The post Sports Technology start-up nears €3 million seed funding appeared first on AIBC.
]]>The pre-seed round exceeded expectations, with Enterprise Ireland as the principal investor, contributing through three separate funds over the past three years: the Competitive Startup Fund (CSF) in 2022, the Pre-Seed Startup Fund (PSSF) in 2023, and the High Potential Start-Up Fund (HPSU) in 2024. Additional funds were secured from Hummelnest, an Austrian international accelerator, which selected Precision Sports as one of over 300 European companies for investment. UK and Irish angel investors also contributed an extra €100,000.
“We’re raising our seed round to drive our expansion into the U.S. market,” Meehan shared with the Business Post. “We plan to hire two U.S.-based employees—one on the east coast and one on the west coast—to close deals with potential clients in the NFL and NBA.”
While Precision Sports already has clients in Major League Soccer (MLS) and Major League Baseball (MLB) through word-of-mouth referrals, the company is yet to launch a formal marketing campaign in the U.S. “Bigger NFL and NBA teams need full-time, on-the-ground support, unlike MLS teams that often look to Europe for solutions,” Meehan explained. “We’re focusing on solidifying our European soccer client base before leveraging those relationships to gain traction in the NFL and NBA.”
Meehan is targeting a seed funding round of between €2.5 and €3 million to finance Precision’s U.S. expansion, with hopes of securing a venture capital investment of at least €1 million. She mentioned ongoing discussions with Irish VCs who have shown interest but are awaiting a successful customer acquisition strategy before committing. While the Irish VC market remains a viable option, Meehan is particularly interested in the health and sports VC networks in the UK and US.
“Many VCs only start investing from €750,000 to €1 million upwards, which has been challenging for us in the past. They’d often say, ‘You’re too small; you’re only looking for €300,000!'” Meehan noted.
In parallel with fundraising efforts, the Precision Sports team is developing a more user-friendly second version of their software, with the first version primarily serving physiotherapists and personal trainers. Looking ahead, the company is considering becoming a “white label” technology supplier, aiming to be the foundation for the entire movement industry.
The post Sports Technology start-up nears €3 million seed funding appeared first on AIBC.
]]>The post Start-up Ziina innovates with UAE Central Bank licence appeared first on AIBC.
]]>The SVF licence will empower Ziina to offer a comprehensive suite of financial services. These include business and consumer accounts, peer-to-peer payments, bill pay, external payment link issuance, QR codes for remote point-of-sale transactions, and prepaid card services. Ziina will also serve as a principal member of networks such as Visa and Mastercard, offering Banking Identification Number (BIN) sponsorships. These services aim to support over 557,000 businesses, enhancing operational efficiency and fostering growth.
Small and Medium Enterprises (SMEs) constitute 94 percent of all companies in the UAE and contribute 63.5 percent to the non-oil gross domestic product (GDP). Despite their significant role in the economy, SMEs often face cash flow challenges, primarily due to delayed client payments. Ziina’s expanded services are designed to address these challenges, providing businesses with the necessary tools to enhance operational efficiency and stimulate growth.
The UAE is rapidly transitioning towards a cashless society, with SMEs playing a crucial role in this shift. As per estimates, 60 percent of consumers plan to go cashless by 2024. The digital payments market in the MENA region is projected to reach $9 billion by 2028, marking a 124 percent increase from 2021. This growth is driven by convenience and accessibility. Current trends in the UAE indicate a strong preference for credit cards and digital wallets, particularly for online transactions. The popularity of payment options like Buy Now Pay Later is on the rise, aligning with the expanding e-commerce sector.
Faisal Toukan, CEO and Co-Founder of Ziina, underscored the significance of the license, stating, “Securing this license is a monumental step for us, reinforcing our commitment to the highest standards of compliance and security. The UAE’s Central Bank has outlined a bold vision for financial technology, and we are thrilled to work closely with their team to support this vision. This regulatory approval allows us to expand our services further, strengthening our role as a dedicated financial partner for SMEs—the true backbone of the UAE’s economy—by offering them a fast and secure way to send, receive, and grow their money.”
