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Month: August 2024

Digital Native

Government Supports Over 3,600 Tech Startups with ₹212 Crore in Funding

Observenow Desk August 5, 2024

The Ministry of Electronics and Information Technology (MeitY) has announced that it has supported more than 3,600 tech startups, disbursing a total of ₹212 crore in funding. This initiative is part of the broader Startup India program, which aims to foster the growth of the startup ecosystem across the country. Key programs under this initiative include the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS). These schemes assist startups at various stages, enabling them to attract investments from angel investors and venture capitalists or secure loans from banks and financial institutions. As of July 31, 2024, India boasts over 143,000 DPIIT-recognized startups.

Among the significant initiatives launched by MeitY is the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, which was initiated in 2019 with an outlay of ₹264.62 crore over five years. This scheme provides financial and technical support to educational institutions and R&D organizations that assist ICT startups. To date, 51 TIDE 2.0 Incubation Centres have become operational.

Another notable program is the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme. This scheme supports existing and new accelerators in scaling IT-based startups that address technological challenges in India. The SAMRIDH program includes matching funding of up to ₹40 lakh for selected accelerators. In its first cohort, 22 accelerators across 14 states and 12 cities were chosen to support 175 startups.

The Next Generation Incubation Scheme (NGIS) has also been approved to enhance the software product ecosystem and address key aspects of the National Policy on Software Product (NPSP) 2019. The scheme will launch from 12 locations across India, aiming to support 300 tech startups in Tier-2 and Tier-3 cities over three years, with a budget of ₹95.03 crore.

Additionally, MeitY has established domain-specific Centres of Excellence (CoEs), with 42 CoEs focused on various national interests to boost innovation in emerging technologies and facilitate prototype development. Furthermore, theme-based incubation centres have been set up to promote innovation in electronic system design and manufacturing, with partnerships involving institutions like STPI New Delhi and IIT Hyderabad.

Over the past five years, the government has supported more than 10,000 tech startups through various programs, disbursing approximately ₹580 crore, including the ₹212 crore allocated to startups through MeitY. This information was shared by Minister of State for Electronics and Information Technology, Shri Jitin Prasada, in a written response to the Rajya Sabha.

Tags: FUNDINGMEITYstartups

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Exclusive

India Sees Surge in Malware and Ransomware Attacks in 2024, Report Highlights Dramatic Increases

Observenow Desk August 2, 2024

In 2024, India experienced an 11 percent increase in malware attacks and a 22 percent rise in ransomware incidents, underscoring the growing cyber threat landscape for businesses, according to SonicWall’s latest report.

The SonicWall Mid-Year Cyber Threat Report reveals that malware attacks surged to 1,344,566 in 2024 from 1,213,528 in the previous year. Additionally, Internet of Things (IoT) attacks saw a dramatic 59 percent increase, reaching 1,680,787 from 1,057,320.

Ransomware attacks also rose significantly, and the report highlighted a staggering 409 percent increase in crypto attacks. SonicWall’s Vice President of APJ Sales, Debasish Mukherjee, noted that organizations are facing an evolving threat environment as attackers continue to innovate beyond traditional defenses.

The report indicates that cyber threats jeopardized at least 12.6 percent of annual revenues for businesses, which experienced an average of 1,104 hours of critical attacks within 880 working hours. Effective cybersecurity measures managed to prevent an estimated 46 days of potential downtime.

In the first five months of 2024 alone, the report identified 78,923 new malware variants, with over 500 new strains discovered daily. Globally, the total volume of malware increased by 30 percent in the first half of the year, with May alone seeing a remarkable 92 percent spike.

While cryptojacking decreased by 60 percent globally, it remained a significant concern in India.

