Febi.ai, a cutting-edge platform for accounting and bookkeeping, has raised $2 million in its pre-Series A round, co-led by Lumis Partners, former JP Morgan executive Virender Rana, and Lenskart co-founder Amit Chaudhary. Additional investors include Padmaja Ruparel (Indian Angel Network), Rohan Bhargava (Cashkaro), and Rajat Jain (Fino Payments Bank). The funds will be used to boost Febi.ai’s AI capabilities for automating accounting and tax compliance, expand customer acquisition efforts, and grow its workforce. Founded in 2022, Febi.ai provides real-time insights to startups and medium-sized businesses, offering effective documentation management and compliance solutions. As part of India’s rapidly expanding AI sector, Febi.ai joins other startups leveraging AI to revolutionize financial operations.
India’s drone sector is on the cusp of significant growth, with the government set to launch an improved Production-Linked Incentive (PLI) scheme tailored to startups and MSMEs. This initiative will address issues faced by smaller players, such as complex documentation and limited inclusivity, while offering increased financial support. The new scheme, with a proposed outlay of ₹1,000 crore, aims to encourage indigenous drone manufacturing, segment the market into civilian, defense, and counter-drone uses, and empower rural women entrepreneurs through programs like the Namo Drone Didi Scheme. This effort aligns with India’s Make in India vision and focuses on bolstering domestic innovation in both civilian and defense drone technologies.
JSW MG Motor India has selected seven startups for its MG Developer Program Season 5.0, focusing on integrating AI with electric mobility. These startups will develop innovative solutions to transform the electric vehicle industry, with support from partners like AWS and Exicom.
Perceptyne, an AI-driven robotics startup, recently secured $3 million in seed funding co-led by Endiya Partners and Yali Capital, with participation from Whiteboard Capital. The funding will accelerate Perceptyne’s development of semi-humanoid robots designed for tasks like assembly and packaging in manufacturing environments. These advanced robots integrate AI, computer vision, and multi-modal sensing technologies to reduce the time it takes for manufacturers to implement automation solutions.
IG Drones, India's leading Drone Tech and AI company, has raised $1 million in its initial funding round led by India Accelerator and angel investors. The funds will support advanced R&D for defense applications, alongside plans for global expansion. With India's drone market expected to grow to ₹2.5 trillion by 2030, IG Drones is well-positioned to capitalize on this momentum. The company’s AI-powered Jaga drone and other innovations are transforming sectors like defense and agriculture. IG Drones has completed over 500 projects, partnered with the Indian Army, and trained 50,000+ youth. With expansion plans in five countries, IG Drones is set to lead the drone tech revolution globally.
Medtech startup Qure.ai has secured $65 million in Series D funding, co-led by Lightspeed Venture Partners and 360 ONE Asset Management. The funds will be used for expanding into new markets, improving AI models, and supporting acquisitions. Founded by Prashant Warier in 2016, Qure.ai leverages AI for rapid diagnostics in medical imaging, detecting conditions like brain trauma and chest diseases. With AI playing an increasing role in healthcare, India’s medtech sector is evolving through digital health innovations, AI integration, and wearable technology advancements.
The Indian Space Research Organisation (ISRO), in collaboration with IIIT Hyderabad's National Remote Sensing Centre (NRSC), has announced the AI for Space Immersion Startup Challenge. This initiative aims to nurture the next generation of space-tech pioneers through activities like ideation sessions, pitching rounds, industry talks, panel discussions, and mentorship. Dr. Srinivas K., Director of NRSC, emphasized the importance of collaboration to solve complex space and geospatial challenges. Participants can choose between the Startup Challenge for early-stage startups and established companies, or the Student/Research Challenge for researchers and students. The event offers funding opportunities, industry exposure, networking, and collaboration with ISRO scientists and industry leaders. Applications are open for visionaries to submit proposals online.
Google, in collaboration with India's Ministry of Electronics and Information Technology (MeitY), has launched an initiative to train 10,000 startups in artificial intelligence. Announced at Google I/O Connect in Bengaluru, the program offers eligible startups up to $350,000 in Google Cloud credits, an AI-first programming curriculum, and a launchpad to expand their services. Google will provide access to its Gen AI models, Gemini and Gemma, along with language tools from Google DeepMind India to support services in local languages. Google also announced expanded access to powerful AI models like Gemini 1.5 Pro and Gemma 2, and plans to host a GenAI Hackathon and AI Startup Bootcamp in India. Additionally, Google has reduced fees for its Google Maps Platform and introduced the open-source AI model Gemma 2 to Indian developers.
