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KarmaCheck, Founded by LinkedIn Cofounder, Raises $45 Million to Expand Tech and Verticals

KarmaCheck, a background-checking startup founded by LinkedIn’s Eric Ly, has secured $45 million in a funding round led by Parameter Ventures, with participation from NextView Ventures, PruVen Capital, and Velvet Sea Ventures.

Founded in 2019, KarmaCheck has grown significantly under Eric Ly’s leadership, boasting over 100 employees and reporting a seven-fold revenue increase in 2023. Eric Ly commented on the funding round, highlighting the challenges in traditional hiring processes and the opportunity to simplify background checks for both employers and job candidates.

Based in San Francisco, KarmaCheck announced on Thursday its plans to utilize the funds to accelerate technological advancements and expand into new industry verticals. The company specializes in leveraging technology to streamline HR processes, including criminal background checks and education verifications, which have seen increased demand due to the rise of remote work post-pandemic.

Clients of KarmaCheck include prominent names such as Domino’s Pizza, McDonald’s, and various players in healthcare and the gig economy. The startup claims to deliver results nearly twice as fast as traditional methods.

KarmaCheck competes with established players like Checkr, First Advantage, and Sterling Check, with the latter two recently merging in a $2.2 billion deal.

AI Meets Art: How Exactly.ai is Revolutionizing the Creative Landscape

In an exclusive interview with Startup77, Tonia Samsonova, founder of exactly.ai, discusses her journey from media entrepreneurship to pioneering AI-driven creativity. Samsonova’s vision for exactly.ai empowers artists like never before, ensuring they retain full ownership while harnessing AI’s potential to enhance their unique artistic expressions. Under her leadership, exactly.ai is reshaping the future of art, bridging technology and creativity to democratize access and foster innovation in the global art community.

What motivated you to transition from journalism and media entrepreneurship to founding exactly.ai? How did your previous experiences influence your decision?

Tonia Samsonova : My transition from journalism and media entrepreneurship to founding exactly.ai was motivated by a combination of frustration and inspiration. In my journalism career, I witnessed firsthand the decline of traditional media due to the rise of big data and the undervaluing of journalistic content. This experience led me to create my first social media platform, “The Question,” which aimed to bridge the gap between experts and the public by generating high-quality, educational content. This venture’s success and subsequent acquisition by Yandex deepened my interest in AI and machine learning, especially in how these technologies could enhance content creation.

After leaving Yandex and spending a period of time on maternity leave, I reflected on my journey and what my next steps would be—it was during this time that I came up with the idea of exactly.ai. My background in journalism and my experience with AI at Yandex significantly influenced my decision, as I saw a unique opportunity to merge technology with creativity, ensuring that artists retain control and ownership over their work while leveraging AI to enhance their artistic production.

exactly.ai focuses on empowering artists with AI tools while ensuring they retain ownership. What inspired you to create a platform specifically for artists, and how does exactly.ai differentiate itself in the AI art space?

Tonia Samsonova : The inspiration for creating a platform specifically for artists came from a desire to challenge the notion that AI could fully replace human creativity. While AI technologies like ChatGPT and DALL-E have made significant strides, they often overlook the unique artistic styles and visions of individual creators. exactly.ai was born out of a need to preserve and amplify these unique styles, allowing artists to train their own AI models.

exactly.ai differentiates itself by putting control back into the hands of artists. Unlike other platforms that use generic AI models, we enable artists to create personalized AI models that reflect their individual artistic vision. This approach not only maintains the integrity of their work but also opens up new avenues for collaboration and revenue generation. Artists can rent out their AI models, creating a new ecosystem where talent and technology seamlessly coalesce, democratizing access to top-tier creative talent.

You mentioned the ethical implications of AI in creative industries. How does exactly.ai address these concerns, particularly regarding copyright and creative ownership?

Tonia Samsonova : exactly.ai addresses these implications by prioritizing copyright and creative ownership. We ensure that artists retain full ownership of their work and the AI models they create. This is achieved through robust legal frameworks and clear terms of service that protect the intellectual property rights of our users.

In addition, our platform is designed with transparency in mind. Artists are fully aware of how their data is used and can control who accesses their AI models. This ethical approach not only protects artists’ rights but also fosters trust and encourages more creators to explore the potential of AI without fear of losing control over their work.

