Page 155 – ScoopEarth Magazine – AI Insights, Startup Buzz, Business Trends & Technology Updates

Atomgrid Raises ₹10 Crore in Seed Funding from Merak Ventures

Merak Ventures is a B2B Venture Capital Firm that has announced its new investment in Atomgrid. Merak Ventures led the Rs 10 Crore Seed fund. In the seed fund round, other investors were Dexter Ventures, Upsparks, and the founder of UniCards. This marks Merak Venture’s third investment this year.

Atomgrid was co-founded by alumni of IIT-BHU Lakhsit Bansal, Siddharth Gupta, and Pratik Chowdhury. Each one of them has expertise in this field as Bansal worked as a Business Head at WorkIndia, Gupta was a business head at Uni Cards and Chowdhury worked with Amazon. They aim to position India as a Hub for specialized chemicals. The startup intends to use this fund to grow its in-house R&D infrastructure, construct a supply chain tech platform, hire teams for business development, and expand to the international market. Various global firms have already mentioned India’s capacity to solve worldwide need for raw materials, the startup aims to grab this opportunity and transform India into a leading chemical manufacturing hub.

Atomgrid is known as a startup specializing in chemicals and they serve industries related to medicine, agriculture, and specialized chemicals for manufacturing. The founders mentioned that while interacting with more than 250 businesses they found out the substantial problems for Indian manufacturers. The problems include limited development resources and access to research, global distribution networks, raw material sourcing, and technology-driven solutions. These factors led to low utilization, limited presence, and less exposure to the export market.

According to market research, India has significant room for growth and development, and chemicals are predicted to be India’s next big export step, with a growing CAGR of 12.2 percent. Atomgrid, a startup that manufactures and focuses on specialized chemicals, has raised about $1.2 million in a seed fundraising round led by Merak Ventures.

The startup aims to empower Indian chemical makers on an international scale. Partner at Merak Ventures mentioned that India’s chemical sector is said to have growth, and startups like Atmogrid stand out by maximizing MSME capacities. Instead of just focusing on filling the demand-supply gap the startup focuses on its role in the supply chain by moving it from distributor to manufacturing partners. This approach makes them different from others.

Conclusion:

Atomgrid is a startup that works with specialized chemicals. The startup got seed funding of Rs 10 crore from Merak Ventures. This marks their third investment this year. Atomgrid aims to make a global presence in specialized chemicals. They plan to use the seed fund to improve their research, build a platform, hire more people, and expand the business globally. They aim to help Indian chemical companies by solving problems like limited resources and technology access.

Specialized chemicals are said to be India’s next big export pillar, with a growing CAGR of 12.2 percent. The startup aims to empower Indian chemical makers on an international scale. Merak Ventures thinks Atomgrid is special because it helps small businesses and focuses on the whole supply chain. They not only focus on filling the demand-supply gap but also aim to make a global presence.

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Samsung Medison Acquires AI MedTech Startup Sonio for $92 Million

Samsung Electronics confirmed that their medical equipment unit “Samsung Medison” has officially acquired the French AI MedTech startup, SONIO for $92 Million. Today this morning the company confirmed that they want to work with Sonio to expand the AI-powered healthcare solution business. Through this investment, Samsung Medison is said to be gaining access to AI development in Europe, which will enhance its medical AI solutions with Sonio’s AI diagnostic assistant and reporting technology.

Samsung Medison is a medical device company specializing in diagnostic imaging devices. As of May 8, the company Samsung Medison is said to have entered into a share purchase agreement to acquire this MedTech startup, Sonio. According to Yonhap news agency, this startup aims for AI development in the medical field, AI development for diagnostic reporting in obstetrics and gynaecology ultrasounds to be precise.

Sonio is a Paris-based startup and has developed various AI-powered solutions in the last few months. This MedTech startup also won approval from the U.S. Food and Drug Administration (FDA) last year for its AI-powered software solution, designed to identify prenatal syndromes and abnormalities through ultrasound.

Samsung is already known for its built-in integration with the best healthcare solutions. To provide best-in-class healthcare, homecare, and remote monitoring the company has been continuously working with industry-leading healthcare software providers. The company has been working in Digital Health solutions for years, so the addition of Sonio raised expectations of everyone to see how Samsung will work with this French AI MedTech startup.