As part of the UAE’s ambitious digital economy strategy, the country aims to double the digital economy’s contribution to its GDP from 9.7 percent in 2022 to 19.4 percent within the next decade. This strategy demonstrates the UAE’s commitment to becoming a global hub for digital innovation and economic growth. Ziina’s growth is fuelled by the UAE’s robust infrastructure, extensive connectivity, and dynamic entrepreneurial environment. The Central Bank’s nine-pronged Financial Infrastructure Transformation (FIT) Programme, which includes initiatives like a domestic card scheme and an instant payments platform, aims to support financial inclusion and enable a cashless society through digital payments.
Ziina’s suite of financial services is designed to support businesses at every stage, fostering an ecosystem conducive to long-term success and growth. The Ministry of Economy projects that the number of SMEs will increase to over 1 million by 2030, further highlighting the importance of dependable financial services.
In addition to securing the licence, Ziina is reportedly in the process of raising a substantial financing round from institutional investors. This funding is intended to support Ziina’s growth strategy throughout the Middle East, further strengthening its ability to offer essential financial services to the region’s economic landscape.
The post Start-up Ziina innovates with UAE Central Bank licence appeared first on AIBC.
]]>The post Tech giants race to adapt AI for India’s multilingual market appeared first on AIBC.
]]>Microsoft, Google, and start-ups like Sarvam AI and Krutrim, backed by Silicon Valley, are at the forefront of this race. They are developing AI voice assistants and chatbots that function in Indian languages such as Hindi and Tamil. These tools are targeted at rapidly growing Indian industries, including the country’s extensive customer service and call centre sector.
Google recently launched its Gemini AI assistant in nine Indian languages, while Microsoft’s Copilot AI assistant is available in 12 Indian languages. Microsoft is also working on other projects specifically tailored for India, such as building “tiny” language models at its research centre in Bengaluru. These smaller alternatives to the costly large language models that underpin generative AI can run on smartphones rather than the cloud. This makes them more affordable and potentially better suited to countries like India, where connectivity can be limited.
Microsoft aims to make AI simple, easy to use, and accessible to all customers and partners. Puneet Chandok, President of Microsoft for India and South Asia, emphasizes the importance of contextualizing AI for the Indian context, making it more relevant and precise.
Microsoft is also partnering with Sarvam AI, a Bengaluru-based company founded just last year. Sarvam AI is developing a “full stack” of generative AI tools for Indian businesses and has raised $41 million from investors, including Peak XV, Sequoia’s former India arm, and Menlo Park-based Lightspeed Venture Partners.
Investing in local AI companies is becoming increasingly important as governments seek to develop “sovereign AI” that is trained and stored within their borders. Hemant Mohapatra, a partner at Lightspeed, notes that the AI supply chain is beginning to fragment. He argues that if a foundation model is trained in India on Indian citizen data, it needs to be an Indian company, focused on Indian use cases, and Indian-domiciled.
India’s AI race does not involve building large language models (LLMs) from scratch to compete with leaders such as Open AI. The resources and capital required would be too much to make sense. Instead, companies like Sarvam AI are focusing on adapting existing LLMs for Indian languages and using voice data instead of text. This approach is more effective in a country where many prefer to communicate through audio messages rather than in writing.
Bejul Somaia, a partner at Lightspeed, points out that there’s still a massive gap between these underlying models and real-world use cases in countries as complex as India. He believes that in a market like India, an ecosystem needs to spring up to enable companies to use the underlying model capabilities.
Tanuja Ganu, a manager at Microsoft Research in Bengaluru, adds that testing new technologies and tools in a country of India’s size and diversity has an additional benefit: they can be exported elsewhere. She sees India as a test bed for validating technology and exploring how it can be expanded to other parts of the world.
The post Tech giants race to adapt AI for India’s multilingual market appeared first on AIBC.
]]>The post Cryptocurrency and prop trading: exploring the new norm for Gen Z appeared first on AIBC.
]]>Generation Z, those born between 1996 and 2012, are embracing trading and investing at an earlier age than any previous generation. Cryptocurrency often serves as an entry point to trading, marking a significant departure from conventional investment norms. Giacomo Giglio, a 20-year-old trader and investor, provides a unique perspective into this trend.
