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Exactly.ai Raises $4.3M to Empower Visual Artists with Customized Algorithms

By
Garima Bansal
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0

Exactly.ai, a London-based startup founded in 2022 by former journalist Tonia Samsonova, has raised $4.3 million in seed funding to expand its artist-centric approach to AI image generation. The platform allows artists to train AI models on their own artwork, enabling them to retain copyright, generate new pieces in their distinct style, and monetize their work. This innovative approach ensures that artists maintain ownership over both their original work and the AI-generated images, facilitating faster workflows and scalable reproduction of their designs.

Exactly.ai’s technology requires artists to upload at least ten high-quality examples of their artwork paired with textual descriptions. The AI then generates images imitating the style of the provided artwork. This process empowers artists by enhancing their productivity and enabling them to produce large volumes of work while retaining creative control and copyright. The platform operates on several transparent principles, including the stipulation that all uploaded content, trained models, and generated outputs belong to the artists. Additionally, rights to images generated by someone else’s models can be obtained directly from the model owner, bypassing the need for the platform to act as a licensing intermediary.

The company offers a subscription-based service with three tiers: a free tier allowing three models and 25 public generations at 1080×1080 resolution, a $200 per month Standard tier with five models and 250 monthly generations at up to 4K resolution, and a $400 per month Pro tier with unlimited models and generations. This business model enables artists to scale their output and income, catering to a niche market not fully addressed by traditional freelance platforms.

The seed funding round was led by Speedinvest, with support from InReach Ventures, Cornerstone VC, GuruDev Capital, and various angel investors. The funds will be used to hire new talent, increase outreach to artists and creative professionals, and improve the platform’s AI model, which combines the foundational model from Picsart with Exactly.ai’s proprietary algorithms. The startup has already amassed 30,000 registered users and aims to further revolutionize the way artists create, distribute, and monetize their work.

The global generative AI market is projected to be worth $668 billion by 2030, and Exactly.ai aims to be at the forefront of its adoption among creative communities. The platform’s approach to integrating AI into the artistic process represents a significant step forward in the collaboration between technology and the arts. By providing artists with tools to harness AI while retaining their creative rights, Exactly.ai is poised to redefine the landscape of digital art and its commercial potential.

Reliance Retail Initiates Pilot Programme on ONDC Via Fynd

By
Garima Bansal
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Reliance Industries Ltd’s retail arm, Reliance Retail, has launched a pilot programme on the government-backed Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance has an investment. According to the Economic Times, this pilot involves one Reliance Retail store, Shri Kannan Departmental Store in Madurai, Tamil Nadu, which Reliance Retail acquired in December 2021 for Rs 152.5 crore. This store is now live on the seller side of ONDC through Fynd.

This initiative is part of a broader strategy to test the waters before potentially expanding the programme. Sources indicate that if the initial pilot proves successful, Reliance Retail plans to scale up to five stores and eventually to 100 stores on ONDC. Gradually, all brands owned by Reliance Retail could go live on the network, significantly boosting ONDC’s consumer adoption. This pilot marks a significant step as Reliance Retail explores the potential of the ONDC platform to expand its digital footprint and streamline its e-commerce operations through Fynd.

Fynd, founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, is an omnichannel fashion platform that sells products across various categories, including clothing, footwear, jewellery, and accessories from prominent brands in India. Fynd helps small and medium-sized businesses go online by listing their inventory on multiple e-commerce platforms like Amazon and Nykaa and assists these businesses with last-mile logistics delivery. The Mumbai-based startup optimises delivery times by sourcing products from outlets nearest to the customer. Reliance Industries Limited acquired an 87.6% stake in Fynd in 2019 for INR 295 Cr (about $42.33 Mn).

Reliance’s quick-commerce subsidiary, Dunzo, initially went live on ONDC during its beta launch in Bengaluru in September 2022 but has been inactive as a logistics service provider since April 2023. Meanwhile, Fynd, servicing over 15,000 pin codes, launched its seller app on ONDC in February 2023 and plans to launch its buyer app in the second quarter of 2025. With Reliance Retail’s participation, ONDC could see a significant increase in consumer engagement and transactions, further solidifying its role in India’s digital commerce landscape.