Medison said it is acquiring Sonio, the AI software company for $92.4 Million, which is about 126 billion won. Everyone is excited to see how these two will work together, as this can be seen as an opportunity for South Korea’s Samsung Medison to get a grip on France’s AI market using this MedTech startup. Through this acquisition, Samsung Medison can access the AI development talent in Europe

and enhance its Medical AI solutions with Sonio’s assistant and technologies. Samsung is seeing this as a step to expand its AI-powered healthcare solutions to Europe. As Samsung Electronics owns a 68.5% stake, which is more than half the stake in Samsung Medison, they are just as invested to see what steps the company will take in the Field of AI healthcare.

Conclusion:

Samsung Medison bought a French MedTech startup called Sonio for $92.4 million. SONIO focuses on smart healthcare technology using artificial intelligence (AI). Samsung Medison acquired this startup to work with Sonio and make best-in-class medical and healthcare solutions. They believe working with Sonio will help them have advancements in AI healthcare solutions, benefiting healthcare providers.

With Samsung Medison’s commitment to expanding its AI-powered healthcare solutions, this partnership promises to advance diagnostic imaging and reporting technologies. Samsung Medison aims to enhance its offerings and solidify its position in the global healthcare market with Sonio’s expertise in AI development and its FDA-approved software solutions. With Samsung Electronics’ big stake in Samsung Medison, there is strong backing for this strategic move.

samsung medison sonio

Myelin Foundry Raises $4 Million to Accelerate AI Innovations

Myelin Funding is a Deep-tech AI startup that has recently secured a total of $4 million in a new funding round led by SIDBI Venture Capital. This AI startup aims to deploy Artificial intelligence in real-time to provide unparalleled audio and video experiences and outcomes. CEO of Myelin Foundry said that they will work closely with their valuable partners in order to move towards the journey of transforming industries with Edge AI solutions.

All the funding will be used to strengthen the platform and expand into international markets. They mentioned that with the investment made, they will try to solidify their position as a leader in the edge AI startup. Many investors, like Pratithi Investment Trust and Endiya Partners, believe in Myelin Foundry’s vision.

The funding round had much participation from several investors, including known names such as Pratithi Investment Trust, Subh Labh, and Endiya partners. Senior fund manager at SVCL, Debraj Banerjee said that they are excited to lead Myelin Foundry’s equity round. He added that with the innovative approach and strong leadership, they will place Indian startups on the Global AI map. The existing investor of Myelin and managing partner at Endiya Partners, Sateesh Andra also showed strong belief in the startup by pointing out the platform’s potential to deliver real-time AI computing on the edge. “We are proud and will continue supporting their journey of scaling and bringing innovative solutions to the market” he added.

In addition, the co-founder of Infosys, Kris Gopalakrishnan showed his trust in Myelin Foundry. He said, “Pratithi Investment Trust, remains committed to backing Myelin Foundry’s mission of creating global first AL platforms leading with Edge AI and Gen AI”. This AI startup’s target audience is automotive and top players who want to use AI’s power in their devices. This funding will enable Myelin Foundry to develop its platform and expand into international markets. With the global AI market booming and expected to grow rapidly in the coming years, Myelin Foundry aims to leverage edge AI solutions to transform industries and provide cutting-edge audio and video experiences using AI.

Conclusion:

Myelin Foundry is an AI startup from Bengaluru that focuses on transforming visual experiences and personalized outcomes using proprietary AI for video, audio, and sensor data, on customer devices. Myelin Foundry has successfully secured $4 million in seed funding, led by SIDBI Venture Capital. They use Artificial Intelligence to make audio and video experiences better. Last year, they got $3 million from Visteon.

