00:25:06 · Danny Fortson, S3, S5, S6, S7, S0, S8, S9, S10, S1
[00:25:06] S2: Today's episode of the Times Tech Podcast is sponsored by ServiceNow. [00:25:10] S3: ServiceNow describes itself as an AI control tower for business reinvention, connecting people, systems, data, and AI so work flows more smoothly across an organization. [00:25:21] S2: The platform integrates with different clouds, models, and data sources, bringing them together in one place to help your team. [00:25:28] S3: To learn more about how ServiceNow puts AI to work for people, visit servicenow.com. [00:25:36] S5: People are disappearing again just like before. [00:25:41] S6: Nocturne. Streaming on Apple TV on the October 30. Lief Schreiber. [00:25:47] S7: Walter has a way of getting people. When he does, they don't come back. Steven Graham. The world is full of dark places. Sassy Beats. [00:25:55] S0: How's he getting messages at? [00:25:56] S8: He's locked under six feet of concrete. [00:25:58] S9: She's still alive. [00:25:59] S10: I'm a fighter. [00:26:00] S6: Nocturne. Streaming on Apple TV on the October 30. Subscription required. [00:26:06] S1: Still waiting in line? Again? That's time you'll never get back. Save time and money with stamps.com. Over 4,000,000 businesses have skipped the line with stamps.com. Join them to save up to 90% off carrier rates from your computer or phone right now. Print postage for certified mail, registered mail, and packages in seconds, then schedule a pickup right from your home or office. For a limited time, go to .com and use code podcast for a free welcome gift. Taxes and fees apply.
00:26:06 · S1, Danny Fortson
[00:26:06] S1: Still waiting in line? Again? That's time you'll never get back. Save time and money with stamps.com. Over 4,000,000 businesses have skipped the line with stamps.com. Join them to save up to 90% off carrier rates from your computer or phone right now. Print postage for certified mail, registered mail, and packages in seconds, then schedule a pickup right from your home or office. For a limited time, go to .com and use code podcast for a free welcome gift. Taxes and fees apply. [00:26:38] S2: You mentioned that the bank example with the investment example. But when you talk about this thing that can kind of just, you know, that's really agile and smart and can just, you know, that... It's a classic thing where this... It's kind of a magic technology that just works. What else is it being used for? Who... Who's using this, and how are they using it?
00:26:38 · Danny Fortson, George Sivulka
[00:26:38] S2: You mentioned that the bank example with the investment example. But when you talk about this thing that can kind of just, you know, that's really agile and smart and can just, you know, that... It's a classic thing where this... It's kind of a magic technology that just works. What else is it being used for? Who... Who's using this, and how are they using it? [00:27:00] S4: Yeah. One one of my favorite examples are not even the day to day, but when really large events in the world happen and people need to respond to it. A really good example would be when Silicon Valley Bank happened. A lot of different firms, whether you were a company or an investor in New York or all across the world, really quickly needed to know their exposure to the banking crisis. And this is particularly relevant in Silicon Valley because everyone's like, what portion of my portfolio might not have money, might not be able to make payroll? Or in New York, what portion of my portfolio is actually going to be severely impacted and they have to pay off some debt, etcetera? And it would be impossible to look over all of the documents in an organization and to pull out, okay, across all of our investments, x company has exposure to a regional bank. It would take millions of dollars, you know, probably hundreds of thousands of legal hours for for most of the large corporations in America. And with Hebia, they were able to answer that question instantaneously. And not only for Silicon Valley Bank, but for any regional bank.
00:27:00 · George Sivulka, Danny Fortson
[00:27:00] S4: Yeah. One one of my favorite examples are not even the day to day, but when really large events in the world happen and people need to respond to it. A really good example would be when Silicon Valley Bank happened. A lot of different firms, whether you were a company or an investor in New York or all across the world, really quickly needed to know their exposure to the banking crisis. And this is particularly relevant in Silicon Valley because everyone's like, what portion of my portfolio might not have money, might not be able to make payroll? Or in New York, what portion of my portfolio is actually going to be severely impacted and they have to pay off some debt, etcetera? And it would be impossible to look over all of the documents in an organization and to pull out, okay, across all of our investments, x company has exposure to a regional bank. It would take millions of dollars, you know, probably hundreds of thousands of legal hours for for most of the large corporations in America. And with Hebia, they were able to answer that question instantaneously. And not only for Silicon Valley Bank, but for any regional bank. [00:28:08] S2: By asking Hebiya the question that you wanted the answer to? [00:28:12] S4: Yes. And it and it decomposed it into, okay. Let's go and run a large language model agent that reads through all of our instruments, all of those documents with its credit agreements or portfolio information, pulls out or flags whether or not there's exposure. And I can actually get a quantifiable number [00:28:30] S2: Right.
00:28:30 · Danny Fortson, George Sivulka
[00:28:30] S2: Right. [00:28:30] S4: Of our exposure that that that is locked in some unstructured information otherwise. And you could not have predicted that ahead of time. You couldn't have programmed something ahead of time. You know, Silicon Valley Bank happened, you needed to know exactly there and then. And the minute that wars break out, the minute that, you know, massive price fluctuations occur, people need to know and respond to the world. And computers can't do that today, and and now they can. [00:28:55] S2: Is Hebium used mainly by hedge funds and banks right now? [00:29:00] S4: The earliest customer base for us and the most public examples that I can talk about are in private capital and maybe public capital investment. So hedge funds, asset allocators. It's the same exact cohort that Excel actually first found product market fit with. But Excel now is used by everyone from making a shopping list to something that everyone has to learn in grade school. And in the same way, Hebia is already actually starting to take over other parts of the market. So a very large amount of law firms now over the last few months are starting to use Hebia in a very meaningful way.
00:29:00 · George Sivulka, Danny Fortson
[00:29:00] S4: The earliest customer base for us and the most public examples that I can talk about are in private capital and maybe public capital investment. So hedge funds, asset allocators. It's the same exact cohort that Excel actually first found product market fit with. But Excel now is used by everyone from making a shopping list to something that everyone has to learn in grade school. And in the same way, Hebia is already actually starting to take over other parts of the market. So a very large amount of law firms now over the last few months are starting to use Hebia in a very meaningful way. [00:29:38] S2: How so? Because I feel like law is another another area that's like so paperwork heavy and there's so much just stuff to get through. I just covered a trial recently where you're going through like, you know, transcripts and documents and filings and you can spend... I mean, that's what they pay, you know, a first year associate $250 an hour to do, you know, for your... For hours and hours and hours and hours.