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Bengaluru-based Generative AI Startup Simplismart Secures $7M Funding Led by Accel

Simplismart, a Bengaluru-based generative artificial intelligence startup, is set to raise $7 million in a new funding round led by Accel, according to sources familiar with the matter, Entrackr reports. This positions Simplismart among the rising number of generative AI startups securing significant investments in 2024.

“Accel is spearheading a $7 million round for Simplismart, with support from existing investors,” revealed a source wishing to remain anonymous. “The term sheets have been issued, and the deal will be announced soon.”

Simplismart previously received seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC, though these investments were not publicly disclosed. Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart empowers businesses to develop scalable, production-grade AI systems and manage the entire development lifecycle without coding. The platform is designed to accommodate both novices and experts in training and monitoring machine learning models across various data types and use cases.

Sources estimate Simplismart’s valuation to reach approximately $35 million. Accel declined to comment, and Simplismart has not responded to queries.

In July 2023, Simplismart was selected for the AWS ML Elevate program, launched by AWS and Accel, which included 35 generative AI startups from India.

According to a recent NASSCOM study, the number of generative AI startups in India has more than doubled from 2021 to 2023, correlating with a surge in funding for these startups since December 2023. Data from startup intelligence platform TheKredible indicates that over half a dozen early-stage generative AI startups have collectively raised nearly $100 million in the past six months. Sarvam AI leads with $41 million in Series A funding, followed by Ema and Neysa with $25 million and $20 million in seed rounds, respectively. Other notable startups include Vodex, KonProz, Dubpro.ai, PlanckDOT, and Ayna.

DRDO Sanctions Seven New Projects to Boost Indigenous Defense Capabilities Under Technology Development Fund Scheme

In a significant move towards fostering self-reliance in the defense sector, the Defence Research & Development Organisation (DRDO) has sanctioned seven new projects to private industries under the Technology Development Fund scheme. These projects cater to various requirements of the Armed Forces and the aerospace and defense sectors. The initiative underscores DRDO’s ongoing efforts to support industries, particularly MSMEs and start-ups, in developing indigenous technologies, thereby bolstering the military industrial ecosystem.

The first project focuses on developing an Indigenous Scenario and Sensor Simulation Toolkit, awarded to Oxygen 2 Innovation Pvt Ltd in Noida. This toolkit is designed for simulator training of pilots, aiding in mission planning and large force engagements, providing a realistic training environment.

Read more: DRDO to showcase Nari Shakti & indigenous critical systems & technologies during Republic Day Parade 2024

Sagar Defence Engineering Pvt Ltd in Pune has been tasked with creating an Underwater Launched Unmanned Aerial Vehicle. This versatile marine battlefield accessory will serve multiple combat roles, including Intelligence, Surveillance, and Reconnaissance (ISR) and Maritime Domain Awareness (MDA).

IROV Technologies Pvt Limited in Kochi will develop Long-range Remotely Operated Vehicles for Detection & Neutralisation. These dual-use systems will detect, classify, localize, and neutralize underwater objects, keeping key assets safe from operational areas.

In Bengaluru, Craftlogic Labs Pvt Ltd will work on developing an Ice Detection Sensor for Aircraft. This sensor aims to detect in-flight icing conditions and trigger the aircraft’s anti-icing mechanisms, ensuring safer flights.

Data Pattern (India) Limited in Chennai will develop a Radar Signal Processor with an Active Antenna Array Simulator. This project will enable the deployment of multiple target systems for testing and evaluating short-range aerial weapon systems, serving as a fundamental component for larger radar systems.

Accord Software & Systems Pvt Ltd in Bengaluru will work on the Development of an Indian Regional Navigation Satellite System-based Timing Acquisition & Dissemination System. This project aims to indigenize the timing acquisition and dissemination system, utilizing the Indian Constellation for time acquisition and developing a flexible timing system.

