Skyfire lets AI agents spend your money

Image Credits: Skyfire

There’s a lot of hype about the promise of AI agents today, but payments are a huge limiting factor. Today, an AI agent might be able to plan a vacation for you independently, but a human has to step in when it’s time to input your credit card information. Skyfire Systems wants to change that.

Skyfire created a payment network specifically for AI agents to make autonomous transactions. Now, obviously, AI agents are hard to control today, so the idea of one tied to your bank account is terrifying. However, Skyfire uses a number of safeguards to prevent AI agents from overspending, making the whole thing a little less scary.

Skyfire assigns each AI agent a digital wallet with a unique identifier, where businesses can deposit a set amount of funds they want the agent to spend, so they don’t get unlimited access to a bank account. Skyfire also allows customers to set limits on how much an AI agent can spend in one transaction and over time. If an AI agent tries to overspend, it will ping a human to review it. Skyfire also offers a dashboard to view exactly how much, and where, their agent is spending.

Skyfire’s dashboard to track AI agent spending.
Image Credits: Skyfire

Skyfire’s co-founder and CEO Amir Sarhangi sold his last startup, Jibe, to Google, and the RCS messaging protocol Jibe helped pioneer became the standard for Android’s billion users. Now he’s trying to develop an open protocol to power payments in the AI era.

“AI agents can’t do anything if they can’t make payments; it’s just a glorified search,” said Skyfire co-founder and chief product officer Craig DeWitt in an interview with TechCrunch. “Either we figure out a way where agents are actually able to do things, or they don’t do anything, and therefore, they’re not agents.”

On Wednesday, Skyfire officially launched its payment network and announced $8.5 million in seed funding raised from Neuberger Berman, Inception Capital, Arrington Capital, and other investors. (Arrington Capital is led by Michael Arrington, the founder of TechCrunch, who left the publication in 2011.)

Payments for agents

Notably, Skyfire doesn’t build the AI agents, but plenty of companies already are: They’re all trying to make sure agents don’t go rogue and send 4,000 printers to the office when the old one runs out of ink (ideally, just one). Even though Skyfire has added safeguards, the founders say that aligning AI agents to act responsibly is ultimately up to the companies behind them.

Skyfire is solely focused on creating the payments network these agents can transact on, and did it using blockchain technology. The founders were early executives at the cryptocurrency startup Ripple, helping to build a cross-border payments network that processed more than $50 billion during their time there.

Businesses can deposit and withdraw U.S. dollars from Skyfire, but under the hood, the platform is converting those dollars into a digital stablecoin. Skyfire uses USDC, a digital stablecoin pegged to the American dollar’s value, and holds it in a wallet tied to that agent.

Skyfire collects 2% to 3% of every transaction to generate revenue but says verification services could be another source of revenue moving forward. As AI companies struggle to generate returns on expensive models, it’s possible more will turn to payments as a means to break even.

AI agents on a shopping spree

In a beta test over the last two months, some AI agents have already been spending their companies’ dollars with Skyfire, the founders tell TechCrunch.

Denso, a global auto parts manufacturer, created AI agents to source materials without the help of humans. These systems could find the materials Denso wanted to buy but required humans to step in at the end of the month and conduct a wire payment. Now Skyfire enables Denso’s AI agents to work truly autonomously.

Another company already using Skyfire is Payman, which allows AI to pay humans for various tasks, kind of like Fiverr. With Skyfire’s platform, Payman’s AI agents can now hire and fulfill payments to contract workers completely autonomously, at least in theory.

For now, Skyfire is focused on B2B use cases for its payments network. But Skyfire’s CEO says that’s just the beginning.

“The protocol we built will be an open protocol that any company, even a competitor, can use,” said Sarhangi in an interview. “We want this to be the thing everybody uses when it comes to payments in the AI world.”

Skyfire’s founders believe AI agents will fundamentally shift the way things are purchased on the internet. To buy something online today, humans fill out lots of personal information and select images of traffic cones to verify your identity. Skyfire hopes its payments network makes the interface obsolete, and your AI agent can one day just act as a secure intermediary between vendors and your bank account.

Harmonyze founders sitting on steps

Harmonyze wants to build AI agents to help franchisors make sense of unstructured data

Harmonyze founders sitting on steps

Image Credits: Harmonyze

For some businesses, there is a clear path to growth that doesn’t involve acquiring other companies or expanding organically: franchising. The U.S. has more than 800,000 franchise businesses, according to Statista, and that number is predicted to keep growing year over year. But franchising a business — licensing a business model and brand to an outside operator — requires a lot of contracts, legal compliance and documentation, which all serve to further complicate an already involved business model.

Brooklyn-based Harmonyze wants to help franchisors keep track of it all using AI, and it has just raised a $2 million pre-seed round led by Bowery Capital to further build out its AI agents.

