Plus: Profet AI raises $5.6M
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Microsoft will partner with India's space agency, the Indian Space Research Organisation (ISRO), to support tech startups. The company will give the startups free access to cloud tools. More: - The move is part of Microsoft's strategy to support entrepreneurs in South Asia.
- The company will also provide go-to-market support through Microsoft for Startups Founders Hub platform.
- Some tools Microsoft will offer entrepreneurs are Azure, GitHub Enterprise, Visual Studio Enterprise, Microsoft 365 and Power BI, and Dynamics 365.
- The goal is to support entrepreneurs with the analysis of satellite data for various applications using AI, Machine Learning, and Deep Learning.
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This year's CES tech show in Las Vegas features presentations from over 1,000 startups and has more than 3,000 companies registered to attend. However, startups could face an uphill battle as investors head to the conference more cautiously than usual as they prepare for an anticipated economic downturn. More: - Reporters find startups focusing on how their products can bring value to the consumer instead of highlighting the product's pomp and novelty.
- Overall, startups are arriving at the show hopeful, though securing funding could be more challenging.
- Dan Ives, a Wedbush analyst, explained the overall mentality at CES, "The clock struck midnight in terms of tech investors just giving away free money. There's a lot more competing for capital."
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Business process management (BPM) solutions company WNS Holdings Ltd. acquired British market intelligence analytics firm, The Smart Cube. The transaction is valued at $125M, which includes up-front payment and earn-outs. The acquisition will help WNS bolster its advanced analytics capabilities. More: - The Smart Cube has developed an AI-powered knowledge management platform called Amplifi Pro to provide procurement, supply chain, sales and marketing, digital analytics, and strategy advisory to clients.
- The firm had raised $6.4M in total funding to date, the last of which was provided by Smedvig Capital through a Series A round in Sept. 2011.
- The acquisition is expected to increase WNS's revenue by $9M in fiscal 2023.
Zoom out: - WNS also acquired Poland-based BPM solutions provider OptiBuy for €30M ($31.9M).
- The OptiBuy acquisition will add $2M to WNS's 2023 fiscal revenue.
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Profet AI, a startup that makes auto machine learning software for manufacturers, raised $5.6M in Series A funding. The financing round was led by Darwin Ventures, and returning investors include Hive Ventures and AUO. More: - Profet AI was founded in 2018 and doubled its revenue in 2022.
- The Taiwanese's startup clients include Foxconn, Advantech, and ASE Group,
- The new funding will support Profe AI's expansion to Japan, Southeast Asia, and China, with plans to sign joint ventures abroad.
- The startup's software allows users to construct prediction models and industrial AI apps for production and digitalization. Profet AI's product only requires basic knowledge of machine learning.
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The metaverse technology startup MeetKai presented three new metaverse-building programs at CES 2023: MeetKai Reality, the MeetKai Metaverse Editor, and MeetKai Cloud AI. Together these programs provide developers with more affordable and easy-to-use tools for creating immersive virtual worlds. More: - MeetKai Reality allows users to build virtual worlds based on real-life spaces.
- Users upload short video clips to the program, rendering those clips into an immersive virtual world.
- The startup claims MeetKai Reality is the first "photo-to-rendering solution" specifically designed for the metaverse.
- MeetKai's Metaverse Editor is a no-code metaverse design program with options for real-time collaboration.
- MeetKai Cloud AI allows developers to include avatar chat assistants within their metaverse.
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Indian Defense Ministry’s Innovations for Defense Excellence, or iDEX, program launched last year is starting to pay dividends, with the local government expecting the program to make the country a significant arms exporter. The iDEX program invests in seed-stage defense startups. More: - The iDEX program has listed 400 products that it expects startups to start manufacturing locally.
- Drone maker ZMotion Autonomous Systems is one of the startups backed by the iDEX program. The program contributed a quarter of the $729,400 (60 million rupees) spent by ZMotion to develop its loitering drone called Trinetra.
- The iDEX program has backed QNu Labs, a startup developing quantum computing-based cryptography communications systems; and Big Bang Boom Solutions, a startup manufacturing anti-drone defense systems.
Zoom out: - India’s defense export increased to $1.57B (130 billion rupees), nine times higher than five years ago.
- The nation is still one of the world’s top arms importers, sourcing nearly 40% of its annual defense procurement from foreign entities.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
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