The global AI market is growing fast, and Myelin Foundry wants to be a leader in edge AI, which means using AI in real time. They’ll use the money to make their platform stronger and reach more people around the world. Many investors, like Pratithi Investment Trust and Endiya Partners, believe in Myelin Foundry’s vision. They want to help Indian AI startups succeed globally. People like Sateesh Andra and Kris Gopalakrishnan trust Myelin Foundry to make great AI technology for industries like automotive.

myelin foundary myelin foundary funding

Coromandel Backs Climate-Tech Startup with ₹24 Crore Follow-On Investment

Ecozen is a climate-tech startup working on solar-powered irrigation and cold chain systems. Coromandel International just increased its stakes in the startup by an additional investment of Rs 24 crore. This amount has made Coromandel the shareholder of 5.54% in Ecozen. Previously the company had 3.13% of shareholding. This climate-tech startup focuses on solar-powered irrigation and cold chain systems. The additional investment will help Ecozen scale up its operations and expand its market reach. With a commitment to climate-smart technologies, it will focus on empowering customers globally.

This climate-tech startup uses Artificial intelligence, the Internet of Things, and various other technologies to improve and enhance agricultural incomes with reduced food waste. Last year Ecozen showed a turnover of Rs 274 Crore. They aim to expand in the market of Africa and Southeast Asia. In addition to this Coromandel International is said to be investing in the Kakinada project that aims to production of sulphuric acid and phosphoric acid. The project includes waste heat utilization and other advanced technologies.

With data ventures, coromandel acquired 5.44% of shares in Ecozen. Ecozen is a Pune-based deep tech startup company. During the funding round, Ecozen’s CEO, Davendra Gupta, mentioned that the raised capital would be utilized to expand operations and strengthen market presence both locally and internationally. He emphasized, “We are dedicated to empowering customers and making a shift towards climate-smart technologies on a global level.”

Besides other offerings, Ecozen wants to make big changes in farming. It plans to use its solar-powered irrigation system, Ecotron, and its cool storage solutions, Ecofrost, to do this. By using smart technology like Artificial Intelligence and the Internet, Ecozen helps farmers make more money while being good to the environment. It does this by cutting down on pollution and stopping food from going to waste.

With plans to expand into Africa and Southeast Asia, this startup is poised to address critical agricultural challenges on a global scale. Despite the promising prospects, Ecozen will indirectly face competition from established players like Inficold and other Pune-based companies such as Khethworks as it navigates its way into the global market.

Conclusion:

Ecozen is a climate-tech startup that focuses on agriculture and helps farmers with solar-powered irrigation and cold storage. The startup recently received an extra Rs 24 crore from Coromandel International as the company extended its share. Now Coromandel owns 5.54% of Ecozen. Ecozen uses smart technology to make farming better and reduce food waste. They made Rs 274 crore last year and want to expand in the market of Africa and Southeast Asia. Coromandel is also investing in a project in Kakinada for making chemicals.

This 24 crore fund money will help Ecozen grow more and reach more farmers. They want to help farmers worldwide with climate-friendly technology. They’ve raised a total of $8 million so far. The funding will help Ecozen scale up its operations and expand its market reach. With a commitment to climate-smart technologies, Ecozen aims to empower customers globally.

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Myntra Founder and Ex-Zomato Executive Raise $26 Million for New Fashion Venture, Lyskraft

Mukesh Bansal, the founder of Myntra, and Mohit Gupta the former senior executive of Zomato came together to form a fashion startup named Lyskraft. This omnichannel Fashion startup has raised $26 Million in seed money, making it one of the largest early-stage rounds for an Indian startup amid the ongoing reduction in the general availability of loans.

According to a report by ET, Mohit Gupta said that the seed money will help the partnership take the route of building a seamless shopping experience as a marketplace for premium brands. The startup is aiming to start with women’s fashion and then expand into other lifestyle categories. This startup had a backup of large seed investments because of these two seasoned businessmen. Global tech investor Prosus, Belgian investment fund Sofina, Zomato founder, and the partners of DST Global are some of the investors who participated in Financing for the first round.

