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Panasonic Taps 12 Indian Startups

Panasonic.

As part of this engagement, Panasonic will also roll out challenges for the startups and based on regular reviews the winner will be announced in March 2024….reports Asian Lite News

Panasonic Life Solutions India and Panasonic Corporation in collaboration with a leading seed stage venture capital (VC) ‘100X.VC’ on Tuesday announced that it selected 12 startups from over 140 entries received for the ‘Panasonic Ignition’ Corporate Innovation accelerator programme.

These startups will participate in the programme over the next three months. They will receive comprehensive support from both Panasonic and the 100X.VC teams, in the form of mentorship sessions, guidance, and financial resources to complete their project.

“This initiative underscores our commitment to fostering groundbreaking technologies and solutions that address the evolving needs of commercial spaces while contributing to a sustainable future,” Manish Misra, the Chief Innovation Officer, at Panasonic Life Solutions India, said in a statement.

As part of this engagement, Panasonic will also roll out challenges for the startups and based on regular reviews the winner will be announced in March 2024.

The accelerator programme has been designed by Panasonic India Innovation Centre (IIC), part of Panasonic Life Solutions India, to create a platform in collaboration with 100X.VC, where selected founders of startups, will receive investment, access to various master classes, expert mentorship, and support around product strategy, the company said.

“Due to joint efforts by both the teams, in a very short span of time, we were able to attract many applications from high-quality startups. We look forward to working with the shortlisted startups and contribute to their journey over the next 12-14 weeks” said Yagnesh Sanghrajka, Founder and CFO at 100X.VC.

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ONDC, Meta Join Forces to Boost Indian SMEs

To kick off the partnership, over the next two years, five lakh MSMEs will also be digitally upskilled through the Meta Small Business Academy….reports Asian Lite News

ONDC and Meta on Tuesday partnered to enable small businesses in India build seamless conversational buyer and seller experiences on WhatsApp through an ecosystem of Meta’s business and technical solution providers.

Meanwhile, ONDC will help these business solution providers become seller apps, bringing the businesses they service onto the ONDC Network and helping them drive commerce.

To kick off the partnership, over the next two years, five lakh MSMEs will also be digitally upskilled through the Meta Small Business Academy.

“Our partnership with Meta will not only digitally upskill these businesses but will also enable them to connect with a customer base far and wide,” said T Koshy, MD & CEO of ONDC.

“We are confident that our collaborative efforts will pave the way for millions of small businesses by providing them with the right impetus for growth,” he added.

As per its commitment to upskill 10 million small businesses across the country, Meta Small Business Academy offers a certification to empower entrepreneurs and marketers to gain critical digital marketing skills to grow on the Meta apps.

Sandhya Devanathan, Vice President, Meta in India, said that India’s digital transformation story is unfolding at a revolutionary pace.

“Our partnership with ONDC builds on supporting the government’s vision for Digital Public Infrastructure (DPI) and furthering our ongoing commitment to skilling small businesses and aiding this rapid digital transformation and growth story in the country,” she added.

As part of the partnership, Meta will also support Sahayak, ONDC’s WhatApp chatbot, in enhancing the services offered on the bot as the single point of seller communication and customer communication for ONDC.

Earlier this year, Meta launched the ‘WhatsApp Se Wyapaar’ programme to upskill 10 million traders across 29 states in 11 Indian languages on the WhatsApp Business app. Today, there are more than 200 million users of the WhatsApp Business app across the world, and more than 60 per cent of people on WhatsApp in India message a business account.

ALSO READ: India Takes First Place in 2023 Global Remittances

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Sky One, SpiceJet Eye Go First

Go First

This unexpected development comes weeks after a proposal deadline had passed and while lenders were contemplating the possibility of liquidation…reports Asian Lite News

Sky One, an aviation company headquartered in Sharjah, and SpiceJet have shown interest in acquiring the financially troubled airline Go First.

This unexpected development comes weeks after a proposal deadline had passed and while lenders were contemplating the possibility of liquidation.

“Sky One is interested in the ongoing acquisition but it is too premature to comment on any details,” the airline replied to IANS in an email.

The entities had approached Shailendra Ajmera, the resolution professional overseeing Go First’s corporate insolvency resolution process (CIRP), seeking permission for due diligence on the grounded airline.