Giglio was introduced to trading by a friend and quickly found the topic fascinating. He was surprised that investments and trading were not part of the general secondary education curriculum. Unlike previous generations, young people today are not waiting until they are older to invest their money. Gen Z, in particular, is taking a proactive approach to investing, with approximately 56 percent of those under 25 already participating in investment activities. Impressively, 80 percent of them began saving and investing before they turned 20.
Giglio dedicates a great deal of time to understanding market dynamics, forecasting price movements, and conducting essential analysis and research. He appreciates the process of improving his financial acumen, as it enables him to effectively manage his finances and capitalize on opportunities that arise.
Gen Z’s investing is attributed to the easy access to financial information through social media and the emergence of investment apps and cryptocurrencies. Social media, especially YouTube, plays a pivotal role in providing financial guidance for Gen Z investors. Not surprisingly, “fear of missing out” is a significant driving force behind this trend.
As a young trader and investor, Giglio has discovered a community of Gen Z traders, both in Malta and internationally. Within these hubs, young traders engage in virtual discussions, share insights, offer advice, and conduct trading activities collectively. Giglio recognizes the value in networking with fellow traders. “Trading is not confined to a single approach,” he says, “and these interactions serve as valuable opportunities for learning and gaining experience from a number of diverse perspectives.”
Giglio recognizes that there is no single, fixed method in trading. Particularly during the initial stages, experimentation plays a crucial role until an individual discovers their own distinct style and approach. He acknowledges that the crypto and digital asset sector has faced many challenges and this included the collapse of FTX. However, Giglio remains optimistic, believing that there will be a strong resurgence which will be followed by a very rapid universal expansion.
Regarding the regulation of the crypto market, Giglio firmly advocates that it is necessary. He acknowledges that regulating such a dynamic space will be challenging, but believes that these challenges should not deter the pursuit of necessary regulation. Proactive regulation, combined with clear guidelines when needed, is essential for progress in the industry.
As for his future career aspirations, Giglio expresses a desire to become a lawyer, following in the footsteps of both his parents. However, he remains open about how he will develop his trading career, either as a sideline or a full-time endeavour. He intends to continue trading in the background while monitoring the sector’s growth, which he believes will continue to expand and become a more popular career option in the years to come.
The post Cryptocurrency and prop trading: exploring the new norm for Gen Z appeared first on AIBC.
]]>The post iCargo Pacific takes home the trophy at AIBC Asia Startup Pitch appeared first on AIBC.
]]>A local company, iCargo Pacific is currently based in the Metro Manila area of the Philippines. The software company specialises in innovative solutions for logistics-focused SMEs, empowering them with technology design tools to streamline their shipping and delivery operations.
By leveraging advanced software solutions, cloud-based tracking, and data analytics they aid logistics companies to overcome logistic hurdles, optimise operations, and stay competitive in a rapidly evolving landscape.
Speaking with SiGMA News, Justin San thanked AIBC Asia for the opportunity, saying, “We’re very grateful to showcase our solutions and technology – our main passion is to solve problems in the logistics industry, not only in the Philippines but the rest of the world. AIBC is a great partner for us to reach out to the rest of the world, so we’re very grateful and very excited for these collaborative opportunities.”
Asked about what advice he would give to other startups, he highlighted the need to focus on the problem and how you can solve it – “Help people first – the money will come later.”
The Pitch was held on the last day of the AIBC Asia event, which is being held at the SMX Convention Centre in Manila.
AIBC Asia returns to Manila next year for another event. The expo will take place between the 1st and 4th of June, 2025. The agenda will include a pre-event party on the 1st, followed by the prestigious SiGMA Asia Awards ceremony on the 2nd. The conference and expo runs across the 3rd and 4th – taking place once more at the SMX Convention Centre in Pasay, Manila.
This will be the third event to be held in the Philippines, following SiGMA Asia’s inaugural launch back in July 2023, and will see a 40% increase in footprint, with a number of new areas included in the floorplan.
The post iCargo Pacific takes home the trophy at AIBC Asia Startup Pitch appeared first on AIBC.