Reliance Retail reported a turnover of Rs 306,786 crore for the financial year 2023-24 and operated 18,836 stores with over 1.06 billion footfalls as of March 31, 2024. The company’s sectors include grocery, consumer electronics, fashion and lifestyle, and pharma under various brands. The pilot programme’s success could potentially transform the e-commerce landscape in India, leveraging Reliance Retail’s extensive network and technological capabilities.

TechEagle’s Funding Round: Boosting Drone Delivery Innovation

By
Garima Bansal
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0

TechEagle, a prominent player in India’s drone logistics sector, has recently secured an undisclosed amount of funding in a bridge round co-led by Navam Capital and Inflection Point Ventures (IPV). This investment underscores the strong investor confidence in TechEagle’s mission to revolutionize last-mile delivery services across India.

Specializing in Beyond Visual Line of Sight (BVLOS) drone operations, TechEagle utilizes its fleet of domestically manufactured drones to execute autonomous deliveries. The company’s flagship drone, Vertiplane X3, stands out with its impressive capabilities, including a 100km range, 5kg payload capacity, and speeds reaching 120km/h, positioning it as Asia’s fastest and longest-range drone. Notably, TechEagle boasts a prestigious clientele, including AIIMS institutes, state governments, and the World Bank.

This funding round arrives at a pivotal moment for the Indian drone delivery industry, spurred by recent deregulation and government incentives. With the Civil Aviation Ministry granting conditional exemptions for BVLOS experimental flights of drones to 20 entities in May 2021, the groundwork has been laid for future drone deliveries and other significant applications utilizing drones.

Vikram Singh Meena, Founder & CEO of TechEagle, expressed the company’s vision to revolutionize last-mile logistics with indigenous drone technology, emphasizing plans to expand operations, introduce higher payload drones, and solidify TechEagle’s leadership in India’s drone logistics landscape.

With the infusion of fresh capital, TechEagle aims to capitalize on the burgeoning opportunities in the Indian drone delivery sector and drive further innovation in last-mile logistics. As the company gears up to launch higher payload drones for mid-mile and inter-city deliveries, it is poised to reinforce its position as a frontrunner in the drone logistics industry, shaping the future of delivery services in India.

The bridge round , signifies the growing investor confidence in TechEagle’s innovative approach to drone logistics. Additionally, the participation of Paytm founder Vijay Shekhar Sharma, Venture Catalysts, and several high-net-worth individuals underscores the industry’s recognition of TechEagle’s potential to disrupt the logistics landscape.

With the fresh infusion of funds, TechEagle is poised to scale up its operations and introduce higher payload drones tailored for mid-mile and inter-city deliveries. By leveraging the support of its investors, the company aims to expand its footprint across the country, enabling faster and more economical deliveries. This strategic funding round propels TechEagle towards achieving its ambitious vision of transforming last-mile logistics through cutting-edge drone technology, paving the way for a more efficient and streamlined delivery ecosystem in India.

TWO’s SUTRA: Revolutionizing AI in India’s Diverse Linguistic Landscape

By
Garima Bansal
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0

TWO, a startup backed by Reliance Jio, has unveiled SUTRA, a family of multilingual generative AI models. This development underscores India’s growing prominence in the global AI landscape, with startups like TWO spearheading innovation to address the country’s unique linguistic and cultural diversity.

With substantial support from Jio Platforms and South Korean internet conglomerate Naver, TWO secured a significant $20 million seed fund in 2022. This investment has fueled the development of SUTRA, a cutting-edge AI platform designed to excel in over 50 languages. The strategic partnership with Jio Platforms, led by Reliance Jio Infocomm chairman Akash Ambani, highlights the startup’s commitment to leveraging AI to transform digital services across India.

Pranav Mistry, the visionary founder of TWO, emphasizes the importance of Jio’s long-standing partnership, noting the company’s shared vision of democratizing access to AI-powered solutions. With Akash Ambani’s keen interest in the startup’s growth trajectory, TWO is well-positioned to capitalize on Jio’s extensive network and resources to scale its innovative AI offerings.

Unlike traditional AI models, SUTRA is built from scratch, integrating large language models (LLMs) with neural machine translation (NMT) capabilities. This unique architecture enables SUTRA to understand not only the literal meaning of inputs but also the cultural nuances essential for effective communication. By combining LLMs with NMT, TWO has developed a model that caters specifically to India’s linguistic diversity, setting a new standard for AI-driven multilingual communication.

