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Startup News
TechCrunch
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Glovo adds a side of social stickiness to its food delivery app
- Spain’s Glovo, a food delivery and quick commerce service, is adding social features in its app to drive more user activity.
- Glovo is allowing restaurant partners to upload food preparation videos to the app.
- Users can find and connect with friends on the app, allowing them to share recommendations and discover restaurants.
- A feature called ‘Picks’ lets Glovo users save and organize favorite restaurants into private or shareable lists.
- Glovo is replicating the popular vertical feed of social media apps like TikTok in its food video feature, which it says applies guidelines to submissions from restaurants to ensure high quality.
- The app updates will go live in Barcelona before rolling out to other cities in Spain and eventually to other countries
- The new features are not a response to flagging consumer interest, according to Glovo.
- The company says growth in the quick commerce division offering speedy deliveries of goods from city centre dark stores is growing at over 50% YoY.
- Glovo says the more social features are about continuing its brand-building efforts and helping its users with the decision of what to eat tonight.
- Glovo users have to give access to their contact list to add friends, and user consent is needed before any information about their food delivery habits gets shared with friends.
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Medium
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The Rapid Growth of Saudi Arabia’s Fintech Sector: Insights from the Annual Fintech Report 2023
- Saudi Arabia's fintech sector is experiencing rapid growth, driven by the Fintech Strategy and Vision 2030 goals.
- There are 216 active fintech companies in 2023, surpassing the target of 150 by 44%.
- The payments sector dominates the fintech landscape, with non-cash transactions reaching 70% in 2023.
- Fintech funding in Saudi Arabia increased by 830% to SAR 6.9 billion in 2023, driving innovation and scaling businesses.
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TechCrunch
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How Paladin’s drones helped Asheville during Hurricane Helene
- When Hurricane Helene hit Asheville, North Carolina in September, the city’s police department reached out to public safety drone startup Paladin for help.
- Paladin was launched as first responder technology meant to help to reduce the time between a 911 call and help being on the way.
- Paladin’s software is designed to work with any drone, and to be easy to use.
- The motive behind Paladin is a personal one.
- Paladin recently raised a $5.2 million seed round led by Gradient, Google’s early-stage AI fund, with participation from Khosla Ventures, 1517, and Toyota Ventures, among others.
- In addition to the funding, the company also announced a host of new capabilities for its drone software.
- He added that clearing unnecessary calls makes a huge difference because many police departments are short on officers and resources.
- Using technology to make public safety work better is an area seeing more interest from entrepreneurs as of late.
- Shrivastava said that demand is there from public safety departments and that the startup is now getting multiple inbound requests for the tech a week.
- “We are still early in terms of the entire market,” Shrivastava said. “We are in dozens of cities right now and have scaled pretty quickly, but that is less than 0.1% of the market.”
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Economic Times
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AI startup Alchemyst raises pre-seed round led by Inflection Point Ventures, others
- Alchemyst AI has raised funding in a pre-seed round led by Inflection Point Ventures, along with 100Unicorns and Earlyseed Ventures.
- The funds will be used to enhance graphics processing unit and technology infrastructure, support team development, scale operations, and drive growth.
- Alchemyst AI develops fully autonomous gen-AI digital employees that work together to create intelligent functional components for enterprises.
- The company plans to expand in major global markets and tap into the growing market for Generative AI, expected to reach $330 billion by 2030.
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Medium
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The Evolution of Generative AI and a Step-by-Step Guide on How to Boost Your Startup with…
- The evolution of generative AI began in the 1970s with computer scientists developing models that could learn patterns in data and generate something new.
- In the 2010s, deep learning and Generative Adversarial Networks (GANs) emerged, allowing machines to generate photo-realistic images, videos, and more.
- Language models like GPT took generative AI to a new level, enabling machines to understand and continue thoughts, write articles, create poetry, and hold conversations.
- Generative AI can help startups innovate, enhance customer experiences, and scale faster by leveraging AI to create new content, streamline operations, and optimize decision-making.
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ISN
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Indian dronetech startup PDRL partners with Russia's Stratus LLC; Check details
- Indian dronetech startup PDRL has partnered with Russia's Stratus LLC, a software powerhouse specializing in unmanned aviation technology.
- The partnership aims to integrate PDRL's AeroGCS software with Stratus LLC's UAVProf Drone Simulator, creating a comprehensive solution for drone operations and simulations in both countries.
- PDRL's AeroGCS software is recognized as a premier ground control solution, particularly in India's agricultural sector, while Stratus LLC's UAVProf is a widely used drone simulation platform for training and algorithm development.
- The collaboration will not only expand market opportunities for both companies but also focus on joint research and development efforts to enhance their products and comply with local regulatory requirements.
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Inc42
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Awfis Shares Surge 7% Despite Decline In Broader Market
- Shares of Awfis surged as much as 6.9% during intraday trading on BSE
- Benchmark indices ended in the red, but Awfis shares remained strong
- Awfis' market capitalisation stood at INR 5,299.94 Cr at the end of the day
- ICICI Securities increased its price target for Awfis stock
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Economic Times
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Zerodha launches $1-million annual fund to support open source software projects
- Zerodha has launched a $1-million annual fund to support open source software projects globally.
