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Cloudblog
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London Summit: UK businesses turn to Google Cloud AI
- UK businesses are turning to Google Cloud AI to unlock new possibilities in the rapidly evolving landscape, central to which is Google Cloud's next-generation AI foundation model, Gemini.
- Gemini is helping shape the future of business for UK businesses across all sectors by empowering them to unlock business value.
- By 2030, AI could generate more than £400 billion ($524 billion) in value for the UK economy and save more than 700,000 administrative hours annually across sectors like healthcare, education, and finance.
- BUPA UK is using Google Cloud to build a cloud-first digital customer platform providing direct access to care when needed.
- Dunelm has partnered with Google Cloud to enhance its online shopping experience with a new gen AI-driven product discovery solution.
- Incubeta is using Gemini for Google Workspace, primarily with their development teams, to streamline architecture documentation and code refinements, and to reduce time spent on these tasks.
- Vodafone recently completed the migration of its SAP ERP resource planning database to Google Cloud, boosting performance while shrinking costs and Vodafone’s carbon footprint.
- Google Cloud is expanding its data residency commitment, enabling UK organizations to run machine learning processing for Gemini 1.5 Flash within the UK.
- Google is also launching a new enterprise tier of Code Assist, our AI-powered coding partner, which can help teams with work throughout the software development lifecycle.
- Since 2023, more than 60% of UK-based gen-AI startups are Google Cloud customers.
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Cloudblog
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Scaling up in the cloud: 6 UK startups unlocking growth through digital transformation
- The UK is home to a thriving startup ecosystem worth over £839 billion, making it third globally behind the US and China.
- To support this growing startup ecosystem, Google Cloud has launched a Cloud Startup Hub in London.
- 30 AI startups were also welcomed to Google for Startups: AI First Accelerator, eight of which were UK-based.
- OnBuy, an online marketplace, has used Google Cloud's tools to streamline business and experiment with AI.
- Spoon Guru uses Google Firestore, Cloud Storage, and BigQuery to store and manage their data, helping shoppers make better food choices.
- VEED uses Google Cloud Run to manage infrastructure and democratize video editing with AI.
- Motorway uses ML models to automate tasks such as marketing and car valuations.
- BioCortex uses BigQuery to create a biology emulator and drive drug discovery.
- AIApply uses BigQuery and Gemini to transform the hiring process with tailored resumes and mock interviews.
- Investment in transformative technologies such as gen AI is driving UK businesses to switch to a cloud-first strategy to enter the market and see measurable impact.
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Inc42
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MSME Lender Swara Fincare Raises Funds From UC Impower To Double AUM
- MSME-focussed NBFC, Swara Fincare, has raised INR 19.4 Cr (around $2.3 Mn) in a Series A funding round led by UC Impower.
- The funds will be used to double the company's assets under management, drive financial inclusion for micro and small entrepreneurs, enhance the technology platform, and expand the distribution network.
- Swara Fincare provides loans to micro and small entrepreneurs in Tier 3 and 4 cities and has a presence through 45 branches across multiple states.
- Recently, the Reserve Bank of India has tightened NBFC norms, but the lending space for NBFCs remains a significant opportunity.
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Yourstory
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RBI hikes UPI Lite, 123Pay limits; warns NBFCs against unsustainable, aggressive growth
- RBI increases UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 to boost adoption of instant payment system.
- Per-transaction limit for UPI 123Pay enhanced to Rs 10,000 from current Rs 5,000.
- RBI introduces beneficiary account name look-up facility for RTGS and NEFT systems to increase customer confidence and reduce fraud.
- RBI warns NBFCs against unsustainable and aggressive growth, emphasizes importance of sustainable business goals, risk management, and customer-centric approach.
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TechRound
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Key Legal Considerations for Tech Startups
- The United Kingdom has a thriving start-up ecosystem, especially in the tech industry, with support systems, a talented labor pool, and favorable regulatory frameworks.
- Popular UK tech startups like Revolut, Deliveroo, and Monzo demonstrate the potential growth in the technology sector and serve as role models for newcomers.
- When setting up a tech startup, choosing the right legal structure is crucial, considering factors such as tax responsibilities, operations, and capital raising ability.
- Important legal considerations for tech startups include employment laws, service and privacy policies, well-drafted contracts, insurance, taxes, funding options, compliance, and exit strategies.
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Yourstory
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Indian markets rally after RBI maintains rates, changes stance to neutral
- Indian markets rally after RBI maintains rates, changes stance to neutral
- Benchmark BSE Sensex jumps over 550 points in morning trade
- RBI's monetary policy stance change may lead to a rate cut in future policies
- Buying in banking and IT stocks adds to the positive trend in markets
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Medium
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Is Technofeudalism Replacing Capitalism? A Critical Perspective for Tech Workers
- Yanis Varoufakis argues that we’ve shifted from capitalism to technofeudalism in the digital economy.
- Big tech platforms act like digital landlords, extracting rewards while individuals and small businesses do most of the work.