Could you elaborate on how exactly.ai enables artists to train their own personalized AI models? What are the key features that artists find most empowering about your platform?

Tonia Samsonova : exactly.ai enables artists to train their own personalized AI models through an intuitive and user-friendly interface. Artists can upload their work, which the AI then analyzes to learn their unique style. This process is supported by advanced machine learning algorithms that adapt to the nuances of each artist’s techniques and preferences.

Key features that artists find most empowering include the ability to customize and tweak their AI models to ensure fidelity to their artistic vision. Additionally, our platform offers tools for artists to collaborate with others, share their models, and monetize their creations. The ability to control and rent out their AI models opens up new revenue streams and expands their reach, making their art accessible to a broader audience without compromising on quality or ownership.

How does exactly.ai contribute to the democratization of AI in the art world? Are there specific success stories or feedback from artists using your platform that you can share?

Tonia Samsonova : exactly.ai contributes to the democratization of AI in the art world by making advanced AI tools accessible to artists of all levels. Our platform is designed to be user-friendly and affordable, breaking down barriers that often prevent smaller or less tech-savvy artists from leveraging AI in their work.

One of our success stories is from an independent illustrator who used exactly.ai to create a personalized AI model that mirrored her unique style. This allowed her to produce high-quality art more efficiently, leading to an increase in commissions and collaborations. Another artist reported that the platform enabled them to experiment with new styles and techniques, enhancing their creative process and expanding their portfolio.

Considering the rapid evolution of AI technology, what future trends or developments do you foresee in AI-powered art creation, and how is exactly.ai positioned to lead or adapt to these changes?

Tonia Samsonova : In the future, I foresee AI-powered art creation becoming even more integrated into the creative process, with AI serving as a collaborative partner rather than a replacement for human creativity. Developments in AI will likely include more sophisticated models capable of understanding and replicating complex artistic techniques and styles.

exactly.ai is positioned to lead these changes by continuously improving our algorithms and expanding our platform’s capabilities. We ensure we remain at the forefront of AI research by incorporating the latest advancements to enhance our users’ experience.

As a serial entrepreneur and a mother of four, how do you balance your professional commitments with your personal life? What advice do you have for aspiring entrepreneurs, especially those interested in blending creativity and technology?

Tonia Samsonova : Balancing professional commitments with personal life is undoubtedly challenging, but it’s about setting priorities and being disciplined with time management. I make it a point to carve out dedicated time for my family and ensure that my work does not encroach on that. It’s also important to delegate and trust your team, allowing you to focus on strategic decisions without getting bogged down in day-to-day operations.

For aspiring entrepreneurs, especially those interested in blending creativity and technology, my advice is to stay curious and never stop learning. The intersection of these fields is constantly evolving, and staying ahead requires continuous education and adaptation. Additionally, surround yourself with a supportive network of mentors and peers who can offer guidance and encouragement. Finally, don’t be afraid to take risks and pursue your passion; innovation often comes from stepping outside your comfort zone.

What are your long-term goals for exactly.ai? Are there any upcoming features or expansions that artists and stakeholders can anticipate?

Tonia Samsonova : Our long-term goal for exactly.ai is to become the leading platform for AI-driven art creation, where artists and brands can seamlessly collaborate and innovate. We aim to build a global community of creators who can leverage AI to enhance their work and reach new audiences.

Upcoming features include enhanced collaboration tools that allow artists to work together in real-time, as well as expanded monetization options for their AI models. We are also developing advanced customization features that will give artists even more control over their AI models, enabling them to push the boundaries of their creativity. These expansions will not only enhance the user experience but also solidify exactly.ai’s position as a leader in the AI art space.

In your journey from Russia to London and now as a founder in the tech industry, what have been the most rewarding and challenging aspects, and how have they shaped your entrepreneurial mindset?

Tonia Samsonova : The most rewarding aspect of my journey has been the ability to create and innovate across different fields and cultures. Moving from Russia to London opened up new opportunities and perspectives, allowing me to blend my experiences in journalism, media, and technology. This diverse background has been instrumental in shaping my entrepreneurial mindset, encouraging me to think globally and embrace interdisciplinary approaches.

