Startup news and updates: Daily roundup (October 14, 2024)

Funding news

Robotics startup Perceptyne raises $3M in seed funding

Perceptyne has raised $3 million in a seed funding round co-led by Endiya Partners and Yali Capital, with participation from Whiteboard Capital and notable angel investors. 

According to the company, the newly raised funds will be used for product development, customer acquisition and growth. It also works closely with manufacturing companies in the automotive and electronics sectors. 

“AI has been making huge strides in the digital world with more computing being available, complex models being built and large amounts of data being collected. Leveraging these advances in the world of manufacturing automation requires a different class of robots—those that can sense the real world better and are articulate enough to execute AI inferencing granularly,” said Raviteja Chivukula, CEO and Co-founder, Perceptyne. 

“Perceptyne is building automation systems at this intersection—those that combine AI models with dexterity, multi-modal sensing and articulate actuators. We believe that this will revolutionise manufacturing by making many more applications automatable,” Chivukula added.  

Elixia bags $1M in pre-Series A funding led by JIIF

JITO Incubation and Innovation Foundation (JIIF) has led a $1 million pre-Series A funding round for Elixia Inc and its Indian subsidiary, Elixia Robotics. 

Other marquee investors included Motilal Oswal from Motilal Oswal Financial Services Limited, Bidco Oil’s Vimal Shah, and JG Group’s Sparsh Jain, among others.

The company plans to use the newly raised funds to expand in the Middle East and to enhance its product portfolio by incorporating GenAI and machine learning to help improve its operational efficiency. 

“As AI drives the future, our investment in Elixia is part of our effort to harness its full potential and stay at the forefront of innovation. AI is transforming industries globally, and we are committed to contributing to its growth,” said Rajat Mehta, Chairman of JITO Incubation and Innovation Foundation. 

Brown Living raises pre-seed funding led by Blink Digital

Sustainable and plastic-free marketplace Brown Living has raised pre-seed funding in a round led by Blink Digital. 

The fundraise also saw participation from Sorin Investments’ Sanjay Nayar and investor Bharat Iyer. 

The company will use the newly raised funds to fuel growth and support India’s artisan and small and medium enterprises sector by providing market access to more artisans and suppliers. 

According to the company, the brand has seen a year-on-year growth of 500% since its first round of funding in June 2021. Brown Living's business model aims to connect artisans directly with customers and offer transparent and fair pricing.

The platform currently has around 650 sellers and more than 1,800 artisans. 

“This funding will enable us to scale our efforts to reach our next million customers and expand our artisan-to-consumer model. Our platform empowers consumers to choose eco-friendly products while supporting small businesses and we’re excited to deepen our partnerships with artisan communities and help them go digital and make sustainable living mainstream,” said Chaitsi Ahuja, Founder and CEO of Brown Living.  

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Rana Daggubati invests in Kingdom of White

Lifestyle brand Kingdom of White on Monday said that actor and entrepreneur Rana Daggubati has joined the company as an investor.

The company said it is poised for rapid expansion with an omnichannel approach, and the partnership with Daggubati will play a pivotal role in heightening its presence in the market.

“Investing in brands with a unique story has always been important to me, and Kingdom of White is truly redefining the essence of wearing white. Their commitment to quality, craftsmanship, and style immediately stood out to me. After exploring their collection, I was genuinely impressed by the versatility and timeless appeal of their designs,” Daggubati said.

Other news

DMI Group's NBFC arm expands leadership team

DMI Finance Private Limited, the non-banking financial company (NBFC) arm of financial services firm DMI Group, appointed Niraj Khandelwal as Group Chief Financial Officer, and Rachit Gupta as Group Treasury Head. 

The appointment comes as the company is looking to strengthen its strategic and operational capabilities and expand in the financial services sector. 

Prior to joining DMI, Khandelwal had held positions in Credit Suisse, IL&FS Investsmart Ltd, and JM Morgan Stanley Direct, while Gupta has had prior stints in Sumitomo Mitsui Financial Group (formerly Fullerton India), Edelweiss Financial Services, and Power Finance Corporation. 

“We are excited to welcome Niraj and Rachit to our leadership team. Their extensive experience and deep understanding of the financial sector will significantly strengthen our operational capabilities and ensure that we continue to scale efficiently. At a time when the financial services landscape is rapidly evolving, having leaders with such expertise will ensure that DMI remains agile and competitive,” said Shivashish Chatterjee, Co-founder of the DMI Group. 

SKYBER Aerospace partners with Sibia Technologies

Unmanned Aerial Vehicle solutions provider SKYBER Aerospace has partnered with Sibia Technologies for the sales and services of its UAV products in the Middle East and African markets. 

The multi-year partnership will cover a range of aspects of the UAV industry, including product sales, maintenance and operational support, among others. 

SKYBER Aerospace will supply UAV systems and Sibia Technologies will manage local sales, service, customer support, marketing and local supply chain logistics.

“Countries like the UAE, Saudi Arabia, Qatar, and parts of Africa are expected to be significant consumers of UAV technology due to their increasing defence budgets, need for border security, and investments in modern technology for commercial sectors. The partnership between SKYBER Aerospace and Sibia Technologies represents a significant step towards tapping into the burgeoning UAV market in the Middle East and Africa,” said Joseph George, Co-founder and CEO, SKYBER Aerospace.