]]>The post ISRO progresses from India’s space exploration to tech startups appeared first on AIBC.
]]>GalaxEye, a pioneering space tech startup, is headquartered in Bangalore, India. Established in 2021 by a group of alumni from the Indian Institute of Technology Madras, the company is dedicated to the creation of cutting-edge space technologies. At present, GalaxEye is in the process of constructing the world’s premier multi-sensor imaging satellite for the purpose of earth observation, which is named the Drishti Mission. This mission is designed to deliver high-resolution imagery in all weather conditions for any location worldwide. The technology developed by the company finds use in a variety of sectors, such as agriculture, forestry, soil moisture estimation, and disaster management. The primary objective of GalaxEye is to facilitate better decision-making and enhance operational efficiency for businesses through the use of space technology.
Fifteen years ago, the Indian Space Research Organisation (ISRO) launched its first radar imaging satellite, the RISAT-2. This was a response to the urgent need for greater all-weather surveillance from space after the Mumbai terror attacks of November 2008. The RISAT-2 was an earth observation satellite equipped with synthetic-aperture radar (SAR) technology, which allowed it to capture high-resolution images. In the future, new generations will look back at this time in the history of India’s space faring efforts to say how ISRO fostered the country’s fledgling private space tech ecosystem. This, in the long run, will likely be ISRO’s greatest contribution, beyond its own great missions.
Over the last 15 years, ISRO’s achievements and milestones are nothing short of breathtaking. Some of the noteworthy ones are Chandrayaan-1, GSAT-4, Mangalyaan, the Mars orbiter, GSAT-9, GSAT-19 and GSAT-29, Chandrayaan-2, PSLV-C51/RISAT-1A, and of course the spectacular success of Chandrayaan-3. Chandrayaan-1 was India’s first mission to the Moon, launched in October 2008, with several major discoveries and data analysis in 2009. It discovered water molecules on the lunar surface. Chandrayaan-2, launched in July 2019, was an attempt at sending a lander to the lunar surface and search for water ice on the Moon’s south pole. The lander, Vikram, lost communication during the landing attempt, but the orbiter continues to study the Moon. Chandrayaan-3 wiped away the disappointment of the previous attempt when it put a lander on the Moon and out trundled a rover, named Pragyan, in a flawless execution in August 2023.
With Gaganyaan, India’s first manned mission to space announced in 2018, ISRO is targeting a crewed flight in 2025, to demonstrate India’s capability to send humans to space and safely return them. In February, four air force pilots were named to be the astronauts on this mission, which will eventually take three of them to an orbit of 400 km and return them after three days. In February 2017, ISRO set a world record by launching 104 satellites in a single mission using the PSLV-C37 rocket. Since then, ISRO has offered its capabilities to multiple customers around the world. A recent notable launch was when the Indian space agency launched 36 satellites for the UK’s OneWeb, a satellite constellation company backed by investors including India’s Bharti Enterprises.
The launch, in March 2023, was the second such successful commercial launch from India for OneWeb. The launch deal was struck via NewSpace India Limited (NSIL), which is another important part of the story of how ISRO’s capabilities are underpinning India’s expansion into global commercial space operations as well. The establishment in March 2019 of NSIL, the commercial arm of ISRO, as a wholly owned Government of India company under the Department of Space, and IN-SPACe in June 2020 created a powerful combination that set the ball rolling on India’s opening up of ISRO to the private sector. This paves the way for private participants to step up their efforts to partner ISRO.
The post ISRO progresses from India’s space exploration to tech startups appeared first on AIBC.
]]>The post Sequoia Capital’s investment in Elon Musk’s X AI appeared first on AIBC.
]]>xAI was launched by Musk in 2023 with a grand vision “to understand the true nature of the universe”. To realize this vision, Musk has been on a fundraising spree, aiming to raise as much as $6 billion from global investors. Among these investors are those who supported his 2022 takeover of the social media platform Twitter, which he subsequently renamed X.
Sequoia Capital, a venture capital firm with a storied history of backing successful tech companies like Google, YouTube, and Apple, has committed to invest in xAI. The firm has previously invested in several of Musk’s ventures, including The Boring Company and SpaceX. The size of Sequoia’s investment in xAI remains undisclosed.
