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Startup Zededa Raises $72 Million to Advance AI-Powered Solutions

Startup Zededa Raises $72 Million to Advance AI-Powered Solutions

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In a testament to investor confidence in the burgeoning field of edge computing and artificial intelligence (AI), startup Zededa has secured a substantial $72 million in funding. The infusion of capital underscores the critical role that companies like Zededa play in facilitating the seamless operation of AI-driven technologies across various industries.

Startup Zededa Raises $72 Million to Advance AI-Powered Solutions

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Zededa specializes in edge computing, a paradigm that involves processing data as close to the source as possible, rather than relying solely on centralized data centers. This approach is particularly vital for AI applications, which entail massive data processing requirements. Based in San Jose, California, Zededa addresses the unique challenges posed by AI’s computing demands in distributed environments.

Claudio Fayad, Vice President for Technology at Emerson Automation Solutions, highlights the significance of data accessibility for AI. He emphasizes that processing data locally enhances efficiency, especially for tasks like predictive maintenance. Zededa’s solutions enable organizations to leverage AI effectively in diverse scenarios, such as managing solar panels in fields or optimizing operations on oil rigs.

Streamlining Edge Computing Orchestration

A key aspect of modern edge computing is orchestration, the process of ensuring seamless collaboration among remote devices. Zededa focuses on streamlining this orchestration process, empowering businesses to harness the collective processing capabilities of distributed edge networks efficiently. This optimization is crucial for unlocking the full potential of AI-driven analytics and decision-making at the edge.

Fayad observes a shift in preference towards AI over traditional analytics software, citing AI’s adaptability and ability to discern nuanced situations. With AI, organizations can gain deeper insights and more sophisticated recommendations, driving improved operational efficiency and informed decision-making.

Strategic Investment and Visionary Leadership

Leading the recent funding round is Smith Point Capital, a venture firm co-founded by Keith Block, former co-CEO of Salesforce Inc. This investment signals a strong vote of confidence in Zededa’s vision and capabilities. Notably, returning investors include Lux Capital, Chevron Technology Ventures, and Porsche Ventures, underscoring continued support for Zededa’s innovative edge computing solutions.

Also Read: Starship Technologies Raises $90 Million to Expand Delivery Robots

Founded in 2016 by Said Ouissal, a veteran of telecommunications giants Ericsson and Juniper Networks Inc., Zededa has steadily positioned itself as a key player in the evolving landscape of edge computing and AI. The company’s commitment to driving innovation and addressing the evolving needs of industries underscores its potential to shape the future of enterprise computing.

In conclusion, Zededa’s successful funding round reflects both the growing demand for edge computing solutions and investor confidence in the transformative potential of AI. As businesses increasingly rely on AI-driven insights to drive growth and efficiency, Zededa’s pioneering efforts in streamlining edge computing orchestration are poised to play a pivotal role in shaping the digital landscape of tomorrow.

AI Startup Sarvam Raises $41 Million to Tap India Growth

AI Startup Sarvam Raises $41 Million to Tap India Growth

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Emerging from stealth mode, Sarvam AI has revealed that it has secured a total of $41 million, as the five-month-old Indian business works to develop a range of full-stack generative artificial intelligence technologies in the most populated country in the world.

The seed and Series A investment rounds together raised 41 million dollars in capital. Together with Peak XV Partners, Lightspeed managed the Series A round as well as co-led the seed. Khosla Ventures along with Peak XV also took part in the Series A investment.

AI Startup Sarvam Raises $41 Million to Tap India Growth

Image Source: bloomberg.com

According to Vivek Raghavan, founder of Sarvam AI, the Bengaluru-based business is developing extensive language models which incorporate Indian languages, as reported by TechCrunch. The firm is also developing a platform that would let companies use large language models in their development.

Currently employing roughly eighteen people, Sarvam AI is concentrating on developing LLMs using speech as the preferred UI in India. This approach, together with its focus on local language assistance, tries to uniquely address the needs of the Indian market.

“This requires us to change the architecture of existing open models and to train them in custom ways to teach the new language. The advantage is that the resultant models are more efficient (in terms of tokens consumed) for understanding and generating Indian language than any of the existing LLMs,” said Raghavan.

techcrunch.com

About five months ago, Raghavan along with Pratyush Kumar, both former employees of information technology veteran Nandan Nilekani-supported AI4Bharat of Indian Institute of Technology Madras, founded Sarvam. Raghavan also worked with UIDAI, the organisation in charge of the widely used Aadhaar identity system in India, for more than ten years.

“I have seen firsthand the enormous value in innovating at foundational layers and deploying at population scale,” he said. “India has demonstrated that it can harness technology differently, and with GenAI we have an opportunity to reimagine how this technology can add value to people’s lives.”

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Business will launch First Model in the Market in few Weeks

During the next several weeks, the business intends to release the initial model to the market.

The Sarvam investment arrives at a period in which investors across the world are scrambling to find and support AI breakthroughs, betting on the idea that innovations in the field would boost productivity across a wide range of sectors and that cutting-edge firms will generate profits that will last for generations.