The most challenging aspect has been navigating the uncertainties and setbacks that come with entrepreneurship. Each challenge, whether it was fundraising difficulties or market skepticism, taught me valuable lessons in resilience and adaptability. These experiences have reinforced the importance of perseverance and continuous learning, qualities that are essential for any entrepreneur. They have also highlighted the significance of building a strong support network and maintaining a clear vision and mission for my ventures.

Through these challenges and rewards, I have learned that success in entrepreneurship is not just about achieving goals but also about the journey and the growth that comes with it.

upGrad Secures $35 Million Debt Funding from EvolutionX

Mumbai-based edtech unicorn upGrad, founded by Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli, has successfully raised Rs 287.5 crore (approximately $35 million) in debt funding from EvolutionX, marking its first such funding round this year.

This funding round adds to upGrad’s previous total funding of over $265 million, which includes a $36.5 million right issue from Temasek, founder Ronnie Screwvala, and others in March last year.

According to regulatory filings accessed from the Registrar of Companies, upGrad’s board approved the issuance of 28,75,000 debentures at an issue price of Rs 1,000 each to raise the funds. The company plans to allocate these funds towards supporting its growth initiatives, operational expenses, and general corporate purposes.

The Temasek-backed upGrad has been actively pursuing growth opportunities, including discussions to raise $100 million for the acquisition of online education firm Udacity.

As per startup data intelligence platform TheKredible, Temasek holds the largest external stake in upGrad at 20.7%, while Ronnie Screwvala, co-founder and chairperson, retains a significant 22.4% ownership.

In 2022, upGrad expanded into the offline higher education sector, investing $30 million to establish ten global campuses across India, the US, and other regions.

Despite achieving a notable 72% increase in operational revenue to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22, the company also reported an 82% rise in losses to Rs 1,114 crore in FY23. upGrad is yet to disclose its annual results for FY24.

(Source: Economic Times)

Nodwin Gaming Acquires Germany’s Freaks 4U Gaming for Rs 271 Crore

Nodwin Gaming, the esports and events division of Nazara Technologies, has finalized a significant acquisition by acquiring German esports and gaming marketing agency Freaks 4U Gaming in a share swap deal valued at approximately Rs 271 crore (30.3 million euros).

Nazara Technologies disclosed in a stock exchange filing that Nodwin’s Singapore unit will initially increase its stake in Freaks 4U Gaming to 57%, with plans to acquire the remaining 43% at a later stage. Nodwin had previously held a 13.51% stake in Freaks 4U.

Nazara Technologies’ CEO, Nitish Mittersain, had previously indicated plans for multiple acquisitions, including gaming studio acquisitions for Nazara Publishing, as part of a broader strategy to expand into markets like India, Europe, and North America.

Freaks 4U Gaming specializes in providing marketing services to major gaming companies and events, boasting clients such as Riot Games, EA Sports, Epic Games, and Tencent. The firm reported a revenue of 26.9 million euros in 2023.

“Since acquiring a minority stake in Freaks 4U Gaming, Nodwin has been actively collaborating with their management on integrating the two businesses. Together, they have successfully delivered high-profile projects like the PUBG Mobile Global Open and Esports World Cup (EWC),” stated Nazara Technologies in a press release.

Nodwin Gaming has emerged as a key revenue contributor for Nazara, generating Rs 427 crore in the last fiscal year. Nazara Technologies reported a total revenue of Rs 1,138 crore for FY24.

In addition to the acquisition of Freaks 4U Gaming, Nodwin Gaming has recently expanded its portfolio through acquisitions of entities such as Comic Con India, Publishme (a marketing firm focused on West Asia and Turkey), Branded (based in Singapore), and Ninja Global (a Turkish esports and gaming firm).

TPG Acquires Majority Stake in Altimetrik, Accelerating Digital Business Services Expansion

Private equity firm TPG has announced a strategic move to acquire a majority stake in Altimetrik, a prominent digital business services company with operations in India and the United States.

The investment, facilitated through TPG Asia’s private equity platform, aims to strengthen Altimetrik’s market presence and propel its revenue ambitions to achieve $1 billion annually over the next three years.

Puneet Bhatia, co-managing partner and India country head at TPG Capital Asia, expressed confidence in Altimetrik’s value proposition, citing its robust methodology, engineering capabilities, and talent development initiatives as pivotal strengths aligning with TPG’s investment strategy.