The backing from Sequoia is a significant boost for Musk as he strives to catch up with rival AI start-ups and tech giants that have already established powerful large language models (LLMs). These LLMs are the backbone of new AI tools and require substantial resources to build and operate.
OpenAI, co-founded by Musk in 2015, has raised $13 billion from its largest backer, Microsoft. Anthropic, another AI start-up, has received commitments of $2 billion and $4 billion from Google and Amazon, respectively. These figures highlight the intense competition and high stakes in the AI industry.
To compete in this arena, Musk has been steadily acquiring powerful chips required to train AI models. He has also been recruiting engineers and researchers, some from Tesla, to support xAI. The capital from the investment would help accelerate the development of xAI’s own chatbot, Grok, bringing it closer to the performance of its rivals.
However, Musk’s journey in the AI landscape has not been without controversy. He left OpenAI’s board in 2018 following disagreements with the company’s chief executive, Sam Altman, on the direction of research. Recently, Musk sued OpenAI and Altman, alleging they had compromised the start-up’s original mission of building AI systems for the benefit of humanity. OpenAI has dismissed the case as “frivolous”.
The backing of Sequoia Capital in Elon Musk’s xAI marks a significant development in the AI industry. It not only strengthens xAI’s financial position but also intensifies the ongoing race among AI start-ups and tech giants. As Musk continues to push the boundaries with xAI, the world will be keenly watching the unfolding dynamics in the future of AI.
The post Sequoia Capital’s investment in Elon Musk’s X AI appeared first on AIBC.
]]>The post Brazil fintech unicorn on the hunt for venture capital appeared first on AIBC.
]]>Established in 2021, Clara assists businesses in managing costs and processing payments. The fintech startup quickly achieved unicorn status, boasting a valuation of at least $1 billion, merely eight months post-launch. This milestone was reached following a successful $70 million Series B fundraising round spearheaded by Coatue Management. Subsequently, a $150 million credit line was secured from Goldman Sachs Group Inc., a year later.
Clara’s operations are primarily focused on Brazil, Mexico, and Colombia. Despite maintaining a relatively stable workforce of 330 employees, the company has managed to increase its revenue sixfold, serving over 10,000 clients.
“We’re in the process of closing additional funding, including components of both equity and debt,” stated Giacoman during an interview at the Rio Web Summit. “The conversations are going very well. We see an opportunity now as the markets are starting to thaw, to re-accelerate some plans.”
Giacoman and co-founder Diego Garcia, (pictured above), originally from Mexico, relocated the company to Sao Paulo in 2023 after obtaining a licence from Brazil’s central bank to operate as a payments institution. While startups comprised about half of its initial customer base, they now represent only about 10 percent of business. Clara has since onboarded large corporations including Burger King, Nike Inc., and Banco Votorantim as clients, handling approximately $2 billion in transactions annually.
“We’re approaching profitability, but we have positive unit economics in all three countries,” Giacoman added. “The goal for Clara today is to continue developing the solution for our customers, get to profitability, and then continue the geographic expansion.”
Clara’s investor portfolio includes Monashees, Kaszek, General Catalyst, DST Global, Canary, and regional family offices. The credit line with Goldman aids their post-payment product, offering customers a 40-day payment window.
Giacoman and Garcia founded Clara after their stint at Grow Mobility, a company that operated electric scooters across several Latin American countries. “We started by helping companies organize what is often some of their most disorganized spend,” Giacoman concluded. “To be able to operate with agility and clarity at the same time.”
The post Brazil fintech unicorn on the hunt for venture capital appeared first on AIBC.
]]>The post Startups impacted by India’s venture capital downturn appeared first on AIBC.
]]>In recent years, India’s private markets enjoyed a surge in venture capital, with investors like SoftBank, Tiger Global, and Sequoia India (now Peak XV Partners) pouring money into young companies at high valuations. The edtech company Byju’s, for example, was valued at $22 billion in early 2022 but has since seen its valuation plummet to less than $1 billion.
