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Startup News
TechCrunch
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Concentric helps companies keep track of their sensitive data
- Concentric AI helps companies track and secure their sensitive data by using AI to find and categorize data across various sources.
- The company offers recommendations on securing data and ensuring compliance, while also providing lineage tracing.
- Concentric AI's client base has grown by 300% in the past year, reflecting the increasing demand for data security management.
- Recently, Concentric raised $45 million in a Series B funding round to expand its partner program and product portfolio.
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TechCrunch
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StrictlyVC joins its first TechCrunch Disrupt
- StrictlyVC, known for bringing big stories and key players, will hold its first-ever event at TechCrunch Disrupt 2024.
- The event will take place at the Deal Flow Cafe on October 29 from 3 p.m. to 6 p.m. at Moscone West in San Francisco.
- The session will provide networking opportunities for investors and feature a lineup of prominent figures in the investment world.
- StrictlyVC events have featured top-tier speakers and attendees can save up to $300 by grabbing an Investor Pass in advance.
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TechBullion
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Why North Carolina is Awesome for Startups
- North Carolina is a fantastic place for new businesses and fresh ideas, thanks to great schools, helpful resources, and a friendly community. The state has a mix of industries, including farming, banking, technology, and healthcare, which is helpful for startups because there are lots of potential partners and customers in different fields.
- Universities like Duke, UNC Chapel Hill, and NC State offer top-notch education and support for students who want to start their businesses. The Research Triangle Park (RTP) area is filled with tech companies, making it the perfect place for tech startups to grow and innovate. RTP is home to over 300 companies, including big names like IBM and Cisco.
- North Carolina's startup culture is marked with a strong sense of community where entrepreneurs help each other through mentorship, local meetups, and networking events. Co-working spaces like WeWork and the Forge are popping up in cities all over the state. These spaces provide affordable office areas and encourage networking and collaboration. Startups can easily share ideas and advice, helping each other overcome the challenges of starting a business.
- North Carolina offers plenty of funding options for startups, allowing them to access contact funding options. For instance, programs like Techstars and the NC IDEA grant initiative provide mentorship, resources, and funding to help young businesses grow. The biotechnology sector is booming in the state, providing many startups with the opportunity to explore cool new medical treatments.
- North Carolina provides a great quality of life that attracts talent from all over. With beautiful nature, outdoor activities, and affordable living, many young professionals choose to live in cities like Raleigh, Durham, and Charlotte. The mild climate means there's outdoor fun all year round.
- North Carolina's startup culture focuses on diversity and inclusion. Many people understand that having diverse teams leads to better ideas and problem-solving. Programs like Women Entrepreneurs of North Carolina (WE NC) and Black Entrepreneurs in Tech (BEIT) work to support underrepresented groups in entrepreneurship, including women and people of color.
- North Carolina’s startup culture shines because of its strong educational foundation, diverse economy, supportive community, and focus on innovation. Young entrepreneurs have plenty of support to thrive, making North Carolina an exciting environment for anyone looking to start a business.
- Finally, as North Carolina's hub for innovation continues to grow, it will attract even more startups and talented individuals. Its mix of resources, community support, and creative spirit makes it a place to watch for anyone who has a great idea, is an experienced entrepreneur seeking new opportunities, or just want to learn about startups.
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Inc42
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Go Digit Gets Show Cause Notice From IRDAI For Exceeding Spending Limit
- Insurtech company Go Digit received a show cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) for exceeding the regulatory limit for expenses related to the insurance business.
- IRDAI limits expenses of management (EoM) for general insurance at 30% of the gross premium written in the timeframe. For standalone health insurance companies, the limit is 35%.
- Go Digit's total operating expenses in the September quarter of 2024 rose 13.8% to INR 2,136.05 Cr from INR 1,876.54 Cr in Q2 FY24. Its gross written premium (GWP) increased 14.2% to INR 2,368.57 Cr in Q2 FY25 from INR 2,073.84 Cr in the year-ago quarter.
- This marks the second instance when the startup has come under the scrutiny of the insurance regulator. Prior to its IPO, IRDAI slapped a penalty of INR 1 Cr on Go Digit for non-intimation of change in conversion ratio of compulsorily convertible preference shares (CCPS) issued by its holding company Go Digit lnfoworks Services Private Limited (GDISPL) to FAL Corporation, one of the promoters.
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Medium
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Real Talk with Olivia Griffian
- Olivia provided feedback to entrepreneurs on their pitches during a Real Talk session.
- Top six tips for improving pitches and captivating investors were shared:
- 1. Differentiate clearly by showcasing what makes the company unique.
- 2. Make it easy for investors to say yes by presenting clear business models and go-to-market strategies.
- 3. Focus on energy and passion to stand out and convey authenticity.
- 4. Highlight traction, revenue models, and scalability.
- 5. Leverage partnerships and connections for a broader support system.
- 6. Tell a compelling story that connects personal experience to the venture.
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ISN
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Uber to launch Shuttle bus service in Hyderabad and Mumbai soon
- Uber is set to launch its bus (shuttle) service in Hyderabad and Mumbai.