The launch of SUTRA marks a significant milestone in India’s AI journey, positioning the country as a frontrunner in developing AI solutions tailored to diverse linguistic and cultural contexts. As part of its product lineup, TWO offers Sutra Light, Sutra Pro, Sutra Turbo, and Sutra Online, catering to various use cases and industries. Moreover, the imminent launch of ChatSUTRA, a platform allowing users to harness SUTRA’s capabilities for a wide range of tasks, underscores TWO’s commitment to democratizing access to AI-driven solutions.

Beyond its innovative AI models, TWO’s ecosystem includes Zappy, an AI-powered social media app popular in South Korea, and Geniya, a browsing tool leveraging AI for data retrieval. With plans to expand Zappy’s presence to India and launch Geniya officially, TWO is poised to make a significant impact on India’s digital landscape.

In the rapidly evolving AI startup ecosystem, TWO is not alone. Other players like Sarvam AI, Tech Mahindra, and SML India are also making strides in developing AI solutions tailored to India’s linguistic and cultural diversity. Rather than viewing these ventures as competitors, Pranav Mistry emphasizes the importance of collaboration, highlighting the collective goal of harnessing AI to drive innovation and empowerment across India.

Agritech Startup Fyllo Raises $4 Million to Expand Precision Agriculture Solutions

By
Garima Bansal
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0

Agritech startup Fyllo announced on Thursday that it has successfully raised $4 million in its latest funding round, led by investors IndiaQuotient and SIDBI Ventures. This round also saw participation from existing investors such as Triveni Trusts, Indian Angel Network (IAN), and investment and consulting firm KIAORA.

Fyllo, founded in 2019 by Sumit Sheoran and Sudhanshu Rai, specializes in providing farmers with better yield and quality through its IoT product. This technology measures the precise requirements of plants on a real-time basis, empowering farmers to optimize their agricultural practices.

The company plans to utilize the funds to develop more precision agriculture products and to expand its operations into new geographies. Among the existing investors supporting this endeavor are Titan Capital, 100X.VC, Ninjacart, Venture Catalysts, Singularity Ventures, and StarAgri.

“We are witnessing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90 per cent of their decisions,” noted Fyllo founders Sudhanshu Rai and Sumit Sheoran.

With over 8,000 farmers already benefiting from its services across more than 50,000 acres, Fyllo has reported a consistent increase in yield by 25 per cent, along with improved quality of produce. Farmers using the platform have also experienced a 30 per cent increase in income, with 80 per cent export-quality produce.

Sahil Makkar from IndiaQuotient highlighted Fyllo’s potential to drive adoption rates in precision agriculture and expand its product suite to serve millions of farmers across India. Additionally, the company’s platform has enabled farmers to reduce chemical usage by 35 per cent and irrigation needs by around 50 per cent, resulting in significant water savings and a reduction of carbon emissions.

“Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers make better decisions,” commented Chintan from SIDBI Ventures.

Plenful Raises $17 Million to Alleviate Pharmacy Burnout

By
Garima Bansal
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0

A San Francisco-based pharmacy automation startup, Plenful,  has successfully concluded a $17 million Series A funding round, bringing its total fundraising to over $25 million. The company specializes in providing a software platform designed to automate the manual and administrative tasks burdening pharmacists and pharmacy technicians.

Joy Liu, CEO, Plenful

In a statement released on Thursday, Plenful CEO Joy Liu highlighted the critical timing of their technology’s introduction, as pharmacy workers nationwide grapple with alarming levels of burnout. With increasing patient demands, regulatory complexities, and significant staff shortages have placed immense pressure on pharmacists, resulting in compromised patient care and the sustainability of the industry.

Plenful aims to alleviate the administrative burden on pharmacy workers, enabling them to operate at their full capacity, deliver high-quality care, and sustain their profession. By automating mundane administrative tasks, the platform allows pharmacists and pharmacy technicians to focus on more critical aspects of their work.

The platform collects data from various sources, including faxes, PDFs, and electronic health records, utilizing this data to automate administrative tasks. Plenful offers customization options for these tasks, catering to the specific needs of its users. Common use cases among health system customers include referral management and 340B audits, while pharmacy customers benefit from features such as referral orders, document data entry, revenue cycle management, and 340B claims qualification.

Plenful adopts a subscription-based model, offering its technology to health systems and pharmacy companies through annual contracts. With over 25 customers, including prominent names like Tampa General Hospital, Renown Health, and Blue Cross Blue Shield, Plenful has established itself as a trusted solution provider in the healthcare automation software market.