The sources familiar with the development said that the entities had also requested a deadline extension.

A decision on the extension is pending, awaiting discussion in the creditors’ committee meeting.

Considering no bids were received by the November 22 deadline, lenders are contemplating the possibility of liquidation for the airline, according to reports.

“Please note that SpiceJet Limited (the ‘Company’ or ‘SpiceJet’) has expressed interest with the Resolution Professional of Go First and wish to submit an offer post diligence, with a view to creating a strong and viable airline in a possible combination with SpiceJet. The Board of the Company has recently approved and initiated the process of raising fresh capital of about $270 million to strengthen its financial position and provide resources to invest in growth plans,” SpiceJet said in a BSE filing on Tuesday.

On December 12, the Board of Directors of SpiceJet had approved the raising of fresh capital of over Rs 2,250 crore through the issuance of equity shares to financial institutions, FII’s, HNI’s and private investors aimed at fortifying the airline’s financial strength and accelerating its growth trajectory.

Recently, Ajmera had submitted an affidavit in the Delhi High Court stating that 2,278 employees remain on the rolls of Go First, out of which none are at present reporting to work.

“Various personnel of the engineering and records team who were required to undertake maintenance activities have either gradually resigned or are not reporting to work due to non-payment of salaries,” read the affidavit by Ajmera.

“As on insolvency commencement date the number of employees on the rolls of the Corporate Debtor stood at approx .. 4,621. However, as of 10.10.2023, approx ..2,278 employees remain on the rolls of the xompany, out of which none are at present reporting to work,” it said.

The affidavit came after the lessor filed a contempt petition, alleging that Ajmera did not permit them to inspect the aircraft and did not maintain them as per court directions.

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OpenAI gives board veto power on risky AI

OpenAI discussed its updated “Preparedness Framework”, saying it will invest in the design and execution of rigorous capability evaluations and forecasting to better detect emerging risks…reports Asian Lite News

Sam Altman-run OpenAI has expanded its internal safety processes to tackle the threat of harmful AI amid increased government scrutiny.

The company said it will establish a dedicated team to oversee technical work and an operational structure for safety decision-making.

“We are creating a cross-functional Safety Advisory Group to review all reports and send them concurrently to Leadership and the Board of Directors. While Leadership is the decision-maker, the Board of Directors holds the right to reverse decisions,” it said late on Monday.

OpenAI discussed its updated “Preparedness Framework”, saying it will invest in the design and execution of rigorous capability evaluations and forecasting to better detect emerging risks.

“We will run evaluations and continually update ‘scorecards’ for our models. We will evaluate all our frontier models, including at every 2x effective compute increase during training runs. We will push models to their limits,” said the ChatGPT maker.

The goal is to probe the specific edges of what’s unsafe to effectively mitigate the revealed risks. To track the safety levels of our models, OpenAI will produce risk “scorecards” and detailed reports.

“We will also implement additional security measures tailored to models with high or critical (pre-mitigation) levels of risk,” said the company.

OpenAI said it will develop protocols for added safety and outside accountability.

“The Preparedness Team will conduct regular safety drills to stress-test against the pressures of our business and our own culture,” it added.

The company will also collaborate closely with external parties as well as internal teams like Safety Systems to track real-world misuse.

ALSO READ-‘Wealthy, white men have exclusive access to OpenAI’s tech’

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Musk backs moon base, cities on Mars

The tech billionaire has predicted that SpaceX’s Starship mega rocket can make an uncrewed mission to Mars in three or four years...reports Asian Lite News

Half a century has passed since the last Moon landing, which is disappointing for humanity and we should now aim to have a living base in space, Tesla and SpaceX CEO Elon Musk said on Monday. The Apollo 11 mission in 1969 first landed humans on the Moon.

Commander Neil Armstrong and Lunar Module Pilot Buzz Aldrin landed the Apollo Lunar Module Eagle on July 20, 1969 and Armstrong became the first person to step onto the Moon’s surface six hours and 39 minutes later, on July 21. Aldrin joined him 19 minutes later, and they spent about two and a quarter hours together exploring the site they had named Tranquility Base upon landing. “Only 66 years from first flight to landing on the moon, but now half a century has passed since the last moon landing,” Musk posted on X. He said that this cannot be “our high water mark as a civilisation”.

