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Ola Raises $ 36 Million From New York Based Hedge Fund

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Ola Business Raises,New York Based Hedge Fund,Hedge Fund,ola latest news,Ratan Tata,Ola CEO,ola cab news,Startup Stories,Latest Business News 2017

Ola, homegrown cab hailing startup, has raised $ 36 million from Tekne Capital Management, a New York based hedge fund, according to filings with the Registrar of Companies.

VCCircle reported, the company allocated 171,173 fully and compulsorily convertible preference shares at Rs. 13,521 apiece. Delaware based Tekne Private Ventures III LP invested Rs. 167.15 crores for about 1.23 lakh shares while 47,548 shares worth Rs. 64.28 crores were issued to Tekne Private Ventures I Master from the Cayman Islands.

The new shares were allotted at the same price at which Ola raised $ 104.4 million from Falcon Edge Capital and Ratan Tata’s RNT Capital Advisers. According to the filings, these shares were allocated on 7 June 2017, after a board resolution was passed on May 29. Ola’s valuation could not be ascertained as it is not clear whether this investment is a part of a larger funding round or if more investors are involved. In August 2015, Ola was valued to be close to $ 4.8 billion while media reports in February this year pegged its valuation to be around $3.5 billion.

In April this year, the cab aggregator company raised $ 250 million from Japan’s SoftBank Group Corp., making SoftBank Ola’s largest investor. They also raised $50 million (Rs. 322 crores) from Tekne Capital Management LLC., and were in talks with Coatue Management LLC., for raising more funds.

Ola and US based Uber Technologies Ltd., have been locked in a fierce battle to capture India’s lucrative cab hailing market. Ola has also launched local innovations better suited for the Indian market, including a bike taxi service, Ola Bike. It was also reported, Microsoft was likely to invest $50-100 million in Ola, resulting in Ola switching to Microsoft’s cloud computing platform Azure from Amazon Web Services.

For the financial year 2015 – 2016, Ola’s operating revenue jumped to Rs. 438.6 crores from Rs. 57.5 crores while their consolidated net loss tripled to Rs. 2,311.7 crores. The total expenditure surged to Rs. 3,078.19 crores from Rs. 899.7 crores the year before. At present, Ola operates in 100 Indian cities while Uber has a presence in only 29 cities.

 

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Apple to Introduce ‘LLM Siri’ for iOS 19: Here’s What We Know!

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Apple to Introduce ‘LLM Siri’ for iOS 19: Here’s What We Know!

After a significant upgrade to Siri with iOS 18 earlier this year, Apple is reportedly working on a groundbreaking version of its voice assistant, designed to rival OpenAI’s ChatGPT and Google’s Gemini. According to Bloomberg’s Mark Gurman, this new Siri will utilize an advanced large language model (LLM) to enable smoother back-and-forth conversations and handle complex requests more efficiently.

What is ‘LLM Siri’?

The revamped voice assistant, referred to internally as ‘LLM Siri,’ is being developed to replace the current version of Siri. It is expected to deliver enhanced conversational abilities and improved processing speeds, marking a major leap forward in voice assistant technology.

Key Features of LLM Siri

  • Conversational Abilities: The new Siri aims to engage in more natural and human-like conversations, allowing users to interact with the assistant more intuitively.
  • Complex Request Handling: Enhanced capabilities will enable Siri to manage sophisticated queries and tasks that go beyond simple commands.
  • Integration with Apple Intelligence: LLM Siri will leverage features from Apple’s AI initiatives, including personalized responses based on user data.

Apple plans to unveil this conversational Siri as part of the iOS 19 and macOS 16 updates, which are codenamed “Luck” and “Cheer.” These updates are slated for release in 2025, but the new Siri is likely to roll out in Spring 2026, rather than alongside the anticipated iPhone 17.

What Could ‘LLM Siri’ Offer?

The upcoming overhaul of Siri is anticipated to deliver a more intuitive and advanced AI experience, comparable to systems like ChatGPT or Gemini. Apple, known for prioritizing user privacy, is reportedly developing these capabilities in-house, ensuring stronger safeguards for personal data.

Privacy Considerations

Apple has emphasized that while it is enhancing Siri’s capabilities, it remains committed to user privacy. The LLM will be designed to process data on-device whenever possible, minimizing reliance on cloud processing and enhancing security.

