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Startup News
StartupDaily
15h
109
No code construction software startup erects $27.5 million Series A
- Construction software startup, Sitemate, has raised $27.5 million in a Series A funding round.
- The funding will be used for product and engineering development, as well as global expansion.
- Sitemate offers software platforms for the construction, energy, and mining sectors.
- The company aims to provide flexible and customizable solutions, integrating with existing business tools.
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StartupDaily
16h
197
Australian F1 legend Mark Webber backs hydration monitoring wearables startup in $8 million raise
- Brisbane startup WearOptimo has raised $8 million in funding for its hydration monitoring wearables.
- The round was backed by healthcare provider Aspen Medical, former F1 driver Mark Webber, and others.
- WearOptimo aims to create accessible and affordable healthcare solutions and has opened an Advanced Manufacturing Facility (AMF) in Brisbane.
- The AMF will enable the production of up to 30 million sensors annually, which will be used in various industries.
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Yourstory
16h
337
Image Credit: Yourstory
Why the jobs market is cautiously optimistic; EV startups hit the road in 2024
- The hiring landscape in 2024 saw a balance between caution and optimism with an increased focus on strategic hiring.
- Hiring for freshers and entry-level roles grew due to rising demand for AI, cloud computing, and data analytics skills.
- Krishna Vij from TeamLease Digital commented that the 2024 layoff wave was caused by the global economic climate, automation, and startup funding challenges.
- Experts predict stronger hiring in 2025, with a projected 9% growth in hiring.
- In 2024, EVs became mainstream, with 1.8 million sold in India by November, but companies faced challenges including high costs and lack of subsidies.
- Atheer Energy, Ola Electric, and other EV companies plan to enter public markets.
- Indian investors increasingly bet on Bitcoin and altcoins, with a shift toward long-term investment strategies.
- CoinDCX reported significant growth in trading volume and assets under management, as well as increasing representation by women.
- Telegram surpassed $1 billion in revenue in 2024 and became profitable.
- US launched an investigation into Chinese semiconductor production.
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Yourstory
16h
363
Image Credit: Yourstory
After a year of cautious optimism, job market heads towards brighter days, but upskilling is imperative
- The hiring landscape in 2024 witnessed a delicate balance between caution and optimism, after a few years of over-hiring, mass layoffs, and economic headwinds.
- Despite the economic challenges, the hiring activity in India improved in 2024 and surged by 10.05%.
- Freshers and entry-level roles hiring surged in 2024, driven by strong demand for skills in artificial intelligence (AI), cloud computing, and data analytics.
- Hiring for mid-level management roles remained stable, with selective additions aligned to business growth.
- Compared to 2023, hiring for top management roles slowed as companies prioritised cost optimisation and internal promotions.
- Shortage of talent in niche areas, skill gaps, and fierce competition to hire top-tier candidates were some of the challenges faced in 2024.
- With automation and evolving business needs reshaping job roles, upskilling is key to remaining competitive in the job market.
- Experts predict hiring activity to be stronger in 2025, with a projected 9% growth in hiring, particularly in blue-collar and junior roles.
- Hiring trends in 2025 will be shaped by the needs of companies operating in green energy, electric vehicle manufacturing, AI-driven industries, and GCCs.
- The gig economy and flexible work models will expand, leading to increased recruitment, while upskilling is essential for all professionals to remain competitive.
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Yourstory
16h
245
Image Credit: Yourstory
Floworks aims to crack sales automation code with AI employees
- Floworks AI is a company that makes AI sales employees for companies to automate sales. Its tools streamline prospecting, lead research, and outreach across multiple platforms. Its flagship product is Alisha, which is an AI sales development representative (SDR).
- It performs customer profile research, finds prospect lists, produces customized emails, and books sales calls.
- ThorV2 architecture powers Alisha, which enhances the function-calling capabilities of Large Language Models (LLMs).
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Yourstory
16h
113
Image Credit: Yourstory
This Bengaluru startup is redefining lending for Bharat’s farmers and MSMEs
- WhatsLoan, a neo-lending platform was launched in 2019 to simplify the borrowing process for Indian farmers and MSMEs.