The Indian stock market, however, tells a different story. The Nifty 50 index has seen substantial growth, with a 30 percent increase over the past year and a 90 percent rise over five years. Despite this, the private market is reeling from the aftereffects of the 2021 bubble, with venture capital inflows dropping more than 60 percent from $26 billion in 2022 to about $9.5 billion.
The decline in venture capital has led to a decrease in deal volume and average deal size, as well as a significant reduction in the number of new unicorns—start-ups valued at over $1 billion. In 2023, only two new unicorns emerged, compared to 44 in 2021 and 26 in 2022. Additionally, the Indian start-up ecosystem witnessed over 24,000 job layoffs in 2023, an increase from the previous year’s 20,000.
The high cost of capital in India has made the start-up ecosystem vulnerable, with the Reserve Bank of India increasing its benchmark interest rate from 4 percent in May 2022 to 6.5 percent in March 2023. This has made it difficult for start-ups to raise significant sums of money locally, leading some entrepreneurs to seek opportunities abroad, particularly in the United States.
Despite the challenges, the buoyant listed markets offer a glimmer of hope for companies that have weathered the venture capital crunch. These start-ups may find more favourable conditions for initial public offerings (IPOs), potentially opening a new chapter for growth and investment.
While India’s venture capital market faces a painful adjustment, the resilience of its start-ups and the potential for recovery in the public markets suggest that the ecosystem can navigate through these turbulent times. The key will be for entrepreneurs and investors to adapt to the new financial landscape and find innovative ways to thrive.
The post Startups impacted by India’s venture capital downturn appeared first on AIBC.
]]>The post Oulu: Scandinavian hub for tech innovation and entrepreneurship appeared first on AIBC.
]]>The shift in Finland’s tech scene from companies like Nokia to sectors like AI, quantum computing, and innovative recycling technology is helping the country’s startup ecosystem to grow. In the first half of 2023, Finnish startups raised €549 million, indicating a vibrant and thriving startup culture.
Oulu, with its 416 startups, many of which are early-stage and in deeptech, is contributing significantly to this growth. Startups such as battery energy storage startup Cactos, which raised a €26 million early VC round in January, and? AI? startup Cerenion, which is building software to monitor brain function in intensive care and raised a Series A in 2022, are testament to the city’s innovative spirit.
These startups are supported by BusinessOulu, a public entity of the City of Oulu, responsible for connecting entrepreneurs to companies and companies to investment. It hosts a one-year incubator programme and established Startup Station, a coworking and event space for startups.
In addition to BusinessOulu, the city’s educational institutions bolster the offerings for new companies. Oulu University of Applied Sciences (Oamk) offers pre-incubator and incubator programmes, and the University of Oulu offers services for the development of research-based innovations, company collaboration, and business development.
Oulu’s prevalence as a major ICT hub made it a natural choice of location for Rickie Moore, Program Director of the MSc in Global Innovation & Entrepreneurship at emlyon Business School in Lyon, France, to offer his students for a study abroad semester. Moore highlights that Oulu has over a thousand ICT companies with over 20,000 employees, a leading business university, and it’s the number one for R&D investments in Finland.
The overseas semester of study for emlyon’s students consists of academic courses, business visits, and immersion in the business environment beyond social and cultural activities. Moore said he wanted the students to understand what is particular about the Finnish and wider Scandinavian ecosystems.
Emilie Zhuo, an emlyon student studying for her MSc in Global Innovation and Entrepreneurship, is currently in her semester at Oulu Business School. Zhuo says choosing Oulu for her studies was also a decision influenced by the distinctive vibe of Finland’s startup scene. With a reputation for fostering innovation — exemplified by trailblazers like Nokia — she says Finland offered a perfect backdrop for “melding entrepreneurship with technology”.
Oulu’s rise as a deeptech hotspot is a testament to the city’s innovative spirit, robust support systems for startups, and a strong focus on cutting-edge technologies. As more entrepreneurs and investors turn their attention to this Finnish seaside city, Oulu is well-positioned to continue its trajectory as a leading player in the Scandinavian deeptech scene.
Stop Press – AIBC Africa takes place in Cape Town between 11-13 March !
The post Oulu: Scandinavian hub for tech innovation and entrepreneurship appeared first on AIBC.
]]>