Lastly, Alohatech Private Limited in Coimbatore has been sanctioned a project to develop Graphene Based Smart & E-textiles for Multifunctional Wearable Applications. This project will produce advanced nanocomposite materials-based E-textiles using graphene nanomaterials and conductive inks for practical clothing applications.

These projects highlight DRDO’s commitment to nurturing homegrown industries and enhancing the nation’s defense capabilities through innovative technological advancements.

StackAdapt Appoints Darcie Henry as Chief People Officer

StackAdapt, a leading multi-channel advertising platform, has announced the appointment of Darcie Henry as its new Chief People Officer. In her new role, Henry will utilize her extensive expertise in people management, technology, and business to drive the company’s growth, enhance operational efficiency, and foster a culture of diversity, equity, inclusion, innovation, and data-driven decision-making.

This announcement comes on the heels of Ryan Nelsen’s hiring as Chief Marketing Officer and Vitaly Pecherskiy’s promotion to CEO of StackAdapt.

Henry brings with her two decades of experience in the tech industry, where she has led human resources and people organizations, driven product innovation, and supported international expansion. Her previous roles include senior positions at Amazon, Snapchat, and pre-IPO Flexport.

Vitaly Pecherskiy, Co-Founder and CEO of StackAdapt, expressed his enthusiasm, saying, “I cannot wait to work with Darcie to continue shaping our culture, scale our operations to accelerate product innovation, and build StackAdapt into a world-class talent brand.”

Darcie Henry also shared her excitement, stating, “I’ve been incredibly impressed with the rate at which StackAdapt has grown these past few years. With the technology and product value already in place, I’m excited to step in and continue to drive the company culture forward as we explore significant initiatives and tech developments to improve talent management and the overall employee experience.”

Inflection Point Ventures Awards Rs 80 Lakh Seed Funding to Top Startups from Inaugural IPV Ideaschool Batch 1.0

Inflection Point Ventures (IPV), a prominent angel investment platform, has unveiled the successful recipients of its inaugural IPV Ideaschool Batch 1.0 accelerator program. This initiative marks a significant milestone in IPV’s commitment to fostering early-stage startups. The program culminated with Bloq Quantum, Medront Datalabs, and Telkes Technologies emerging as the top winners, each securing Rs 80 lakhs in seed funding.

Over a six-week period, IPV Ideaschool attracted over 1000 applications nationwide, ultimately selecting 15 finalists through a rigorous screening process. These finalists benefited from intensive masterclasses, bootcamps, and mentorship sessions led by industry experts. The program’s diverse applicant pool highlighted innovation across various sectors, underscoring the breadth of entrepreneurial talent beyond traditional startup hubs.

A distinguished jury panel, including executives from Orios Venture Partners, HSBC, AWS, and IPV, evaluated the finalists’ pitches. The chosen startups, previously unfunded by IPV, showcased pioneering solutions in quantum computing, secure data management, and sustainable transportation.

Mitesh Shah, Co-Founder of Inflection Point Ventures, expressed pride in the program’s success, emphasizing its role in nurturing innovative startups from diverse geographic backgrounds. He noted, “IPV Ideaschool aims to empower emerging founders nationwide, fostering technological advancements and preparing startups for scalable growth.”

Following the triumph of Batch 1.0, IPV announced the forthcoming IPV Ideaschool Batch 2.0, slated to commence on August 1, 2024. The upcoming cohort aims to build on its predecessor’s achievements, offering aspiring entrepreneurs enhanced opportunities to refine their business strategies, gain industry insights, and secure critical funding.

Startups interested in participating in IPV Ideaschool Batch 2.0 can submit applications from August 1 to August 20, 2024. The program remains steadfast in its commitment to propelling innovative ventures towards sustainable success in the competitive startup ecosystem.

NCVET Recognizes Microsoft India as Awarding Body, Boosting Vocational Education and Training

In a major boost to vocational education and training in India, the National Council for Vocational Education and Training (NCVET) has entered into a landmark agreement with Microsoft Corporation India Pvt. Ltd. on July 5, 2024. This agreement formally recognizes Microsoft Corporation India Pvt. Ltd. as an Awarding Body (AB – Standard).

