Uday Festival in MIET Jammu Recognizes Innovation, Google DeepMind Scientists Ponder 200M AI Startup
Uday Festival in MIET Jammu Recognizes Innovation and Entrepreneurship
The Uday Startup Festival in MIET Jammu, organized by SCHEAM India, FICCI FLO, and MIET, saw the participation of Advisor Rajeev Rai Bhatnagar as the Chief Guest. The festival celebrated grassroots innovation and entrepreneurship, with a notable focus on startups like Performance Insight 360 and others from MIET, which have been making significant strides in emerging domains. Advisor Bhatnagar commended the event’s efforts in fostering sustainable employment and presented awards to tech startups with J&K roots.
The festival also featured a panel discussion by industry luminaries, who deliberated on strategies to promote startups in J&K. Prior to the main event, a startup ideation competition was held for students, with winners being recognized and awarded cash prizes. Varuna Anand, Chairperson FICCI FLO, expressed the significance of UDAY and pledged to continue organizing it as an annual event.
Google DeepMind Scientists Ponder €200 Million AI Startup ‘Holistic’ in Paris
Two highly regarded scientists from Google DeepMind, Laurent Sifre and Karl Tuyls, are contemplating the establishment of a new AI startup in Paris, tentatively named Holistic. Sources have revealed that the scientists are in talks with investors for a funding round that is expected to exceed €200 million ($220 million). Both Sifre and Tuyls have given notice to leave DeepMind in order to pursue this new venture. While rumors suggest that the focus of their startup will be on a new AI model, specific details remain undisclosed.
The substantial funding being sought indicates the significant interest that investors have in AI technology, particularly in France. Startups from academic and Silicon Valley AI hubs in France often attract substantial funding. It is worth noting that this initiative is distinct from Holistic AI, which is based in London.
Gaurav Gupta’s Holistic Health Startup Revolutionizes Wellness
Gaurav Gupta, a former co-founder of Zomato, has recently launched Gabit, a health-tech startup that aims to promote holistic well-being. Backed by $9.5 million in seed funding, the platform offers personalized meal plans, fitness wearables, skincare products, and more through an active website and app. Gabit leverages proprietary AI tools like FitBot and SkinBot to enhance the user experience.
Gupta, in collaboration with his wife Arpana Shahi, seeks to address health holistically by incorporating elements such as fitness, nutrition, sleep, mental well-being, and skincare. The launch of Gabit aligns with the growing demand for health and wellness solutions in the post-pandemic era. The startup stands out for its comprehensive and integrated approach, aiming to foster good habits and make wellness an integral part of users’ lives.
Eruditus Edtech Considers Indian Domicile for IPO Surge
Educational technology (edtech) unicorn Eruditus, backed by SoftBank, is exploring the possibility of shifting its domicile from Singapore to India in preparation for a potential initial public offering (IPO). This move reflects a growing trend among Indian startups to return to their home country, driven by regulatory considerations and a preference for local IPOs. Eruditus, valued at $3.2 billion, is currently engaged in discussions with major firms regarding the potential shift.
As the second-largest edtech company in India, Eruditus reported a significant 75 percent year-on-year revenue growth, with fiscal 2023 revenue reaching Rs 3,322 crore ($400 million). The decision to consider an Indian domicile aligns with the market’s focus on profitable businesses, and Eruditus aims to capitalize on this sentiment in the Indian IPO landscape.
×AI, Elon Musk’s AI Venture, Nears $1 Billion Target with $500 Million in Commitments
Elon Musk’s artificial intelligence (AI) startup, ×AI, is reportedly progressing steadily toward securing $1 billion in funding. According to sources, the company has already received commitments totaling $500 million from investors. Discussions indicate that ×AI could potentially be valued between $15 billion and $20 billion, although finalized terms may be subject to adjustments in the following weeks.
Elon Musk took to X, formerly known as Twitter, to dismiss reports about ×AI’s funding progress as fake news. The venture, which serves as an alternative to Open AI, a venture Musk co-founded but later parted ways with, endeavors to introduce Grok, a chatbot. This chatbot, which utilizes social media posts from Musk’s network, offers access to more recent data for responses compared to other chatbots.
These developments in the AI industry demonstrate the ongoing interest and investment in AI technology, while highlighting the significance of startups in driving innovation and meeting evolving market demands.