Image source: Zomato image source: Myntra

Gupta has worked with big giants such as Zomato, MakeMyTrip, and PepsiCo India. Mohit Gupta is said to be the chief executive of Lyskraft in Gurgaon headquarters while Mukesh Bansal will be a shareholder and strategic advisor of the company. This is not the first time these two are working together. A year ago, Gupta and Bansal joined hands for a startup, Meraki Labs to explore raising capital at the company level along with getting funds for different startups. Bansal has continuously backed companies like Groww and space-tech startups like Skyroot Aerospace. This Fashion startup aims at the word “omnichannel”. Mohit Gupta said that the premium fashion category in India needs a different treatment, which according to him will be treated as vertical in the next 5-10 years. The solution for women’s fashion category is not offline or online but Omnichannel, and that’s what we have aims to build, He added.

This startup company is said to be a competitor of brands like Nykaa Fashion, which operates both online and offline outlets, Flipkart-owned Myntra, Reliance Retail’s Ajio, and more. The reason Gupta gave behind selecting omnichannel instead of starting online was to find the solution to the problem and not to get focused on one particular channel. “We are looking at this as a consumer and a category problem and not a channel problem. The best solution we saw for this was omnichannel, which is why we’re taking that route from day one “He added. He also mentioned that Lyskraft is estimated to grow up to $12- $15 Billion in the next Six to seven years.

Conclusion:

Mukesh Bansal, who founded Myntra, and Mohit Gupta, a former senior executive at Zomato, joined forces to create a new fashion startup called Lyskraft. They managed to get seed fund money of $26 million to kickstart their business. This money comes from big investors like Prosus and DST Global. Their plan is to make the shopping experience super easy and smooth, starting with women’s fashion and then moving into other lifestyles. With Mukesh Bansal as a strategic advisor and Mohit Gupta as the chief executive in Gurgaon, they’re all set to make a change in the fashion world. They believe in “omnichannel”, which means they want to blend online and offline shopping experiences. They will eventually have to compete with big names like Nykaa Fashion and Myntra. Bansal and Gupta are experienced in the industry, and they believe Lyskraft could grow to $12-$15 billion in the next few years.

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UK Self-Driving EV Startup Raises $1 Billion to Accelerate Autonomous Mobility

Around $1 Billion in funds for a startup may sound absurd but Wayve made it possible. This AI startup is a self-driving technology startup based in the United Kingdom. This UK startup is said to have raised a total of $1 Billion in funding as of May 7. The company raised funding from some big giants in the industry like Microsoft, Nivida, Softbank, and more.

Wayve was focused on computer vision and robotics, unlike using generative AI models like Google or openAI this company focuses on creating brains for physical objects such as robots, and self-driving cars. According to Mr. Kendall the founder of Wayve, “the full potential of AI is when we have machines that are in the physical world and can be trusted. “. Big tech giants like Apple recently gave up on their efforts to make self-driving cars after years of development. So, the investment for Wayve was risky but they proved themselves after testing the self-driving technology on British roads and they are said to be expanding elsewhere soon. The startup uses modern car technology, cameras, and sensors to react in different driving surroundings. The data collected while the car navigates around the town is fed back into the AI system making the car learn more about its surroundings.

Image source: Wayve

They took a different approach from other developers like the parent company of Google, Waymo as the technology used by Wayve doesn’t rely heavily on high-definition maps or laser technology for measuring distance. The amount of $billion raised by Wayve is one of the largest investments in Europe. In addition, the PM of Britain, Mr. Rishi Sunak mentioned that he is incredibly proud that the U.K. is home to such pioneers like Wayve who are taking big steps in shaping the next generation of AI models for self-driving cars.

Mr. Kendall the owner of Wayve mentioned that the investment from SoftBank and other companies helped them to turn this idea of self-driving cars into marketable products. Wayve is said to negotiating with several large automobile manufacturers to get its software in cars and make it available to purchase. In recent meetings, Wayve’s total funds are said to be raised over $1.3 billion making it the largest investment in any startup focused on AI technology in the U.K.

Conclusion:

Wayve’s achievement in securing over $1 billion in funding can be seen as a change in the UK’s self driving technology landscape. The startup raised funds from known names in the industry like Microsoft, Nvidia, and Softbank. This AI startup focuses on computer vision and robotics with a different approach from other big companies in the AI field. Wayve already successfully passed the testing of its self-driving technology on British roads demonstrating its potential for expansion. By using modern car technology and data-driven AI systems, this AI startup aims to make the future of self driving vehicles reachable. Despite the risks involved, Wayve’s innovative approach and strategic partnerships position helped it to raise a fund of over $1.3 billion.

