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lanterne.ai

Founded Year

2019

Stage

Pre-Seed | Alive

Total Raised

$450K

Last Raised

$430K | 2 mos ago

About Lanterne

Lanterne develops a platform that makes micromobility systems responsive and profitable by predicting user demand and optimizing operations. It helps companies optimize their fleets so that they can boost overall rides while focusing on the rebalancing interventions that are profitable. The platform offers its demand predictions through an API, dashboard, or emails, on an hour-by-hour basis, and down to the street-level. Lanterne is also the developer of Crowdless, an app that shows the extent of crowds in supermarkets and shops to help people avoid crowds and queues. Crowdless shut down operations in November 2021. Lanterne was founded in 2019 and is based in London, England.

Lanterne Headquarter Location

85 Great Portland Street 1st Floor

London, England, W1W 7LT,

United Kingdom

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Latest Lanterne News

‘Wholly deficient business’: ASIC mounts legal proceedings against ‘licensee for hire’ firm

Jul 7, 2022

Advertisement A Sydney financial “licensee for hire” business is being pursued by the corporate regulator for allegedly having no compliance staff and inadequate risk management processes, despite firms responsible for over $1 billion in funds operating under its umbrella. Around 200 people working for 60 financial services providers operated under the licence of Lanterne Fund Services including prominent venture capital firms, and entities linked to racing personality Tom Waterhouse and the TV show Shark Tank. The Lanterne Fund Services website before it was taken down on Thursday afternoon. While Lanterne did not provide financial services directly to clients, it authorised other providers to operate under its financial services licence, and collectively charged fees of around $180,000 a month. But ASIC has accused Lanterne of operating a “wholly deficient business” with no compliance staff and almost no risk management processes in place. Documents filed by ASIC in the Federal Court of Australia on Wednesday allege that between March 2019 and October last year, Lanterne had only one full-time employee, Peter Cozens, who is also the sole director of the company. There were several part-time employees, but their roles were limited to administration. Cozens and Lanterne did not respond to repeated requests for comment and its bare-bones website was taken down on Thursday. Up until September, 2020, Lanterne maintained records using a paper filing system and had “limited technological resources” with “no internal IT capability”, the court documents claim. They also allege Lanterne relied on a compliance manual which was out of date and inapplicable to its business. Those operating under Lanterne’s licence included venture capital funds, managed investment schemes, corporate advisory services and climate change advisory services across industries including renewable energy, healthcare, real estate, and biotechnology and agriculture. The venture capital firms using Lanterne's license include Brisbane-based Sprint and Sydney-based Folklore among a raft of others. Ten13, a "venture syndicate" that offers deals to wealthy investors and grew out of Shark Tank "shark" Steve Baxter's private fund, also uses its license as does Waterhouse VC, the venture firm of racing and wagering scion Tom Waterhouse. Advertisement Ten13 declined to comment. Sprint's managing partner Llew Jury said he was taking advice and unable to comment. A spokeswoman for Folklore said the fund could not comment on Lanterne's alleged inadequacies, but said Folklore "has a robust and independently-audited compliance management system in place." Waterhouse VC and another fund called Alchemy did not respond to requests for comment. Loading ASIC deputy chair Sarah Court said there was no suggestion of wrongdoing on the part of the authorised representatives using Lanterne’s licence, who have to meet their own obligations under the ASIC Act and Corporations Act. Court said the regulator was concerned about the risk of investor harm as Lanterne allegedly didn’t have systems to properly oversee the activities of the firms using its license. “And the implication of that of course is that these authorised representatives covered a huge range of entities … a whole range of services that were being provided to investors and to consumers, effectively operating under the Lanterne financial services licence, but we allege without any of the checks and balances and compliance processes that were acquired,” she said. Court said ASIC wanted to stress to financial services licence holders that even if they were not dealing with members of the public directly, they still had obligations to protect retail investors and consumers. ASIC wants the court to fine Lanterne and is seeking orders that an independent expert be appointed to review and report on its systems, processes and controls. It is unknown as yet whether, and on what basis, Lanterne will defend the proceedings.

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  • When was Lanterne founded?

    Lanterne was founded in 2019.

  • Where is Lanterne's headquarters?

    Lanterne's headquarters is located at 85 Great Portland Street, London.

  • What is Lanterne's latest funding round?

    Lanterne's latest funding round is Pre-Seed.

  • How much did Lanterne raise?

    Lanterne raised a total of $450K.

  • Who are the investors of Lanterne?

    Investors of Lanterne include Rockstart, OXFO Covid-19 Rapid Solutions Builder and All-Innovate Idea Competition.

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