- The bus service aims to provide affordable and convenient transport options in major metro areas.
- Passengers can pre-book their seats through the Uber app for air-conditioned rides.
- The expansion plans face regulatory challenges, but Uber is committed to bringing the service to more cities.
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Economic Times
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GetVantage puts growth capital in logistics firms Celcius Logistics, Ohm Logistics and Fitsol
- Embedded finance fintech platform GetVantage has invested in logistics companies Celsium Logistics, Ohm Logistics and Fitsol as growth capital.
- This funding has arrived to support logistics as it operates at full capacity to meet high demand during the festive season.
- GetVantage funds through its licensed NBFC GetGrowth Capital and its AIF Venture Finance Fund with Varanium Capital, among other partner NBFCs.
- The logistics sector has performed well recently, due to increased needs from local brands and businesses preparing for the festive season.
- This round of financing will enable Celcius, Ohm, and Fitsol to scale their operations and meet working capital requirements to cater to the growing demand from businesses across sectors.
- Swarup Bose, CEO and founder of Celcius Logistics, said the mission is to make cold chain logistics more efficient and reliable through the use of technology.
- India's logistics sector continues to evolve, integrating technology and automation to offer efficient supply chain solutions for domestic and global merchants alike.
- Contributing 13-14% of the national GDP and employing over 22 million people, the logistics sector plays a vital role in the nation’s economy.
- Anand Pathak, Founder of Fitsol, said "Fitsol is a decarbonization partner for manufacturing companies and we want to reduce 1 billion ton of CO2 from the supply chain."
- GetVantage is backing innovative and high revenue-generating companies in the logistics industry as it undergoes a massive transformation to meet soaring market demand.
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Npengage
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3 Quick Tips for a Better Nonprofit Website Aesthetic
- Designing a well-crafted website can accomplish your nonprofit’s mission with proper awareness and converting visitors into loyal supporters.
- The aesthetics of the website play a vital role, which should be emphasized.
- Incorporate key nonprofit branding elements across the entire website, including Logo, Color palette and Typography.
- Initiate clean and streamlined designs by developing intuitive, responsive navigations, making forms easy to fill out and embracing white space.
- High-quality multimedia elements, including Photos, Infographics and Video embeds, put a face to your organization’s work and make it more visually interesting for users.
- The two main challenges faced during multimedia content are minimizing the impact on page load speed and ensuring accessibility.
- Create a digital style guide to keep branding consistent across the entire website.
- Prioritize creating a clean, responsive, and well-structured site with a user-friendly layout to ensure visitors can find desired content.
- Pro tip: Using an intuitive website builder with customizable templates will allow you to build a clean, professional-looking website.
- Solid starting points for your nonprofit to follow the tips to create aesthetically pleasing websites. Monitor website performance and collect user feedback.
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TechCrunch
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4 days left: The doors to TechCrunch Disrupt 2024 open and ticket prices rise
- TechCrunch Disrupt 2024 is just 4 days away at Moscone West in San Francisco.
- Ticket prices will rise on October 28.
- The conference will gather 10,000 startup and VC leaders.
- Attendees can expect networking opportunities, innovative showcases, and deep-dive sessions.
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TechBullion
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The Startup Culture in Atlanta: What Makes It Special?
- The startup scene in Atlanta, Georgia, is attracting entrepreneurs due to its diversity and supportive community.
- Atlanta is more affordable compared to big cities like New York or San Francisco, allowing startups to focus on growth.
- Top-notch universities like Georgia Tech, Emory University, and Morehouse College provide resources and support for young entrepreneurs.
- Atlanta is becoming a tech hotspot with big tech companies and programs supporting startups in the city.
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ISN
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After raising close to $1 million, This 9-month-old startup is solving procurement and project delays in construction industry
- ProcureX Technologies, a nine-month-old start-up founded in India, has come up with an artificial intelligence (AI) driven system for procurement in the construction industry. ProcureX believes the inefficiencies and problems within procurement due to fragmented communication, outdated manual processes and lack of transparency can all be tackled through its platform. The platform includes workflows that will automate repetitive tasks including invoice processing speeding up procurement management. The use of advanced AI algorithms will also enable the platform to offer predictive analytics and smart decision-making.
- The platform’s AI-driven capabilities will allow it to analyse historical data and forecast procurement needs to optimise inventory and prevent delays and the platform will evaluate factors such as cost and delivery timelines to recommend procurement options aligned with the user’s needs.
- Unlike traditional generic procurement solutions, ProcureX’s platform is tailored specifically to the construction industry, and consolidates procurement activities into a single interface. This centralises procurement related activities, ensuring seamless communication and collaboration among all stakeholders.
- Recent data from the company suggests ProcureX is delivering beneficial products to its customers, offering a 5-7% reduction in procurement costs due to more effective supplier selection and negotiation process powered by the platform's AI-driven insights, 20% decrease in procurement-related project delays, and a 30% reduction in time spent on administrative tasks.
- A total of $1m in seed funding helped get ProcureX off the ground earlier this year with a value of £5m, while the company has expanded to Kerala, Telangana, and Andhra Pradesh.
