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SaaS unicorn Icertis to raise $50 Mn

EntrackrEntrackr · 8m ago
SaaS unicorn Icertis to raise $50 Mn
Medial

US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not disclose the names of the investors. Last year, an ET report indicated that SoftBank was likely to invest in Icertis' new funding round, which might conclude at $150 million. This round follows Icertis' previous $150 million funding in October 2022 consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis became a unicorn in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune. Icertis Indian entity reported 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered Rs 97 crore profit in FY24 compared to Rs 71 crore in the previous fiscal year.

AstroSure.ai raises $6 Mn in seed round

EntrackrEntrackr · 10m ago
AstroSure.ai raises $6 Mn in seed round
Medial

Astro-tech startup AstroSure.ai has secured $6 million in a seed funding round led by Pradeep Dadha and a clutch of other investors. The fresh funds will be used to enhance the app with new features, improve its existing ones, increase its reach to more potential users, and hire more talented individuals to help build and expand the business, AstroSure said in a press release. Launched this month by Vanya Mishra and Hatim Kantawalla, AstroSure.ai combines the knowledge of Vedic astrologers and the skills of technology experts to create a product designed for mental well-being. The platform ensures that every prediction aligns with Vedic principles, while its AI algorithms make it easy for users to explore astrological advice at their fingertips. It is available on iOS and Android, with an aspiration to make astrology accessible and impactful for the digital age. AstroSure offers real-time, personalized astrology-based insights and tools to help users make better decisions in their daily lives. From insight about important milestones such as marriage, investments, or starting a new business or job, accurate guidance is provided by Agastyaa, the app’s virtual assistant. The startup aims to address key gaps in the current market, including a lack of transparency, inconsistent advice, and exploitative practices. The platform states that its beta phase has attracted over 1,50,000 users. According to market research, the Indian online astrology market is expected to grow significantly, reaching $1 billion by FY-2030, with India accounting for approximately 25% of the global astrotech market valued at $4 billion. AstroSure provides a freemium model, with no hidden costs or sneaky recharge demands, allowing users to explore all features of the app for free. It is available 24/7 for emotional clarity and spiritual guidance, with no wait times, and ensures guidance that is free from human error or bias, offering a safe space for all users. It will compete with other notable players in this space such as Astrotalk, Astrosage, Insta Astro, et al.

Ola’s Krutrim cuts 50 jobs in linguistics team: Report

EntrackrEntrackr · 3m ago
Ola’s Krutrim cuts 50 jobs in linguistics team: Report
Medial

Ola’s Krutrim cuts 50 jobs in linguistics team: Report Krutrim, the AI unit of Ola, has laid off around 50 employees from its linguistics team in its third round of job cuts since June, according to an ET report. Those affected include team leads and transcribers for regional languages such as Bengali, Malayalam, and Punjabi. In total, more than 200 employees have left the company so far this year, including leadership exits. Earlier in July this year, Krutrim sacked more than 100 employees in its second round of layoffs. The layoffs come as Krutrim works on its largest language model, Krutrim 3, which will be a multibillion-parameter model. In an official statement to the media, the company said the cuts are part of a “strategic realignment” as it builds leaner teams to focus on its AI platform. It added that the current data annotation phase involving linguistics work has been completed. Since April, at least six senior executives, including heads of AI data, software engineering, cloud architecture, and corporate finance, have quit. This follows over 20 earlier exits across levels in FY25. Krutrim’s AI products, including Krutrim Cloud and its large language model offerings, have yet to gain traction due to technology gaps. Its AI assistant app Kruti has been downloaded 207,000 times since launching in June, according to SensorTower. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. In December last year, Aggarwal pledged his Ola Electric shares to secure debt funding through debenture issuance for Krutrim. Krutrim was also reportedly in talks to raise $300 million in a new funding round. However, the company denied it officially. The company has also revealed plans to scale its data center capacity to 1 GW by 2028 and has committed up to $1.2 billion in funding over the next few years. Recently, Krutrim also acquired BharatSahAIyak, a company focused on public-sector AI solutions, from technology consulting firm Samagra.

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