 

Tags: cybersecurityIndiaObserveNow security

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Digital Native

Bloq Quantum raises INR 1.3 Crore in Pre-Seed-Round led by Inflection Point Ventures

Observenow Desk August 1, 2024

Bloq Quantum, an AI quantum software startup has raised INR 1.3 Crore in the pre-seed round led by Inflection Point Ventures. This investment is part of IPV’s strategy, to build an ecosystem for startups to succeed by providing Tech support in terms of credits to the Top 100 shortlisted startups. IdeaSchool enables knowledge transfer between successful entrepreneurs and new startups, creating a continuous cycle of learning & access to unparalleled network. The funds will be used for product development and team expansion. This capital infusion will stimulate innovation in quantum algorithms, improve platform functionalities, and expedite growth.

Bloq Quantum simplifies enterprise adoption of quantum computing with its user-friendly low-code interface. It accelerates quantum algorithm development by tenfold, providing valuable business insights. Designed for users at all skill levels, Bloq Quantum streamlines the path to quantum computing.

Sreekuttan L S, Co-Founder & CEO, brings a strong physics background from IISER Pune and experience as a Product Manager at The Quantum Insider. Jay Patel, Co-Founder and CTO, combines his expertise in Computer Engineering and Quantum Machine Learning, honed at CERN, with three global Quantum Challenge awards and multiple quantum software prototypes. Together, they drive innovation in quantum computing with their complementary skills and deep industry knowledge.

Mitesh Shah, Co-Founder, Inflection Point Ventures says, “Understanding quantum technology and its intricate algorithms is daunting and applying it effectively in business is even more challenging. By bringing a platform where beginners and experts alike can work on quantum algorithms with a user-friendly low-code interface, Bloq Quantum’s USP brings satisfaction and business to its customers.. At IPV, we believe not only in Sreekuttan’s capabilities but also in the entire team behind Bloq Quantum’s remarkable journey.”

Bloq Quantum excels as the foremost platform offering a user-friendly interface for developing quantum algorithms. Its key strength lies in the exceptional team, meticulously curated to lead the charge in advancing quantum computing technology. Their collective expertise and commitment drive Bloq Quantum’s continuous innovation, ensuring they deliver state-of-the-art solutions to our users and partners.

As of June 2024, Bloq Quantum operates globally, providing quantum computing solutions to clients worldwide. The widespread operations cater to diverse industries and users, emphasizing dedication to pioneering quantum computing innovations on a global scale. This global presence underscores the startup’s commitment to innovation and capability to address complex challenges.

Sreekuttan L S, CEO, Bloq Quantum, says, “Enterprises face challenges in adopting quantum computing due to fragmented and complex algorithm development processes. Bloq Quantum aims to streamline this by offering a comprehensive solution that simplifies the creation of quantum solutions, providing a seamless experience for businesses”.

Bloq Quantum has achieved notable success, securing third place in the esteemed 2023 Global Fujitsu Quantum Simulator Challenge with a $100K prize pool, and taking first place in the TCS Quantum Challenge 2023. These accomplishments underscore the startup’s leadership and pioneering contributions to the field of quantum computing.

The global quantum computing market was valued at USD 10.13 billion in 2022 and is forecasted to exceed USD 125 billion by 2030, growing at a robust CAGR of 36.89% during the period from 2022 to 2030. This rapid growth trajectory signifies substantial potential for startups venturing into the quantum computing sector.

Tags: Bloq QuantumInflection Point Ventures

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Governance

Maharashtra Government Appoints IAS Officer Kunal Kumar as Member Secretary of Marathwada Statutory Development Board

Observenow Desk

The Maharashtra government has officially appointed Kunal Kumar as the new Member Secretary of the Marathwada Statutory Development Board, based in Chattrapati Sambhaji Nagar.

Kumar, an IAS officer from the 1999 batch of the Maharashtra cadre, brings over 12 years of expertise in urban governance and more than 8 years in land management and rural development.

Before this appointment, he served as the Joint Secretary at the Ministry of Housing & Urban Affairs and was temporarily promoted to the position of Director at the Joint Secretary level.