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Indian Startup Launches the First Fully Indigenous Microcontroller Chip

Mindgrove Technologies is a startup backed and incubated by IIT Madras. This startup has successfully designed India’s first commercial high-performance microcontroller chip. This indigenously built microcontroller semiconductor offers a cheaper option to electric goods makers. Digital infrastructure also boosts the “Made in India” program in the electronics department.

The startup just created the first microcontroller which is fully designed, owned, and marketed in India. The SoC passed preliminary testing after arriving from Taiwan and is now ready to integrate with smart electronic devices. It then targets electronic manufacturers and other mid-market consumers in India and overseas. Even though the details of pricing are not out yet, it is confirmed that it will be 30% cheaper than similar products in the market. The co-founder of Mindgrove Technologies said, “The actual compute core and basic system of the chip is working now”.

Once the company gets approval after coming to an agreement, the general public can have the option to use Indian chips in their systems instead of imported chips from China or other countries. The IoT chip can be embedded in applications like smart fans, speakers, smart watches, access control systems, and more. In addition, another co-founder TR Shashwath mentioned that using Indian chips in our devices can simplify supply chains by collaborating with other Indian partners.

Image source: Mindgroves

The founders thanked the IIT Madras ecosystem and their help in maintaining a simple design. The startup has backing from venture capital firm Peak XV partners. They added that “if we do succeed, I hope this inspires more people to get in the deep tech product building”. TR Shashwath mentioned that during the pandemic we got to know the wide gap between high-end and low-end players in the embedded system space. It shows how low-end players prioritize cost and volume over the chip’s performance. By keeping these factors in mind Mindgrove aimed to design chips that target the middle market. “The key factor differentiating us from others is Right-sizing, when it comes to Mindgrove, giving it an edge over others, with security, enhanced flexibility, adaptability, and cost-efficiency with a robust support system.” He added.

The chip delivers high performance with a RISC-V architecture and has a clock speed of 700MHz.This is the only Indian-made chip available commercially. The headquarters of Mindgrove Technologies is located at the IIT Madras Research Park in Chennai.

Conclusion:

Mindgrove Technologies, supported by IIT Madras, has made India’s first commercial high performance microcontroller chip. This chip is a big step for the “Made in India” program. The chip is cheaper than others and helps India’s electronics industry. It’s now ready to be used in smart devices and will be 30% cheaper than similar chips. Mindgrove hopes to make Indian chips more common and easier to use, thanks to help from IIT Madras and Peak XV partners. They want to inspire more people to create deep-tech products. This chip is made in India and offers good performance, showing India’s ability to innovate in technology.

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Indian AI Startup Funding Experiences Significant Decline

Indian startups noticed decreased deal sizes and less funding in comparison to the past few years. According to data set by research agency Tracxn, the total startup funding for AI startups had a sharp drop of 71% as it went from $599 million to $168.4 million in a year. Since the start of this year, startups have only managed to gain $31.9 million according to a report by Business Standard.

Even though the drop may seem terrible because of big numbers, outside India and in global terms AI startups have done significantly well. AI startups worldwide had an increase in comparison. According to Cruchbase AI Startups worldwide went from $45.8 Billion to $50 Billion in a year. In addition, the first funding was $12.2 Billion for 2024 (first quarter only). The size decrease in AI startups can be seen as a good point from the POV of those who lost their jobs cause of these automated works. According to McKinsey half of the work will be based on AI by 2060 and generative AI can add up to $4.4 trillion in the Global economy. In India, the sizes of fundsraised by these startups are continuously decreasing. It went half in a year, from $14.7 million to $7.1 million in 2023. We saw a slight increase in 2024 and it went up to $10.6 million as of May 3.