The Series A funding round was led by TQ Ventures, with participation from Bessemer Venture Partners, Susa Ventures, and Mitchell Rales, co-founder, and chairman of Danaher. Plenful distinguishes itself in the market by focusing exclusively on pharmacy tasks and offering a comprehensive platform rather than a point solution. This strategic approach positions Plenful as a leader in addressing the holistic range of challenges faced by pharmacy operations, ensuring enhanced efficiency and improved patient care in the healthcare sector.

ZeroMark Secures $7 Million Seed Funding for “Handheld Iron Dome” Technology

By
Garima Bansal
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0

ZeroMark, an innovative defense technology startup, has announced a significant milestone with the closing of a $7 million seed funding round. The investment, led by renowned venture capital firms Ground Up Ventures and Andreessen Horowitz, propels the development of ZeroMark’s groundbreaking AI-powered auto-aiming system. This transformative technology aims to convert standard infantry rifles into highly efficient counter-drone solutions, effectively providing a “handheld Iron Dome” accessible to every soldier.

Joel Anderson, CEO of ZeroMark, highlighted the increasing threat posed by drone technology and the company’s mission to equip soldiers with a cost-effective and portable solution. The support from investors marks a significant step forward in deploying this critical capability and ensuring armed forces maintain a decisive edge on the battlefield.

ZeroMark’s cutting-edge technology integrates advanced computer vision and precision robotics with conventional firearms, increasing operational safety and decision-making efficiency on the ground. ZeroMark’s system improves the lethality and precision of armed forces, empowering soldiers to effectively combat fast-moving, low-altitude drone threats.

Jordan Odinsky, Partner at Ground Up Ventures, emphasized the importance of companies like ZeroMark in safeguarding freedom and democracy, particularly drawing on the firm’s experience in Israel. The funding round led by Ground Up Ventures and Andreessen Horowitz reflects a shared commitment to supporting innovative solutions for protecting citizens, law enforcement, and warfighters.

Andreessen Horowitz (a16z), renowned for its investment in cutting-edge technologies, highlighted the critical role of military precision in modern warfare. The investment in ZeroMark aligns with a16z’s American Dynamism portfolio, underscoring the importance of advancing technology to serve armed forces on the battlefield.

ZeroMark’s remarkable progress is driven by a team of experts and veterans from diverse military and technology backgrounds. With former special operators, leading engineers in computer vision and robotics, and advisors with extensive government and security experience, ZeroMark is poised to revolutionize defense technology and enhance battlefield capabilities for armed forces worldwide.

Maxvolt Energy Secures $1.5 Million to Propel Fast-Charging Lithium-Ion Battery Technology

By
Garima Bansal
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0

Maxvolt Energy Industries, a prominent electric vehicle battery manufacturer, has recently announced securing $1.5 million in funding from multiple angel investors. This investment aims to accelerate the development and deployment of fast-charging lithium-ion batteries.

Founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, Maxvolt Energy is dedicated to creating cutting-edge lithium battery architectures tailored for electric bikes, scooters, and solar energy systems. The company’s product range currently includes batteries for e-cycles, e-scooters, and e-rickshaws, along with comprehensive lithium battery energy solutions.

Maxvolt’s offerings come with a compelling value proposition, offering a 100% buyback and a 3-year replacement warranty at no additional cost. This approach has allowed the company to serve both B2B and B2C markets effectively. Notable B2B partners include Versatile escooters, Mantra ebikes, Odysse, and Ormax, while Maxvolt boasts a substantial B2C customer base exceeding 1.5 lakh.

Satendra Shukla, Maxvolt’s Chief Business Officer, shared insights into the company’s future plans, emphasizing the development of a fast-charging solution aimed at significantly reducing charging times for customers. The company aims to launch the final product in phases by the end of 2024, following thorough research and development. In the initial phase, charging times are expected to be reduced to 2 hours, with further reductions to 1 hour in subsequent phases.

Maxvolt’s recent investment comes amidst a rapid acceleration in electric vehicle adoption across India. In March alone, registrations for electric two-wheelers (E2Ws) surpassed the 1 lakh mark, indicating a surge in interest among Indian consumers.

