Cohere Eyes $5 Billion Valuation; Pumpumpum Bags Rs. 2 Crore Investment

Cohere Poised to Raise $500 Million, Eyes $5 Billion Valuation

AI startup Cohere is poised to raise $500 million, eyeing a $5 billion valuation, in its latest funding round. With its annualized revenue surging from $13 million to $22 million in just a few months, the Toronto-based company is attracting investor interest with its enterprise-focused AI models, notably its new model, Command-R. Founded by former Google researchers, Cohere aims to expand its partnerships beyond Oracle and make its models available across major cloud providers. Despite concerns about the profitability of foundation models, investors remain enthusiastic about funding AI startups like Cohere, betting on their future adoption and revenue potential.

Ultrahuman Raises $35 Million in Series B Round

Healthtech startup Ultrahuman has secured $35 million in a series B funding round, drawing support from prominent VC firms, including Blume Ventures, Steadview Capital, and Nexus Venture Partners, alongside participation from Alpha Wave Incubation and Zomato founder Deepinder Goyal. The funds will fuel expansion efforts, focusing on enhancing manufacturing capacity and advancing research in health-tracking technologies. Ultrahuman, founded in 2019, offers wearable devices like the Ring Air smart ring and M1 Live continuous glucose monitoring wearable aimed at empowering users to monitor their metabolic health. Despite facing legal challenges, Ultrahuman has rapidly expanded its retail presence globally, positioning itself as a key player in the smart ring market and targeting a milestone of surpassing $100 million in annualized revenue run rate by 2024.

Pumpumpum Secures Rs. 2 Crore Investment

In a significant development, mobility startup Pumpumpum has successfully raised INR 2 Crores in funding from Inflection Point Ventures (IPV). This investment is poised to accelerate Pumpumpum's growth trajectory within the pre-owned car leasing sector. The company, renowned as India's leading pre-owned car leasing firm, caters to both individual customers and corporate entities, offering an innovative IoT-enabled smart car subscription model. With plans for operational enhancements, geographical expansion, technological upgrades, marketing endeavors, and overall organizational development, Pumpumpum aims to solidify its position in the market. Additionally, the company is strategically focusing on facilitating Electric Vehicle (EV) ownership to bolster early adoption rates, with aspirations to increase its EV fleet to 50% within the next 3-4 years. 

Japan Introduces Residency Program for Startup Investors

Japan plans to introduce a five-year residency program for angel investors to bolster its startup scene, as per Nikkei Asia. Starting next fiscal year, the program will target 13 national strategic special zones. Requirements, including investment proposals and asset levels, will be finalized later, overseen by local authorities to prevent financial crimes. The move aims to attract vital investment into Japan's startup ecosystem, mirroring successful initiatives seen in other countries. This strategy aligns with Tokyo's Shibuya ward proposal from last year, aiming to elevate Japan's venture capital landscape, which currently falls behind the U.S. Despite recent VC growth, Japan seeks to leverage international models to propel its startup sector forward.

India's First Startup Mahakumbh Draws Massive Turnout

India's inaugural Startup Mahakumbh concluded with a resounding success, bringing together 1306 startups, 392 speakers, and 165 sessions. Held at Bharat Mandapam and Pragati Maidan, the event served as a nexus for innovation and collaboration. Industry leaders like Sivasubramanian Ramann and Debjani Ghosh graced the occasion, fostering discussions on entrepreneurship and investment. With a focus on diversity, 45% of startups were led by women entrepreneurs, showcasing their tech innovations. Additionally, the event empowered future entrepreneurs through workshops and pitch competitions. Thematic pavilions and masterclasses delved into sectors like AI, Fintech, and Climate Tech. The conclusion of Startup Mahakumbh marks a significant milestone in India's entrepreneurial journey, propelling its startup ecosystem onto the global stage.