Under the leadership of CEO Raj Sundaresan, supported by founder and executive chairman Raj Vattikuti and Adam Caplan, president of digital business and artificial intelligence, Altimetrik plans to leverage this partnership to drive innovation in digital business solutions and enhance customer outcomes.

TPG highlighted the global surge in digital technology and AI spending, projecting it to exceed $3.4 trillion by 2026. The investment aims to facilitate Altimetrik’s expansion into new sectors such as banking, healthcare, and insurance, leveraging its existing workforce of over 6,000 employees across global offices and development centers.

Altimetrik, with headquarters in India and a presence in Bangalore, Hyderabad, Chennai, Pune, Jaipur, and the US, is poised to capitalize on emerging opportunities in digital transformation with strategic support from TPG.

CoinDCX Revolutionizes Cryptocurrency Access with INR-Compatible Web3 Mode and 50,000+ Token Offerings

Mumbai-based cryptocurrency exchange CoinDCX has unveiled its latest innovation with the introduction of Web3 Mode on its CoinDCX App, marking a significant enhancement in user experience within the evolving Web3 landscape.

This new integration positions CoinDCX as a comprehensive platform catering to all Web3-related needs, providing direct access for its 15 million users to over 50,000 DeFi tokens. By enabling early access to tokens not yet available on centralized exchanges, CoinDCX aims to empower its users to participate in potential high-growth investments before they reach broader markets.

Sumit Gupta, Co-founder of CoinDCX, expressed the company’s long-term vision to establish itself as the leading all-in-one Web3 app globally, combining the convenience of centralized exchange services with the innovative possibilities of DeFi.

Neeraj Khandelwal, co-founder of CoinDCX & Okto, emphasized that their introduction of Web3 Mode represents a crucial advancement in democratizing access to the Web3 economy. He highlighted the successful integration of chain abstraction through Okto Chain, simplifying user interactions across various blockchain networks.

Users can now discover and invest in emerging and pre-launch tokens across major ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and more through the straightforward INR on-ramp facilitated by Web3 Mode. The platform allows users to purchase tokens like ETH, Matic, USDT, USDC, and others using INR via the conventional CoinDCX app, which can then be transferred seamlessly to Web3 Mode for further investments.

Furthermore, CoinDCX has implemented a unified deposit and withdrawal system that enables effortless fund transfers between traditional CoinDCX wallets and Web3 Mode, streamlining the overall user experience.

This launch underscores CoinDCX’s commitment to simplifying Web3 access and enhancing the investment and trading experience for millions of users across India, positioning itself as a pivotal player in the future of decentralized finance and blockchain technology.

Hitachi Payment Services Granted RBI Approval as Online Payment Aggregator

Hitachi Payment Services, a prominent player in India’s payments and commerce solutions sector, has achieved a significant milestone with the Reserve Bank of India (RBI) granting it approval to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007.

This authorization marks a pivotal moment for Hitachi Payment Services, enabling it to expand its digital payment solutions portfolio. The company’s offerings encompass a wide array of services including UPI, Netbanking, Cards, Wallets, EMI, Pay Later, Buy Now Pay Later (BNPL), link-based payments, and loyalty solutions.

Anuj Khosla, Chief Executive Officer of the Digital Business at Hitachi Payment Services, expressed gratitude for the RBI’s trust and emphasized that this milestone not only validates their capabilities but also serves as a catalyst for bringing innovative solutions to market.

Hitachi Payment Services, a subsidiary of Japan’s Hitachi Ltd., boasts a robust nationwide payment infrastructure managing over 76,000 ATMs, including 27,500 Cash Recycling Machines and 10,000 White Label ATMs. The company processes more than 7 million digital transactions daily and serves over 3 million merchant touchpoints.

In 2023, Hitachi Payment Services launched its Accelerator Program – HPX, aimed at collaborating with fintech startups in India to drive digital payment innovation forward. This initiative underscores the company’s proactive approach in leveraging advanced technologies such as AI & ML to enhance its service offerings.

With the RBI’s endorsement, Hitachi Payment Services is poised to further strengthen its position in the digital payment landscape, contributing to the advancement of cashless transactions and financial inclusion initiatives across the country.