“Humanity should have a moon base, cities on Mars and be out there among the stars,” the X owner added. Musk has bigger plans for traveling beyond Earth’s orbit. “We should have a base on the moon, like a permanently occupied human base on the moon, and then send people to Mars. Maybe there’s something beyond the space station, but we’ll see,” he had said in the past. The tech billionaire has predicted that SpaceX’s Starship mega rocket can make an uncrewed mission to Mars in three or four years.

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MediaTek, Nvidia Join Hands

The company reiterated latest announcements including MediaTek Dimensity 9300 and 8300 chipsets, combing generative AI capabilities….reports Asian Lite News

Chip making giant MediaTek on Monday said that it has partnered with chip maker Nvidia to provide a global one-stop shop for the automotive industry, designing the next-gen of intelligent, always-connected vehicles with the most advanced AI, connectivity, and computing capabilities.

At the 13th chapter of its Technology Diaries, the company outlined its commitment to drive the adoption of future-ready technologies and advancements across 5G, Generative AI, Satellite connectivity, Automotive, Cloud Computing, Connectivity and advanced 5G solutions across 5G FWA.

The company also reiterated latest announcements including MediaTek Dimensity 9300 and 8300 chipsets, combing generative AI capabilities.

“As we look forward to the next five years, we are excited to dive deeper into next-gen technology advancements to drive leadership in the Generative AI era. Our latest innovations indicate our commitment to powering incredible experiences across our diverse technology portfolio,” Anku Jain, Managing Director, MediaTek India, said at the event.

According to the company, MediaTek Dimensity Auto is a range of new automotive solutions with a comprehensive portfolio including Dimensity Auto Cockpit, Dimensity Auto Connect, Dimensity Auto Drive, and Dimensity Auto Components to empower smart vehicle technology innovation.

The event saw insightful interactions on smartphones, smart devices, networking & connectivity, MediaTek leveraging Meta’s Llama 2, and 5G Satellite NTN.

“For any electronics device, we believe that personalised experiences are going be the real differentiator for consumers going forward. That means deeper integration of advanced technologies leveraging artificial intelligence leading to a seamless, reliable, and personalised experience with a relentless focus on ultra-fast connectivity,” said Tarun Pathak, Research Director at Counterpoint Research.

The event also witnessed insightful discussions on the transformative role of technology in everyday life.

ALSO READ: Biocon Completes Global Biosimilars Transition

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Bose Invests in Noise

Amit Khatri, Co-Founder, Noise, said that the strategic alliance with Bose will be a pivotal juncture in their journey towards revolutionising the future of smart wearables realm…reports Asian Lite News

Consumer electronics brand Noise on Monday announced it has received strategic investment from Bose, a global pioneer in consumer electronics and audio.

This marks Noise’s first-ever funding – and as a part of the Series A round – which is a significant milestone for India’s largest profitable D2C business.

Amit Khatri, Co-Founder, Noise, said that the strategic alliance with Bose will be a pivotal juncture in their journey towards revolutionising the future of smart wearables realm.

“We are excited to partner with a company like Bose whose technical expertise and global experience will help us augment our capabilities and elevate our offerings,” he added.

In just less than five years of its inception, Noise has opened doors to myriad opportunities that smart wearables bring, helping unlock the potential of human excellence.

“As we looked at the opportunity to reach more people with the benefits of our technology in India, investing in Noise became an obvious choice,” said Nicholas Smith, senior vice president, strategy and business development at Bose.

Currently, a global leader in wearable tech, Noise is the No 2 TWS brand in India. Noise has also been recognised as India’s No 1 Smartwatch Brand for 13 consecutive quarters, as per IDC Worldwide Wearable Device Tracker

ALSO READ: Biocon Completes Global Biosimilars Transition

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Biocon Completes Global Biosimilars Transition

Over 10 emerging markets along with Japan, Australia and New Zealand have transitioned in this final phase of integration of the biosimilars business acquired from Viatris…reports Asian Lite News

Pharmaceutical giants Biocon Biologics has successfully completed the transition of its acquired biosimilars business in 120 countries across advanced and emerging markets, a year ahead of schedule, an official release stated on Monday.

