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Gaming startup MetaShot raises Rs 2 crore from Karnataka Govt’s Venture Fund
- Bengaluru-based gaming startup MetaShot, known for its flagship brand MetaShot, has raised Rs 2 crore from Karnataka's KITVEN Fund.
- The funding will be utilized for driving growth and supporting market expansion of the startup.
- MetaShot offers a console-like experience through its technology and products like the MetaShot Smart Bat.
- KITVEN 4 AVGC, the fund that invested in MetaShot, focuses on companies in the animation, visuals effects, gaming, comics (AVGC) sector within Karnataka.
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AllTopStartups
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The UK’s Happiest Industries Revealed with 36% Currently in Their Dream Roles
- 36% of Brits are in their dream role, but 28% would leave for a new opportunity in the next 12 months.
- Manchester has the happiest workers in the UK, with 46% claiming they are in their dream role.
- Adobe Express conducted a study on job fulfillment and support in different industries in the UK.
- 50% of 18–24-year-olds feel they are in their dream roles, compared to 11% of 45-54-year-olds.
- 34% say work perks keep them motivated, while 28% value flexible working arrangements.
- The happiest industries include Information Technology (59%) and Science and Pharmaceuticals (33%).
- 29% of Marketing, Advertising, and PR workers plan to switch roles in the next 12 months.
- Manchester has the highest percentage (46%) of people working their dream roles among UK cities.
- Belfast workers value a significant salary increase, while Glaswegians are most fulfilled in their roles.
- Tips provided by Adobe Express for finding a dream role include defining goals, refining CVs, and staying persistent.
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Deeptech startup Leumas raises $2.2 million in funding to expand R&D capabilities
- Indian deeptech startup Leumas raises $2.2 million in seed funding round led by Capital 2B.
- Funding will be used for expanding R&D capabilities, scaling on-demand manufacturing infrastructure, and launching pilot deployments of dedicated factories.
- Leumas focuses on building next-gen, software-driven robot factories for wellness and pharma sectors to provide agility, traceability, and scalability.
- The startup's manufacturing technology integrates AI-led robotics, quality systems, and autonomous operations for optimal production output and regulatory compliance.
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German Proxima Fusion raises €130 million in largest private fusion investment round in Europe
- German fusion energy company Proxima Fusion has closed a €130 million Series A financing round, marking the largest private fusion investment in Europe.
- The funding was co-led by Cherry Ventures and Balderton Capital, with participation from various other investors, bringing Proxima Fusion's total funding to over €185 million.
- Proxima Fusion aims to build the first European fusion power plant based on the stellarator design, with a focus on clean energy innovation.
- The company spun out of the Max Planck Institute for Plasma Physics in 2023, assembling a team from renowned institutions and companies like SpaceX and MIT.
- Proxima plans to leverage advanced computing and high-temperature superconductors in fusion power plant development, aligning with the EU's clean energy goals.
- The company's Stellaris concept, developed with partners like IPP and KIT, showcases advancements in fusion technology, aiming for commercial viability.
- With the new funding, Proxima will focus on completing its Stellarator Model Coil by 2027 and starting operations of its demonstration stellarator, Alpha, in 2031.
- Proxima Fusion plans to grow its team and continue innovation in fusion energy, moving towards industrial-scale engineering for clean energy production.
- The investment in Proxima Fusion signals the shift towards clean energy solutions and validates the company's approach to making fusion power a reality.
- The company's ambition to lead in the global fusion industry and pave the way for a new era of energy generation in Europe has garnered significant support.
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Inc42
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Wealthtech Startup PowerUp Money Bags $7.1 Mn From Accel, Blume, Others
- Wealthtech startup PowerUp Money secures $7.1 Mn in seed funding round led by Accel, Blume Ventures, and Kae Capital.
- The round includes participation from 8i Ventures, DeVC, and angel investors to boost product development and scale advisory offerings.
- PowerUp Money, founded in 2024 by Prateek Jindal, helps customers manage mutual fund portfolios with insights and discipline through its flagship offering Power Mutual Funds.
- The platform also offers a premium service, PowerUp Elite, providing deep research and curated portfolio guidance at an affordable price of INR 999 per year.
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Inc42
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Can Soket AI Power India’s Foundational LLM Dream?
- In June 2023, OpenAI's CEO Sam Altman visited India and sparked the creation of SocketAI, a startup aimed at developing India's own large language model (LLM).
