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Cellivate Technologies Secures $1 Million Seed Funding to Revolutionize Cell Culture and Biomanufacturing

Garima Bansal
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Cellivate Technologies Secures $1 Million Seed Funding to Revolutionize Cell Culture and Biomanufacturing

Bio-tech startup Cellivate Technologies has secured $1 million in seed funding led by Antler, with additional contributions from Venture Catalysts, Hatcher+, and We Founder Circle.

The investment will be used to boost research and development, enhance production capabilities, and broaden market presence, as stated by Cellivate.

Founded by Viknish Krishnan Kutty, Cellivate focuses on developing innovative solutions for cell culture and biomanufacturing challenges. Key products include advanced microcarriers for scaling up cell growth and a novel cell-based serum aimed at replacing fetal bovine serum.

Market research forecasts that the cell culture market, particularly in microcarriers and serum, will reach $33 billion by 2030.

Cellivate’s advanced microcarriers and cell-based serum alternatives are expected to lower costs, improve efficiency, and address ethical issues in cell culture. These technological advancements could reduce reliance on animal-derived products, as many ingredients traditionally sourced from animals can now be obtained from cells.

Vama.app Partners with ONDC to Broaden Access to Spiritual Services and Reach a Wider Audience

Garima Bansal
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Vama.app Partners with ONDC to Broaden Access to Spiritual Services and Reach a Wider Audience

The government-backed e-commerce platform Open Network for Digital Commerce (ONDC) is expanding its spiritual services offerings by integrating with Vama.app. This collaboration will introduce services such as virtual pujas, temple darshans, rituals, and astrology services to ONDC’s network.

ONDC already hosts spiritual services providers like Iskcon and Hari Bol.

Vama.app, backed by Wavemaker Partners, is joining ONDC as both a buyer and seller platform. The company aims to increase its reach by leveraging the network to offer its services to a broader audience.

Manu Jain, co-founder of Vama.app, stated that the New Delhi-based startup currently serves 400,000 monthly users and anticipates doubling this number with ONDC’s support. He highlighted that ONDC’s extensive network of approximately 3,000 apps will facilitate the distribution of Vama’s services. The rollout will occur in phases, starting with a few apps before expanding to others.

Founded in 2020, Vama.app has established partnerships with over 250 temples and features a network of more than 300 astrologers on its platform.

T Koshy, managing director and chief executive of ONDC, emphasized the network’s goal to become a comprehensive platform catering to a range of needs, from commerce to spiritual services.

SigTuple Secures $4 Million in Extended Series C Funding to Expand AI-Powered Digital Microscopy Solutions

Garima Bansal
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SigTuple Secures $4 Million in Extended Series C Funding to Expand AI-Powered Digital Microscopy Solutions

SigTuple, a medtech startup specializing in digital microscopy solutions powered by artificial intelligence (AI), has secured Rs 33 crore ($4 million) in an extended series C funding round led by Sidbi Venture Capital. Existing investors, including Endiya Partners, also participated in the round.

The new funds will be used to drive the company’s geographical expansion, broaden its product portfolio, and support regulatory clearances. Founded in 2015 by Tathagato Rai Dastidar, SigTuple leverages AI and robotics to automate manual microscopic reviews. The company’s device captures high-quality images of diseased samples through a camera lens, which are then analyzed by AI. The results are delivered to experts via a cloud-based platform, streamlining the overall diagnostic process.

AI currently handles around 95% of the expert’s workload, significantly reducing the review time per sample. Where an expert might typically take five to ten minutes to review a sample and draw a conclusion, the process can now be completed within a minute. This efficiency allows the same expert, who previously reviewed 50 samples daily, to now potentially examine 300 to 400 samples.

To date, SigTuple has raised a total of $50 million. The company has already expanded into Southeast Asia, the Middle East, and North Africa, with plans to enter Europe and the Americas. In September 2023, its flagship product, AI100, received 510(k) clearance from the US Food and Drug Administration (FDA).

Recently, SigTuple beta-released its new device, AS76, which can analyze various sample types, including tissue, sputum, blood, and urine. The company also plans to enter the point-of-care (PoC) market next year, using microfluidic technology and imaging to conduct essential tests within minutes.