Over 10 emerging markets along with Japan, Australia and New Zealand have transitioned in this final phase of integration of the biosimilars business acquired from Viatris.

Biocon Biologics will now have a strong commercial footprint across 120 countries with a direct presence in the United States, Canada, Europe and nine key emerging market countries, namely India, the UAE, Saudi Arabia, Morocco, South Africa, Brazil, Malaysia, Thailand, and the Philippines.

Earlier this year, over 70 emerging markets were integrated in July, the North America business was transitioned in September, and the European business in November.

Shreehas Tambe, CEO and Managing Director, Biocon Biologics, said: “I am very proud and excited that we have successfully completed the integration of the acquired business across 120 countries. The conclusion of this final wave of transition is a significant milestone and marks the beginning of Biocon Biologics’ transformation to a fully-integrated global company.

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India’s Public Cloud Market Set to Hit $17.8 bn

Public Cloud IaaS, PaaS market to reach $400 bn in 2025: IDC

Enterprises are increasingly investing in modernising applications, developing cloud-native solutions, and exploring artificial intelligence…reports Asian Lite News

The overall Indian Public Cloud services market is expected to reach $17.8 billion by 2027, growing at a CAGR of 22.9 per cent for 2022-27.

According to the International Data Corporation (IDC), the Indian public cloud services (PCS) market, including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS), revenue totalled $3.8 billion for the first half of 2023.

“Public cloud services in India have evolved beyond just cost savings and flexibility,” says Rajiv Ranjan, Associate Research Director, Cloud and AI, IDC India.

Enterprises are increasingly investing in modernising applications, developing cloud-native solutions, and exploring artificial intelligence.

“While enterprises are ramping up investments in GenAI, chatbots, and conversational AI tools, GenAI tools are specifically used for cost optimisation, application development, and workload testing use cases,” said Ranjan.

SaaS continued to be the largest component of the overall public cloud services market, followed by IaaS and PaaS in H1, 2023. The top two public cloud service providers continue to hold more than 40 per cent of the market.

Despite challenging economic conditions, leading cloud service providers are making significant investments in India. This move signals their confidence in the strong potential of the Indian market.

“Enterprises are increasingly relying on public cloud services as they drive digital transformation, and seek agility and operational efficiency,” says Harish Krishnakumar, Senior Market Analyst, Enterprise IT Services & Cloud, IDC India.

ALSO READ: Recession fears hit IT sector

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Recession fears hit IT sector

The scenario is more or less the same with global players headquartered in the US and Europe that have a major presence in Bengaluru….reports Asian Lite News

Amid gloom against the backdrop of fears of a global recession, major IT players in Bengaluru have enforced steep cuts in yearly hikes and promotions for staffers.

Bengaluru-based tech giant Infosys has given its staffers less than a 10 per cent hike this year.

The scenario is more or less the same with global players headquartered in the US and Europe that have a major presence in Bengaluru.

The phase, which began a year ago, was believed to get over in six months, but it has continued to force IT companies to take drastic measures in terms of salary hikes.

New entrants are not being considered for hikes this year.

“IT companies used to give 20 per cent yearly hikes earlier, and for those who were promoted, the hike would have been 50 per cent. This year, promotions are put on hold, and for performers who got promoted, they have been given 10 to 20 per cent hikes,” said an IT professional working for a US-headquartered company.

The scenario is reminiscent of the dreaded phase between 2007 and 2009, during which the IT sector was severely hit.

With automation and Artificial Intelligence (AI) eating into jobs, IT professionals are concerned, as the senior HR Manager of a reputed tech company reveals.

“No one knows when the phase will end, and halcyon days will come back. During the Corona phase, the demand for skilled employees in the IT sector had reached its peak. Performers were lured with advance bonuses, costly gifts like BMW bikes, and others. All that seems to be a dream now,” he says.

However, experienced workers maintain that the companies that could survive the worst of recession phases earlier will come out of it this time as well and this is a natural phase of the IT industry.

In its communication to staffers, Infosys thanked employees for their unparalleled support and efforts to overcome the current challenges and ensure success in all aspects, according to sources.

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