- Soket AI, founded in 2019, has been selected by the Ministry of Electronics and Information Technology (MeitY) to develop Indian LLMs.
- Soket AI's Project EKA focuses on building a foundational 120-billion-parameter model with support from academic institutions and the government.
- The startup, led by founder Abhishek Upperwal, shifted focus to AI after witnessing the potential in the field.
- Soket AI launched 'Pragna-1B' as India's first open-source multilingual model, paving the way for future developments.
- The startup's revenue stream primarily comes from its TensorStudio voice agent API, with plans for a foundational AI model in progress.
- Building foundational models, like Soket AI's planned 120-billion-parameter model, incurs high computational costs, posing a challenge.
- The government's computational support will aid Soket AI in reducing building costs for its LLM while focusing on revenue generation through TensorStudio.
- Soket AI is expanding its team, focusing on LLM development for various sectors like defence, agriculture, legal, and education, aiming to drive innovation and revenue generation.
- The startup is also enhancing its real-time speech API with improved text-to-speech models to offer better emotion conveyance in audio.
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Zerodha's Rainmatter, others invests $1.5 million in sportstech startup Machaxi
- Machaxi, a sportstech startup, has raised $1.5 million in a funding round led by Rainmatter, the investment arm of Zerodha.
- The funding will support Machaxi in expanding its operations to new cities and developing an AI-powered badminton coaching framework.
- The startup is collaborating with the Padukone School of Badminton to launch the 'Machaxi x Padukone School of Badminton' program with the aim to establish over 1,000 coaching centres across India.
- The global AI in Sports market is projected to grow significantly, indicating a positive outlook for tech-driven sports initiatives like Machaxi.
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Inc42
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Tata Electronics Sends Staff To Taiwan For Semicon Training: Report
- Tata Electronics is sending employees to Taiwan to train them in semiconductor manufacturing as it prepares to kick off production for its upcoming fab unit.
- TEPL has partnered with Powerchip Semiconductor Manufacturing Corp to build semiconductor facilities in India, with an initial investment of $11 Bn for an AI-enabled fab facility in Gujarat.
- The fab is expected to generate over 20,000 skilled jobs and manufacture chips for various applications like power management IC, microcontrollers, and high-performance computing logic.
- TEPL is also establishing an outsourced semiconductor assembly and test (OSAT) facility in Assam to create around 27,000 jobs, set to be operational by mid-2025.
- The Dholera unit's first chip is predicted to be out by December 2026, aligning with the government's initiative to boost semiconductor manufacturing under the Indian Semiconductor Mission.
- Other companies, like Micron Technology and Kaynes Semicon, have also received approval to set up semiconductor units in India to cater to the growing demand.
- Kaynes Semicon aims to deliver India's first packaged semiconductor chip by July 2025, contributing to the country's semiconductor demand that is projected to reach $100-110 Bn by 2030.
- The industry is witnessing significant investments and initiatives to bolster semiconductor manufacturing capabilities domestically, addressing the increasing demand in markets like automotive, computing, data storage, wireless communication, and AI.
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Startup Pedia
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‘415 million Indians survive on ₹265/day. Shame on you!’ Hotmail co-founder's comment prompts brutal backlash
- Hotmail co-founder Sabeer Bhatia criticized India for celebrating its economic ranking while highlighting that over 415 million people in the country survive on an income of ₹265 a day.
- Bhatia's comments triggered a heated debate on social media with many Indian netizens criticizing him for his remarks.
- In response to the backlash, Bhatia clarified that he loves India and wants to see improvements in the lives of all citizens, especially those at the bottom.
- He emphasized the importance of mass education, suggesting that developing critical thinking skills through artificial intelligence could help address the issue of economic disparity in the country.
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ISN
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MSME-focused digital lending firm FlexiLoans raises Rs 375 crore for further expansion
- FlexiLoans, an MSME-focused digital lending NBFC, has raised Rs 375 crore in a Series C funding round.
- The funding round was led by existing prominent global and domestic investors, including Fundamentum, Accion Digital Transformation, Nuveen, Maj Invest, and new investor British International Investment.
- FlexiLoans plans to use the funds for expanding operations, enhancing product offerings, and strengthening technology infrastructure to serve underserved MSMEs across Tier 2 and Tier 3 cities.