The Indian government’s initiatives further bolster the EV landscape, with the recent launch of the INR 500 crore Electric Mobility Promotion Scheme 2024, providing additional incentives for electric mobility until the end of July. The aim is to develop a comprehensive roadmap for the EV industry, highlighting the nation’s commitment to sustainable transportation solutions.

Gramiyaa Raises ₹9.5 Crore Investment to Scale Operations Across Indian and US Markets

By
Garima Bansal
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0

A Bangalore-based producer of cold-pressed oils, Gramiyaa has secured a significant investment of ₹9.5 Crore to fuel its expansion in both the Indian and US markets. The investment round was led by UAE’s Homegrown Ventures, with participation from Mumbai Angels and Campus Fund.

Established in 2017 by Sibi Manivannan, Gramiyaa initially operated offline through brand outlets in Trichy, Tamil Nadu. However, with the addition of co-founders Mohamed Yaseen and Naveen Rajamaran in 2020, the company shifted its focus to an online-first model. Today, Gramiyaa distributes its products through its website and various marketplaces, leveraging micro warehouses in six major cities including Bangalore, Chennai, Hyderabad, Mumbai, Delhi, and Pune. The company ensures the consistent quality of its products at accessible prices through its in-house manufacturing unit in Tamil Nadu and a local warehousing model.

Nader Amiri, General Partner of Homegrown Ventures, expressed excitement about the investment, highlighting the need for innovation in the cooking oil industry and consumers’ increasing demand for transparency and authenticity.

Gramiyaa’s US FDA and ISO-certified manufacturing process has enabled the company to export its products early on. Their wood cold-pressed oils are now available in ethnic Indian stores across the USA. Mohamed Yaseen, Co-Founder of Gramiyaa, stressed the importance of vertical integration in ensuring product quality and consistency, unlike many direct-to-consumer brands that white-label products from small-scale oil mills.

In the fiscal year 2024, Gramiyaa produced 2.87 lakh litres of oil and achieved a net revenue of ₹12 Crore while maintaining profitability in EBITDA. With the recent funding, the company aims to set more ambitious growth targets and intensify its brand-building and marketing efforts.

IndiaMART Intermesh Acquires 10% Stake in Baldor Technologies (IDfy) to Enhance Business Solutions

By
Garima Bansal
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0

IndiaMART Intermesh has announced its agreement to acquire a 10% stake in Baldor Technologies (IDfy), marking a strategic move to broaden its offering of Software as a Service (SAAS) based solutions for businesses.

IDfy serves as an Integrated Identity Platform, specializing in KYC, Background Verifications, Risk Mitigation, Digital Onboarding, and Digital Privacy solutions. With over 12 years of industry experience and processing 2 million verifications daily, IDfy stands as a pioneer in its field. Notably, IDfy reported a turnover of Rs 117 crore for the financial year ending March 31, 2023.

The acquisition will see IndiaMART Intermesh acquiring 100 equity shares, 3,55,019 Compulsory Convertible Preference Shares (which are convertible into 17,73,495 equity shares), and 2,32,810 Compulsory Convertible Debentures (which are convertible into 6,95,822 equity shares) from existing investors of IDfy, amounting to a total consideration of Rs 89.69 crore.

Dinesh Agarwal, founder and managing director of IndiaMART, emphasized the importance of IDfy’s offerings in today’s evolving business landscape. He noted that in an era where trust and authenticity are paramount, IDfy’s expertise in background verification and authentication perfectly aligns with IndiaMART’s mission to digitally empower businesses. Agarwal underscored the critical role of such services in facilitating secure and reliable transactions, essential for business growth and sustainability in the digital era.

Ashok Hariharan, CEO of IDfy, expressed enthusiasm about the collaboration, highlighting the significance of empowering MSMEs (Micro, Small, and Medium Enterprises) and expanding their businesses while effectively managing risks and fraud. He described the partnership as a convergence of IDfy’s expertise with IndiaMART’s forward-thinking vision, marking a pivotal moment for IDfy’s growth and innovation.

IndiaMART Intermesh is India’s largest online B2B marketplace, facilitating business transactions by connecting buyers and sellers across various product categories and geographies in India. The platform offers business enablement solutions, ease of transaction, and convenience to buyers and sellers alike.

The acquisition of a stake in IDfy signals IndiaMART’s commitment to enhancing its suite of business solutions, further streamlining operations and bolstering trust and authenticity in digital transactions.

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