This recognition empowers Microsoft Corporation India Pvt. Ltd. to award and certify learners who undergo training at the company’s owned or fully managed campuses and training centers. The certifications will cover qualifications either approved or adopted by Microsoft, ensuring a high standard of vocational training and certification.

This collaboration represents a significant advancement in enhancing vocational education in India, with Microsoft leveraging its expertise and resources to deliver top-tier training and certification to learners. The partnership is expected to benefit numerous students by equipping them with industry-relevant skills and recognized qualifications, thereby enhancing their employability and career prospects.

NCVET’s recognition underscores the vital role of private sector involvement in vocational training and highlights Microsoft’s commitment to enriching the educational ecosystem in India. This initiative aligns with broader goals to elevate the quality of vocational education and training, ultimately fostering a skilled workforce tailored to the needs of the modern economy.

Punjab & Sind Bank to Launch 100 New Branches and ATMs This FY

Punjab & Sind Bank, a state-owned financial institution, has unveiled an ambitious expansion plan for the current financial year. The bank is set to open 100 new branches and a matching number of ATMs nationwide, aiming to enhance its reach and improve customer accessibility.

By the close of the 2024-25 fiscal year, the total number of branches will increase to 1,665, while ATMs will total 1,135, according to Swarup Kumar Saha, Managing Director of Punjab & Sind Bank. “With the addition of 100 branches, we are focusing on areas beyond the northern region,” Saha told PTI. This strategic initiative is part of the bank’s broader objective to expand its national footprint.

In addition to expanding its physical presence, Punjab & Sind Bank plans to significantly boost its Banking Correspondent (BC) network. Currently numbering 1,700, the bank aims to more than double this to 4,000 BCs by the end of the fiscal year. This effort is intended to increase the bank’s presence in underserved areas and promote financial inclusion.

On the digital front, the bank is committed to enhancing its mobile application, PSB UnIC, and continuously adding new products and services to meet evolving customer expectations. This includes expanding its corporate BC model and forming strategic partnerships with fintech companies.

Saha emphasized the bank’s focus on maintaining strong, resilient, and sustainable growth. To support this expansion, Punjab & Sind Bank plans to raise Rs 2,000 crore through Qualified Institutional Placement (QIP) in the second half of the fiscal year. The board has already approved this fundraising initiative, and merchant bankers are expected to be on-boarded by August. The QIP is anticipated to conclude in the second or third quarter, depending on market conditions, and aims to improve the bank’s Capital Adequacy Ratio, which stood at 17.10 percent at the end of March 2024.

“We are working on customizing more products and processes to enhance the customer experience, and our efforts are directed towards maintaining sustainable, risk-calibrated, and profitable growth,” Saha concluded.

Thapar Institute and NVIDIA Partner to Launch Advanced AI and Data Science School

Thapar Institute of Engineering & Technology (TIET) has forged a pioneering collaboration with American semiconductor giant NVIDIA to establish the Thapar School of Advanced AI & Data Science (TSAAI). The agreement was formalized by R R Vederah, Chairman of the Board of Governors at Thapar University, and Vishal Dhupar, Managing Director – Asia South at NVIDIA.

The new TSAAI will be based on the TIET campus in Patiala, Punjab. “We are thrilled to launch this AI school in technical collaboration with NVIDIA. This initiative will not only address the AI expertise gap but also spearhead cutting-edge research and innovation in this transformative field, aligning with our vision to provide education that prepares students for the future,” said Padmakumar Nair, Director of Thapar Institute of Engineering & Technology.

As part of the collaboration, TIET will establish a dedicated data center featuring NVIDIA DGX systems. According to a TIET statement, the infrastructure will be operational by the first semester of the 2024-2025 academic year, supporting a comprehensive undergraduate AI degree program, AI courses across various disciplines, technical training for faculty and staff, research partnerships, and the creation of an AI startup ecosystem powered by NVIDIA edge computing. The institute aims to ensure that within 2-4 years, all graduating students will be ‘AI literate’ through necessary curriculum changes and additional requirements.

