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Startup News
Inc42
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Veefin Solutions’ Q2 Profit Jumps 325% YoY To INR 4.1 Cr
- Veefin Solutions reported a profit of INR 4.13 Cr in Q2 FY25, a 325% increase YoY.
- However, the profit declined 82% sequentially from Q1 FY25.
- Operating revenue rose 112% to INR 19.08 Cr in Q2 FY25.
- Veefin Solutions offers supply chain finance and lending solutions to banks and NBFCs.
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ISN
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Agritech startup Arya.ag secures $19.8 million debt commitment from DFC
- Agritech startup Arya.ag has secured a $19.8 million debt commitment from the U.S. International Development Finance Corporation (DFC).
- The funds will be used by Arya.ag's subsidiary, AryaTech, to expand its efforts in connecting farmers and farmer-producer organizations (FPOs) with buyers.
- Arya.ag aims to enhance market linkages for farmers and FPOs by providing a secure and transparent platform.
- The startup operates in 60% of India's districts and has facilitated over $1.5 billion in loan disbursements to smallholder farmers.
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Yourstory
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Startup news and updates: Daily roundup (October 28, 2024)
- Home service booking platform COOX has raised $125,000 in its seed round led by Inflection Point Ventures. The funds will be used for expansion, marketing, and AI integration.
- Drone tech startup Garuda Aerospace has secured two approvals from the DGCA for manufacturing and training.
- Paris School of Business (PSB) partners with upGrad Abroad to offer MBA and MSc programs in India and France.
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Medium
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Money Is Not The Problem: Money Will Follow You.
- Money flows towards those who solve pressing problems effectively.
- There are many opportunities for everyone to make legitimate money online.
- Having a plan is key to making legitimate money online.
- Simplifying and making people's lives easier can attract financial rewards.
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Alleywatch
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The Weekly Notable Startup Funding Report: 10/28/24
- Seattle-based Bluesky raised $15.0M for its new social media platform backed by Alumni Ventures, Blockchain Capital, and more.
- Palo Alto-based Globality raised $47.0M for its AI-driven sourcing and procurement company. It is financed by Rollins Capital.
- San Jose-based Concentric AI raised $45.0M for its data risk assessment, monitoring, and protection service. Ballistic Ventures, Citi Ventures, and more participated in the round.
- Inspectify raised $5.3M for its platform that helps inspectors, real estate professionals, and home buyers. It is backed by Hartford Steam Boiler and Munich Re Ventures.
- San Francisco-based interface.ai raised $20.0M for its Intelligent Virtual Assistant(IVA) for Banks & Credit Unions. It is funded by Avataar Venture Partners.
- San Francisco-based Nooks raised $43.0M for its AI dialing and prospecting platform. It is supported by Kleiner Perkins, Lachy Groom, and Tola Capital.
- San Francisco-based Nimble Robotics raised $106.0M for automating the processes of e-commerce fulfillment technology company. It is financed by Cedar Pine and FedEx.
- Brighton-based Outrider raised $62.0M for its robotic software and systems to automate logistics hub operations. Its investors include Koch Disruptive Technologies, NEA, and Prologis Ventures.
- Brooklyn-based Paccurate raised $8.1M for its cartonization API that reduces shipping costs and speeds up shipping. Its investors include HPA (Hyde Park Angels), Las Olas Venture Capital, and Royal Street Ventures.
- Austin-based SchooLinks raised $80.0M for its career readiness platform. It is financed by American Student Assistance, Strada Education Innovation Fund, and more.
- Santa Barbara-based Sidero Labs raised $4.0M for its Talos OS, an operating system designed for Kubernetes, and Sidero Metal, which automates Kubernetes on bare metal. Hiro Capital and Sony Innovation Fund are among its investors.
- San Francisco-based Simbe Robotics raised $50.0M for its automation solutions for shelf auditing and analytics. Eclipse Ventures, Goldman Sachs Alternatives, and Valo Ventures are among its investors.
- Medfield-based Tour24 raised $5.0M for its customized tour to properties platform. RET Ventures is among its investors.
- San Francisco-based Finix raised $75.0M for its payment processing platform for businesses. Its investors include Homebrew, Insight Partners, and Tribeca Venture Partners.
- Atlanta-based OncoLens raised $16.0M for replacing the current process of patient case collaboration and subsequent CoC accreditation in cancer care. It is backed by BIP Capital, Cross-Border Impact Ventures, and more.
- San Francisco-based Zip raised $190.0M for its intake and procurement orchestration platform to initiate purchase requests across the enterprise. Its investors include CRV, DST Global, and Y Combinator.
- Miami Beach-based Urbint raised $35.0M for its AI platform for identifying and mitigating threats to workers, critical infrastructure, and communities. It is backed by Blue Bear Capital, Climate Investment, and more.
- San Francisco-based CrewAI raised $12.0M for its enterprise multi-agent automation platform for automating complex tasks. Its investors include Andrew Ng, Craft Ventures, and Insight Partners.
- New York-based Reality Defender raised $33.0M for developing a detection platform to identify and assess risks associated with false media content. It is funded by Accenture, Booz Allen Ventures, DCVC, and more.
- New York-based Tennr raised $37.0M for its automation platform for medical documents. Andreessen Horowitz, Foundation Capital, and Lightspeed Venture Partners participated in the round.
- New York-based Valon Technologies raised $100.0M for its tech-enabled residential mortgage servicer. Andrew Wang, Eric Chiang, and Jonathan Hsu founded it in 2019. It is funded by Andreessen Horowitz and WestCap.