Image source: Wikipedia

According to a report by Tracxn, the startup funding for these AI Startups went down by 57%. The funding continued to be slow till last year. The main reason behind less funding for these AI startups is that lately, there’s a lot of them are failing. These startups once had a lot of money invested in them. But now more than half of these new startups don’t work out. So getting funds from govt. is also a bit risky. But to get over continuous failure and the decrease in size of the AI startup in the last year, Govt. of India launched the IndiaAI Mission. This is a comprehensive national-level program to democratize and boost up the AI innovation ecosystem in the country and ensure the global competitiveness of India’s AI startups and researchers.

The Mission of this program is to establish a robust AI ecosystem through strategic programs and partnerships across the public and private sectors. By granting computing access, improving data quality, developing AI capabilities, attracting top AI talent, enabling industry collaboration, providing startup risk capital, and ensuring socially impactful AI projects it aims to provide a boost to India’s AI ecosystem. The Mission will be led by ‘IndiaAI Independent Business Division (IBD) under Digital India Corporation (DIC) and offers scaling Capacity, an Innovation Centre, a Datasets Platform, an Application Development Initiative, IndiaAI Startup Financing, and more.

Conclusion:

The significant decline in funding for Indian AI startups in 2023 reflects a challenging landscape for these businesses. With total funding drop by 71%, startups faced difficulties in securing investments, with only $31.9 million raised since the start of the year. However, despite this decline, global AI startup funding saw an increase, reaching $50 billion in 2023, with $12.2 billion raised in the first quarter alone. In India, while funding sizes decreased, initiatives like the IndiaAI Mission aim to rejuvenate the ecosystem by providing support, resources, and funding opportunities. Led by the IndiaAI Independent Business Division, this comprehensive program seeks to boost India’s AI innovation ecosystem and ensure its global competitiveness through strategic partnerships and initiatives.

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CEO of ChatGPT Invests in Israeli Cybersecurity Startup Apex

Apex is an Israeli cybersecurity startup that addresses AI threats and aims to enhance security measures and develop security solutions for AI applications. The startup is said to be playing a critical role in AI security. The company received investment from Sam Altman, the CEO of OpenAI.

This cyber security startup secured a total of $7 million in seed funds. A total of 500 companies and investment firms were available and the company is said to be finalizing the paid contracts. The fund will be used for manufacturing, hiring, and marketing efforts. In the world of AI, everyone is slowly becoming dependent on Artificial Intelligence Tools. The CEO of Apex, Matan Derman said “There’s a whole new landscape of threats and risks involving AI models”. It involves data leakage, privacy and compliance concerns, and more which according to Derman signifies a critical shift for the cybersecurity industry.

Apex aims to build additional security layers that will be required for enterprises to adopt AI. The co founder of Apex, Tomer Avni said that the need for security is more pressing than ever, and AI will likely surpass all prior revolutions soon as AI is very pervasive. According to a Reuters report, this round was led by Sequoia Capital and index ventures, and the CEO of OpenAI, Sam Altman also participated.

Image source: Wikipedia

Apex was co-founded by Tomer Avni, Both Matan Derman and Tomer Avni aim to address the challenges in security faced due to AI tools integration. Both founders have a strong cybersecurity background. The startup has focused on access blocking and other traditional prevention techniques until now. The startup aims to tackle critical security challenges arising from the integration of AI tools. Apex seeks to lead the development of additional security layers essential for enterprises adopting AI technologies.

Israel’s cybersecurity industry was facing some of the downward trend in the tech sector amid a surge in hacking attacks and as AI is growing rapidly, the demand for robust cybersecurity solutions grows, highlighting the importance of startups like Apex in protecting digital assets. The startup is working against cyber threats, as thisis a critical and ongoing process that requires a proactive and multifaceted approach. The company focuses on factors like third-party exposure, cloud vulnerabilities, ransomware, and more. In order to protect their data, systems, and reputations these factors play an important role.

Conclusion:

Israeli cybersecurity startup received an investment from Sam Altman, CEO of OpenAI. With a $7 million seed fund, Apex is said to enhance security measures for AI applications. Co-founders Matan Derman and Tomer Avni aim to build additional security layers essential for enterprises adopting AI technologies. As AI is growing rapidly and bending with our daily lives, the need for robust cybersecurity solutions grows, highlighting the importance of startups like Apex in safeguarding data. The first round of investment was led by investors like Sequoia Capital and Index Ventures. Apex is well-positioned to lead the development of innovative security solutions in the ever-evolving landscape of AI threats.

