. It ensures data integrity and reliability in systems.
Startup – A startup is a newly established business that aims to develop a unique product or service in a rapidly growing market. Startups often seek funding from investors to scale their operations.
Accelerator Program – An accelerator program is a fixed-term, cohort-based program that includes mentorship and educational components to help startups grow and scale their businesses.
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