According to a press release by the US Department of Justice, Albert Senator, founder of the Net and former CEO, AI shopping app founder and former CEO, who promised the “Universal” Check -out experience, was accused of cheating investors on Wednesday.
Established in 2018, Net collected more than 50 million millions from investors such as Koto and Farroner Ventures, recently deposited a $ 38 million series A, led by Renegade Partners in 2021.
Net said its app users can buy with one click from any e -commerce site, thanks to AI. However, in fact, the Net relied heavily on hundreds of human contractors in a Philippine call center to manually complete these purchases.
Senator raised millions of venture funds, claiming that the net was able to make “online transactions” online, except where the AI failed to complete the transaction. But Net claims that the Net, despite receiving some AI technology and hiring data scientists, was effectively 0 % of its app's original automation rate.
The heavy use of human contractors of the net was the subject of investigation through information in 2022.
Singer did not respond to a comment. He is currently listed as a Managing Partner in New York's VC Butcore Partners, who did not respond to a comment.
The DOJ person has said that the net was run away from the money and was forced to sell his assets in January 2023, and left his investors “nearly” losses. Albert Senator's LinkedIn profile indicates that he was no longer CEO until 2023.
The net is not the only start that has allegedly exaggerated its AI capabilities. For example, in the Philippines, an “AI” drive through the Software Startup was also largely operated by humans.
Recently, the Business Insider reported that an AI Legal Tech, an unicorn, Everup, used humans to do most of their work.