Despite these advancements, Apple is unlikely to discontinue support for third-party AI integrations. Currently, ChatGPT is accessible via Siri, and Apple plans to expand compatibility with additional AI chatbots in the future.

Algorithmic Enhancements

The new Siri will utilize advanced algorithms that allow it to understand context better and respond more accurately. This includes:

  • App Intents: Expanded use of App Intents will allow for more precise control of third-party apps.
  • Contextual Awareness: The assistant will be able to consider user context—such as location and calendar events—to provide relevant responses.

Timeline for Release

  • Announcement: The new LLM Siri is expected to be announced alongside iOS 19 and macOS 16 at Apple’s annual Worldwide Developers Conference (WWDC) in June 2025.
  • Public Launch: The public release of LLM Siri may occur in Spring 2026, following internal testing phases.

Conclusion

Apple’s anticipated revamp of Siri with the introduction of ‘LLM Siri’ represents a significant shift towards more advanced conversational AI. As the company seeks to catch up with competitors like OpenAI and Google, this initiative underscores Apple’s commitment to enhancing user experience while maintaining a strong focus on privacy. With these developments on the horizon, users can look forward to a more capable and interactive voice assistant that aligns with modern expectations for digital communication.

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Prime Video Introduces Channel K: A New Hub for Korean Entertainment in India!

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Prime Video Introduces Channel K: A New Hub for Korean Entertainment in India!

Prime Video has expanded its offerings in India with the launch of Channel K, a premium Korean entertainment channel available as an add-on subscription. This new channel promises a rich array of Korean series, movies, K-pop concerts, and reality shows, catering to the growing appetite for Hallyu (Korean Wave) content in the country.

What Channel K Offers

Subscribers to Channel K can access a variety of content, including acclaimed series like Summer Strike and Personal Taste, blockbuster films such as Joint Security Area and The Battle: Roar to Victory, and exclusive behind-the-scenes footage of BTS, including the highly anticipated 2024 BTS FESTA: Message from Jin.

Content Highlights

  • Popular Dramas: Notable titles include Summer Strike, Personal Taste, and classic dramas that have garnered significant attention.
  • Blockbuster Films: Access to acclaimed films like Joint Security Area (JSA) and Our Season.
  • K-Pop Specials: Concerts and events such as NCT Nation and Made in Korea: The K-Pop Experience.
  • Exclusive BTS Content: Special features including concert footage and documentaries about the global icons.

Channel K is priced affordably at ₹79 per month, with a limited-time introductory offer of just ₹1 for the first month, making premium Korean entertainment accessible to a wider audience.

Seamless Integration for Prime Members

The new channel integrates seamlessly with existing Prime Video memberships. Subscribers won’t need additional logins or separate billing; the content is housed within the Prime Video app. This integration offers personalized recommendations, features like X-Ray, watch lists, offline downloads, and data management options for a hassle-free viewing experience.

Benefits of Integration

  • Unified Access: All content can be accessed through a single login, simplifying user experience.
  • Personalized Recommendations: Enhanced content discovery tailored to user preferences.
  • Advanced Features: Enjoy features like X-Ray for additional context on shows and movies, consolidated watchlists, and offline viewing capabilities.

Riding the Korean Wave in India

Speaking about the launch, Gaurav Bhasin, Head of Marketplace for Add-on Subscriptions and Movie Rentals at Prime Video, noted the growing popularity of Korean entertainment in India:

“Since its launch in India, add-on subscriptions on Prime Video have been instrumental in introducing international streaming services to Indian audiences. Over the years, we’ve seen tremendous love for Korean content, including series like Marry My Husband, No Gain No Love, and Jinny’s Kitchen. With Channel K, we aim to expand the selection for our Prime members and deepen their engagement with Korean storytelling.”

A Global Collaboration

Channel K is a result of a collaboration between Prime Video and IMX, an international media company. Sohn Il-Hyung, CEO of IMX, expressed excitement about bringing the channel to India:

“Our mission with Channel K is to deliver premium Korean entertainment to a global audience. Following our success in Japan, we are thrilled to partner with Prime Video to introduce Channel K in India. This initiative not only enhances accessibility to top-tier Korean content but also strengthens cultural connections between Korea and Indian audiences.”