- The firm has disbursed over Rs 10,000 crore in loans across 2,100+ towns and cities, with an AUM of Rs 2,300+ crore, supporting 50,000+ MSMEs with 170k+ loans and remaining profitable for the past three consecutive years.
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TechCrunch
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Proxima Fusion joins the club of well-funded nuclear contenders with €130M Series A
- Proxima Fusion, a German startup, secures a €130 million Series A round of funding led by Balderton Capital and Cherry Ventures, totaling its public and private funding to over €185 million ($200 million).
- The company aims to become one of Europe's top contenders in the pursuit of fusion energy as an alternative to fission by utilizing stellarators for fusion, with plans for a working fusion power plant showcased in a peer-reviewed journal.
- The significant milestone achieved by Proxima in reaching its design goals resulted in an oversubscribed funding round, attracting partners like Balderton Capital and Cherry Ventures who are also well-equipped to finance the company in future stages.
- Proxima Fusion's venture capital funding is crucial for meeting upcoming milestones, with a hardware demonstration scheduled for 2027, and aims to reach a major goal by 2031. The company has attracted European investors and views fusion as an opportunity for Europe to lead the global energy transition.
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Siliconangle
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Meta reportedly forming superintelligence lab amid Llama 4 Behemoth delays
- Meta Platforms Inc. is reportedly forming a new lab to develop superintelligence, with Alexandr Wang expected to join as part of a deal that will see Meta invest $14.8 billion in Scale AI for a 49% stake.
- Scale AI, with a valuation of about $30 billion, is known for providing a platform for AI training data sourcing and competes in the AI tooling market, focusing on preventing AI models from hallucinating and equipping them with RAG features.
- Meta has also extended offers to researchers from other AI companies like OpenAI and Google, following challenges in its in-house AI development efforts, including the delay of the Llama 4 Behemoth model release due to concerns about its output quality.
- Similar to recent transactions by other tech giants, Meta's investment in Scale AI is a strategic move to recruit AI talent, in line with the industry trend of large companies acquiring AI startups and bringing in their expertise.
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Inc42
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Govt Likely To Increase Oversight Of Quick Commerce Firms’ Dark Stores
- The government is reportedly planning to tighten the norms for quick commerce companies, especially those operating dark stores for fast food delivery, due to growing concerns over hygiene and safety standards.
- Recent crackdowns by the Food and Drug Administration on companies like Zepto and Blinkit have highlighted issues of unsafe food storage practices in dark stores.
- The Food Safety and Standards Authority of India (FSSAI) is expected to lead the oversight campaign by increasing surprise inspections at dark stores and warehouses of quick commerce giants across the country.
- Quick commerce is a rapidly expanding sector in India, projected to reach $9.95 Bn by 2029, with over two-thirds of online grocery orders attributed to this segment in 2024.
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Gritdaily
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From AI Dealers to Live Streams: What’s Driving the Online Blackjack Boom
- Online blackjack has shifted to digital platforms with AI dealers and live-streamed tables, revolutionizing the gaming experience.
- AI-powered automated tables provide fast, reliable gameplay, eliminating wait times and human errors.
- Live blackjack studios offer a more immersive experience with real cards and dealer interactions.
- Access to online blackjack is flexible and convenient, adapting to mobile and on-the-go lifestyles.
- Various formats of online blackjack cater to different player preferences, offering a diverse range of gameplay options.
- Random number generators ensure fairness in online blackjack outcomes, maintaining a regulated and secure environment.
- The online blackjack player base is diverse, with a variety of playing styles and behaviors observed.
- Future developments in online blackjack focus on subtle improvements in technology and design for a seamless gaming experience.
- The growth of online blackjack is driven by technical advancements and player engagement rather than flashy marketing tactics.
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Economic Times
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Pine Labs to file DRHP for Rs 5,000-6,000 crore IPO by June-end
- Pine Labs is planning to file its DRHP for an IPO by the end of June, aiming to raise Rs 5,000-6,000 crore.
- The IPO could value Pine Labs at around $4-5 billion, similar to its last private valuation, with appointed bankers including Axis Capital, JP Morgan, and others.
- The company aims to target the IPO towards the end of the year based on market conditions, following its reverse flip completion in April.
- For FY24, Pine Labs reported an operating revenue of Rs 1,743 crore and a loss before tax of Rs 339 crore, while also preparing to join Groww and PhonePe in filing IPO papers.
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