Flipkart co-founder Sachin Bansal has sold his remaining 7.5% stake in Ather Energy, an electric two-wheeler manufacturer. The sale included a 2.2% stake to Hero MotoCorp and a 5.3% stake to Nikhil Kamath, co-founder of Zerodha. Hero MotoCorp’s total stake in Ather has now increased to around 40%. Despite a slight decline in turnover, Ather is preparing to raise $75-90 million in initial funding from new and existing investors.
A bipartisan group of US senators, led by Senate Majority Leader Chuck Schumer, has called for a significant increase in American funding for artificial intelligence (AI) research. They argue that the US is at risk of falling behind China on AI development, which could have severe consequences for the country’s economy, national security, and global competitiveness. The senators’ plan focuses on generative AI, which can create various content in response to open-ended prompts.
TCG Real Estate, through its subsidiary, Energetic Construction Pvt. Ltd, has secured funding of ₹714 crore from State Bank of India to develop the World Trade Center project in Gurugram. The project will feature a mix of office spaces and high-street retail and is expected to have a leasable area of around 1 million square feet. The funding has been secured in the form of a loan with a tenure of 72 months and an annual interest rate of 9.6%. The project is estimated to cost ₹1211.86 crore and is located off NH8 on Sohna Road in Gurugram. It is expected to comprise four towers, with two office towers spanning 9.4 lakh sq ft and two retail towers spanning 72,407 sq ft.
Lamini, a startup founded by AI specialists Sharon Zhou and Greg Diamos, has secured $25 million in funding to develop its enterprise-focused generative AI platform. The platform is designed to address specific challenges faced by corporations, such as security, scalability, and model accuracy. Lamini claims to provide high-performance training and optimization capabilities with its unique approach called “memory tuning,” which aims to reduce hallucination in AI responses.
Health tech startup Innovaccer is in advanced discussions to secure up to $250 million in funding, valuing the company between $2.5 billion and $3 billion. The investment would support the integration and analysis of patient data across various healthcare settings. Innovaccer’s cloud-based platform aims to enhance healthcare efficiencies and accelerate industry growth.
In the wake of a massive migrant influx, Chicago residents are outraged over a proposed $70 million fund for migrants. The city’s police have reportedly arrested more than 1,000 Venezuelan nationals this year, sparking concerns about resource allocation and police safety. Despite these arrests, Venezuelans are less likely to be accused of violent crimes compared to other migrant groups.
Elon Musk’s xAI, a competitor to AI giant OpenAI, is reportedly raising $6 billion in funding, valuing the company at $18 billion. The investment round, expected to close in the coming weeks, will give investors a quarter stake in xAI. Sequoia Capital and Future Ventures, co-founded by Musk’s close associate Steve Jurvetson, are among the participating investors.
A Labour government has expressed its determination to improve the current state of social care in the UK. However, the exact amount of investment that would be allocated to this sector remains unclear. Shadow social care minister Andrew Gwynne has stated that the landscape Labour will inherit in the event of an election victory will be challenging, but the party is committed to making the case for funding.
After weeks of negotiations, Massachusetts state lawmakers have reached a compromise to provide additional funding to the state’s emergency shelter system, which has been under severe financial strain due to rising costs and an influx of migrants. The agreement allocates hundreds of millions of dollars from a state savings account to the system, while also imposing a nine-month limit on stays, with extensions available for certain individuals.
Electric bike manufacturer Ultraviolette aims to secure $100 million in fresh funding to fuel its expansion in India and abroad. The company recently unveiled its ‘advanced performance and intelligent electric motorcycle,’ the F77 MACH 2, and targets to sell 5,000 units in FY24.