Hunar.AI, founded in 2022, has quickly become a leader in frontline and volume hiring through advanced AI and intelligent automation. The platform's solutions, including Find.AI, Engage.AI, and Hire.AI, address the complexities of high-volume hiring in industries with high attrition and skill gaps. By integrating with traditional ATS platforms, Hunar.AI enhances their functionality, streamlining the hiring process from sourcing to onboarding. Hunar.AI's impact is evident in sectors such as BFSI, E-commerce, logistics, retail, consumer goods, and energy. With multilingual communication and deep technology integration, the platform has driven exceptional outcomes, achieving 15X growth. Co-founded by Krishna Khandelwal and Dr. Shantanu Bhattacharyya, Hunar.AI aims to expand globally, setting new benchmarks for hiring efficiency.
California-based Glean Technologies has opened its first office in Bengaluru, India, spanning 26,000 square feet. This new hub will centralize the company’s finance, sales, research and development, and business operations in India. Founded in 2019 by Arvind Jain, Vishwanath T R, Tony Gentilcore, and Piyush Prahladka, Glean Technologies is known for its enterprise search and knowledge management solutions that integrate company data across various platforms. Headquartered in Palo Alto, Glean has raised $350 million from top investors, achieving a valuation of over $2.2 billion. The company plans to expand its workforce from 150 to over 450 employees by next year, focusing on R&D in Bengaluru. Glean is also growing its APAC customer base through strategic partnerships with major enterprise firms.
OpenAI has launched a ChatGPT desktop app for Mac, now available to all users via their official website. This app, compatible exclusively with Apple Silicon Macs running macOS 14 or newer, offers several features including quick access through “Option + Space” keys, enhanced control over file uploads and conversation searches, and a new voice mode for verbal interaction. Additionally, users gain free access to the latest GPT-4 model. This release promises to streamline workflows and boost productivity, with a Windows version set to arrive later this year, broadening the app's accessibility.
Cloudphysician, an AI healthcare startup based in Bengaluru, has secured $10.5 million in a Series A funding round led by Peak XV Partners, alongside Elevar Equity and Panthera Peak. The funding will bolster the startup's growth within India and its expansion into global markets including the US. This infusion of capital will enhance Cloudphysician’s AI platform, RADAR, advancing its co-pilot features to support medical professionals more effectively. Founded in 2017, Cloudphysician aims to transform critical care delivery by leveraging its AI-powered digital Care Center platform to manage ICU operations across approximately 2,400 beds in 230 hospitals. This innovative approach has significantly reduced ICU mortality rates by up to 40%, demonstrating Cloudphysician’s impact on healthcare efficiency and patient outcomes.
Rocketlane, a SaaS provider specializing in project delivery and professional services, has successfully raised $24 million in a Series B round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. This funding boosts Rocketlane's total capital to $45 million, aimed at advancing AI integrations for enhanced customer feedback and project management. The startup, founded in 2020, is set to improve its PSA platform, introduce AI in client communications, and upgrade its customer portal. Expanding its scope, Rocketlane will invest in conversational AI and AI-driven templates to streamline project management and enhance service accuracy. Targeting mid-market and lower enterprise clients, Rocketlane plans U.S. expansion and a European market entry event in September, alongside appointing Rao Adavikolanu as CMO to propel its strategic growth and market presence.
Zendesk, a prominent customer service SaaS company, has announced the creation of Zendesk Ventures, a global venture fund aimed at nurturing early-stage AI-first startups focusing on improving customer and employee experiences. The fund will not only provide financial backing but also share expertise in customer experience and artificial intelligence, fostering strategic partnerships to enhance growth in these sectors. Zendesk Ventures' initiative aligns with significant trends like India’s “Make AI in India” program, supporting the burgeoning AI startup ecosystem. The fund has already invested in several AI ventures, aiming to enhance customer interactions through advanced technologies.
YogiFi, a pioneering AI-powered yoga mat developed by Wellnesys Technologies at IIT Mandi's Technology Innovation Hub, is set to revolutionize home yoga practice. This "Make in India" product uses advanced sensors and AI to support asanas and analyze postures in real time, functioning as a virtual yoga instructor with personalized feedback to enhance user experience. Ideal for beginners, YogiFi provides interactive classes and posture guidance, adapting to individual progress for tailored coaching. The mat also integrates with smart home devices to optimize the yoga environment by adjusting music and lighting. Representing a blend of tradition and innovation, YogiFi underscores India’s commitment to technology and self-reliance, transforming the ancient art of yoga.
Proptech startup Landeed has announced securing strategic financing led by Paradigm Shift VC, though the amount remains undisclosed. The funds will be used to extend Landeed's product line and expand its workforce to support growth both in India and internationally. Previously, in January 2023, Landeed raised $8.3 million from Y Combinator, Draper Associates, and Bayhouse Capital.