SigTuple integrates optics, robotics, microfluidics, and AI into healthcare. With the upcoming launch of its second product and developments in point-of-care technology, the company aims to cater to all digital health needs of the pathology department, including hematology, histopathology, and cytology.

Pixxel Launches Aurora Transforming Access to Earth Observation Data

Garima Bansal
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Pixxel Launches Aurora Transforming Access to Earth Observation Data

Pixxel, a hyperspectral Earth-imaging technology company, has launched Aurora, an Earth Observation (EO) studio aimed at making remote sensing analysis accessible to a broad audience. Aurora provides a platform for user groups to access, interpret, and utilize EO data. Developed in-house, it offers a vast archive of open-source and commercial remote sensing datasets, with plans to integrate Pixxel’s hyperspectral imagery by the end of 2024.

Aurora is designed to remove barriers to entry in Earth observation analysis by offering a no-code environment where users can visualize and compare satellite imagery, customize workflows, and implement analytical models quickly. This feature is particularly beneficial for organizations in agriculture, forestry, mining, climate technology, and energy, allowing them to incorporate Earth observation data seamlessly into their operations.

The platform includes several indices for specific applications, such as the Normalized Difference Vegetation Index (NDVI) for assessing vegetation health, the Normalized Difference Water Index (NDWI) for estimating water surface area, and the Oil Spill Index (OSI) for detecting oil spills. These tools provide crucial data for monitoring environmental conditions and mitigating hazards.

Aurora also offers various models through its marketplace, including the Forest Above-Ground Biomass Model for monitoring forest health and carbon stocks, and the Water Quality Index Model for evaluating water quality. Additionally, the Crop Bio-parameters Model supports precision agriculture by providing insights into crop health, while the Change Detection Model tracks land use changes and disaster impacts.

Pixxel has emphasized that Aurora delivers accurate and relevant data tailored to compliance and business needs across different industries. Future updates to Aurora will further enhance its capabilities, allowing for data fusion across extensive Areas of Interest (AOIs) and integrating hyperspectral data with other EO datasets for more comprehensive analyses.

In addition to the launch of Aurora, Pixxel is preparing to deploy six commercial-grade hyperspectral satellites, known as “Fireflies,” within the year. These satellites are expected to enhance the platform’s data offerings and provide users with even more detailed and precise Earth observation capabilities.

IppoPay Attracts Investment from CaratLane and Jaipur Gems Founders for Strategic Growth

Garima Bansal
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IppoPay Attracts Investment from CaratLane and Jaipur Gems Founders for Strategic Growth

Fintech startup IppoPay has secured an undisclosed investment from Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. The Chennai-based company plans to utilize the funds to enhance customer experience, expand service offerings, and establish strategic partnerships for further innovation, as stated in a company release.

Mohan Karuppiah, CEO of IppoPay, noted that the experience of Mithun and Siddhartha as successful entrepreneurs would significantly enrich the company’s strategic direction and add considerable value.

Founded in 2020 by Mohan Karuppiah and Jaikumar R, IppoPay provides payment infrastructure for small businesses, particularly in tier II and III cities and rural areas. The company facilitates the acceptance of Unified Payments Interface (UPI) payments via QR codes for small businesses. Additionally, IppoPay focuses on helping micro, small, and medium enterprises (MSMEs) open current accounts and manage fund transfers.

IppoPay holds a third-party application provider (TPAP) approval from the National Payments Corporation of India (NPCI). Recently, TechFini, a subsidiary of IppoPay, received certification from NPCI to operate as a UPI-based payment infrastructure provider for banks and fintech companies.

The company has a strong presence in Tamil Nadu and is expanding into Andhra Pradesh, Telangana, Karnataka, and Kerala.

Earlier this year, IppoPay appointed former Reserve Bank of India (RBI) regional director SMN Swamy as its senior advisor. Siddhartha Sacheti commented that Mohan’s vision and commitment to improving banking, transactions, and investment for MSME households helped solidify confidence in IppoPay’s potential to build a sustainable fintech platform for MSMEs in India.