The startup’s custom AI agents sit in a private cloud database between the franchisor and the franchisees. These agents can talk to each other and perform over 200 tasks like ensuring a franchise has paid a product vendor correctly or that a franchise is up to date on insurance renewals. This helps franchisors ensure that they, and their franchisees, are staying compliant — franchising is a heavily regulated industry. Another major benefit is they don’t have to spend as much time on such administrative tasks.

The company was started in 2023 by childhood friends Gary Liskovich, CEO, a former product manager at startups like EvolutionIQ and SmartAsset, and Jonny Greenspan, CTO, a former engineer at companies like Salesforce. Liskovich told TechCrunch they dabbled in developing a product for the legal space, but decided on franchising because of how untapped the market was, and because they had a personal connection: Greenspan’s dad owned a Totonno’s pizza franchise location.

“Franchising is this thing that everybody knows the word, but most people haven’t done a lot of digging; it makes up 10% of U.S. businesses,” Liskovich said. “We started looking at the franchising space — it’s an incredible amount of unstructured data, which we really think AI can unlock and translate into something that is usable.”

Harmonyze exited stealth in early 2024, and demand from franchisors has been strong ever since, Liskovich said. He added that despite demand, Harmonyze is choosing to work with a select group of customers at first so they can continue to get feedback and iterate on the product and its features.

Liskovich said the company plans to put most of the capital from the pre-seed round toward hiring so they can continue to build out the product. The round saw participation from Focal.VC and numerous individuals from the franchise industry.

Harmonyze decided to focus on building for, and selling to, the franchisor, as opposed to the franchisee, because the franchisor deals with significantly more unstructured data, which makes their problems lean better toward an AI solution, Liskovich said. He hopes Harmonyze will also be able to help franchisors spot smart business practices at franchisees that can be rolled out to everyone.

“Franchisees are very known for innovating and are people that are tweaking the system,” Liskovich said. “Very famously, [McDonald’s] Filet-O-Fish came from a franchisee. That is where we want to start to evaluate: Where are your best franchisees innovating? And using that information to make everyone more profitable.”

Liskovich thinks the startup has been successful thus far because of its focus on building vertical SaaS for franchisors as a whole instead of focusing on sectors within franchising, which can include companies ranging from McDonald’s to Orangetheory Fitness to UPS stores. He said despite the various different types of franchised businesses, the internal structure of these companies largely looks the same.

There isn’t much competition in the franchise space — at least for now — which is surprising given the size of the sector and the fact that it is growing consistently.

Harmonyze is currently targeting franchisors that head up a sizable network of franchisees, as opposed to owners that just work with a handful. Liskovich thinks the startup will likely build tech to work with those smaller players too, but the market is big enough in its target area to keep it busy for now.

“We’re excited about the expansion [of the franchise market],” Liskovich said. “It is not just large but growing at an insane rate. That opportunity is a growing opportunity.”

Woman working at desk with robot assistant showing her a to do list.

Betaworks bets on AI agents in latest 'Camp' cohort

Woman working at desk with robot assistant showing her a to do list.

Image Credits: nadia_bormotova / Getty Images

Betaworks is embracing the AI trend not with yet another LLM, but instead a clutch of agent-type models automating everyday tasks that nevertheless aren’t so simple to define. The investor’s latest “Camp” incubator trained up and funded nine AI agent startups they hope will take on today’s more tedious tasks.

The use cases for many of these companies sound promising, but AI tends to have trouble keeping its promises. Would you trust a shiny new AI to sort your email for you? What about extracting and structuring information from a web page? Will anyone mind an AI slotting meetings in wherever works?

There’s an element of trust that has yet to be established with these services, something that occurs with most technologies that change how we act. Asking MapQuest for directions felt weird until it didn’t — and now GPS navigation is an everyday tool. But are AI agents at that stage? Betaworks CEO and founder John Borthwick thinks so. (Disclosure: Former TechCrunch editor and Disrupt host Jordan Crook left TC to work at the firm.)

“You’re keying into something that we’ve spent a lot of time thinking about,” he told TechCrunch. “While agentic AI is in its nascence — and there are issues at hand around success rates of agents, etc. — we’re seeing tremendous strides even since Camp started.”

While the tech will continue improving, Borthwick explained some customers are ready to embrace it in its current state.

“Historically, we’ve seen customers take a leap of faith, even with higher-stakes tasks, if a product was ‘good enough.’ The original Bill.com, despite doing interesting things with OCR and email scraping, didn’t always get it right, and users still trusted it with thousands of dollars’ worth of transactions because it made a terrible task less terrible. And over time, through highly communicative interface design, the feedback loops from those customers created an even better, more reliable product,” he said.

