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You.com startup is raising $50 million as it targets AI-assistant market

Economic Times

Economic Times · 1y ago

You.com startup is raising $50 million as it targets AI-assistant market

SuSea Inc, the startup behind You.com, is raising $50 million in Series B funding to establish a presence in the AI assistant market. The funding would value the company between $700 million and $900 million. Despite a rise in web traffic, You.com's app downloads have decreased by an estimated 69% compared to last year. CEO Richard Socher described You.com as an AI assistant that focuses on productivity and internet search. The market for AI assistants is competitive, with Google, Microsoft, OpenAI, and Apple offering similar capabilities. You.com charges $15 per month for its premium consumer subscription. The funding is being led by Georgian, with participation from existing investors.

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M2P Fintech in talks to acquire AI startup Vue AI in distress deal

Economic Times

Economic Times · 4m ago

M2P Fintech in talks to acquire AI startup Vue AI in distress deal

M2P Fintech is set to acquire AI startup Vue.ai (Mad Street Den) for $10-15 million in a cash-and-stock deal. Despite Vue.ai raising over $50 million since inception, it's sold at a reduced valuation due to financial distress. The acquisition enhances M2P’s AI capacities, positioning it as a significant AI-native enterprise player. This strategic move aligns with M2P's expansion and growth in financial services infrastructure, particularly in the AI-driven retail automation sector.

Ola's Aggarwal sets eyes on AI, semiconductor design

TechCrunch · 1y ago

Ola's Aggarwal sets eyes on AI, semiconductor design

Bhavish Aggarwal, co-founder of Ola and Ola Electric, is exploring new avenues including an AI startup focused on language models and scouting U.S. AI startups for acquisition. He's also considering raising over $50 million for the new AI venture and mulling the creation of a semiconductor design firm. Ola leads India's ride-hailing market, while Ola Electric has achieved success in the electric scooter market. Aggarwal's diverse ventures reflect the surge in AI interest and the broader tech economy.

Ola Krutrim business head Ravi Jain quits

Economic Times

Economic Times · 9m ago

Ola Krutrim business head Ravi Jain quits

Ravi Jain, the business head of Krutrim AI, an artificial intelligence (AI) startup founded by Bhavish Aggarwal, has left the company. This is the first top-level exit from the unicorn AI venture. It comes after recent announcements of new products and services, such as AI chip and cloud services. Previously associated with Ola, Jain joined Krutrim AI when Aggarwal assembled a team for the venture in 2023. Krutrim AI became a unicorn earlier this year after raising $50 million in funding. Aggarwal had launched the AI venture in April 2023.

SiMa.ai secures $70M funding to introduce a multimodal GenAI chip

TechCrunch · 1y ago

SiMa.ai secures $70M funding to introduce a multimodal GenAI chip

SiMa.ai has raised a $70 million extension funding round as it prepares to bring its second-generation chipset for multimodal generative AI processing to market. The startup aims to provide its edge AI system-on-chip (SoC) to various industries like manufacturing, retail, aerospace, defense, agriculture, and healthcare. SiMa.ai's first-generation ML SoC has already been used by over 50 companies worldwide and has delivered strong performance in computer vision. The upcoming second-generation GenAI SoC will offer compatibility with various frameworks, networks, models, and sensors, supporting computer vision, transformers, and multimodal GenAI. The funding round was led by Maverick Capital, raising SiMa.ai's total funding to $270 million.

Astrology startup Vaya raises $1.5 million in round led by Accel, Arkam Ventures

Economic Times

Economic Times · 2m ago

Astrology startup Vaya raises $1.5 million in round led by Accel, Arkam Ventures

Astrology startup Vaya raised $1.5 million in funding co-led by Accel and Arkam Ventures. Vaya offers personalized consultations via AI-supported astrologers, aiming to expand its team and tap into the vast Indian astrology market, which is largely offline. Founded by Maahin Puri and Nitesh Kumar Niranjan, it targets metro cities and NRIs. With 30,000-40,000 users, Vaya's platform competes with companies like Astrotalk, leveraging AI to enhance user experience in a fragmented market.

Exclusive: Mitra Chem is raising $50M for its cheaper, domestic battery materials

TechCrunch · 1m ago

Exclusive: Mitra Chem is raising $50M for its cheaper, domestic battery materials

Battery material startup Mitra Chem is raising $50 million to develop advanced lithium-iron-phosphate (LFP) battery materials. The initiative aims to reduce electric vehicle costs by localizing LFP supply chains, as current materials largely come from China. The funding occurs amid a challenging EV market and political uncertainties affecting incentives. Previously, Mitra Chem raised $60 million in 2023 and secured a $100 million U.S. Department of Energy grant for a Michigan plant.

Bhavish Aggarwal becomes second Indian behind three unicorns with Krutrim

VCCircle

VCCircle · 1y ago

Bhavish Aggarwal becomes second Indian behind three unicorns with Krutrim

Bhavish Aggarwal, the co-founder of Ola, has achieved a significant milestone as his AI startup, Krutrim, raised $50 million in funding, valuing the company at $1 billion. This achievement makes Aggarwal only the second Indian entrepreneur to have founded three unicorns. Krutrim, which focuses on AI applications for all Indian languages, plans to use the funds for innovation and global expansion. With its recent release of a large language model (LLM) and conversational AI assistant, Krutrim aims to lead India's AI revolution.

How You.com plans to combat Google's search dominance

TechCrunch · 2y ago

How You.com plans to combat Google's search dominance

You.com is a small startup trying to take on search giant Google with AI, innovation and a focus on privacy. With a founder deep in NLP who had sold his first startup MetaMind to Salesforce, he is not afraid of taking on Google despite the failure of Navi which got acquired by Snowflake after failing to do something similar. Read the full article to know more-

Accel could raise billions for India, but it's sticking to $650 million

TechCrunch · 6m ago

Accel could raise billions for India, but it's sticking to $650 million

Accel has kept its India fund size at $650 million, prioritizing calculated investments over raising larger capital pools. Unlike its peers, Accel focuses on quality returns with disciplined fund sizes, mirroring U.S. firm Benchmark's strategy. The firm targets about 40 high-quality companies annually from around 300 that emerge at pre-seed to Series A stages. It emphasizes investing in urban wealthtech, AI niche products, and expanding into smaller towns, aiming for strategic growth aligned with evolving market opportunities.

Samsung may incorporate Perplexity's AI tech in its phones | TechCrunch

TechCrunch · 1m ago

Samsung may incorporate Perplexity's AI tech in its phones | TechCrunch

Samsung is reportedly planning a significant investment in AI search startup Perplexity, aiming to integrate its technology into Samsung devices. This would include pre-installing Perplexity's app and assistant on phones and embedding its search capabilities into Samsung's default browser. Additionally, Perplexity's AI might enhance features of Samsung's Bixby assistant. This collaboration could be announced this year, amidst Perplexity's ongoing $500 million fundraising, valuing it at $14 billion, and similar interest from other tech companies.

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