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Startup News
Siliconangle
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77
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AI data foundry provider Centific lands $60M to grow enterprise footprint
- Centific Global Solutions Inc. secures $60 million in funding from Granite Asia Management Pte. Ltd. to expand its AI infrastructure platform and enterprise partnerships globally.
- The company's AI data foundry offers tools and expertise for data collection, curation, and deployment of AI models at scale, supporting fine-tuning, reinforcement learning, and synthetic data generation.
- Centific's platform integrates with cloud, on-premises, edge, and hybrid environments, utilizing Databricks and Nvidia Corp.'s computing for secure, scalable deployments.
- With a network of domain experts, including Ph.D.s and data scientists, Centific caters to clients like OpenAI, Microsoft, Google, and Nvidia, focusing on deploying safe and scalable AI solutions across industries.
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Siliconangle
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Xero acquires Israeli fintech company Melio for $2.5B to expand US payments capabilities
- New Zealand accounting software provider Xero Ltd. plans to acquire Israeli fintech company Melio Solutions Inc. for $2.5 billion in a cash and equity deal.
- Melio provides a digital payment platform for small and medium-sized businesses, offering multiple payment options, including ACH bank transfers and credit card payments, to help optimize cash flow and improve vendor relationships.
- The integration of Melio's platform with Xero's accounting software aims to unite accounting and payments in one platform for customers, accelerating Xero's global aspirations.
- Melio had raised $638 million over six rounds before the acquisition and the deal is seen as a significant move to help millions of U.S. SMBs better manage cash flow and accounting on one platform.
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Siliconangle
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OpenRouter nabs $40M in funding for its AI inference API
- OpenRouter Inc., a startup in the AI development space, has raised $40 million in funding to streamline the utilization of AI models through a cloud platform.
- Their platform enables access to over 60 AI models from different providers via a single API, simplifying the integration process for developers.
- OpenRouter's platform also facilitates billing consolidation, failover features to prevent application downtime, and customization options for optimizing inference expenses.
- The company plans to utilize the funding to expand support for more AI models, enhance their enterprise edition, and further develop their product offerings.
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Gritdaily
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Momentum DEX Launches Largest Sui Airdrop Yet with $WAGMI Trading Competition
- Momentum DEX is offering a WAGMI Trading Competition from June 16 to Sept. 8, one of the largest airdrops in Sui's history.
- Sui Network is experiencing stablecoin inflows, increased user activity, and integration with Microsoft Fabric, boosting DeFi innovation.
- Momentum DEX's campaign aims to align incentives for TVL growth and swap activity, rewarding participants with non-transferable points converted into airdropped tokens at TGE.
- With top position on Sui, Momentum DEX plans to reward early believers and drive DeFi success by leveraging community-first strategies and juicy rewards.
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Insider
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108
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Scale AI locked down Big Tech client documents after BI revealed security holes
- Scale AI, a company using human gig workers to enhance AI models for Big Tech, locked down client documents after Business Insider revealed security flaws.
- The security holes in public Google Docs exposed thousands of sensitive files, causing Scale AI to restrict access and leading to confusion and delays for contractors.
- The lockdown was in response to a BI report highlighting the exposure of confidential client data, including information about projects with Meta and xAI, among others.
- Scale AI faced challenges granting access to project materials initially, but later resolved many document access issues and began granting individual access to contributors.
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Inc42
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130
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Quick Commerce To Become $40 Bn Market By 2030: Swiggy CEO
- Swiggy CEO Sriharsha Majety predicts the Indian quick commerce market to reach $30 Bn to $40 Bn in the next three to five years.
- Majety expects a higher consolidation in the quick commerce sector and stated that the market may not support multiple players.
- Swiggy's quick commerce arm, Instamart, aims for contribution margin breakeven between October 2025 and December 2025 by expanding dark stores.
- Prosus India head hinted at upcoming IPOs of Indian companies including Meesho, Urban Company, PayU, and possibly Rapido, reflecting the maturing market.
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TechCrunch
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Kalshi closes $185M round as rival Polymarket reportedly seeks $200M
- Kalshi has successfully raised $185 million in a round led by Paradigm, valuing the company at $2 billion post-money.
- Prediction markets, like those of Kalshi and Polymarket, utilize blockchain technology for users to bet on various outcomes.
- Polymarket is reportedly seeking a $200 million round, facing regulatory challenges and bans in multiple countries, including the U.S.
- Kalshi, in contrast, has navigated regulatory hurdles by being regulated by the CFTC, allowing U.S. residents to use their platform.
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Siliconangle
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Rubrik acquires AI model tooling startup Predibase for reported $100M+
- Rubrik Inc. is set to acquire startup Predibase Inc., known for software to fine-tune large language models, in a deal reportedly worth $100 million to $500 million.
- Rubrik, a data management platform, helps organizations prevent data loss and secure sensitive information. The acquisition aims to simplify AI projects for customers by integrating Predibase’s technology.
- Predibase's platform enhances open-source large language models by streamlining the fine-tuning process, using techniques like LoRA and Turbo LoRA to improve model inference performance.
- After the acquisition, Predibase will operate as a standalone business unit within Rubrik, maintaining compatibility with third-party data management platforms.