Conclusion

With the launch of Channel K, Prime Video continues to strengthen its position as a leading platform for international content in India. By offering a dedicated hub for Korean entertainment, Prime Video caters to the increasing demand for diverse programming while fostering cultural exchange. As Indian audiences embrace the Hallyu wave, Channel K stands poised to become an essential destination for fans of Korean culture and entertainment.

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Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!

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Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!

The technology industry, known for its rapid growth, also faces scrutiny for its substantial carbon footprint. Acknowledging the urgent need for change, AIC-Synapses Innovation Foundation has partnered with Microsoft to launch the Tech Sector Decarbonization Challenge. This initiative, introduced in September 2024, aims to foster scalable solutions to help the tech sector transition to a low-carbon future.

Accelerating Cleantech Solutions

The challenge targets startups with innovations at Technology Readiness Level (TRL) 4 or higher, ensuring that proposed concepts have been validated in laboratory settings and are ready for real-world application. Recently, the initiative reached a key milestone with the announcement of its finalists, marking progress in promoting cleantech advancements.

Focus Areas for Startups

The program attracted startups specializing in various sectors, including:

  • Energy Transition: Innovations that facilitate the shift from fossil fuels to renewable energy sources.
  • Circular Economy: Solutions that promote recycling and sustainable resource management.
  • Energy-Efficient AI and Machine Learning: Technologies that optimize energy consumption through intelligent algorithms.
  • Carbon Markets: Platforms that enhance carbon credit trading and tracking.

Out of 166 applicants, 12 startups were chosen to showcase their groundbreaking ideas at the Innovation Challenge Awards.

Empowering Startups for a Sustainable Future

The finalists were awarded up to $150,000 in Microsoft Azure credits, along with training and incubation support from Synapses. Furthermore, Synapses is evaluating the winners for potential investments, further incentivizing innovation in this critical space.

Notable Finalists

The selected startups presented a range of solutions tackling climate change. Some notable entries included:

  • Greengine (Kanpur): A microalgae-based carbon capture system aimed at reducing atmospheric CO2 levels.
  • Terano (Gurugram): A blockchain platform designed for carbon credit trading, enhancing transparency and efficiency.
  • Other innovative companies like LivNSense GreenOps, Flock Energy, and Bhumi Technologies showcased pioneering technologies focused on sustainability.

Industry Leaders Champion Decarbonization

Synapses Co-founder Ruchira Shukla highlighted the importance of corporate involvement in achieving sustainability goals:

“Through this partnership with Microsoft, we are enabling startups to tackle climate challenges while helping the tech industry embrace a low-carbon future.”

Microsoft’s Alok Lall, COO of India & South Asia, reiterated the company’s dedication to climate action:

“This challenge nurtures impactful solutions that redefine the environmental footprint of the tech sector.”

A Platform for Change

The program’s culmination took place at Microsoft’s office, where an esteemed panel of experts evaluated the startups’ innovations. Panelists included representatives from leading incubators such as AIC IIITH and Villgro, corporate entities like Nasscom and IEEMA, and think tanks like Invest India and the OMI Foundation.

This diverse group of stakeholders provided valuable feedback, helping startups refine their approaches and gain critical exposure.

About Synapses

Founded by IIT alumni Ruchira Shukla and Karthik Chandrasekar in 2020, Synapses is a $125 million venture capital fund dedicated to addressing climate and health challenges through STEM-based innovations. The organization bridges the gap between scientific breakthroughs and commercialization, fostering market leaders in cleantech.

Future Aspirations

This partnership with Microsoft underscores Synapses’ commitment to empowering startups to revolutionize sustainability efforts, paving the way for a cleaner, greener tech industry. By 2025, Synapses aims to significantly increase its portfolio of sustainable technologies and establish itself as a leader in climate innovation.

Conclusion

The collaboration between Synapses and Microsoft through the Tech Sector Decarbonization Challenge represents a significant step toward addressing the pressing issue of carbon emissions in the tech industry. By supporting innovative startups focused on sustainable solutions, this initiative not only aims to reduce the environmental impact of technology but also fosters a culture of accountability and responsibility within the sector. As these startups develop their technologies further, they hold the potential to drive meaningful change in how businesses approach sustainability in an increasingly digital world.

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