Tags: IAS officerKunal KumarMaharashtra Government

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Governance

Lt Gen Sadhna Saxena Nair Makes History, First Woman Appointed as DG Medical Services (Army)

Observenow Desk

Lt Gen Sadhna Saxena Nair has made history by becoming the first woman to be appointed as Director General Medical Services (Army) as of August 1, 2024. This milestone follows her previous role as the first female DG Hospital Services (Armed Forces) after being promoted to Air Marshal.

A distinguished graduate of the Armed Forces Medical College in Pune, Lt Gen Nair was commissioned into the Army Medical Corps in December 1985. Her educational background includes a Post Graduate degree in Family Medicine, Diplomas in Maternal & Child Health and Health Care Management, and specialized training in Medical Informatics at AIIMS, New Delhi. Additionally, she has received training in Chemical, Biological, Radiological, and Nuclear Warfare from the Israeli Defence Forces and Military Medical Ethics from the Swiss Armed Forces.

Lt Gen Nair has also served as the first female Principal Medical Officer for both the Western Air Command and Training Command of the Indian Air Force. Her contributions to medical education were recognized when she was nominated as an expert member of the Dr. Kasturirangan Committee, which contributed to the National Education Policy. Her exemplary service has been acknowledged with several commendations, including the Air Officer Commanding-in-Chief, Western Air Command Commendation, Chief of the Air Staff Commendation, and the Vishisht Seva Medal from the President of India.

Tags: DG Medical ServicesIndian ArmyLt Gen Sadhna Saxena Nair

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Exclusive

India Emerges as Largest Market for Meta AI Reveals Meta’s CFO Susan Li

Observenow Desk

India has surpassed all other regions to become the largest market for Meta AI, the artificial intelligence chatbot developed by Meta, the parent company of Facebook. This development was revealed by Meta’s Chief Financial Officer Susan Li during the company’s earnings call on Thursday.

The announcement of India’s leading position coincides with a substantial increase in Meta’s financial performance. The company’s net profit surged approximately 73% to around $13.46 billion for the April to June quarter, while revenue grew by 22% to $39.1 billion. Meta reported that nearly 3.27 billion people use at least one of its apps daily.

Li highlighted that Meta AI has handled billions of queries since its launch, with promising engagement particularly on WhatsApp. “India’s position as our largest market for Meta AI is a significant milestone,” she stated.

The AI chatbot was introduced in India in June 2024, and India now leads as the company’s largest market with over a billion subscribers across its various platforms, including Facebook, WhatsApp, Instagram, and Threads.

Launched in September 2023, Meta AI is currently available in over 20 countries and eight languages. New features, such as Imagine Edit, which allows users to modify generated images, are being rolled out in the US.

Meta Founder Mark Zuckerberg emphasized the company’s goal of making Meta AI the most widely used AI assistant by year-end. He outlined that Meta AI serves diverse functions, from information searches to creative tasks like the “Imagine Yourself” feature, which lets users create personalized images.

Zuckerberg also discussed Meta AI Studio, a platform enabling users to create their own AIs to interact across Meta’s apps. “Creators will find this particularly valuable,” he noted, adding that the tool would allow the creation of AI agents for community engagement, content creation, and more.

In the realm of business, Zuckerberg forecasted that every company might soon have an AI agent akin to having a website or social media presence. He mentioned that while currently in Alpha testing, feedback from businesses has been positive, and AI agents are expected to become integral to customer interaction.

Meta also revised its revenue forecast for the third quarter to between $38.5 billion and $41 billion but anticipates continued operating losses for Reality Labs in 2024 due to ongoing development and investments. Infrastructure costs are expected to rise significantly next year, with full-year capital expenditures projected at $37-40 billion.

The company plans substantial capital investment in 2025 to support AI research and development. Additionally, Meta continues to monitor regulatory developments, particularly in the EU and the US, which could impact its business and financial performance.

Tags: Meta AISusan Li

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