EtherealX Raises $5 Million to Advance Reusable Satellite Launch Vehicles

Garima Bansal
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EtherealX Raises $5 Million to Advance Reusable Satellite Launch Vehicles

EtherealX, a space technology startup specializing in the development of reusable launch vehicles for satellites, recently secured $5 million in a funding round led by YourNest, an early-stage venture capital firm. The round also saw participation from BIG Global Investments, BlueHill Capital, Campus Fund, and Golden Sparrow Ventures, among others.

The newly raised funds will be allocated to developing engines for EtherealX’s fully-reusable medium-lift launch vehicle. Specifically, the funds will be used to complete their test facility, conduct final tests and qualifications of the 40kN engine for the upper stage, and manufacture the 925kN semi-cryogenic engine.

Manu J Nair, the chief executive of EtherealX, emphasized that this funding will play a crucial role in advancing their technological capabilities. The Bengaluru-based startup, founded in 2022 by Nair, Shubhayu Sardar, and Prashant Sharma, has been making strides in the spacetech sector.

India’s spacetech sector has seen a notable increase in funding, securing $126 million in 2023, a 7% rise from $118 million in 2022, and more than triple the $37.6 million raised in 2021. So far this year, the sector has attracted $10.8 million in investments, according to data from Tracxn.

Ranjeet Shetye, venture partner at YourNest, highlighted the firm’s commitment to India’s deeptech startup ecosystem, stating that EtherealX embodies the qualities they seek in visionary founders who challenge the status quo. Preetinder S Panjrath, chief financial officer at BIG Capital, expressed confidence in EtherealX’s potential to transform the space transportation industry with its rapid turnaround launch vehicles, which could revolutionize fields from agriculture to space mining.

EtherealX previously raised its first institutional funding from investors including Campus Fund, BlueHill Capital, and Riceberg Ventures.

Hyperbots Secures $2 Million Seed Funding to Revolutionize Finance and Accounting with AI-Powered Solutions

Garima Bansal
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Hyperbots Secures $2 Million Seed Funding to Revolutionize Finance and Accounting with AI-Powered Solutions

Hyperbots, an emerging AI startup specializing in finance and accounting, has secured $2 million in seed funding. The investment round was led by Kalaari Capital and included participation from Sunicon Ventures and Athera Venture Partners.

The funds raised will be allocated towards expanding Hyperbots’ go-to-market strategy and advancing product development, particularly in creating proprietary generative AI models for the finance and accounting sectors.

Established in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots provides comprehensive AI-driven tools designed to streamline various financial processes, such as accounts payable, accounts receivable, and expense management.

The company has developed unique AI Assistants that possess human-like intelligence, enabling automation of manual, analytical, and strategic tasks within finance and accounting. Hyperbots focuses on the US mid-market, catering to companies with annual revenues ranging from $50 million to $1 billion. Their platform integrates AI into every aspect of processes like procure-to-pay, order-to-cash, and expense management, significantly reducing the need for human intervention by up to 80%.

Unicommerce Esolutions Secures Over Rs 124 Crore in Anchor Investment Ahead of IPO Launch

Garima Bansal
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Unicommerce Esolutions Secures Over Rs 124 Crore in Anchor Investment Ahead of IPO Launch

Unicommerce Esolutions Ltd, an ecommerce software platform backed by SoftBank, has successfully concluded the anchor portion of its initial public offering (IPO). The company allocated shares worth over Rs 124 crore to both domestic and foreign investors, as reported by the firm.

Notable investors in this round include SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Morgan Stanley, Franklin Templeton, and the Prudential Assurance Company. Shares have been allocated at Rs 108 each, which is at the top end of the price band set for the IPO (Rs 102-108).

The IPO will open for public bidding on Tuesday, with the subscription period closing on August 8. The stock is set to be listed on the exchanges on August 13.

The IPO will consist of an offer-for-sale (OFS) of up to 25.6 million shares, excluding a fresh issue component. This OFS amount has been reduced from the previously planned 29.8 million shares. SoftBank and the promoter, AceVector Group (formerly Snapdeal), will be selling their stakes through this OFS.