Datachamps Secures $500K in Seed Funding Led by Windrose Capital

Datachamps, an AI startup based in Nashik, has successfully raised $500,000 in its recent seed funding round, spearheaded by Windrose Capital.

This investment marks a significant milestone for the company, affirming investor confidence in its potential for growth and innovation within the AI technology sector. Founded in 2021 by Ashutosh Zawar and Chetan Mantri, Datachamps specializes in developing advanced workflows that transform raw data into actionable insights.

The startup’s primary focus is on providing executives and founders with efficient, data-driven decision-making tools. With the newly acquired funds, Datachamps plans to enhance its technological infrastructure and intensify its sales and marketing initiatives.

A pivotal aspect of Datachamps’ strategy involves the development of more than 100 AI-enabled Impact Dashboards in the coming months. These dashboards are aimed at further empowering businesses to streamline their operations and enhance decision-making processes through comprehensive data analytics.

The startup is keen on leveraging this investment to solidify its position as a leader in the AI workflow solutions domain.

Rohit Goyal, Managing Partner at Windrose Capital, expressed confidence in Datachamps’ leadership and their ability to drive significant growth and innovation. He emphasized the founders’ track record of excellence, underscoring their capacity to deliver impactful solutions that resonate with a global audience.

The company remains committed to advancing its mission of empowering businesses through transformative data insights, paving the way for enhanced operational efficiencies and strategic decision-making capabilities worldwide.

Morphing Machines Secures $2.76 Million in Seed Funding to Propel Semiconductor Innovation

Morphing Machines, a pioneering fabless semiconductor startup, has successfully concluded its seed funding round with a total raise of $2.76 million. Speciale Invest, renowned for its focus on deep technology investments, led the round alongside participation from IvyCap Ventures, Golden Sparrow, Navam Capital, CIIE Initiatives, and DeVC.

The infusion of capital will empower Morphing Machines to accelerate its product development and prototyping efforts, expand its engineering team, and strengthen its go-to-market strategies. CEO Deepak Shapeti also expressed enthusiasm.

By consolidating functionalities typically segregated across multiple processors, Morphing Machines aims to deliver superior performance and energy efficiency, thereby significantly streamlining time-to-market and cost considerations for its clients.

Supported by the Ministry of Electronics & Information Technology (MeitY) under the Design Linked Incentive Scheme (DLI) and Chips2Startup (C2S) initiatives, Morphing Machines is at the forefront of innovation with its flagship product, REDEFINE. This revolutionary many-core processor Soft IP is engineered to handle a broad spectrum of applications, encompassing data analysis, artificial intelligence, telecommunications, and high-performance computing.

Currently, Morphing Machines operates with a team exceeding 20 members, and plans are underway to expand this workforce to over 40 members. This expansion will bolster capabilities across crucial areas such as design, verification, emulation, and tape-out processes, reinforcing the company’s commitment to advancing semiconductor technology.

Inflection Point Ventures Leads Rs 4.8 Crore Investment in Machaxi, a Growing Player in Sports Technology

Bengaluru, June 27, 2024 – Machaxi, a tech-enabled sports startup, has successfully raised Rs 4.8 crore ($580,000) in a pre-Series A funding round led by Inflection Point Ventures (IPV).

Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi offers a multifaceted platform encompassing sports coaching for children, neighborhood sports facilities for adults, and an integrated app for sports equipment shopping.

This latest funding round follows a seed investment of $160,000 secured in 2022 from prominent angel investors. According to Machaxi, the newly acquired funds will be pivotal in enhancing their technological capabilities for user analytics and expanding their sports shop vertical. Additionally, the investment will support brand-building efforts aimed at consolidating their market position.

Machaxi boasts impressive financial metrics, reporting a gross revenue run rate of Rs 18 crore and maintaining an EBITDA-positive status since its inception. With a user base of 50,000 monthly users, the company offers a comprehensive array of sports facilities, catering to activities such as badminton, swimming, table tennis, football, and cricket.

The sports market in India, valued at approximately $5 billion, presents significant growth opportunities for Machaxi. While navigating competition from peers like Cult, Flow Sports, Khelomore, Push Sports, and Sporthood, Machaxi remains focused on leveraging technology to enhance user experience and drive expansion in the dynamic sports ecosystem.