Rural women powering AI startups

The most interesting news selected specially for you! 03 September 2024 [View in Browser]( Hello, Crypto investors are on a sticky wicket. In a media town hall, WazirX, which suffered a $234-million hack in July, hinted that investors may not be able to fully recover their funds through the ongoing restructuring process. Kroll, which is working with the crypto exchange, estimated that users may only be able to recover up to 57% of the funds. WazirX is hoping to wriggle its way out of the situation with the help of [White Knight]( companies—friendly investors that can place bids to acquire the company at a fair consideration. Such “glitches” can cost dearly, as some TikTok users in the US found the hard way. After a video went viral of a bug at Chase Bank that allowed customers to withdraw large sums of money without sufficient balance, people stood in [long queues]( outside the bank’s ATMs in hope. But as soon as they withdrew, serious penalties followed. Meanwhile, a cyberattack isn’t the only fear haunting the crypto-sphere. Crypto whales—user accounts which hold large amounts of cryptocurrencies—pose a grave problem as they don’t transact often, affecting liquidity. And when they do, it leads to price volatility. These whales are truly stuck between the devil and the deep blue sea. But crypto is flourishing elsewhere. The number of crypto millionaires has nearly doubled in the past year, Australia is opening more Bitcoin ATMs than ever before, and crypto exchange Coinbase performed its first AI-to-AI transaction, highlighting a new application of digital currency. Speaking of AI, humans are now suing AI chatbots for stealing their voices. A couple in New York City discovered that a text-to-speech company had made [AI clones]( of their voices “and sold them possibly hundreds of thousands of times.” Well, Scarlett Johansson, you are not alone. In today’s newsletter, we will talk about - Rural women powering AI startups - VC funding in August soars - Redefining masculinity for men Here’s your trivia for today: Which is the only country in the world to run a pirate stock exchange? --------------------------------------------------------------- Artificial intelligence Rural women powering AI startups models like OpenAI’s ChatGPT and Google’s Gemini are undeniably well-known names now in the generative AI segment, startups in India are going a step further to build more localised solutions to solve real-world problems. And, women in rural areas are helping startups in building these AI datasets. Key takeaways: - Sarvam AI, a Bengaluru-based startup, is working towards bringing regional language compatibility to the Indian GenAI ecosystem. It raised $41 million just five months after inception. - An increasing demand for specialised AI roles is evident from the recent surge in freelance positions for “AI Tutors” or “GenAI Speech Trainers”, which have been listed on LinkedIn and other job portals. - Jaideep Kewalramani, Head of Employability and Chief Operating Officer, TeamLease EdTech says that AI is driving growth, particularly for those unable to work traditional jobs or lacking formal education. [Read More]( --------------------------------------------------------------- Venture capital VC funding in August soars Indian startup ecosystem seems to be gradually emerging out of the funding winter. Over the last four months, venture capital (VC) inflow has consistently punched above the crucial $1-billion mark, signalling investor confidence in startups. Spring: - Last month, startups bagged a total VC funding of $1.7 billion, cutting across 117 deals. This was a 283% increase compared with a similar period a year ago, according to YourStory Research. - The year saw a slow start to VC funding, with the capital ingestion only picking up in May. It is expected that the trend will continue for the remainder of the year. - August had a few notable deals: Zepto raised $340 million, taking the total funds raised to $1 billion at a valuation of $5 billion. Ather raised $71 million and entered the coveted unicorn club. OYO also raised $173.5 million. [Know More]( --------------------------------------------------------------- Social impact Redefining masculinity for men YP Foundation has a unique approach to solving society’s gender issues. Its Mardon Wali Baat programme seeks to challenge restrictive masculinity norms by encouraging men and boys to reflect on their personal experiences, cultural influences, and mental well-being. Moving ahead: - Initiated in 2016, the programme challenges traditional notions of masculinity by addressing how gender, sexuality, caste, and class intersect to create hyper-masculine ideals and behaviours in Indian society. - Six years ago, the organisation launched a comprehensive sexuality education initiative called ‘Know your Body Know your Rights’ in Lucknow. - Mardon Wali Baat programme recently launched the Campus Caravan initiative. It aims to create youth-friendly and inclusive campuses by engaging university students. [Read More]( --------------------------------------------------------------- Application open for Tech30 you a visionary founder at the helm of a startup poised to redefine industries? Look no further than Tech30, the ultimate platform to showcase your innovation. Tech30 is more than just a recognition; it's a catalyst for the future. We're on a mission to bring together India's brightest tech minds to unravel the next big thing. If you're building groundbreaking solutions that have the potential to reshape our world, Tech30 is your launchpad. Join us as we celebrate the pioneers driving India's tech revolution. [Apply for Tech 30]( --------------------------------------------------------------- From the CapTable As India’s VC space churns, is Accel prepping its next gen to take the reins? As August drew to a close, reports emerged that Accel India, one of India’s earliest and most successful early-stage venture capital (VC) firms in the country, was in the market to raise its eighth India-focused fund. Having raised its seventh fund—a $600 million corpus—in early 2022, Accel is looking to make a splash with its latest raise. The reports, which have not been confirmed nor denied by Accel, indicate this could be its largest yet, potentially crossing the $700-million mark. However, even as Accel looks to write the latest chapter in its story, the firm must look beyond its founding partners Prashant Prakash, 58, and Subrata Mitra, 57, as the two cannot continue indefinitely as they cross two decades in the Indian VC space. The dynamic duo—widely acknowledged as the driving force behind Accel’s sustained success—will want to ensure that any potential transition is smooth and does not cause any disruption, either internally or externally. The transition will also be closely watched by others in India’s VC ecosystem, as it could set a precedent for similar decisions in the future. Key takeaways: - After years of speculation about Accel India’s two founding partners—Subrata Mitra and Prashanth Prakash—retiring, changes seem to be afoot at the VC. - Prakash and Mitra, among the most influential VCs in India, have led over 50 investments for Accel across almost two decades. - Since the firm’s bumper Flipkart exit, however, their involvement at the firm has reduced, with more junior partners having a greater say in matters. - Transitioning beyond the duo won’t be easy for Accel. However, the founding duo appears to have put several checks and balances in place to make sure any transition, whenever it happens, goes smoothly. [Continue Reading]( --------------------------------------------------------------- News & Updates - [India push:]( Apple is set to offer free music and video streaming to many of Bharti Airtel's 281 million customers. With the partnership, it hopes for a sorely needed boost in a content market where it lags far behind the likes of Spotify and Walt Disney. - [EV boom:]( Electric car registrations in Norway rose to a record last month, led by Tesla’s Model Y. About 94% of the 11,114 cars sold in August were electric, according to the Norwegian Road Federation. That boom has been driven by generous tax incentives, as well as perks such as the use of bus lanes and parking benefits. - [Back to the board:]( Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a Reuters report, as they try to revive the once-dominant chipmaker's fortunes. Did you know? Which is the only country in the world to run a pirate stock exchange? Answer: Somalia. We would love to hear from you! 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