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Category: Start-up (page 2 of 23)

Analog AI chip making startup Mythic raised $70mn

California-based startup Mythic, which uses analog tech to make its AI chips, raised over $70 mn in the latest fundraiser. These chips are used in smart home devices or security cameras. Attaining GPU levels similar to $4000 cards, it can easily process video data locally and just send key information back to the data center for use if needed. With a total of $165.2mn raised, Mythic plans to accelerate its production of next-generation, small, low-power, low-cost chips.

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HDFC invests Rs.10 cr for 1.5% stake of Grameen e-store

HDFC strategically invested Rs.10 cr for a 1.5% stake in Grameen e-store to increase its reach to the rural areas. Grameen, e-store, will utilise the funds to expand its technology, product portfolios, and distribution channels. With the partnership with Pepsi, coca-cola, and Bharat petroleum it has made a sale of 22.5 lakh orders with a value of Rs.252 cr, since April last year. As 60-70% of Indians reside in semi-urban/rural areas, improving technology for growing the economy is a must.

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Edtech startup WizKlub appoints Pankaj Bande as CTO

Bengaluru-based Edtech startup WizKlub has appointed Pankaj Bande as CTO to lead the product design, learning, and development Team. He brings with him 20 years of professional experience and has worked with Wipro and Cognizant in the past. Bande has quality experience in conversational AI, IoT, Blockchain, Mobile Robotics, hardware, etc. In his last assignment, he served Wipro as Senior Architect for Conversation IoT Solutions for BFSI, Healthcare, Auto sectors.

Google offers 40,000 scholarships in Africa; continues start-up accelerator program

Google announced the launch of 40,000 new developer scholarships for mobile and cloud development tracks in Africa. The scholarship is offered in partnership with tech talent firms Pluralsight and Andela. The top 1,000 students, at the end of the training, will be given full scholarships, with certifications in Android and cloud development. Google’s three-month accelerator program will begin on June 21.

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ElasticRun raises $75 mn to grow its platform for 1 mn neighborhood stores

ElasticRun has raised $75 mn, in a round jointly led by existing investors Avataar Ventures and Prosus Ventures. Kalaari Capital, another existing investor, also participated. The four-year-old startup, to-date, has raised $130.5 mn. ElasticRun operates in 300 cities with over 125,000 neighborhood stores. The Pune, India-based start-up plans to reach 1 mn stores in the next two years, Shitiz Bansal, co-founder and CTO of ElasticRun, told to TechCrunch.

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India’s food-tech startup Zomato files for IPO to raise $1.1 bn

Indian food tech startup Zomato has filed for an IPO to raise $1.1 bn. It has become the first Unicorn to file for an IPO in the country which is also the second-largest internet market across the globe. Zomato is a 12-year-old Gurgaon-based startup and has Info Edge and Ant Group among its investors. It clocked $183.6 mn in revenue between April 1 and Dec 31 2020 and made losses of $91.8 mn during the period. The startup employs 3,469 people across the globe.

Tech Mahindra acquires hybrid cloud, DevOps services provider DigitalOnUs

Tech Mahindra has acquired DigitalOnUS, a hybrid cloud and DevOps services provider, for $120 mn, including retention bonus and earnout. The acquisition will help Tech M to strengthen its hybrid-cloud offerings, cloud-native development, and Site Reliability Engineering automation.  DigitalOnUS is headquartered in California and has a presence in India, as well. It has over 380 employees and posted a revenue of $30.6 mn for the FY ending on 31st Dec 2020.

Zoom launches $100 mn funds to invest in apps, hardware using VC software

Zoom has created $100 mn funds to invest in startups that build application and services using its video conferencing technology. Zoom CFO Kelly Steckelberg, in an interview, said that the company will invest anything between $250,000 and $2.5 mn into firms building “Zoom Apps” that plugs its popular VC software to build new features. The fund will also be open to telemedicine app providers or conference room hardware makers.

India’s Razorpay raises $160 mn at $3 bn valuation

Razorpay has raised $160 mn at a $3 bn valuation, up from $1 bn in Series D in October last year. The new round was led by existing investors Singapore’s sovereign wealth fund — GIC — and Sequoia Capital India and saw the participation of Ribbit Capital. The fintech startup, to date, has raised funds to the tune of $366.5 mn. Razorpay accepts, processes and disbursed funds online for businesses.