- The farmers in India spend large transactions to access banks for agri-loans, which remains a significant challenge.
- WhatsLoan offers to bring down the cost of loan processing by more than 90%, and the TAT from lead to loan delivery in minutes, reducing it from days to weeks.
- WhatsLoan is a loan-as-a-service (LaaS) mobile-first platform that provides technology to empower the borrower, while also bridging the gap between borrowers and lenders.
- The platform is available in English, Hindi, and other multilingual languages, catering to the ‘Bharat’ of India, and uses Digilocker to access data and documents.
- The company charges anywhere between Rs 100 to Rs 1,000 (average Rs 200) per file—claiming to reduce loan processing costs by 90%, while cutting down loan disbursal time from week to minutes.
- With over $4.8 billion in assets under management, WhatsLoan has already served nearly one million borrowers.
- The startup now plans to acquire 10 out of the 43 Gramin Banks in India, to further bridge the rural credit gap.
- According to market research company SNS Insider, the digital lending platform market in India was valued at $10.3 billion in 2023, and is expected to grow to $50.7 billion by 2032 at a CAGR of 22%.
- Other players operating in the space in India include Perfios, Lentra, M2P Fintech, Jocata, New Gen and ScoreMe, among others.
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TechCrunch
17h
294
Image Credit: TechCrunch
OpenAI’s o3 suggests AI models are scaling in new ways — but so are the costs
- OpenAI’s o3 model shows promising results through its test-time scaling method but this scaling comes at a higher cost. The model scored high on a difficult math test, which no other model had scored more than 2% on. However, the logarithmic x-axis on the chart shows that the o3 model used more than $1,000 worth of compute for every given task analyzed. OpenAI is either using more computer chips to answer a user’s question, running more powerful inference chips, or running those chips for a longer period of time before the AI produces an answer.
- The creators of o3 expect that this trajectory of improved performance will continue. However, the performance comes at a cost and the increase in performance also raises new questions around usage and costs. Test-time scaling has been at the forefront of AI gaining momentum in terms of scaling, but there is concern around the elevated expense of usage.
- The high-scoring version of o3 used more than $10,000 in resources to complete a difficult test. This makes it too expensive to be considered effective for full-scale commercial usage. It seems like AI models with scaled test-time compute may only be good for large scale projects, as organizations and institutions with deep pockets may be the only ones that can afford o3.
- The o3 model is capable of adapting to tasks it has never encountered and arguably approaches human-level performance, as is evidenced by its performance on the ARC-AGI benchmark. Although, it still fails on some very easy tasks that humans can do quite easily and it is not AGI.
- Although the high costs of o3, as it pertains to test-time scaling, can be a disincentive, there is still enthusiasm around the potential for the technology. Given that many companies view AI as a competitive advantage, it’s clear that test-time compute is the next step to scaling AI models.
- OpenAI has revealed that the cost of running AI systems is less predictable, given the ability to utilize test-time compute. Until now companies could predict the cost of serving a generative model, but that has become more difficult given the computational needs of test-time compute.
- Investors expect progress in AI to be faster next year than last year. They predict that the AI world will splice together test-time scaling and traditional pre-training scaling methods to create better AI models and improve their performance.
- The o3 model adds credibility to the claim that test-time compute is the tech industry's next best way to scale AI models. Although it is expensive, the model is capable of achieving unique adaptations and performance milestones.
- There may be potential for more gains in test-time scaling through the design of better AI inference chips. There are a number of start-ups working in this space who could play a larger role in test-time scaling moving forward.
- While the o3 model is a notable improvement to the performance of AI models, it raises questions around usage and costs. Organizations with deep pockets may be the only ones that can currently afford o3, but given industry momentum around test-time compute, it's clear that the use of such expensive models is set to increase in the coming years.
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Medium
18h
44
Image Credit: Medium
French Onion Short Rib Soup with Gruyère Toast A rich, hearty twist on classic French…
- French Onion Short Rib Soup with Gruyère Toast is a rich and hearty twist on classic French onion soup, featuring seared short ribs and melted Gruyère cheese on French bread slices.
