SARVAM AI KHOSLA VENTURES FUNDING
Tata 1mg’s FY24 report; Cognizant-Wipro CFO lawsuit settled
Epharmacy Tata 1mg reported a 21% rise in revenue to Rs 1,968 crore for FY24. This and more on today’s ETtech Top 5.
Want a slice of AI pie? Here's what it will cost stock market investors
Retail investors are now viewing AI as a promising investment frontier, with significant potential for gains by investing in leading companies in this field. Nvidia, a maker of AI chips, has seen its stock surge threefold in the past year, making it one of the most valuable companies in the world with a market capitalisation over $3 trillion.
Beyond Nvidia: the search for AI's next breakthrough
For a few days, AI chip juggernaut Nvidia sat on the throne as the world's biggest company, but behind the its staggering success are questions on whether new entrants can stake a claim to the artificial intelligence bonanza. "If you look across the chip history, we really have for the most part focused on more general chips," Rebecca Parsons, CTO at tech consultancy Thoughtworks, told AFP. Providing more specialized processing for the many demands of AI is an opportunity seized by Groq, a hot startup that has built chips for the deployment of AI as opposed to its training, or inference -- the specialty of Nvidia's world-dominating GPUs. that Nvidia won't be the best at everything, even if they are uncontested for generative AI training.
Lightspeed partners Abhishek Nag, Vaibhav Agrawal quit
Vaibhav Agrawal is set to launch his own venture firm. Abhishek Nag has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments. has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments.
AI startup Symbolica raises $31 million to develop AI systems to compete with OpenAI
Symbolica has created a framework that will enable it to develop alternatives to the "transformer" deep learning architecture, said Symbolica CEO George Morgan.
Abu Dhabi’s 3AI, SML in pact to jointly own Indian genAI platform Hanooman
Abu Dhabi's 3AI Holding partners with Seetha MahalaxmiHealthcare and IIT Bombay to co-own 'Hanooman.' Investment undisclosed. Relocating tech team, shifting base to India. Omega AI model integration. Focus on Indian market, diverse sectors, and enterprise solutions.
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Data privacy startup Skyflow raises $30 million in funding led by Khosla Ventures
Skyflow, with $30 million funding led by Khosla Ventures, provides data privacy vault services with polymorphic encryption for LLMs and AI. It caters to clients like GoodRx, Lenovo, and Hippocratic AI.
Aakash Chaudhry won’t return to Byju’s; Alteria’s Rs 1,550 crore Fund-III
Happy Thursday! Talks between Aakash Institute promoters and Byju’s on Aakash Chaudhry’s return to helm the coaching firm have failed. Details on this and more in today’s ETtech Morning Dispatch.
Large action models gearing up to turn AI’s promise into action
Rabbit’s R1, the world’s first LAM-powered device, is set to start shipping in a week and tech biggies like Microsoft and Salesforce investing in this cutting edge technology. LAMs can be ‘revolutionary’ and bring significant business gains, experts said. AI making choices on the behalf of consumers will, however, also add further complexity to business decision-making.
Dermatology platform Cureskin raises $20 million in funding led by HealthQuad
The company will utilise the newly-raised funds to enhance its AI capabilities further and broaden its range of solution offerings, it said in a statement on Wednesday.
In Silicon Valley, venture capital meets a generational shift
Many more are leaving. Investors at Tiger Global, Paradigm, Lightspeed Venture Partners, Emergence Capital and Spark Capital have all announced plans to step back. Foundry Group, a venture firm in Boulder, Colorado, that has backed 200 companies since 2006, said in January that it would not raise another fund.
Meet India’s own ChatGPT-style AI model Hanooman
The first version of ‘Hanooman’, an artificial intelligence model that can generate both text and speech in several Indian languages, is scheduled to be released in late March.
Sarvam AI to launch voice-to-voice endpoint tool in the next six to twelve months
Sarvam AI released its first open-source Hindi language model called OpenHathi-Hi-0.1 in December last year. The firm said the AI model is the first in a series of models which will “make contributions to the ecosystem with open models and datasets to encourage innovation in Indian language AI.”