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US Space Tech Startup Hubble Network Makes History with Its Groundbreaking Satellite Connectivity

Hubble Network is the first US-based space-tech startup. This startup company has marked a remarkable achievement by using Bluetooth to establish a connection with a satellite 600 KM away directly. This is such a big achievement as using this technology you can basically connect millions of devices in this range anywhere around the world. 3 days ago, on March 4, 2024, the company successfully launched its first two satellites using Bluetooth connectivity.

This US space tech startup was backed by funding of around $20 million from the Transpose platform. The CEO of Hubble Network. Mr Alex Haro said, “We’ve disproved thousands of skeptics by showcasing that we can indeed send signals directly using Bluetooth chips and receive them back in space from 600 km away”. In addition, the startup informed in a post that these aren’t just any satellites, they have successfully reached their orbits and managed to receive signals even from a 3.5 mm Bluetooth chip over an astonishing distance of 600 km. “We have opened a new realm of possibilities” added the Co founder and CEO of Hubble Network.

Image source: Hubble Network

The startup further added, “We are paving the way for a revolution in the IoT”. Utilizing these techniques we can have a global coverage with 20 times less battery drain and 50 times lower operating costs. “this is not just an improvement but a transformation” Said Hubble Network. The user will just need to integrate their device’s chip with a piece of firmware in order to enable connection with Hubble Network. The startup is said to be working on the launch of its third satellite on a SpaceX mission this year. The company is already working with customers in the sector of customer devices, construction, infrastructure, defense, and more.

Their technology allows Bluetooth chips to send and receive signals to the satellite using a software update, which eliminates the need for expensive hardware designed especially for this work resulting in lower operating costs. Even though the company is focused on satellites, the usage of this technology is vast as it can be used in agriculture by using low-costsensors more effectively, in defense with secure and reliable communications, and many more. All you need is a simple firmware update to connect with Hubble Network.

Conclusion:

Hubble Network’s historic achievement in establishing a Bluetooth connection with a satellite 600 km away marks a groundbreaking milestone in US space technology. The startup is backed by significant funding from the Transpose platform and Y combinators, this startup has defied skepticism and showcased the potential to revolutionize global connectivity. With successful satellite launches and signal reception from Bluetooth chips over vast distances of 600 km, Hubble Network opens new possibilities for industries ranging from agriculture to defense. By offering low-cost, efficient solutions and eliminating the need for expensive hardware and battery costs, Hubble Network aimsto transform the way we connect and communicate with space technology. As the company prepares for its third satellite launch and expands its collaborations across sectors, the future looks promising for this innovative venture.

Hubble Network space tech

CSIR-NIIST Opens New Innovation Hubs to Foster Startup Growth in India

CSIR-NIIST aims to provide ecosystem support, co-working spaces, and comprehensive services including legal and technical advice. They aim to work on early-stage startups and support the growth of innovative products. The original goal of starting this program in Thiruvananthapuram was to boost technology-based startups.

CSIR-NSIIT (National Institute of Interdisciplinary Science and Technology), Thiruvananthapuram has set up a whole center on campus. The center is dedicated to helping and enabling more technology driven start-ups to come up with more innovative and marketable product ideas. In addition, the Chairman and managing director of Bharat Biotech International Ltd. And the chairman of the Research Council of Scientific and Industrial Research known as CSIR-NIIST came together to enhance the facility, according to NIIST. The Director Of CSIR-NIIST, Mr. C Anandharamakrishnan was also present during the time of inauguration.

Image source: CSIR

Image source: NIIST

The release said that after the execution of the agreements, the keys for the co-working space were handed over by Anandharamakrishnan on May 1, marking the deal of their collaboration with the institute. The whole focus of this collaboration is to provide an ecosystem to all startups who want to develop and work with technologies. Using all ideas and converting them into commercial and technical ventures. Some of the companies selected by the program so far are AbrinAldrich Agronic Products, Bio Vastum Solutions, Tuneup08 Automotives, Vitaliz Biosciences, and Embedite. A few companies were also selected to undergo training and mentoring including Neuflow Energy, Biolaxi Enzymes, and Athmic Biotech Solutions.