- To make the soup, caramelize onions with butter, shallots, garlic, thyme, sage, and red chili flakes. Then, sear the short ribs in a separate skillet. Add chicken broth, tamari/soy sauce, bay leaves, star anise, and baby carrots to the pot with the onions. Simmer for 2 ½ to 3 hours until the short ribs are tender.
- Once cooked, remove and shred the meat from the bones, then return the meat to the soup. Make Gruyère toasts by topping French bread slices with shredded Gruyère cheese and baking until melted and bubbly. Ladle the soup into bowls, top each serving with a Gruyère toast, and garnish with fresh thyme or parsley if desired.
- This recipe can be made ahead and tastes even better the next day. For extra richness, you can add balsamic vinegar or Worcestershire sauce. Serve the soup with a simple green salad or roasted vegetables for a complete meal.
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Npengage
18h
177
Image Credit: Npengage
3 Signs Your Organization Needs a Nonprofit Accounting System
- As nonprofits grow, they may face limited capabilities of low-cost accounting tools.
- It could be time to upgrade when dealing with an unwieldy Chart of Accounts or Class List.
- Nonprofits need to manage revenue and expenses by multiple funds, projects, programs, departments and cost centers, which can be hard with a for-profit system.
- Upgrading can provide a holistic view of finances alongside more secure internal controls.
- Features to look for include industry accounting standards, general budgets and budgets for specific programs and restricted funds.
- Reporting, encumbered funds, purchase order functionality and grant and contract management are also important to consider.
- Effective management of all grants and contracts and internal controls can save nonprofits money.
- Accountability can be increased with native expense management and AP automation.
- A true fund accounting system is almost a necessity for companies past tracking only the ASU 2016-14 net asset classes.
- A majority of nonprofits need to manage revenue and expenses by individual funds, projects, programs, departments and cost centers in order to track restrictions and achieve detailed reporting.
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Medium
19h
14
Startup Lessons from The Gambler: Strategic Insights for Entrepreneurs
- Balancing pragmatism and celebration fortifies the culture that will carry your business through inevitable highs and lows.
- Monitor real metrics such as customer growth, engagement, retention, and satisfaction instead of relying on paper money or unrealized equity.
- Scaling prematurely can lead to bloated costs, inefficiencies, and the dilution of your core vision.
- Patience and strategic focus form the bedrock of successful startups by investing deeply in what already works.
- Abandoning a losing proposition can safeguard finite resources for ventures with true potential.
- Even paying customers can harm your business if they force you into unsustainable custom work or divert your focus from your product roadmap.
- Establishing clear boundaries and exit clauses upfront ensures you retain control over your decisions.
- If market realities or flawed assumptions undermine your business model, exiting entirely can be the most prudent course of action.
- Each deal in business carries risks and rewards. The ultimate skill lies in deciding when to hold on, when to let go, and when the stakes demand more drastic measures.
- Focus on delighting customers, maintaining a responsible culture, and stewarding your resources wisely to build a lasting enterprise that rewards you and your stakeholders.
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Pymnts
20h
248
Image Credit: Pymnts
David’s Bridal Launches Media Network With Love Stories TV Purchase
- David's Bridal has acquired wedding media brand Love Stories TV.
- The acquisition is part of the launch of the Pearl Media Network.
- Love Stories TV's content will be integrated into the network, expanding David's Bridal from a retailer to a media company.
- The move follows David's Bridal's partnership with DoorDash, reflecting the increasing shift towards online shopping in the wedding industry.
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TechCrunch
20h
11
Image Credit: TechCrunch
Elon Musk’s xAI lands $6B in new cash to fuel AI ambitions
- xAI, Elon Musk’s AI firm, has raised $6 billion, bringing total raised to $12 billion, thereby adding to the $6 billion tranche xAI raised this spring.
- Andreesen Horowitz, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, Vy Capital, Nvidia, AMD, and others were among the investors.
- The new cash injection will fuel xAI greater AI ambitions and according to reports the company was aiming for a $50 billion valuation, double its valuation of six months prior.