OpenAI investor Vinod Khosla spars with Elon Musk over lawsuit
Vinod Khosla has been an investor in OpenAI since 2019 when the company became "for profit". He said Musk's lawsuit "feels like a bit of sour grapes in suing OpenAI ChatGpt, not getting in early enough, not staying committed and now a rival effort".
RBI says Paytm’s non-compliance forced action; Zomato’s Q3 report card
Without naming a specific entity, RBI Governor Shaktikanta Das said the regulatory action was driven by a “lack of compliance”.
Microsoft partners with Chennai-based Sarvam AI for genAI tools
Sarvam AI is building genAI models targeting Indic languages and context, it said in a statement, but did not immediately provide financial details of the partnership.
Kitchen appliances startup Upliance AI raises Rs 34 crore in funding led by Khosla Ventures
Bengaluru-based Upliance AI said it will utilise the the funds will be used to accelerate product expansion by investing in tooling and advanced manufacturing techniques, building the team, and collaborating with content creators for marketing.
Local SaaS firms under the thumb to retool for artificial intelligence
At least half a dozen investors ET spoke to said it will be crucial for early-stage software companies to showcase how they are leveraging AI in their products to attract new investments in 2024.
The AI-ceberg of innovations: Meet AI-first startups shaping India's tech future
Over the last 12 months, a new generation of AI-driven companies and generative AI tooling startups have attracted investments, but this represents only a small percentage of the companies driving innovation in this space. Under the surface lies vast, untapped potential for more.
Ex-Twitter CEO Parag Agrawal raises $30 million for his AI startup: Report
Former Indian-origin Twitter CEO Parag Agrawal has entered the artificial intelligence (AI) race, with reportedly raising $30 million for his startup.
Indian GenAI firms raised $700 million in 3 years, says Nasscom
2022 has been the largest year with $566 million being infused in GenAI startups, followed by $144 million in 2023, data showed. These were made across diverse GenAI offerings, per the Nasscom report.
Startups write a $1.5-billion twist in winter’s tale
December brings the highest monthly fundraise of 2023, though the annual total is the lowest in 7 years.
Hindi LLM maker Sarvam AI to open platform for business
Founded by former AI4Bharat researchers Vivek Raghavan and Pratyush Kumar in July, Chennai-headquartered Sarvam is planning to release models in other Indian languages in the coming weeks.
Ola, SarvamAI announce their large language models
In two separate developments on Wednesday, mobility unicorn Ola and AI startup SarvamAI have announced their large language models (LLMs) trained to generate text in Hindi.
AI innovation key to solve problems faced by large companies: Peak XV’s Rajan Anandan
India has $20 billion of venture capital dry powder, and “the number one theme that we're all going after is AI,” Peak XV Partners managing director Rajan Anandan said, adding that AI innovation will be used to solve problems faced by large companies globally.
Generative AI startups defy funding winter, raise record $10 billion in 2023
Startup funding has been subdued in 2023 with $224 billion in total venture capital funding (as on December 8) globally, falling 65 per cent since 2021 when startups raised a record $655 billion.
ETtech Deals Digest: Boosted by investment in Sarvam AI, Indian startups raise $108 million this week
Investment in startups fell 79% in the December 4-8 week, from $514 million across 38 funding rounds in the same period a year ago. Sequentially, however, funding activity saw a surge of 81%, compared to $59 million raised across 18 rounds, last week.
Gen AI startup Sarvam AI raises $41 million in funding from Lightspeed, Peak XV and Khosla Ventures
Sarvam AI’s immediate focus areas include training artificial intelligence models to support a diverse set of Indian languages and voice-first interfaces. It will also work with Indian enterprises to co-build domain-specific AI models on their data.
Prosus cuts Byju's valuation to under $3 billion; PayU India, Swiggy H1 financials
Technology investor Prosus has slashed Byju’s valuation to below $3 billion from its peak of $22 billion. This and more in today’s ETtech Top 5.
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