Also Read: Many PlayStation Users’ Accounts Locked Out, Get Permanent Suspension Message From Sony

Despite having one of the biggest ecosystems for startups globally, India has not yet had a significant influence on the quickly developing field of artificial intelligence. There are currently no native Indian competitors standing a chance against the might of major language model behemoths like Google’s Bard, Amazon-supported Anthropic, and OpenAI’s ChatGPT.

Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

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Former Flipkart co-founder, Binny Bansal, is embarking on a new entrepreneurial journey, this time in the field of artificial intelligence. 

According to sources cited by Bloomberg, Bansal’s latest venture is set to make a significant impact on the AI landscape, with a focus on serving corporate clients worldwide. The startup, currently shrouded in secrecy, plans to provide AI expertise, products, and services, following a model reminiscent of IT giants like TCS and Infosys.

Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

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Bansal, a 40-year-old billionaire who co-founded the e-commerce behemoth Flipkart and realized substantial gains from selling his stake to Walmart Inc., is now setting his sights on India’s vast English-speaking youth population. His goal is to nurture the next generation of AI professionals and offer innovative AI services. This ambitious project revolves around talent development and service offerings, with a particular emphasis on smaller Indian cities that are often overlooked by tech giants.

Although the startup is keeping product details under wraps, it is believed to be targeting the e-commerce and legal sectors in its initial stages. Future expansions are anticipated in the realms of analytics, data science, and financial services. The official product launch is scheduled for the second half of 2024.

From Bengaluru to Singapore: A Global Vision Takes Shape

While the startup is headquartered in Bengaluru, it is officially headquartered in Singapore, a city where Binny Bansal has made his home since his tenure at Flipkart. The project is currently in stealth mode for product development in Singapore, with strategic plans for expanding into the lucrative US market in the future.

Binny Bansal and Sanchin Bansal, both alumni of the prestigious Indian Institute of Technology, Delhi, co-founded Flipkart, which eventually evolved into a local e-commerce giant competing with Amazon. Notably, Binny Bansal served as the CEO of Flipkart when he orchestrated the high-profile sale to Walmart for a staggering $16 billion in 2018. Despite relinquishing his executive role, he maintains a presence on the Flipkart board and retains shares in PhonePe, Flipkart’s digital payment service. Furthermore, Binny Bansal has actively been investing in technology startups, displaying a keen interest in fostering India’s burgeoning tech ecosystem.

Also Read: E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

As Binny Bansal’s stealth AI startup takes shape in the heart of India’s tech hub, it has the potential to become a formidable player in the global AI landscape. With a visionary founder, a focus on talent development, and a commitment to innovative service offerings, the startup is poised to make waves in the industry, much like Bansal’s previous endeavors. As the countdown begins for the official product launch in 2024, the tech world eagerly anticipates the unveiling of this intriguing venture and its potential to redefine the AI landscape.

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

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Before its anticipated IPO in 2025, Indian e-commerce firm Udaan is concentrating on cutting expenses and establishing partnerships with consumer goods companies. Operating profitability is the business’s goal, according to the chief executive officer Vaibhav Gupta, and it should happen in 18 months. Lightspeed Venture Partners-backed Udaan is among a slew of Indian startups aiming to capitalise on the expanding economy of the nation while satisfying investor expectations for profitability. With its financial technology division, Udaan, which provides small merchants with an online marketplace and logistical network, is also branching out into lending.

The priority “is steady and predictable financial performance,” Gupta said. “Second, strategically we want to ensure that we are top of mind with shopkeepers, with big manufacturers, and we maintain our relative market share”, he added.

retail.economictimes.indiatimes.com

Udaan Aims to capitalize on India's customer base

funded by Lightspeed Venture Partners Amongst the businesses attempting to capitalise on India’s customer base and economy’s explosive expansion is Udaan, which is also aiming to satisfy investor requests for revenue generation.

At the height of its employment, Udaan brought in thousands of people. Last year, it, along with other Indian startups, reduced employment and tightened internal controls as well as compliance.

With around 1,800 employees as of right now, Gupta would not say if more layoffs are necessary.

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

Image Source: moneycontrol.com

Corporate governance errors at Byju’s, an Indian online teaching company that was once the country’s most valuable startup with a 22-billion-dollar value, exposed the particular difficulties encountered by South Asian entrepreneurs and encouraged other businesses to exercise greater caution.

“We continue to move towards more professionalized management, professionalized board and also institutionalized shareholders as we go towards public markets,” Gupta said.

retail.economictimes.indiatimes.com

Also Read: Top 5 Ways to Find Out If Someone Has Remote Access to Your iPhone.

Udaan has not yet decided if it will be listed internationally or in India. According to a report by September Business Standard, it was in discussions to raise a total of 400 million dollars and was estimated at more than three billion dollars in a 2021 investment round. Tencent Holdings Ltd. owns 6 percent of Udaan, while Lightspeed owns approximately 35 percent.

In 2016, three developers who worked before at Flipkart launched the firm. Until Vaibhav Gupta, who was among the founders, took on the role of the chief executive officer in 2021, the three of them jointly managed Udaan. Amod Malviya and Sujeet Kumar, the other two founders, are members of the board.

