BEAM, a Singapore-based startup bringing innovation to the personal mobility sharing space, on Oct 23 announced it has raised US$6.4 million (RM26.6 million) in a seed funding round led by Sequoia India, Founders Fund, ZhenFund, and Class 5 Global. Other backers include Arbor, Insignia, 500 Startups, Gobi, K2 Global, Pascal Capital, Maloekoe Ventures, and Cherubic Ventures.
With this seed funding, Beam will invest heavily in building the core infrastructure for its platform, including initial e-scooter purchases, development of the Beam mobile app, and growing the team for its imminent roll out in Singapore.
The team at Beam has experience in app development, mobility, operations, and technology. Chief executive officer Alan Jiang led the APAC operations of ofo, the world’s largest bike-share operator, and played a key role in launching Uber across Asia, including China, Malaysia, Indonesia, and Vietnam. Deb Gangopadhyay, chief technology officer, is a founder and engineer who led successful SaaS tech startups in Silicon Valley and managed some of the world's top grossing mobile products while at Pocket Gems.
Sharing mobility, especially the e-scooter market, is expanding rapidly across the world, and Beam aims to become not just a leader in the sharing space across Asia, but also a champion of safety and the communal aspects of the sharing economy.
The Beam founders are committed to distributing and maintaining their fleet of vehicles responsibly, storing customer data securely, and working collaboratively with governments to build and improve transportation infrastructure as well as being involved in creating a mobility framework for cities.
Jiang said, “We want to change the fundamental way that people move around Asian cities. Our goal with Beam is to create a shared mobility platform focused on providing real transportation options. We are fortunate to have support from some of the most forward-thinking VC firms, all of which recognize the opportunity that exists across Asia to grow an organization in the transportation space."
Abheek Anand, managing director, Sequoia Capital (India) Singapore added, “Shared personal mobility is a promising solution to the largely unsolved problem of first and last mile transportation. The founders of Beam have a deeply relevant background and a compelling vision for what urban transportation should look like. Sequoia India is excited to partner with them as they bring their product to the APAC market.”
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Former boy band Westlife member and songwriter Brian McFadden has been announced as special guest performer in Boyzone’s “Thank You and Goodnight Farewell Tour” last show on 14th June 2019 at Malawati Stadium, Shah Alam. McFadden started his singing career as member of Westlife, which was formed in 1998 and released the debut studio album “Westlife” in 1999. He left Westlife in 2004 to begin his solo career and released the single “Real to Me,” a track in his debut solo album “Irish Son.” In 2016, McFadden and Boyzone’s Keith Duffy formed the group Boyzlife and toured the world, performing their bands’ hits. Boyzone’s Duffy, Michael Graham, Ronan Keating and Shane Lynch will be performing some of their greatest hits including “When You Say Nothing At All,” “No Matter What” and “Love Me For A Reason.” “When we started out as five young Dublin Northsiders, eager to face the world, we never imagined that we’d still have an army of fans some twenty-five years later… If you’d seen our famous first TV appearance on ‘The Late Late Show,’ you’d probably be surprised too!” said the band, according the tour website. Boyzone enjoyed success throughout their career. “We’ve played stadiums and arenas all over the world, released six albums, and had almost two-dozen hits. We really can’t put into words just how much you, the fans, have supported us along the way. Without that support, we would have never achieved what we have, and for that we’re eternally grateful,” they added. Ticket selling website : https://airasiaredtix.com/boyzone2019
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The constant refrain in the tech world is that the world is about to be rocked by the combination of AI and robots. Therefore you’d think that startups that build either AI or robots would be onto a winner. However, there’s a serious misunderstanding going on.
What is becoming clear is that the closer companies are to actual robotics, the only way to compete will be in genuinely transformational hardware. The era where a robotic arm was considered innovative is long over.
Similarly, robotics as a sector won’t go anywhere without being married to powerful machine learning and visual systems. Thus it is that startups that can do both AI and blend this with robotics, which might be either off the shelf robotic arms or tools, will position themselves far higher up the valuation stack. So it’s significant that U.K.-based startup Karakuri has “opened the kimono” on its plans to do just that. Karakuri uses a combination of robotics, machine learning, optics and sensors to deliver a robot that will make personalized, freshly prepared, high-quality meals. The advantage is that the robot can make something that matches exactly what the customer wants (no nuts and seed for instance, just this amount of dressing, etc.) and the result can also minimize food waste.