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Dev
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🚀 Introducing MultiMind SDK: Fine-Tune, Build, and Deploy LLM
- MultiMind SDK is an open-source toolkit designed to simplify fine-tuning models, building multi-agent applications, and deploying RAG pipelines for developers and AI builders.
- The core features of MultiMind SDK include a fine-tuning engine supporting various models, a RAG pipeline builder, multi-agent orchestration capabilities, model conversion tools, dataset preprocessing, model routing, MLOps hooks, a CLI, Python SDK, plugin system, and an upcoming no-code builder.
- Potential real-world use cases of MultiMind SDK involve building custom AI agents, fine-tuning models on private data, RAG document intelligence for question-answering apps, model migration for cost optimization, dataset preparation for training, AI tools backend development, multi-LLM routing, prototyping, and regulated industry solutions.
- The SDK provides various installation options for different needs and encourages contributions, aiming to simplify AI tooling and empower developers.
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Inc42
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283
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Centre Approves INR 417 Cr Electronics Cluster in UP
- The electronics and IT ministry has approved a INR 417 Cr electronics manufacturing cluster in Uttar Pradesh’s Gautam Buddha Nagar, to be developed by the Yamuna Expressway Industrial Development Authority.
- The cluster near Noida International Airport is expected to attract INR 2,500 Cr in investments and generate over 15,000 jobs with ready infrastructure and common facilities for electronics firms.
- Part of the EMC 2.0 scheme, it aims to reduce import dependency and elevate India’s global electronics manufacturing stature with focus on areas like semiconductors and IoT devices.
- The Centre is also implementing a PLI scheme for non-semiconductor electronics components and has eased SEZ norms to boost investment in electronics, aiming to make India a global manufacturing hub.
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Medium
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The Hidden ROI of Founder Resilience: How Behavioral Diligence Drives Venture Capital Returns
- Founder resilience plays a crucial role in driving venture capital returns, with a focus on behavioral due diligence processes before investment.
- Startup failures often stem from co-founder conflicts or psychological burnout, highlighting the significance of assessing founder psychology under stress.
- Resilient leadership can yield significantly higher returns and reduced volatility for companies, emphasizing the importance of evaluating founding team dynamics.
- Implementing Behavioral Diligence involves structured assessments of founder psychology, stress-response diagnostics, and leveraging tech tools like machine learning for early fragility detection.
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Startup Story
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Fantail Raises ₹13.75 Cr in Seed Round to Build India’s Leading MMF Brand from Surat
- Fantail, a B2B textile startup focused on man-made fibers, raises ₹13.75 crore in a seed funding round to establish itself as the leading MMF brand from Surat.
- The funding round was led by Riverwalk Holdings, Incubate Fund Asia, and All In Capital. Fantail aims to enhance operational capabilities, backend technologies, partner manufacturing units, and attract talent.
- Fantail plans to modernize the Surat MMF supply chain by collaborating with weavers, mills, and processors to improve quality, scale, and capital efficiency.
- The startup intends to revolutionize MMF design and manufacturing processes, develop proprietary product lines for enterprise fashion retailers, and focus on backend tech enhancements for better traceability and design collaboration.
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Startup Story
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Fabheads Secures $10M in Series A Led by Accel to Scale Composite Manufacturing Automation
- Fabheads, a deeptech startup specializing in composite materials manufacturing, has secured $10 million in a Series A funding round led by Accel.
- The funding round, with participation from Trifecta Capital, brings Fabheads' total funding to $13 million, supporting its automation systems for advanced composites and carbon fiber manufacturing.
- Fabheads, founded by former ISRO engineers in 2015, plans to use the funds to expand manufacturing capacity, enhance R&D, engineering capabilities, and grow its team.
- The company's automated fiber placement technology reduces costs by up to 50%, minimizes material wastage by 20%, and shortens production cycles by 30%, catering to sectors like aerospace, defense, electric mobility, and clean energy.
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Startup Story
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AuraML Raises $1 Mn in Pre-Seed Round to Reinvent Robotics Simulation
- AuraML, a Deeptech startup, secured $1 million in a pre-seed funding round led by Turbostart with participation from DeVC, GSF Accelerator, IAN, and other investors.
- The funding will aid product development, enterprise pilots, and US market expansion for AuraML, which focuses on reinventing robotics simulation.
- AuraML's generative simulation engine minimizes real-world testing reliance and offers faster, safer, and more cost-effective testing for robotic systems.
- The company's simulation platform supports various features like Text-to-World generation, sensor noise simulation, multi-robot testing, and cloud-based scalability, enabling high-fidelity virtual testing for robotics companies.
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Startup Story
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260
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ONDC Independent Director Arvind Gupta Steps Down After Completing Three-Year Term
- Arvind Gupta, the founding member and first independent director of ONDC, has stepped down after completing a three-year term.
- His departure adds to the recent senior-level exits at the government-backed e-commerce initiative, including key leaders like Thampy Koshy, R.S. Sharma, and Shireesh Joshi.
- ONDC, aimed at creating a democratized digital commerce infrastructure, has a board of directors and advisory council with representatives from the government, private sector, and independent experts.
- The network currently retains three independent directors after Gupta's exit and is facing a decrease in transactional volumes, indicating a critical phase with operational shifts and leadership changes.
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