B2 Capital Partners, a promoter entity through which Snapdeal cofounders Kunal Bahl and Rohit Bansal hold a stake in Unicommerce, has withdrawn from the OFS. B2 Capital had initially planned to sell up to 2.2 million shares. Currently, SoftBank holds a 29.2% stake in Unicommerce, AceVector controls 38.2%, and B2 Capital holds approximately 10%.

Founded in 2012, Unicommerce provides technology solutions for managing various ecommerce operations, including warehouse and inventory management, order management, omnichannel retail management, and seller management. Its clients include prominent consumer companies like Myntra, Lenskart, Mamaearth, and Boat.

Instawork Acquires Able Jobs’ Technology Platform to Enhance Global Staffing Solutions

Garima Bansal
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Instawork Acquires Able Jobs’ Technology Platform to Enhance Global Staffing Solutions

San Francisco-based staffing solutions provider Instawork has acquired the technology platform of Bengaluru-based online placement forum Able Jobs for an undisclosed amount. One of Able Jobs’ cofounders, Ravish Agrawal, will serve as an advisor to Instawork, while the other cofounder, Siddharth Srivastava, will join Instawork as a product leader.

As part of the acquisition, Elevation Capital, Titan Capital, and other venture investors in Able Jobs will exit the company. The remaining small team of approximately four employees will be integrated into Instawork, according to a spokesperson.

Able Jobs, founded in 2019, operates an online platform designed to equip young professionals with the skills and knowledge necessary for securing employment. The company has assisted over 35,000 candidates in finding jobs, with its app being used by nearly three million users and over 2,500 employers.

Able Jobs had raised a total of $2.3 million from Elevation Capital, Y Combinator, Titan Capital, Mynavi, FirstCheque, and super angels like Neeraj Arora and Farid Ahsan.

Instawork, another startup backed by Y Combinator and founded in 2016 by Sumir Meghani, is an online staffing platform that connects businesses with skilled hourly workers. The platform offers flexible work opportunities across various industries, including hospitality, warehousing, retail, and events.

With this acquisition, Instawork plans to leverage Able Jobs’ product to enhance its own capabilities and expand its reach globally from India, as stated by the company. It has raised $160 million in equity funding over multiple rounds and was last valued at $760 million in 2023. It is supported by investors such as Benchmark, Greylock, Craft Ventures, Spark Capital, Y Combinator, and TCV.

Ravish Agrawal expressed that the goal behind starting Able Jobs in 2019 was to create an affordable and impactful platform for job seekers to navigate their careers. He added that Instawork’s current ventures in new areas within the United States could benefit from Able Jobs’ product, potentially accelerating their progress.

Punch Raises $7 Million in Seed Funding to Enhance Trading Platform and User Experience

Garima Bansal
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0
Punch Raises $7 Million in Seed Funding to Enhance Trading Platform and User Experience

Stock-broking platform Punch has secured $7 million in seed funding from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. The funding round also included contributions from notable angel investors such as Kunal Shah, the founder of Cred, Vatsal Singhal, the cofounder of Ultrahuman, and Nitish Mittersain, the founder of Nazara Technologies.

The newly raised funds will primarily be directed towards research and development (R&D) efforts aimed at enhancing the user experience and covering marketing expenses.

According to Amit Dhakad, cofounder and CEO of Punch, a significant portion of the funds will be invested in product innovation and understanding the needs of regulators and customers. The focus will be on promoting responsible trading practices without explicitly educating customers.

Punch, founded in 2022 by Dhakad, Hiral Jain, Arshad Fahoum, and Ajit Dandekar, operates as a trading platform developed by Market Pulse Securities, a Securities and Exchange Board of India (Sebi)-registered broker. The platform offers index and stock options trading, as well as direct stock trading.

Dhakad noted that approximately 60-70% of Punch’s users are young, part-time traders with less than a year of trading experience. While the company’s current focus is on options trading, plans are underway to introduce cash trading next month. The platform has been in a beta testing phase for the past 18 months, with around 18,000 trading accounts currently active.

Despite these regulatory challenges, Punch has observed that young traders continue to engage with derivative trading, often underestimating the associated risks.

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