The startup comes at the right time. Research shows that almost two-thirds of consumers globally now follow a diet that limits or prohibits the consumption of some foods or ingredients due to food intolerance, as well as following a specific weight loss diet.
Karakuri’s technologies also allow restaurants to move away from mass pre-packaged meals and significantly reduce food waste. Karakuri has now raised a £7 million seed investment, led by Ocado. The fundraise includes investments from Hoxton Ventures, firstminute Capital and Taylor Brothers, and will be used to further develop the company’s technology, strengthen its IP base and expand its team for global growth. For Ocado, the investment means it can expand its value proposition in grocery, especially through Ocado Zoom, its new delivery arm. Karakuri CEO and co-founder, Barney Wragg, says, “Consumer eating habits in and out of the home are changing rapidly as demand increases for healthier options that match specific dietary requirements. This growth in menu personalization is putting huge pressure on restaurants, cafes and other food retailers. These providers have historically relied on identically mass-produced meals to maintain their profit margins. By using robotics and machine learning, Karakuri’s systems provide localized micro-manufacturing within an existing restaurant, retail or commercial kitchen. Our systems prepare personalized meals onsite in real time to the exact requirements of each customer.”
Brent Hoberman, Karakuri’s founding chairman, co-founder of Founders Factory and general partner at firstminute Capital, says: “The time is now for robotics and AI to drive change in the restaurant and food services business. Barney and Simon have assembled a world-class team to go after one of the next large markets to be enhanced by this technology. We are delighted that Ocado, a global leader in robotics and distribution, has chosen to invest in Karakuri to lead the innovation in this sector.”
Hoberman says startups like Karakuri are going to become more significant as we reach the tipping point where manual workers are becoming less and less available to do the kinds of work that used to be done in restaurants. Karakuri emerged out of the Founders Factory incubator, but the backstory to this startup is significant. Its advisory board includes industry experts from ARM, Ocado, Imperial College, Bristol Robotics Lab and Edinburgh Centre for Robotic. Bristol Robotics Lab, in particular, has generated a world-class reputation for its robotics accelerator.
Coalition, a cybersecurity insurance company, has raised $40 million in its latest round of funding.
Fintech investment giant Ribbit Capital led the investment with participation from Greenoaks Capital and Hillhouse Capital.
Coalition’s insurance covers expenses incurred from liabilities related to third-parties, such as fines and penalties — as well as fraud, breach response, extortion and ransomware recovery, device replacement and more. The company also aims to give U.S.-based customers an at-a-glance look at their cybersecurity posture — from alerts, threat intelligence and advice on what to improve, such as vulnerability fixing.
With its Series B, the company said it’s planning to expand its data analytics platform used to assess a company’s security posture. The funding will also expand its engineering and incident response team. Coalition, which declined to state its valuation, previously raised $10 million in February 2018.
Cybersecurity insurance remains a fickle area. Amid an ongoing threat of breaches and data exposures, having an insurance policy in place to get a company back on its feet is smart. But many companies previously believed to be covered by cybersecurity insurance are not. When shipping giant Maersk was knocked offline by ransomware during the NotPetya attack, incurring more than $300 million in damages, its insurer Zurich declared the Russian-backed attack was an act of war and didn’t pay out.
Even when companies do pay out, it’s not a silver bullet. Coalition’s proactive security efforts to try to prevent data breaches — and subsequent costs — is one way to save paying up. Will that scale up to another global cyberattack? Let’s hope we never find out.
Even though it might seem biased -- coming from a VC -- I genuinely believe that for ambitious founders looking to grow fast, VCs are a necessary step on the road to world domination.
Unless you’ve got bundles of cash to self-fund, VC investment gives you the resources to get your product to market, scale your operations significantly faster than you could otherwise, and avoid many of the common pitfalls that early startups face. Yet, despite the central role that VCs play in driving startup growth, many founders still have a healthy dose of suspicion when it comes to bringing us onboard.
