TECH AND STARTUP HUB
AI coding startup Magic seeks $1.5-billion valuation in new funding round
Magic, a U.S. startup, is raising $200 million for AI software development without revenue. Investors are funding coding assistants like GitHub Copilot. Paris-based Poolside AI also trains large language models. Magic's unique design surpasses transformer models, focusing on long-context windows for data processing.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Sequoia backs AI startup that automates engineering tasks
Matan Grinberg, a former physics PhD student, founded Factory, an AI startup valued at over $100 million.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
The startup story's just starting
For India to ascend to the summit of the world's leading startup ecosystems by 2030, it demands dynamic policies from the incoming government, nurturing a vibrant culture of innovation, and concerted collaboration among all stakeholders. With the requisite elements already in place, including the impressive growth and resilience shown by current startups, valuable lessons abound for budding entrepreneurs. By adopting a progressive outlook centered on enduring, sustainable, and conscientious advancement, our startup ecosystem has the potential to evolve into a remarkably innovative, inclusive, and globally sustainable entity.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Startups are driving job growth for freshers: Foundit Insights Tracker
A recent report by foundit, formerly Monster APAC & ME, highlights India's booming startup ecosystem and job opportunities for freshers.
ET Make in India SME Regional Summit in Hyderabad will focus on the state’s high-tech prowess
Starting with the tech-powered city of Hyderabad, the ET Make in India Regional Summit aims to power the state’s MSMEs leveraging on its innovative quality.
SP Jain Institute launches Wise Innovation Studio for Emerging Technologies
SPJIMR's WISE Tech fosters societal advancement through wise innovation with initiatives like accelerators, Entrepreneurship Fellowship, and Wise Innovation Conclave. Manoj Mohan leads the executive team, supported by R. Ramanan and Haresh Chawla from True North.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
ARTPARK: From legged robots to advanced cargo drones, a look at India's first robotics park
ARTPARK, India's pioneering AI and robotics hub established in 2020 within the Indian Institute of Science (IISc) campus, Bengaluru, aims to foster inclusivity and equitable access to technology. With a core focus on innovation, skilling, and industry collaboration, ARTPARK nurtures startups, supports research, and tackles societal challenges. Backed by substantial funding, it's a nexus for developing cutting-edge solutions and driving India's technological advancement.
Mangaluru & Udupi next IT hub? How two towns can become the 'Silicon Beaches of India' leaving Bengaluru behind
Mangaluru and Udupi, despite their coastal charm and ample infra, are striving to attract more IT investments and establish themselves as significant IT hubs. With key players setting up satellite offices and real estate developers investing in IT-friendly infrastructure, the cities aim to overcome challenges such as branding issues and lack of policy support. Stakeholders emphasize the need to build a robust ecosystem for innovation and collaboration to realize the region's IT potential.
GCCs in India looking to strengthen digital capabilities: report
Indian GCCs focus on AI/ML, data analytics. CIOs prioritize AI in 2024. ANSR report notes talent development, market growth, tech hubs like Bengaluru, Hyderabad, and emerging locations like GIFT City.
Starburst accelerator SARL to set up innovation hub in IIT Madras
Accelerator to offer aviation, space and defence startups funding support of €100m
Ukrainian women's startups drive tech sector resilience, offer economic recovery hope
Martial law prohibits most men of military age from leaving the country, creating a need and space for female tech entrepreneurs at home and abroad. They are able to build on a stronger representation by women in leadership positions in Ukraine than in the European Union and globally.
DryLuru: India’s Silicon Valley either looking up at the skies or awaiting tankers for water
India’s technology city is either looking up at the skies or awaiting tankers for water. Since Cauvery alone cannot fulfill Bengaluru’s water needs, experts say the city needs an approach integrating multiple sources for long-term solutions. What happened earlier this month is just a warning.
India looks for new Bengalurus as its Silicon Valley goes downhill
Bengaluru's severe water crisis and traffic congestion are prompting tech giants to consider relocating from the $245 billion IT hub. The city's civic challenges may impact India's IT industry landscape, compelling companies to explore emerging cities.
RBI's Paytm bank extension with riders; Mumbai a startup hub?
More payment banks are likely to face regulatory action on allegations of money laundering, following the recent RBI crackdown on Paytm. This and more in today's ETtech Top 5.
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