A statement issued by NIIST said the facility offered includes the demand for strategic evaluation, protection, licensing, and transfer of technologies in order to nurture start-ups and early-stage ventures. The startups can have startup funding opportunities under this program. The facility encourages everyone to provide ideas and supports them to transform those ideas or concepts into market-ready products and services. CSIR-NSIIT innovation center provides a platform where entrepreneurs and founders can interact with scientists, technologists, and programmers. This will help in resulting in value-added services including both technical, IPR, and legal advice. The innovation center will help start-ups make their own sustainable business models by taking benefit of the shared use of CSIR-NIIST facilities.

Conclusion:

The Innovation Center set up by CSIR-NIIST in Thiruvananthapuram is like a hub for helping new businesses that use technology. They provide a space to work together with scientists, technologists,and programmers and help you by providing advice regarding legal and technical stuff. The aim is to help new businesses or startups grow and make market-ready products. Some known names, like the chairman of Bharat Biotech International Ltd., and the Chairman of CSIR came together to make this happen. The center also works with start-ups to train them and give them advice on how they will succeed in the market. They want to help new businesses turn their ideas into real products that the general public can use. This innovation center is like a meeting place where startup owners can talk to experts and get advice on making their businesses better. Overall, it’s a place where start-ups can get help to become successful.

CSIR-NIIST innovations hub

Tamil Nadu Emerges as a Thriving Startup Hub with 4x Growth in Three Years

Tamil Nadu shocked everyone with the startup ranking by showing record-breaking growth in the last few years according to the Department of Promotion for Industry and Internal Trade (DPIIT). The sudden decrease in startups and layoffs since the arrival of covid 19 to a four-fold increase in startups after the DMK govt was formed in 2021.

The state was at the bottom of the list in 2018 but managed to not only rise in the list but also had four times the increase in startups as of present. Around 2250+ startups were formed only in the year 2022 according to Chief Minister M K Stalin who then applauded the state’s startup ecosystem success. The state was also said to be the “best performer” according to DPIIT’s fourth edition of the states’ startup ranking. TANSEED also played a vital role in this remarkable achievement. TANSEED is the Government of Tamil Nadu’s flagship seed fund initiative for Startups. This policy aimed at reducing the gap in fund requirements of Startups during their early stages. Through TANSEED the government provides seed funding for all founders of startups who are eligible in order to help them develop their products and scale up their business.

Image source: Startup TN

TANSEED offers seed fund support of up to 15 lakh INR to rural impact, green tech, and women-led startups and up to 10 lakh INR to others outside these three categories. For eligibility, the application process, and how you can utilize this scheme, you can visit the official site of startupTN. In 2023 the Startup and Innovation Policies were introduced. The number of start-ups registered by the state till 2021 was 2,000+. At present, the total start-ups registered for the same are around 8400+. We can see a four-fold increase in three years. In addition, the total number of start-ups by women also went up from 900+ to 3160+ in the same period, making the state first in the rankings released by the center for creating and maintaining a favorable environment for start-ups.

The Govt. also launched the TN SC/ST Startup fund to help those in low caste. About 30 crore was allocated when the scheme was launched in 2022-2023 and it increased to 50+ crore in 2023-2024. An official said that so far investments of 55.2 crore have been guaranteed in 38 companies owned by SC/ST. The Govt. has so far launched TANFUND (an online portal to link startups in need of funds to investors). Mentor TN (platform to connect experts with startups) and TANSEED. These are some of the “secrets” behind the four-fold increase in startups.

Conclusion:

Tamil Nadu has seen a four-fold increase in startups since 2021. The reason behind this success is initiatives like TANSEED and TANFUND, which have provided vital support to emerging ventures. Moreover, the Tamil Nadu Startup and Innovation Policy with schemes like the TN SC/ST Startup Fund, reflects the government’s unwavering commitment to encourage innovation and more startups. Through collaborative efforts and strategic interventions, Tamil Nadu has emerged as a leading hub for startups, driving socio-economic development and inclusive prosperity.

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