- The fund aims to provide financial assistance to FOSS projects and promote collaboration and transparency.
- Zerodha plans to invest between $10,000 and $100,000 in individual projects.
- The company will establish a dedicated team to manage the fund in a structured manner.
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Futurefundraisingnow
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Why a “new brand” won’t improve your fundraising
- Creating a new brand alone will not improve fundraising results.
- Branding is not solely created by marketing departments or brand experts.
- A brand is formed through the experience of donors.
- It is important to have a unique and compelling offering for a specific group of people before focusing on branding.
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TechBullion
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The Evolution of Austin as a Global Tech Hub: From Music City to Silicon Hills
- Austin, Texas has emerged as a global tech hub, earning the nickname “Silicon Hills.”
- Austin’s transformation into a tech powerhouse began in the late 1990s.
- The city’s vibrant atmosphere played a crucial role in this evolution.
- Local universities also contributed by nurturing young minds ready to tackle technology challenges.
- Today, Austin stands tall among global tech hubs with thriving ecosystem of collaboration and creativity.
- Dell Technologies, Oracle are some of the key players and impactful companies in Austin’s tech landscape.
- Austin is a magnet for tech talent and startups, attracting creative minds from all over.
- As startups and established firms flock to the city, job opportunities have surged.
- Balancing innovation with sustainability remains a hurdle for Austin as it grows towards becoming Silicon Hills.
- Austin’s tech industry is poised for remarkable growth in the coming years.
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Eu-Startups
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Stockholm-based CorPower Ocean secures €32 million to drive commercialisation of wave energy
- Swedish wave energy company, CorPower Ocean, has raised €32 million in funding for the commercialization of its wave energy solutions.
- The funding round was led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy.
- CorPower Ocean has developed a wave energy device that can withstand harsh storm conditions while generating power efficiently in normal ocean environments.
- Wave energy has great potential as a renewable energy source and CorPower Ocean's technology aims to overcome commercial viability challenges.
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Hitconsultant
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Oshi Health Raises $60M to Expand Virtual Digestive Care Nationwide
- Oshi Health, a virtual gastrointestinal (GI) care provider, has raised $60M in a Series C funding round
- The funding will support Oshi Health's nationwide expansion and mission to transform digestive healthcare in the U.S.
- Oshi Health offers a multidisciplinary and integrated virtual platform for specialized GI care
- The company's model has demonstrated high patient satisfaction, significant cost savings, and symptom improvement
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Startupreporter
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Surat Police Officers Honored with Karma Bhushan Awards at Star-Studded Ceremony
- In a star-studded ceremony organized by Anis Sanstha and Alliance in Surat, 95 officers and employees from the Surat Police Department were honored with the Karma Bhushan Award.
- The ceremony, similar to the Umang Show for Mumbai Police, aims to recognize the outstanding work of police officers in ensuring the safety of women and children.
- The event was attended by Union Minister of Water Resources C.R. Patil, Bollywood star and MP Ravi Kishan, actor Pratik Gandhi, and Simran Kaur.
- The awards were presented in 25 different categories and the event was successfully organized under the leadership of Geeta Shroff and Subhash Dawar.
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TechCrunch
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Fable adds cognitive and hearing impairments to its accessibility tools with $25M round
- Fable has raised $25 million to expand its digital platforms that help companies build more accessible products to those who are disabled.
- Fable, based in Toronto, started in 2020 as a way to consult with accessibility experts and impaired individuals.
- The company’s growth plans include expanding the support it offers outside of vision and motor disabilities to include those with cognitive and hearing impairments.
- Fable has built tools that allow product managers and developers to track accessibility milestones alongside traditional quality metrics.
- Fable will also offer advisory services on data preparation for AI models, especially as they relate to accessibility for those with disabilities.
- The new funding round was led by Five Elms Capital and will be used to expand the teams and products aiming at cognitive and hearing impairments on Fable's digital platform, as well as the AI expertise.
- Fable is aiming to improve the data and training samples used in AI models, so bias can be eliminated from them.
- Fable is working with researchers, governments, and the community to have access to resources and best practices.
- Fable will not do the work of accessibility for any company but its platform provides testing for accessibility in AI and digital products.
- Fable now provides a dashboard where monitoring of accessibility metrics for all digital properties and products happens.
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Inc42
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Zerodha Launches New Fund To Support Open-Source Projects
- Fintech unicorn Zerodha has launched a new fund named FLOSS/fund to support Free/Libre and Open Source Software (FOSS) projects globally.
- The fund aims to provide annual funding of $1 Mn to address the financial sustainability challenges faced by open-source projects.
- Zerodha's tech infrastructure heavily relies on open-source tools, and the fund is an effort to give back to the FOSS community.
- Zerodha recently reported a 61% increase in consolidated profit after tax (PAT) for FY24, driven by strong business growth.
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