- Grok, a flagship generative AI model, now powers a number of features on the Twitter-owned social network X.
- Musk formed xAI last year and said that xAI’s data gives it a leg up compared to rivals, and this allows Musk's models to be trained on data from companies such as Tesla and SpaceX.
- Despite objections from Tesla shareholders, the deals have driven xAI’s revenue to around $100 million a year.
- Reports indicate that Grok may handle even more X functions in the future, from enhancing X’s search capabilities and account bios to helping with post analytics and reply settings.
- AI venture capital activity soared to $31.1 billion across over 2,000 deals in Q3 2024, driven by megadeals such as OpenAI’s $6.6 billion fundraise and Amazon-backed AI firm Anthropic’s recent $4 billion funding.
- xAI has outlined a vision according to which its models would be trained on data from Musk’s various companies, including Tesla and SpaceX, and improve technology across those companies.
- xAI has told investors it plans to raise more money next year.
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Insider
20h
33
Image Credit: Insider
A timeline of OpenAI's rocky 2024
- OpenAI faced a roller-coaster ride in 2024 as it reached new valuation heights and started the transition to become a for-profit company.
- In February, OpenAI was valued at $80 billion. Company employees could cash out their shares as part of the tender offer.
- CEO Sam Altman was removed from OpenAI's board of directors as the CEO in November 2023 but returned a few days later. The period is referred to by employees as 'The Blip'.
- OpenAI faced legal battles with Elon Musk, who co-founded the startup, and some of the US's largest newspapers. Musk sued OpenAI in February accusing them of transforming into a closed-source de facto subsidiary of Microsoft.
- In June, Musk filed another lawsuit adding Microsoft as a co-defendant on allegations of conspiring to create a monopoly on artificial intelligence.
- OpenAI faced criticisms over safety and restrictions on departing employees. Founder Ilya Sutskever announced in May that he was leaving the company.
- OpenAI's PR took a hit as Apple announced it would integrate ChatGPT into its software in June. Musk filed another lawsuit against OpenAI over AI ethics issues in August, which he amended in November to include Microsoft.
- OpenAI announced in September that it would become a for-profit company. Among the notable departures from the company in 2024 were OpenAI co-founders, Andrej Karpathy and John Schulman.
- OpenAI raised a record-breaking $6.6 billion funding round, which valued it at $157 billion in October 2024.
- In November, OpenAI allegedly deleted legal data in its legal fight with The New York Times and other newspapers, according to the lawsuit.
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Hackernoon
20h
159
Image Credit: Hackernoon
"Lack of Focus Can Derail Even the Best Plans" says Rhythm Systems CEO Patrick Thean
- Rhythm Systems' CEO Patrick Thean says that now, with the wave of high-profile CEOs stepping down, companies must operate with sharper focus, tighter alignment, and better execution to navigate the current business landscape. His company offers tools, methodology, and coaching to help mid-market companies achieve their goals faster with less friction, stay aligned and execute effectively. Sees growth next year by investing in enhancements like AI-driven insights, expanding referrals and partnerships and sharing more success stories from clients who've used its system to achieve record results.
- Thean admires his team's relentless drive to make things simpler and more effective for leaders and their teams. His business success is measured by tangible impact on the leaders and teams he supports and his revenue expectations are based on clear goals and solid planning. Key learning from AvidXchange was cross-functional team alignment, which allowed them to increase productivity by 300%, resulting in a key product launch six months earlier than scheduled and a successful IPO at a $2 billion valuation.
- The biggest threat to his business is the temptation for leaders to revert to old habits and lack of focus that can derail even the best plans. Additionally, as more tools and software solutions enter the market, companies risk getting distracted by 'shiny objects' that don’t deliver real results.
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Medium
22h
134
Image Credit: Medium
My Hundred-Million Dollar Ritual
- As a junior member of an investment team at a venture capital fund, the author had an unbounded role.
- The role was a 3-year paid apprenticeship in startups, with the expectation to start or join a company after.
- The author created a system using four simple questions to ensure steady progress and learning.
- This routine resulted in incubating two companies with 9-figure valuations and continues to be used with founders.
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