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment

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In the ever-evolving landscape of technology, artificial intelligence (AI) startups are emerging as the true pioneers, defying conventional constraints and making significant strides in the global tech arena. 

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment
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Venture capital firms, traditionally inclined towards Silicon Valley giants, are now realigning their focus to recognize the exceptional prospects within this burgeoning field. What sets these AI startups apart is their ability to adapt and innovate, irrespective of their geographical location. Whether nestled in the familiar confines of Silicon Valley or flourishing in lesser-known tech hubs, AI startups are showcasing remarkable adaptability. Their ingenious use of AI technology has allowed them to create groundbreaking solutions, disrupting established industries and pushing the boundaries of what was once deemed possible.

The core of this revolution lies in advanced algorithms and rapid computing power that, astonishingly, didn’t exist a mere decade ago. These technological advancements have enabled AI startups to seamlessly overcome the limitations of traditional setups, opening up new possibilities and reshaping industries. As a testament to their potential, the AI market is expected to witness exponential growth, with a projected value of nearly $100 billion ballooning twentyfold by 2030, reaching nearly $2 trillion.

AI startups are not confining their impact to a single industry; they are leading the charge across various sectors. One notable example is the fintech industry, which has experienced a remarkable transformation due to AI-powered products. In 2018, AI-related investments in fintech amounted to a modest $408 million. Fast forward to the present, and the sector has witnessed a seismic shift, with investments reaching unprecedented levels. The fintech industry’s value, propelled by AI innovations, now stands at a staggering figure, illustrating the transformative power of these startups.

Moreover, AI is penetrating diverse sectors, including supply chains, marketing, product manufacturing, research, and analysis. The versatility of AI applications is a testament to its far-reaching impact on the business landscape. As AI startups continue to refine their offerings and expand their reach, they are set to become key players in shaping the future of industries worldwide.

Also Read: OpenAI Seeks $90 Billion Valuation in Possible Share Sale, WSJ Says

In this era where unicorns symbolize tech success, AI startups are introducing a new metaphor – that of camels, resilient and adaptable creatures that traverse diverse landscapes. The adaptability of AI startups to different environments and their transformative impact on industries make them the camels of the tech investment desert, traversing terrains that were once thought impassable and proving that the future belongs to those who can harness the power of artificial intelligence.

AI Startup Corti Raises $60 Million to Take on Microsoft in Health Care

AI Startup Corti Raises $60 Million to Take on Microsoft in Health Care

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Copenhagen-based startup Corti has secured a substantial $60 million in funding to further advance its mission of revolutionizing the healthcare industry through AI technology.

AI Startup Corti Raises $60 Million to Take on Microsoft in Health Care
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The investment was led by Prosus Ventures and Atomico, with participation from previous backers Eurazeo, EIFO, and Chr. Augustinus Fabrikker. Although the company has remained tight-lipped about its valuation, its remarkable growth in customers and usage speaks volumes about its impact in the sector.

Just two years ago, Corti raised $27 million in a Series A round when it was assisting in 15 million consultations annually. Now, the company proudly serves 100 million patients each year, with its AI assistant being utilized a staggering 150,000 times daily. This translates to approximately 55 consultations daily across Europe and the United States. Corti boasts that its tools can enhance healthcare workers’ accuracy in outcome predictions by up to 40% while making administrative tasks 90% faster.

Corti’s innovative AI service is often described as an “AI co-pilot” for healthcare professionals, covering various areas of patient care. It assists in triaging during patient interactions, documents entire interactions, offers in-depth analysis to guide decision-making, provides second opinions, and generates real-time and post-meeting notes to identify areas for improvement and clinician training.

Corti’s success reflects the growing adoption of AI in healthcare, particularly after the COVID-19 pandemic highlighted the need for efficient and accurate medical support. The startup has attracted a diverse range of customers, including emergency services in Seattle, Boston, and Sweden, as well as numerous hospitals and medical services.

Unlike some competitors that rely on existing AI models, Corti has taken a unique approach by developing its own AI models and components. Notably, the company has not employed in-house medical experts to avoid introducing bias into its system. Instead, Corti engaged researchers to fine-tune its AI, resulting in a more responsive and functional platform.

Also Read: Solana Co-Founder: To Keep the Next Great American Founder in America, Congress Must Regulate Crypto. But First Lawmakers Should Learn How it Works.

While initial skepticism and concerns about job replacement were common when Corti first launched in 2018, the broader acceptance of AI, epitomized by technologies like ChatGPT, has paved the way for more productive conversations. Corti aims to make AI in healthcare a mundane and indispensable part of the industry, steering clear of the contentious debates about its role.

Despite differing opinions on the impact of AI in medicine, Corti’s funding round signals a commitment to improving healthcare efficiency and provider capabilities. With the support of visionary founders Andreas Cleve and Lars Maaløe, Corti is poised to redefine the patient and healthcare experience, ultimately enabling more personalized, preventative, and proactive medicine in a rapidly evolving industry.