Protective of their ideas, equity, and hard work, it’s only natural for founders to be worried about VCs’ motives, or to see the relationship as hands-off and purely a transactional. But the downside of entering the relationship with this mindset is that it can lead founders to put barriers up, or develop a ‘them and us’ attitude, which ultimately means the partnership isn’t as successful as it could be.
Remember that VCs and founders are in it for the long-haul, and we’re going to face numerous crisis situations during our time working together. For it to work, we need to be able to operate as a team, get along and fundamentally like and trust each other. Otherwise we’ll struggle when it comes to having those difficult conversations and giving each other the benefit of the doubt when we need to.
Want to get maximum value out of your VCs? Then this is my advice: Discuss expectations Right from the pitch stage, have open and honest conversations about what both parties expect from the relationship. Make sure you have a good understanding of the VC’s philosophy and approach and be honest about any concerns or misgivings you might have about how the relationship will work and what role they will play in the business. The sooner you understand where each other are coming from, and how each side likes to operate, what their communication styles are etc., the easier it will be to bond as a team going forward.
Use us
VCs’ success depends entirely on the success of the businesses they invest in, so most smart investors want to be hands-on, and are eager to help their founders in any way they can. What’s more, most of us have been around the block a few times, investing in numerous other startups, past and present. And while no two businesses are the same, we see many of the same challenges again and again – so, make the most of it. Keep us up to speed For VCs to add the most value possible, we need to know what is going on, so we can help develop solutions as early as possible. Yes, we’ll have formal update meetings booked in, but what we really appreciate is when founders reach out to us proactively to let us know how a project is going, update us about successes, learnings, or challenges they’re facing. It means we’re able to offer informed input and suggestions, adding much greater value than during a superficial update every couple of months, or via the occasional message asking us for help with something two weeks after it’s happened.
Don’t think you have to have all the answers
A lot of founders put up a façade and pretend they know everything, or keep potential issues under wraps, particularly post-investment. This makes it extremely hard to get the truth, limits our ability to add value, and means we’re less sympathetic if and when things do come to a head. VCs understand that running a startup is a massive undertaking and hugely unpredictable, and we definitely don’t expect founders to have all the answers. So don’t be afraid to ask questions, or say you ‘don’t know’, while always staying open-minded to new ideas and external advice. Disagree with us While VCs want to offer advice and solutions, we also appreciate founders who stick to their guns. After all, that clarity of vision is one of the reasons we invested in you in the first place. So, don’t worry about opposing our thinking, and telling us you don’t agree with us. Similarly, if you’re not happy about something we did, or how things are going with the relationship, feed that back to us, so we can change how we approach things in the future.
Stand up for one another – even when the going gets tough
There are bound to be hiccups in any startup and VC team, but always remember that we’re in this together, so try to avoid criticizing and playing the blame game, as this seriously undermines the long-term relationship. Even when you’re under a lot of pressure, try to always keep in your mind that we’re all working towards the same goal, so have mutual respect for one another and what you’re trying to build. Unlike private equity, VCs and startups are highly co-dependent – we simply can’t survive without each other. We’re together so long that we almost become like family, so it’s only natural that it takes effort to make it work. But get it right and both sides will get much more out of the relationship – both personally and professionally.
One of China’s most ambitious artificial intelligence startups, Megvii, more commonly known for its facial recognition brand Face++, announced Wednesday that it has raised $750 million in a Series E funding round.
Founded by three graduates from the prestigious Tsinghua University in China, the eight-year-old company specializes in applying its computer vision solutions to a range of use cases such as public security and mobile payment. It competes with its fast-growing Chinese peers, including the world’s most valuable AI startup, SenseTime — also funded by Alibaba — and Sequoia-backed Yitu.
Bloomberg reported in January that Megvii was mulling to raise up to $1 billion through an initial public offering in Hong Kong. The new capital injection lifts the company’s valuation to just north of $4 billion as it gears up for its IPO later this year, sources told Reuters.
