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Generative AI startups defy funding winter, raise record $10 billion in 2023

Economic Times

Economic Times · 1y ago

Generative AI startups defy funding winter, raise record $10 billion in 2023

According to a report by GlobalData, GenAI startups raised a record $10 billion in venture capital funding in 2023, showing a 110% increase compared to 2021. While overall startup funding decreased by 65% in 2023, GenAI startups defied the trend due to their breakthrough technology and widespread applicability. The US accounted for 75% of the funding, followed by Israel, Germany, France, the UK, and China. With the potential to transform industries, GenAI startups are expected to continue attracting investment in the coming years.

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Y Combinator Backed Clueso Bags Funding To Provide AI-Powered Video Creation Tools

Inc42 · 1y ago

Y Combinator Backed Clueso Bags Funding To Provide AI-Powered Video Creation Tools

Enterprise tech startup Clueso has secured $1.4 million in seed funding, led by f7 ventures and with participation from Y Combinator. Founded in 2023, Clueso uses generative AI to assist companies in creating instructional videos and documentation for training employees and customers. The AI technology automates tasks such as removing fumbling from videos and providing a professional AI voiceover. The funding will be used to expand the team. Clueso was also selected for Y Combinator's winter cohort. The market for generative AI in India is predicted to reach $17 billion by 2030.

91 of India's 117 Unicorns Genuinely Maintain Valuations Above $1 billion, says Blume Report

OutlookIndia

OutlookIndia · 5m ago

91 of India's 117 Unicorns Genuinely Maintain Valuations Above $1 billion, says Blume Report

Of India's 117 unicorns, 91 maintain valuations above $1 billion, despite challenges in sustaining these valuations long-term, according to a Blume Ventures report. India's unicorn creation significantly fell from 44 in 2021 to 2 in 2023, amid a funding winter that saw overall startup funding drop from $42 billion in 2021 to $16 billion in 2023. This downturn also led to the closure of over 35,000 startups in 2023.

Over 100 Indian startups laid off more than 15,000 staff this year: Report

Livemint

Livemint · 1y ago

Over 100 Indian startups laid off more than 15,000 staff this year: Report

According to Layoffs.fyi data, over 100 Indian startups laid off more than 15,000 employees in 2023 due to the funding winter. Byju's, an ed-tech startup, had to lay off 2,500 employees and its founder, Byju Raveendran, pledged his home to raise funds for salaries. The economic challenges forced startups to reduce costs, including marketing expenses and employee salaries. Globally, more than 1,160 tech companies laid off 2,602,238 employees this year, with Indian startups witnessing a 65.8% drop in funding between January and November 2023.

Here’s the list of India’s 10 highest funded startups of 2023

Inc42 · 1y ago

Here’s the list of India’s 10 highest funded startups of 2023

India's startup ecosystem witnessed a 75% decline in funding in Q1 2023, continuing the prolonged funding winter. Only one unicorn was minted in 2023 compared to 21 in 2022 and 44 in 2021. Despite the challenges, some startups managed to secure significant funding deals. The top 10 highest-funded startups of 2023 include PhonePe ($850M), Lenskart ($600M), DMI Finance ($447M), Ola Electric ($384M), Builder.ai ($250M), InsuranceDekho ($210M), Perfios ($229M), Zepto ($200M), Zetwerk ($120M), and Mintifi ($110M). These investments will support various sectors such as fintech, e-commerce, and manufacturing in their growth plans.

The AI revolution is coming, but not as fast as some people think

Economic Times

Economic Times · 1y ago

The AI revolution is coming, but not as fast as some people think

Large companies, including JPMorgan Chase, are cautiously exploring generative AI, like ChatGPT, for potential transformative applications. However, due to concerns about data security, accuracy, and confidentiality, widespread adoption remains years away. Corporations are investing in generative AI startups, with funding reaching $15.3 billion in the first half of 2023. Experts predict that generative AI could enhance productivity and contribute trillions to the global economy, but its broad implementation will take time, following the historical pattern of major technological shifts.

GenAI startups biggest driver of unicorns, says VC firm Accel

Economic Times

Economic Times · 1y ago

GenAI startups biggest driver of unicorns, says VC firm Accel

According to venture capital firm Accel, generative artificial intelligence (GenAI) companies have become the major driver of unicorns (startups reaching a $1 billion valuation). The report reveals that 60% of new unicorns are falling into this category. While European and Israeli GenAI startups received close to $1 billion in funding in the last 12 months, U.S. startups received over $14 billion, partly due to a $10 billion funding to OpenAI alone. The report suggests that specialized AI applications in cybersecurity, healthcare, construction, and legal will gain traction in the future.

Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom

Economic Times

Economic Times · 1y ago

Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom

India experienced a surge in deep tech startups in 2023, with 480 new ventures emerging, making it the third largest pool globally. However, these startups face challenges due to a funding winter, hindering their growth and global expansion. Despite the increase in startups, India lags behind in funding compared to other deep tech ecosystems. AI emerged as a popular area of focus, with the majority of startups driven by AI and receiving funding in this field. The report recommends increased funding, a supportive market ecosystem, and government initiatives to address these challenges.

Listed Indian Startups To Reach 100 In Few Years: Rajan Anandan

Inc42 · 1y ago

Listed Indian Startups To Reach 100 In Few Years: Rajan Anandan

Peak XV Partners managing director, Rajan Anandan, predicted that Indian startups are likely to receive funding between $8-$12 billion in 2023. He also projected that the number of listed Indian startups will increase fivefold, reaching around 100 in the next 7-8 years. Anandan dismissed concerns regarding the funding winter, stating that the country's venture capital firms currently have approximately $20 billion in dry powder. He emphasized the importance of innovation in startups and stated that no business model can sustain for more than a decade in the rapidly evolving technological landscape.

Bangalore startups hit hardest by funding winter

Money Control

Money Control · 1y ago

Bangalore startups hit hardest by funding winter

The funding winter has hit startups in Bangalore, India, particularly hard, according to Moneycontrol. Startups in the region are facing challenges in securing investments, impacting their growth and expansion plans. H1 2023 saw only three deals above US$100 million in Bangalore startups, totaling US$374 million compared to 21 deals totalling US$5.3 billion in the year-before period. Read the article on the source link below to know more-

Six startups crossed $1 billion valuation mark in 2024

Inshorts · 7m ago

Six startups crossed $1 billion valuation mark in 2024

After a brief lull in 2023, the Indian startup ecosystem regained its momentum and churned out unicorns in healthy numbers in 2024. While just two startups achieved the coveted status last year on account of the extended funding winter, as many as six new-age tech companies entered the billion-dollar valuation club in 2024.

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