Moreover, NVIDIA plans to extend the benefits of its inception program, which supports startups, to qualifying AI startups incubated at TIET. This collaboration positions TIET at the forefront of AI education and innovation, nurturing a new generation of AI experts and entrepreneurs.

This partnership represents a significant advancement in AI education in India, promising to equip students with the skills needed to thrive in the rapidly evolving technological landscape.

Gujarat Government Partners with Intel for AI Readiness, Aims to Propel Digital Innovation

The Gujarat government has entered into a significant partnership with Intel Corporation aimed at enhancing artificial intelligence (AI) readiness in the state, marking a pivotal step towards positioning Gujarat as a leading hub for digital innovation and investment. The agreement, formalized in Gandhinagar and witnessed by Chief Minister Bhupendra Patel, underscores a commitment to fostering technological advancement and economic growth through AI initiatives.

According to state officials, the collaboration with Intel Corporation is set to accelerate Gujarat’s journey towards becoming a center for digital economy innovation. This strategic alliance aims to democratize access to emerging technologies, ensuring students, professionals, and citizens are equipped with the necessary skills and tools to thrive in an AI-driven world.

Mona Khandhar, Principal Secretary of Gujarat’s Department of Science and Technology, highlighted the initiative’s role in cultivating a skilled workforce and promoting technological innovation across the state. The implementation will involve partnerships with regional science centers, academic institutions, and various government bodies, further reinforcing Gujarat’s commitment to fostering a dynamic ecosystem for AI development and education.

PNB Launches ‘Safety Ring’ to Fortify Cybersecurity in Banking Operations

In a proactive move against the escalating risks of cyber fraud, Punjab National Bank (PNB) has unveiled ‘Safety Ring,’ a robust security feature integrated into its internet and mobile banking platforms. This new mechanism, introduced on Tuesday, is designed to mitigate potential losses from unauthorized access by fraudsters, according to an official statement from PNB.

‘Safety Ring’ offers customers the option to set a daily transaction limit specifically for term deposits (TDs) concerning online closures or the use of overdraft facilities on TDs, up to a predefined amount. Once established, this safeguard ensures that TDs cannot be closed, withdrawn, or utilized for loans (overdrafts) beyond the limit specified by the customer across all digital channels.

This initiative underscores PNB’s commitment to enhancing cybersecurity measures and safeguarding customer assets in the digital banking realm amid growing concerns over cyber threats.

Major Data Breach Exposes Personal Information of Nearly 8 Million Angel One Customers

In a significant data breach, the personal information of approximately 7.9 million customers of Mumbai-based stock broking firm Angel One was exposed online on Tuesday. The leaked data, which appeared on a hacker portal, includes sensitive details such as names, addresses, contact numbers, and even bank account information of the affected individuals. The hacker also claimed access to the customers’ stock holdings and profit and loss statements, as seen in a copy of the data dump reviewed by ET.

A private cybersecurity consultant who examined the data indicated that it appears to be from around 2023, and the hacker has only released a portion of it so far. The consultant suggested that a ransomware demand might have been involved, though the specifics of any interactions between the hackers and the company remain unclear, given that the data dump is over a year old.

On April 21, 2023, Angel One had reported a data breach in a stock exchange filing, acknowledging that certain client profile data and client holding data might have been accessed unauthorizedly. However, the company has not yet confirmed the current claims. Emailed queries to Angel One for comments went unanswered.

The cybersecurity consultant also highlighted that despite the potential age of the data, it remains valuable to spammers and scammers who target active traders, posing significant risks due to the exposure of bank account details.

Angel One, India’s third-largest stock broking company with around 6.5 million active traders, reported a total operational revenue of Rs 1,357 crore and a net profit of Rs 339 crore for FY24.

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