- ProcureX Technologies plans to expand further within the construction sector and other areas such as the automotive manufacturing space. Particular attention is being paid to emerging technologies, such as blockchain, IoT, and augmented reality, and encourages robust investment in research and development activities to adapt to the construction industry's evolving tech landscape.
- Convincing stakeholders to adopt an AI-driven platform was a significant challenge for ProcureX Technologies, considering the construction industry's traditional slower approach to new technologies. User education and real-world success stories helped build trust in the platform, while flexible APIs and technical support were developed to help onboard users.
- ProcureX Technologies will continue its focus on innovation and user-centric approaches in the future. The company aims to deliver a feature-rich platform and strong relationships with its users, driving significant improvements in procurement processes and contributing to the success of the construction industry.
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TechRound
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Top Unicorns in the Czech Republic
- The Czech Republic has a strong industrial base and export-driven economy.
- Pros of launching a startup in the Czech Republic include a skilled and cost-effective workforce, strategic location in Europe, membership to the European Union, governmental support, strong industrial sector, supportive startup community, relatively stable government and economy, and focus on research and development.
- Cons of launching a startup in the Czech Republic include an ageing population, complex regulatory environment, conservative investment culture, limited collaboration between large corporations and startups, limited access to late-stage funding, dependence on exported energy, and a fairly small domestic market.
- Unicorns in the Czech Republic include Product Board valued at $1.725 billion, Rohlik Group valued at $1.05 billion, and Avast valued at $8.86 billion.
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Geek Wire
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Seattle’s Electric Era deploys EV chargers at Costco after opening big, new HQ – take a look inside
- Seattle-based Electric Era has launched its first electric vehicle (EV) charging station at a Costco site after the deal was sealed when the EV charging team for the Washington-based retail giant toured Electric Era’s swanky new offices.
- Electric Era builds DC fast-charging systems that include giant batteries to deliver and store power.
- The 33-employee start-up hopes to deploy an additional 50 stations by the end of next year.
- Around the US, companies are installing industry EV stations to juice up and help relieve range anxiety.
- Electric Era's chargers are slightly more expensive than Tesla but at least 25% cheaper than other competitors.
- Electric Era's stations offer a battery about the size of an extra-large refrigerator to recharge from the grid when demand is lower and provide power when it is needed for charging vehicles.
- The company has raised $20.5m from investors and its 18,000-square-foot facility has plenty of room to expand into as orders are coming in.
- Costco offers EV slow and fast charging at more than 50 sites in the US, Canada, Spain, Korea and the UK, according to its 2023 climate action plan.
- Costco said in its report that it plans to install fast chargers at 20 locations, but does not say what the time span for that will be.
- Electric Era CEO Quincy Lee is eager to keep expanding the company’s EV network nationally through deals with Costco and others.
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Yourstory
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IXIGO posts 26% revenue growth in Q2 FY25, PAT down 51% due to tax impact
- Ixigo's parent company, Le Travenues Technology Limited, reported a 25.96% increase in operating revenue for Q2 FY25.
- The profit after tax (PAT) declined by 51.01% YoY to Rs 13.08 crore due to increased tax expenses and adjustments.
- Total revenue surged to Rs 206.47 crore in Q2 FY25 compared to Rs 163.91 crore in the same quarter last year.
- Train bookings remained the largest revenue driver, contributing Rs 110.43 crore in Q2 FY25.
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TechCrunch
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After selling Anchor to Spotify, co-founders reunite to build AI educational startup Oboe
- Oboe, an AI-powered educational start-up, has made $4m in seed investment backed by Eniac Ventures, Factorial Capital, Homebrew, Offline Ventures, Scott Belsky, Kayvon Beykpour, Nikita Bier, Tim Ferriss and Matt Lieber, among others.
- The intent of Oboe is to democratise the access with AI technology and audio-video resources to accomplish the learning task, inviting the learners in the beginning stage and then escalating the material layout step-by-step.
- The firm aims to personalise coursework materials via machine learning and optimise curriculums to suit individual students in real-time.
- The courses offered through Oboe will initially focus on those older than the K through 12 demographics, such as students supplementing their classroom experience or learning programming, but the company hopes to expand over time.
- The start-up plans to differentiate itself from other learning spaces by using synthetic AI voices to customise the curriculum materials, offering content in the form of audio or video, engaging with web applications and utilising mobile applications.
- As well as relying on third-party AI models, Oboe is building its own data architecture and focusing on high-quality and scalable content.
- Oboe was co-founded by Nir Zicherman and Michael Mignano, and will primarily teach people programming as well as allow college students and older people to supplement their classes with coursework.
- Oboe has raised funding from a group of investors, including Eniac Ventures, which led Anchor's seed round. Led by is CEO Nir Zicherman, it has been backed by Matt Lieber, who co-founded Gimlet Media before selling to Spotify.
- Michael Mignano, former CEO of Anchor, will remain with Lightspeed Venture Partners full time but will join the board of Oboe and work with Zicherman.
- The start-up was created with the specific idea of democratising access to education through the same format that Anchor used to revolutionise podcasting.
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