China is on track to overtake the United States in AI on various fronts. Buoyed by a handful of mega-rounds, Chinese AI startups accounted for 48 percent of all AI fundings in 2017, surpassing those in the U.S. for the first time, shows data collected by CB Insights. An analysis released in March by the Allen Institute for Artificial Intelligence found that China is rapidly closing in on the U.S. by the amount of AI research papers published and the influence thereof. A critical caveat to China’s flourishing AI landscape is, as The New York Times and other publications have pointed out, the government’s use of the technology. While facial recognition has helped the police trace missing children and capture suspects, there have been concerns around its use as a surveillance tool.
Megvii’s new funding round arrives just days after a Human Rights Watch report listed it as a technology provider to the Integrated Joint Operations Platform, a police app allegedly used to collect detailed data from a largely Muslim minority group in China’s far west province of Xinjiang. Megvii denied any links to the IJOP database per a Bloomberg report.
Kai-Fu Lee, a world-renowned AI expert and investor who was Google’s former China head, warned that any country in the world has the capacity to abuse AI, adding that China also uses the technology to transform retail, education and urban traffic among other sectors. Megvii has attracted a rank of big-name investors in and outside China to date. Participants in its Series E include Bank of China Group Investment Limited, the central bank’s wholly owned subsidiary focused on investments, and ICBC Asset Management (Global), the offshore investment subsidiary of the Industrial and Commercial Bank of China. Foreign backers in the round include a wholly owned subsidiary of the Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, and Australian investment bank Macquarie Group. Megvii says its fresh proceeds will go toward the commercialization of its AI services, recruitment and global expansion.
China has been exporting its advanced AI technologies to countries around the world. Megvii, according to a report by the South China Morning Post from last June, was in talks to bring its software to Thailand and Malaysia. Last year, Yitu opened its first overseas office in Singapore to deploy its intelligence solutions to partners in Southeast Asia. In a similar fashion, SenseTime landed in Japan by opening an autonomous driving test park this January.
“Megvii is a global AI technology leader and innovator with cutting-edge technologies, a scalable business model and a proven track record of monetization,” read a statement from Andrew Downe, Asia regional head of commodities and global markets at Macquarie Group. “We believe the commercialization of artificial intelligence is a long-term focus and is of great importance.” Tencent revealed this week it would be pulling its test version of PlayerUnknown’s Battlegrounds from the Chinese market. Instead, it’s going to publish a similar but more, um, approachable app called “Game for Peace.” Tencent announced it was pulling back the test version of PUBG it’d released to Chinese gamers. Shortly thereafter, it announced the release of Game for Peace. According to Reuters, Tencent says the game “pays tribute to the blue sky warriors that guard our country’s airspace” aka, the Chinese air force. The app looks like PUBG, walks like PUBG, but it doesn’t play like PUBG. Instead, “Game for Peace” is a censored, tidied up version of the same gameplay. Guns are still present, and you can still shoot people, but they don’t bleed — instead the bullet strikes manifest as small green sparks on their bodies. If you “kill” them, they sit up to wave goodbye to you before disappearing. It kind of reminds me of those censored versions of Mortal Kombat that replaced blood with mysterious grey fluid in the hopes it would tone down the series’ signature violence (spoiler: it didn’t, but it did look pretty bizarre). It’s kind of dissonant with the game‘s official website, hosted on Tencent-owned QQ, which still depicts explosions and guns (and midriff-baring female characters). Other than these instances of obvious clean-up, the mimic is so precise that, if the Weibo users who reported playing the game are to be believed, players would frequently find themselves at the exact same level and with similar playing history in Game of Peace as they did in PUBG. Tencent insists the game is made entirely in-house — PUBG, meanwhile, was built by Krafton subsidiary PUBG Corporation.
The reason for the green sparks is probably to comply with China’s new laws about the kinds of games it will and won’t approve, which outlaws blood (among other things) and any kind of blood-adjacent fluid that behaves the same way. That means the game can’t get away with recoloring the blood, so sparks seem like a reasonable compromise (insofar as any of this is “reasonable,” of course). As for why it’s pulling PUBG, the reason is most likely monetary — PUBG hasn’t been cleared by the government for monetization yet, meaning Tencent can’t make any money from in-game microtransactions. Game for Peace, on the other hand, was approved in April.
Since January this year, at least 14 cases of scams involving fake Lazada campaigns on Instagram have been reported, police said in a statement on Tuesday (14 May).