- This dynamic stifles creativity and innovation, concentrating power in the hands of a few.
- As tech workers, we should focus on building products that benefit users rather than just extracting value for the platform.
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Eu-Startups
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Swiss agtech xFarm Technologies raises €36 million Series C to keep digitising the agri-food sector
- Swiss agtech xFarm Technologies has raised €36 million in a Series C funding round.
- The funding will help xFarm consolidate its leadership in Europe and expand into new markets.
- The round was led by Partech and saw participation from Mouro Capital and other investors.
- xFarm Technologies aims to continue innovating in the digitalisation of the agri-food sector.
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Inc42
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RBI Increases Transaction Limits For UPI123Pay, UPI Lite
- The Reserve Bank of India (RBI) has decided to increase the transaction limit for UPI123Pay and UPI Lite.
- The per transaction limit for UPI123Pay will be increased to INR 10,000 from INR 5,000 currently.
- The transaction cap for UPI Lite will be enhanced to INR 1,000 from INR 500 currently.
- The UPI Lite wallet limit will be increased to INR 5,000 from INR 2,000 currently.
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Yourstory
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Shadowfax pilots dark stores to help D2C players reach customers faster
- Third-party logistics player Shadowfax is using a network of dark stores to help D2C brands and sellers of lifestyle products reach customers within 2 to 4 hours in an “economical” way.
- Sellers can operate their own dark stores or let Shadowfax manage their inventory and deliver within the given time.
- The dark-store rapid commerce format is expected to be 20-30% higher than the current hub-and-spoke model of parcel delivery.
- However, as the model scales, it has the potential to be profitable with higher throughput that lowers delivery and warehousing costs.
- Shadowfax is not the only logistics player dabbling in dark stores for rapid commerce. Its listed peer Delhivery is also considering dipping into them.
- The dark-store model can help cut costs as it scales up on volume and density beyond the pilot stage.
- The number of SKUs available in this format will be much lower, as micro facilities within cities can only store a limited range and are typically concentrated in metro areas.
- Experts in the ecosystem are sceptical of the immediate impact and success of the model.
- It’s still early days for the dark-store strategy, and it may not cause a big impact on Shadowfax’s total business in the near term.
- However, the logistics player is betting big on same-day and next-day delivery models, using the existing warehouses of brands and marketplaces.
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Hitconsultant
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Google Invests in Ubie to Advance Digital Health Generative AI
- Ubie Inc., a Japanese health tech company, has received a significant investment from Google in its latest funding round.
- The investment aims to drive the digital transformation of Japan's healthcare system using digital innovations, including generative AI.
- Ubie's services, such as the AI Symptom Checker and Medical Navigator, have already made a substantial impact on healthcare access in Japan.
- The investment from Google will support Ubie's global expansion and mission of making healthcare more accessible worldwide.
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Startupreporter
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KDC Dental Group’s Dental Camp in Bangalore Benefits Thousands, Attempts World Record
- KDC Dental Care and SYS Charitable Dental Clinic conducted a free dental camp in Bangalore.
- 35,216 people were screened in just seven hours, setting a world record.
- The event promoted oral hygiene awareness and provided essential dental services.
- KDC Dental Care received recognition from Nobel World Records for their contributions to public health.
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Inc42
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352
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Physics Wallah Selects 4 Investment Bankers For $500 Mn IPO
- Physics Wallah has selected Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as investment bankers for its upcoming IPO.
- The IPO is expected to raise around $400 Mn to $500 Mn through a mix of fresh issuance of shares and offer for sale.
- Physics Wallah raised $210 Mn last month in a funding round led by Hornbill Capital, doubling its valuation to $2.8 Bn.
- Founded in 2020, Physics Wallah offers courses for K-12 students, test preparation, UPSC coaching, and reported a decline in net profit for FY23.
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SiliconCanals
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Meet the 5 AI startups shortlisted for the Startup Showcase competition at World Summit AI 2024
- The Startup Showcase competition at World Summit AI 2024 will feature five innovative AI startups.
- NeuroCreate Ltd combines neuroscience and AI to enhance creativity and productivity.
- Leya AI develops an AI-powered workspace for law firms, improving legal processes.
- Ai Master partners with businesses to integrate AI into everyday processes and drive efficiency.
- FLTRD simplifies healthy food choices, providing personalized suggestions and nutritious recipes.
- Lees Simpel uses AI to simplify complex letters for individuals with low literacy skills.
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Yourstory
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BYJU’S accused of illegally transferring funds from US units in Delaware lawsuit
- A lawsuit filed in a Delaware federal court accuses BYJU'S of unlawfully transferring funds from its US units.
- The lawsuit claims that funds intended for creditor payments were diverted to Whitehat Education Technology.
- The court-appointed trustee is seeking the return of around $700,000 and accuses individuals in India of attempting to access the US affiliates' accounts.
- The lawsuit is part of a broader conflict between BYJU'S and its lenders, who claim the edtech company owes over $1.2 billion.
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