“For now, most of the early users of the products in Camp are developers and founders and early tech adopters, and that group has always been willing to patiently test and deliver feedback on these products, which eventually leap over to the mainstream.”

Betaworks goes all-in on augmentative AI in latest camp cohort: ‘We’re rabidly interested’

Betaworks Camp is a three-month accelerator in which selected companies in the chosen theme get hands-on help with their product, strategy and connections before getting shooed out the door with a $500,000 check — courtesy of Betaworks itself, Mozilla Ventures, Differential Ventures and Stem AI. But not before the startups strut their stuff on demo day, May 7.

We got a look at the lineup beforehand, though. Here are the three that stuck out to me the most.

Twin automates tasks using an “action model” the likes of which we’ve heard Rabbit talk about for a few months now (but have not yet shipped). By training a model on lots of data representing software interfaces, it can (these companies claim) learn how to complete common tasks, things that are more complex than an API can handle, yet not so much that they can’t be delegated to a “smart intern.” We actually wrote them up back in January.

Image Credits: Twin

So instead of having a back-end engineer build a custom script to do a certain task, you can demonstrate or describe it in ordinary language. Stuff like “put all the resumés we got today in a folder in Dropbox and rename them after the applicant, then DM me the share link in Slack.” And once you’ve tweaked that workflow (“Oops, this time add the application date to the file names”) it can just be the new way that process works. Automating the 20% of tasks that take up 80% of our time is the company’s goal — whether it can do so affordably is probably the real question. (Twin declined to elaborate on the nature of their model and training process.)

Skej aims to ameliorate the occasionally painful process of finding a meeting time that works for two (or three, or four…) people. You just cc the bot on an email or Slack thread and it’ll start the process of reconciling everyone’s availability and preferences. If it has access to schedules, it’ll check those; if someone says they’d prefer the afternoon if it’s on Thursday, it works with that; you can say some people get priority; and so on. Anyone who works with a skilled executive assistant knows they are irreplaceable, but chances are every EA out there would rather spend less time on tasks that are just a bunch of “How about this? No? How about this?”

Image Credits: Skej

As a misanthrope, I don’t have this scheduling problem, but I appreciate that others do, and also would prefer a “set it and forget it” type solution where they just acquiesce with the results. And it’s well within the capabilities of today’s AI agents, which would primarily be tasked with understanding natural language rather than forms.

Jsonify is an evolution of website scrapers that can extract data from relatively unstructured contexts. This has been done for ages, but the engine extracting the info has never been all that smart. If it’s a big, flat document they work fine — if it’s in on-site tabs or some poorly coded visual list meant for humans to click around, they can fail. Jsonify uses the improved understanding of today’s visual AI models to better parse and sort data that may be inaccessible to simple crawlers.

Image Credits: Jsonify

So you could do a search for Airbnb options in a given area, then have Jsonify dump them all into a structured list with columns for price, distance from the airport, rating, hidden fees, etc. Then you could go do the same thing at Vacasa and extract the same data — maybe for the same places (I did this and saved like $150 the other day, but I wish I could have automated the process). Or, you know, do professional stuff.

But doesn’t the imprecision inherent to LLMs make them a questionable tool for the job? “We’ve managed to build a pretty robust guardrail and cross-checking system,” said founder Paul Hunkin. “We use a few different models at runtime for understanding the page, which provide some validation — and the LLMs we use are fine-tuned to our use case, so they’re usually pretty reliable even without the guardrail layer. Typically we see 95%+ extraction accuracy, depending on the use case.”

I could see any of these being useful in probably any tech-forward business. The others in the cohort are a bit more technical or situational — here are the remaining six:

Resolvd AI – agentic automation of cloud workflows. Feels useful until bespoke integrations catch up to it.Floode – an AI inbox wrangler that reads your email and finds the important stuff while preparing appropriate responses and actions.Extensible AI – is your AI regressing? Ask your doctor if Extensible is the right testing and logging infra for your deployment.Opponent – a virtual character meant for kids to have extensive interactions and play with. Feels like a minefield ethically and legally but someone’s got to walk through it.High Dimensional Research – the infra play. A framework for web-based AI agents with a pay-as-you-go model so if your company’s experiment craters, you only owe a few bucks.Mbodi – generative AI for robotics, a field where training data is comparatively scarce. I thought it was an African word but it’s just “embody.”

There’s little doubt AI agents will play some role in the increasingly automated software workflows of the near future, but the nature and extent of that role is as yet unwritten. Clearly Betaworks aims to get their foot in the door early even if some of the products aren’t quite ready for their mass market debut just yet.

You’ll be able to see the companies show off their agentic wares on May 7.

Correction: This story was updated to reflect that the founder of Jsonify is Paul Hunkin, not Ananth Manivannan.