According to TODAY, victims who fell for the scams that were named “Lazada Campaign”, “Lazada Raffle”, “Lazada Gift Money”, and “Lazada Lucky Draw”, were cheated of about S$14,000 in total.
Scammers would pretend to be friends or followers of the victim and DM (direct message) them saying that they’ll help them sign up for a Lazada campaign to win money.
They would ask the victims for their contact numbers, photos of their credit or debit cards, and the one-time passwords (OTP) from their bank accounts. Victims only realised they have been cheated of their money when they found unauthorised card transactions on their accounts. Lazada clarified with the media later that they were “in no way associated with these scams”.
The ecommerce firm added that their campaigns and contests are held only on their website, app, and official social media accounts, and “never via third-party channels”.
Time To Be Foolproof To Scams In a separate release from the police, TODAY reported that a 31-year-old man was arrested for suspected involvement in at least 10 cases of ecommerce scams that amounted to over S$37,000. Victims have reported in the past two months, of a seller offering room rental services on Facebook and iLivesg.com who could not be contacted after they had paid a deposit. The suspect for this case will be charged in court Wednesday, and if convicted of cheating, he could be jailed up to 10 years and fined.
Vulcan Post has reported on a cryptocurrency scam that took place in April this year, as Singaporeans fell prey to a multilevel marketing (MLM) fraud.
Last year, a similar scam had been going around where the culprit would ‘catfish’ someone on your Facebook friends list to ask for your contact number and your OTP. Thankfully, my colleague averted becoming a victim by actually verifying with her friend. When YouTrip uncovered and foiled S$96,000 worth of fraud on its platform, Kelvin Lam, Country Manager for YouTrip Singapore had advised to “never reveal your credit card information publicly”. Seems like the common modus operandi for scammers is to ask for your contact number and OTPs, and in some cases, credit or debit card numbers or bank account details. Do be careful even if the person requesting for these details seems to be your close and trusted friend or family member.
Verify their authenticity before making any sort of monetary transactions with them via another method besides the platform they contacted you with.
The police also warned that even though sellers may provide Singapore bank account numbers and copies of their identification cards to gain trust and credibility, as these may not belong to the sellers or the people communicating to buyers online.
We all make mistakes, yet there are a few bad habits the super-rich tend to avoid. Here are five money missteps that may be keeping you from getting rich.
1. Doing it yourself
When the stock market drops — as we saw in December, when major indexes all dropped at least 8.7% — you have to know what you are doing or you can get burned. If you don't have time to spend a few hours a day tracking the market, the cost of a good financial advisor is well worth the investment. Ivory Johnson, founder of Delancey Wealth Management in Washington, D.C., said most wealthy people don't try to manage their money themselves — they hire financial planners, CPAs and attorneys to protect their assets and reduce their risks. And when are risks the highest? When markets start taking investors on a roller-coaster ride. "When investors are stressed, the odds of making a bad decision increase," he said. "Wealthy people mitigate that stress by having good advisors." While some may balk at paying a fee, the returns on that money will, most years, be well above that amount. During the bad years, your advisor can help you mitigate your losses to preserve your wealth for the long haul.
2. Not diversifying
The average investor may have stocks and bonds in their 401(k) savings or investment portfolio. The rich branch out and diversify. Remember Enron? Many employees of the energy giant bought into the company's sales pitch so much that they put all of their retirement savings in its stock. And when the firm went belly up — so did all of their savings. In addition to stocks and bonds, the ultra-wealthy invest in things such as real estate, limited partnerships and private markets, according to Tom Corley, author of personal finance tomes such as "Rich Habits." That way, if stocks, for example, are having a really bad year, you may make up the difference with a good year in real estate or vice versa. Another appealing factor that draws a lot of wealthy investors to real estate: It may provide an extra income stream. In addition to the potential appreciation of that property, if you rent it out you get an immediate source of income, which can give you a nice cushion should you lose your primary job. And of course, you won't be as worried in a year when stocks are down. "Most wealthy families have real estate holdings because it offers recurring revenue, tax benefits and creates equity," Johnson said. "It also puts less pressure on their stock portfolios to perform."