Under the partnership, SKYBER Aerospace’s UAV platforms will be localised to suit regional needs such as extreme weather conditions, and for specific industries like oil and gas exploration. 

PhonePe launches new insurance coverage for firecracker accidents

Fintech company PhonePe has launched a new insurance plan to cover firecracker-related accidents and provides users with affordable insurance coverage during the upcoming festive season of Diwali. 

The coverage plan, available at Rs 9 beginning from October 15 (inclusive of GST), will provide users up to Rs 25,000 coverage for 10 days during the festival period. 

The insurance plan can be purchased in under a minute on the PhonePe app and also provides family coverage by insuring up to 4 family members, including the user, their spouse and up to two children. 

“We are excited to introduce PhonePe’s Firecracker Insurance just in time for the festive season. This coverage offers essential protection for families, ensuring they can celebrate with peace of mind, free from concerns about accidents or unexpected financial strain. Our goal is to make insurance both affordable and accessible, allowing everyone to enjoy the festivities safely,” said Vishal Gupta, CEO at PhonePe Insurance Broking Services. 

Comic Con India expands to Kolkata, Ahmedabad, Pune

Pop culture event Comic Con will be expanding to three new cities this season—Kolkata, Ahmedabad and Pune. 

The events are set to be organised from February 22-23 in Kolkata, March 8-9 in Pune and March 22-23 in Ahmedabad. 

The new expansion plan follows Nazara Technologies’ subsidiary NODWIN Gaming’s acquisition of the event earlier this year. 

“We at NODWIN Gaming, are excited to bring Comic Con India in its full-fledged convention avatar to the vibrant cities of Kolkata, Ahmedabad, and Pune. We truly believe it’s time for these cities, that haven't been serviced enough & with passionate fans, to shine,” said Akshat Rathee, Co-founder and Managing Director of Nodwin Gaming.

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Gamification can revolutionise learning, says Sukanta Majumdar

Sukanta Majumdar, Union Minister of State for Education, in a video-recorded message at the second edition of the Indian Gaming Convention (IGC) said that gamification can help revolutionise traditional learning methods by making education much more attractive to students. 

“Emerging technologies such as gamification enhance the educators’ ability to respond to students’ individual needs and make learning a more engaging experience. It further extends the educative reach and thereby reduces learning inequality to create more inclusive classrooms,” Majumdar said at the event held on October 14-15. 

Speaking about the New Education Policy 2020, he added that it emphasises using gamification to improve the education system’s efficacy. 

“The government is promoting a culture of innovation through initiatives like Atal Tinkering Labs and Startup India. However, it is important to practice responsible gaming, particularly for younger audiences. The government, parents and educators must work together to ensure the balance giving habit that promotes cognitive development without fostering addiction or negative behaviour,” he said.

Dentalkart appoints Gaurav Agarwal as its new CFO

Dental marketplace Dentalkart has appointed Gaurav Agarwal as its new Chief Financial Officer (CFO).

Agarwal has experience in driving financial performance across companies in realty, infrastructure and power industries.

With this appointment, Agarwal will be responsible for developing and implementing financial strategies and budgets to support Dentalkart’s growth objectives.

“Gaurav possesses a proven track record of driving financial success across industries. His addition to our team will be significant in gaining strategic insights and helping Dentalkart enter a new phase of growth and innovation. We look forward to aligning the company’s financial goals with business strategy to achieve our long-term vision,” said Vikas Agarwal, Managing Director of Dentalkart.

MSDE partners with Meta for AI assistant for Skill India Mission

Ministry of Skill Development and Entrepreneurship (MSDE) on Monday said that it has entered into a partnership with US-based Meta.

Under the partnership, MSDE will launch two initiatives, an AI assistant for Skill India Machine, as well as the establishment of five Centers of Excellence in Virtual Reality and Mixed Reality.

An AI-powered chatbot powered using Meta’s open-source Llama model will be developed to improve learner experience on the Skill India Digital Portal.

The AI assistant will target to streamline information access, improve learning outcomes, and provide students with support through an intuitive digital interface, the body said.

“At Meta, we are committed to leveraging frontier technologies like AI, VR and MR to create meaningful impact for the economic development of India. These partnerships with the Ministry of Skill Development & Entrepreneurship (MDSE) are a testament to our commitment to bridging the gap between technology and education,” said Shivnath Thukral, Vice President and Head of Public Policy, Meta India.

LeafyBus partners with AMU to roll out its first intercity fleet

Electric bus operator LeafyBus on Monday said that it has partnered with Accelerated Money For U (AMU) to roll out its first fleet of intercity electric buses.

The non-bank financial company will finance these buses which will initially operator on high-traffic routes such as the Delhi-Dehradun corridor.

“We are delighted to assist the purchase of the first batch of 10 electric buses for inter-city operations by Leafybus. By empowering Leafybus to expand their fleet, we are enabling cleaner and more efficient transport, driving a positive impact on both the environment and the future of mobility. We are creating a more sustainable and environmentally friendly transportation ecosystem together,” said Nehal Gupta, Founder and Managing Director of Accelerated Money For U.

(This article will be updated with the latest news throughout the day.)