Urban Company Co-Founder Lauds India's Startup Culture, French AI Startup H Raises $220M

Indian Startups Thriving with Government Support, Says Urban Company Co-founder

Urban Company co-founder Abhiraj Singh Bhal emphasises that Indian startups have significantly progressed in the last decade, thanks to initiatives like the Startup India programme. Speaking at the 'Vishesh Sampark Abhiyan,' Bhal noted, "When I started 10 years back, we were a small ecosystem with just one unicorn. Today, India boasts over 110 unicorns, ranking third globally." The collective valuation of the Indian startup ecosystem now stands at $349.67 billion. Bhal highlighted the immense future opportunities for Indian startups. A Tracxn report shows that India secured the third spot globally for fintech funding in Q1 2024, with a 59% increase from Q4 2023, showcasing the sector's resilience and growth.

French AI Startup H Raises $220M in Remarkable Seed Round

Paris-based AI startup H, formerly Holistic AI, has secured an impressive $220 million seed round shortly after its inception. Founded by a stellar team including Stanford researcher Charles Kantor and four former DeepMind scientists, H aims to develop AI agents that enhance worker productivity. Notable investors include billionaires Eric Schmidt, Xavier Niel, and Bernard Arnault, as well as VC funds like Accel and Eurazeo. The financing is split between equity and convertible debt, with 40% as traditional equity. H plans to achieve artificial general intelligence (AGI), although this remains a challenging goal. The company has rapidly assembled a team of 25 engineers and scientists, reflecting its ambitious vision and swift operational pace.

Chennai's Truliv Secures $1.5M Pre-Seed Funding for Co-Living Expansion

Chennai-based co-living and holiday homes startup Truliv has raised $1.5 million in a pre-seed round led by Conquest Global Ventures VCC and Vara Future LLP, valuing the company at Rs 60 crore post-money. Co-living offers high-quality, shared rental accommodation, driven by millennials seeking convenience and community living. According to Colliers International, the co-living sector in India has over 50 operators, yielding 7-9% returns, with around 210,000 organised beds. Truliv co-founder Rohit Reddy stated that the funds will help expand their co-living beds in Chennai to 7,000 and holiday homes across Tamil Nadu to 36 by 2025. Founded in 2019, Truliv aims to redefine alternate real estate by catering to diverse demographics.

KonProz, a Generative AI Startup, Secures $700K Funding Round

Generative artificial intelligence (GenAI) startup KonProz has raised $700,000 in a funding round led by Dr. Ruchi Parekh, RDB Group, and various angel investors. The funds will be utilised to develop GenAI intellectual property for the legal sector, expand the team, and scale operations to enhance KonProz's platform capabilities. Founded by Piyush Chopra and Shiladitya Dash, KonProz creates SaaS solutions for the legal, tax, and regulatory domains. Their flagship product, KonProz GPT, is the first GenAI tool specifically trained on India's legal and regulatory laws. Since its release in November 2023, it has garnered over 2,000 active users, including professionals from Big4 firms and Tier 1 law firms.

Porsche Invests in South 8 to Enhance Cold-Weather EV Performance

South 8 Technologies, a startup innovating in battery technology, has received new funding from Porsche Ventures via a SAFE note, contributing to its upcoming Series B round. South 8's breakthrough involves using a pressurised, liquified gas electrolyte in lithium-ion batteries, enhancing performance in cold weather and potentially reducing battery costs by 30%. This technology prevents the electrolyte from freezing until –100 degrees Celsius, retaining 75% energy capacity at –40 degrees Celsius. South 8's CEO, Tom Stepien, highlights the significant cost-saving potential, given that batteries constitute about a third of a car's cost. With prior investments from LG, Anzu Partners, and Lockheed, South 8 is poised to revolutionise EV battery technology, particularly in extreme cold conditions.