3. Fad investing
A woman passes in front of a Bitcoin exchange shop. The ultra-wealthy don't get caught up in the latest fads, pouncing on the next "new" thing. Take bitcoin, for example. The cryptocurrency took off in 2017, making instant millionaires out of some early investors. That spurred a lot of people to jump in and try their hand at making a fortune. That could be fine — if you're a professional trader or just want to play around with a little gambling money. Yet fads like bitcoin are risky business: The cryptocurrency has since fallen a stomach-churning 70% in the past year. Warren Buffett, who is famous for his philosophy of investing in what he knows and then holding on to it for the long haul, told CNBC last year that "in terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending." The legendary investor, who is worth $80 billion, according to Forbes, believes you have to know what you know — and stay the course. "What counts is having a philosophy ... that you stick with, that you understand why you're in it, and then you forget about doing things that you don't know how to do," Buffett said at the Berkshire Hathaway annual meeting in 2018. Those who are caught up in the "follow the herd" mentality may do so because they are focusing on "one thing they think can make them rich overnight," said Johnson at Delancey Wealth Management. "It doesn't work."
4. Lack of a long-term plan
Visitors look at the painting "Le Printemps", 1881, by French painter Edouard Manet during its presentation at Christie's Auction House in Paris October 22, 2014. Wealthy investors are patient and don't necessarily think about short-term returns. "Most people don't sit down and actually plan out how they are going to invest their savings over the next 20 years," Corey said. "The wealthy do. They just don't wing it." And it's not just about making money for themselves; it's about creating generational wealth that can benefit their grandchildren and beyond. "Instead of buying a painting for the living room, they'll spend extra money for art that can appreciate," Johnson said. "They join clubs and organizations so the relationships they make will offset the fees, even if they don't realize it for several years. "This demands foresight, estate planning and patience."
5. Panicking
The volatile stock market may make you want to run for cover. Because the rich are in it for the long term, they don't tend to panic. They also have a lot of liquidity and financial resources they can lean on when the stock market, real estate market or other investments go south, so they don't "need" to sell, Corley said. For Johnson, it's also about the world giving us what we give out. "Anxious investors receive anxiety, and confrontational people are always engaged in some form of conflict," he said. Meanwhile, optimistic people experience more positive outcomes. "Over a lifetime, this becomes a habit and you'll often find that wealthy people who are happy got that way because they were optimistic, as opposed to becoming optimistic because they got wealthy," Johnson said.
The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for "deteriorating Thailand's independence," according to multiple reports.
Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News.
Thai authorities have revoked Elwartowski's visa and charged the couple for violating Thai sovereignty — an offense punishable by the death penalty or life imprisonment, according to Reuters.
"The couple announced on social media declaring their autonomy beyond the jurisdiction of any courts or law of any countries, including Thailand," Sky News reported Thai Rear Admiral Vithanarat Kochaseni as saying. "We see such action as deteriorating Thailand's independence."
Thailand's navy on Monday sent three boats to dismantle the floating cabin — also known as a "seastead" — and bring it back to shore as evidence, Sky News said.
Elwartowski and Supranee are prominent members of Ocean Builders, a community of "seasteading" entrepreneurs which funded and built the hexagonal cabin. "Seasteading" is an initiative aimed at establishing floating communities in international waters beyond the influence of government regulation. This movement is spearheaded by nonprofit think-tank The Seasteading Institute, which received $1.7 million in funding from PayPal co-founder Peter Thiel in 2008.
The couple reportedly left the cabin last week after being tipped off about Thailand's plans. Their whereabouts remain unknown, but authorities believe they are in Thailand, Sky News reported.
"This is ridiculous ... we lived on a floating house boat for a few weeks and now Thailand wants us killed. We are still quite scared for our lives," Sky News reported Elwartowski as saying in a statement. In a statement released Monday, The Seasteading Institute's chairman Patrick Friedman said he was "shocked and saddened last week by media reports that this couple was charged with treason – punishable in Thailand by death or life imprisonment – simply because no one had filed paperwork for the floating home." "This is like charging someone with a capital crime for not registering their car," Friedman said. Ocean Builders, The Royal Thai Navy and Elwartowski did not immediately respond to CNBC requests for comment. |
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