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Gritdaily
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Kinisium, the Tiny Device That Helps People Keep Tabs on Their Sensitive Possessions
- Kinisium is a compact device designed to discreetly alert users when an object is tampered with.
- It detects vibrations or motion and immediately sends a text to the user.
- The device is versatile, attaching to items like gun safes or liquor cabinets.
- Kinisium plans to expand into products for other safety concerns, such as medication monitoring for the elderly.
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Medium
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Nordic Tech #4: Turning the Concrete Jungle Green with CemVision
- CemVision is focused on making the cement industry sustainable by reducing carbon emissions.
- Their product, Re-ment, replaces fossil limestone with industrial waste and uses green energy, resulting in up to 95% reduction in CO2 emissions.
- Re-ment offers economic benefits and faster strength development compared to traditional cement, making it a cost-effective alternative.
- CemVision has secured a supply agreement with Vattenfall, gaining access to a large international market and leveraging their credibility and network.
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Entrepreneurshiplife
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Should Your Startup Outsource Customer Support?
- Outsourcing customer support can be beneficial for a startup as it offers cost savings, scalability and flexibility, 24/7 support availability, focus on core competencies, and access to expertise and technology.
- To mitigate the risks of outsourcing customer support, it is important to choose an established company, ensure providers have strong language skills, carefully brief the team about expectations and mitigate security risks.
- Outsourcing support can erode a company's culture and personalized experiences for customers. This can be overcome by reaching out to loyal customers more often to maintain relationships.
- A careful cost-benefit analysis should be conducted before outsourcing customer support.
- Most customers today want 24/7 support availability. This covers support for clients in different time zones.
- An outsourcer invests heavily in the software and technology for communication, making it easier for clients to access support.
- Cultural and language barriers can be overcome by providers with strong language skills and experience in dealing with customers in the client's region.
- Security risks can be mitigated by ensuring providers treat data security carefully and are compliant with data regulations of both their region and the client's.
- Loss of control can be managed by choosing an established company and reviewing calls and analytical data to monitor service levels.
- A startup should consider outsourcing customer support to manage increasing customer queries and to maintain customer service levels.
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Medium
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Things you should not say during a VC pitch
- Explain how you're unique among existing players, rather than suggesting a lack of market understanding.
- Show that you've thought about customer acquisition and marketing strategies, even for the best products.
- Discuss how you'll capture specific market segments instead of relying on oversimplified metrics.
- Focus on justifying projections with data and assumptions, instead of making overly optimistic or generic claims.
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Eu-Startups
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German AI startup paretos raises €8.5 million to grow as a market leader in Decision Intelligence
- German AI startup paretos has raised €8.5 million in its Series A funding round to grow as a market leader in Decision Intelligence.
- The funding round was led by Acton Capital, with participation from existing investors UVC Partners and LEA Partners.
- paretos' AI-based platform supports market leaders like HelloFresh, Otto Group, and EDEKA in decision-making for critical business processes.
- The global market for Decision Intelligence is expected to quadruple to €50 billion by 2030.
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Startupreporter
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ISGJ Celebrates Academic Excellence by holding its 12th Annual Convocation
- International School of Gems & Jewellery (ISGJ) celebrated its 12th Annual Convocation Ceremony at Amore Hotel in Surat on 19th October 2024.
- Over 200 students were rewarded with certificates in various programs for their academic brilliance.
- Distinguished guests including the President of Surat Jewellers Association and CEO of Surat Diamond Bourse attended the ceremony.
- The convocation marked the successful completion of prestigious programs in gems & jewellery and motivated the graduates to excel in their professional work.
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Startupreporter
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International luxury brand Stylito opens showroom at Vesu in Surat
- A multi-premium brand showroom called Stylito has been set up in Vesu area, Surat.
- The showroom offers a wide range of imported brands for fashion accessories lovers including perfumes, cosmetics, and hair care products.
- Surat, known for its love of premium brands, now has a one-stop destination for all these products.
- The showroom features various luxury brands such as Hermes, Hugo Boss, D&G, and Tommy Hilfiger.
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ISN
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Pics of Nikhil Kamath's rented Bengaluru apartment resurface after he buys his first house, Netizens reacts...
- Zerodha co-founder Nikhil Kamath's former rented apartment in Bengaluru resurfaced after he bought his first house.
- Rahul Gonsalves, a designer at PhonePe, criticized the interior design of the apartment.
- Netizens reacted to the photos, expressing their disappointment with the decor.
- Kamath, known for advocating renting, discussed the rent vs. buy debate in his podcast and highlighted the drawback of renting.
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Geek Wire
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Seattle startup Read AI raises $50M to fuel ‘copilot everywhere’ vision for enterprise software
- Seattle startup Read AI raises $50M in a Series B round to fuel its 'copilot everywhere' vision for enterprise software.
- Read AI sells productivity software tools driven by generative AI and has seen rapid growth, adding 100,000 new accounts each week.
- The company's products are used by 75% of the Fortune 500 and it has not spent any money on marketing.
- Read AI plans to expand its capabilities beyond meeting summarization to include analyzing emails, messaging threads, and providing predictive analytics.
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TechCrunch
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Remote ropes in Carta to simplify equity grants for distributed teams
- Remote, the HR platform for managing distributed teams, is launching a new product called Remote Equity to simplify equity compensation for international employees.
- Remote Equity allows companies to grant stock option plans to their international employees, ensuring compliance with local regulations.
- Remote has partnered with Carta to manage the drafting and issuance of option grants, with Remote generating the necessary legal documentation.
- Equity data will be synced between Carta and Remote Equity, providing managers with a comprehensive view of employee compensation.
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