Startup news and updates: Daily roundup (March 11, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, March 11, 2024.
Funding
Kimbal Technologies raises $5M for smart meters
has raised $5 million in a growth round led by Niveshaay.
Kimbsal offers an integrated Advanced Metering Infrastructure (AMI) solution, including smart meters, RF-Mesh communication technologies, and open-architecture Head-End system.
The company claims it has already deployed over one million smart meters, and now plans to utilise the raised funds to scale up its existing operations and develop new products.
“It's an exciting time for us at Kimbal. While India is on a mission to emerge as the next economic superpower, access to a smart, reliable, and energy-efficient energy distribution grid is a non-negotiable prerequisite. We are growing at a solid pace, and I am strategically focused on ensuring that our growth is not only steep but also steady and sturdy,” said Ayush Sinhal, CEO of Kimbal Technologies.
Attron Automotive raises Rs 4.75 Cr in seed round led by Anicut Capital, Venture Catalysts
Precision-engineered motor and controller maker has raised Rs 4.75 crore in a seed funding round led by Anicut Capital and co-led by Venture Catalysts. Pontaq VC and angel investor Yashovardhan Shah also participated.
"Attron's pioneering motor and controller solutions epitomise precision engineering, efficiency, and reliability, establishing new standards in the automotive technology sector. We are excited to partner with Attron on their journey to redefine electric mobility and shape the future of transportation," said Apoorva Ranjan Sharma, Director and MD of Venture Catalysts.
SCOPE VC invests $450,000 in fintech startup Authpay
SCOPE VC, the investment banking arm of the exclusive networking platform SCOPE, has made a strategic investment of $450,000 in fintech startup .
This investment is part of SCOPE VC's recently launched $45 million venture capital fund focused on fintech and gaming sectors.
In addition to providing capital, SCOPE VC will grant Authpay access to its extensive network of industry experts, mentorship, and operational support.
Wenhao Yang, Co-founder, AuthPay said, “We were introduced to Saikiran through a mutual connection, and from our very first meeting, we were impressed by his profound insights into the payment industry. What truly stood out was his alignment with our vision for AuthPay to become the future gold standard in mobile payment solutions. Even before committing to invest in our pre-seed round, Saikiran and SCOPE have been integral to our journey, offering invaluable support by facilitating key introductions and providing feedback on our pitches and storytelling.”
Other news
IndusInd Bank launches smart wearables that work like a credit or debit card
IndusInd Bank has launched 'Indus PayWear,' a range of contactless payment wearables, in collaboration with Mastercard.
These wearables, which include a ring, watch clasp, and stickers, enable users to tokenise their IndusInd Bank debit or credit cards onto the chip-enabled devices, facilitating tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal globally.
The wearables, priced between Rs 499 and Rs 2,999, allow for seamless DIY setup and card switching via a dedicated mobile application.
Transactions below Rs 5,000 can be completed with a tap, while those above require entering the linked card's PIN for added security, as per RBI guidelines.
Phronetic.AI launches AI video analytics platform
Infibeam Avenues Ltd’s Phronetic.AI has launched an AI Video analytics platform for enterprises.
The platform provides advanced object detection, classification capabilities, model training, and video processing using an organisation's video data. THEIA aims to solve three major pain points for developers: selecting key video frames, choosing the right AI models, and visualising processed video data for analysis.
Infibeam Avenues Ltd has initiated a six-week open invitation for Red Teaming, inviting developers and experts to explore and provide feedback on THEIA. The company expects to open the platform for organisational subscriptions by the end of the first quarter of the fiscal year 2024-25.
"We are thrilled to announce one of the World's First Video AI Developer Platform – THEIA, set to revolutionise the utilisation of video (CCTV) data. Beyond security, videos will now serve as powerful tools for enhancing productivity, workforce efficiency, and decision-making across businesses, government entities, and organisations," said Rajesh Kumar SA, CEO of , an artificial intelligence business unit of Infibeam Avenues Ltd.
Muthoot onboards Veefin Solutions to enable Supply Chain Finance
Muthoot FinCorp, a non-banking finance company (NBFC) in India with over 3,600 branches, has partnered with Veefin Solutions to initiate Supply Chain Finance (SCF) operations.
Through this collaboration, Muthoot FinCorp will deploy Veefin's end-to-end SCF solutions, including onboarding suppliers and vendors, underwriting loans through the Loan Origination Solution (LOS), managing transactions on the Loan Management Solution (LMS), and conducting comprehensive analysis using Veefin's reporting and business intelligence solution.
“Supply chain finance is the need of the hour to help MSMEs borrow using the safest form of lending possible today to avail credit customised to their requirements,” said Shaji Vargese, CEO, Muthoot FinCorp.
Big Bang Boom Solutions gets Rs 200 Cr order from Indian Army, Air Force
Defence startup Big Bang Boom Solutions Pvt Ltd (BBBS) has secured an order worth over Rs 200 crore from the Indian Air Force and Indian Army for its anti-drone technology.
BBBS will start delivering its tech immediately as well as training operators when delivered.
“The system’s core sensor built around artificial intelligence (AI) and computer vision algorithms enables precise identification, classification and location identification of drones. Additionally, its sophisticated decision-making matrix enables autonomous decision-making for countermeasures such as signal jamming and other countermeasures,” the company said in a statement.
“Our product pipeline and mix for the next 10 years are robust and the team is rearing to go. We have already started discussions on repeat orders and export opportunities,” said Praveen Dwarakanath, CEO, .
(This copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
