Your Tech Story

success story

Techtaka Secures $9.5M Funding Boost for E-commerce Fulfillment Innovation

Techtaka Secures $9.5M Funding Boost for E-commerce Fulfillment Innovation

Leave a Comment / News, Story, Tech News, Tech Story / By

South Korean startup, TechTaka, has recently secured $9.5 million in a Series B round of funding from Altos Ventures, fueling its mission to revolutionize e-commerce logistics. With a focus on providing third-party logistics services, TechTaka aims to streamline supply chain management for online sellers, freeing them to concentrate on product innovation and marketing strategies.

Empowering E-commerce Through Seamless Logistics

Techtaka Secures $9.5M Funding Boost for E-commerce Fulfillment Innovation

Image Source: startupnews.fyi

TechTaka’s flagship service, Argo, launched in March 2021, offers a comprehensive solution for warehousing, order processing, and shipping. Founded by Soo Young Yang and Kyung Wook Lee, both seasoned professionals with backgrounds at tech giants like Amazon and Coupang, TechTaka understands the importance of efficient logistics in the competitive e-commerce landscape.

A Strategic Leap Towards Expansion

With the latest funding round, totaling $18 million in investments, TechTaka is poised for expansion. The startup plans to deepen its partnerships with key marketplaces and sales channels, not only in South Korea but also in the lucrative markets of the U.S. and Southeast Asia. Already, TechTaka has established a presence in Seattle and aims to facilitate Korean vendors’ access to global platforms like Amazon and Shopify.

Innovative Solutions Driven by AI

TechTaka distinguishes itself through its integration of artificial intelligence into its operations. By analyzing shipment patterns and predicting inventory needs, Argo’s AI technology optimizes warehouse processes, reduces operational errors, and enhances delivery efficiency. According to CEO Soo Young Yang, internal research has demonstrated a 20% time savings in the supply chain process through the company’s optimization algorithms.

Strategic Partnerships for Future Growth

TechTaka’s collaboration with LG CNS underscores its commitment to innovation. Together, they plan to introduce a Robot-as-a-Service (RaaS) model to enhance warehouse operations using collaborative robotic solutions. By leveraging LG’s expertise in robotics and TechTaka’s logistics prowess, the partnership aims to further streamline fulfillment processes.

Also Read: Tinder Introduces New ID Checks in the Fight Against AI Scams and Dating Crimes

As TechTaka continues to expand its footprint and refine its operations, it is poised to make a significant impact on the e-commerce industry. With a focus on technological innovation, strategic partnerships, and customer-centric solutions, TechTaka is well-positioned to meet the evolving demands of online merchants, both domestically and internationally.

In conclusion, TechTaka’s recent funding round and strategic initiatives underscore its commitment to reshaping the e-commerce logistics landscape. With a focus on innovation and customer satisfaction, TechTaka is poised to drive efficiency and growth in the ever-evolving world of online commerce.

Armilla AI Secures $4.5M in Funding to Safeguard Business AI with Insurance

Armilla AI Secures $4.5M in Funding to Safeguard Business AI with Insurance

Leave a Comment / Story, Tech Story / By

The rapid advancement of artificial intelligence (AI) presents a world of possibilities for industries, yet alongside this potential comes concerns about its risks. To address these apprehensions and bolster trust in AI integration, Armilla AI, a Toronto-based platform, has secured $4.5 million in seed funding. Led by Mistral Venture Partners and backed by a consortium of investors including MS&AD Ventures, SixThirty Ventures, Morgan Creek Digital, and Y Combinator, along with insurance providers Greenlight Re and Chaucer, this funding marks a significant milestone for Armilla AI. The infusion of capital will fuel the expansion of their flagship product, Armilla Guaranteed, aimed at providing quality assessment and performance guarantees for AI products.

Building Confidence in AI Adoption

Armilla AI Secures $4.5M in Funding to Safeguard Business AI with Insurance

Image Source: techfundingnews.com

In a landscape where enterprises grapple with uncertainties surrounding third-party AI vendors, Armilla AI emerges as a beacon of assurance. Karthik Ramakrishnan, CEO and co-founder of Armilla AI, emphasizes the importance of instilling confidence in businesses: “Our warranties ensure they get compliant, well-performing models, with protection if anything goes wrong.” With such assurances, Armilla AI aims to alleviate concerns and facilitate smoother adoption of AI technologies across sectors.

Addressing Emerging Risks

As AI permeates various industries, concerns regarding ethical development, bias, and misuse are on the rise. A Deloitte survey underscores this sentiment, revealing that 75% of C-suite executives feel ill-prepared to manage emerging AI risks. In response to this pressing need, Armilla AI’s commitment to ethical development and risk mitigation through comprehensive assessments stands out. Raif Barbaros, Partner at Mistral Venture Partners, acknowledges Armilla’s role in navigating regulatory challenges and minimizing risk, thus making AI safer for all stakeholders.

A Safety Net for Businesses

Armilla Guaranteed offers more than just verification; it serves as a safety net for businesses hesitant to embrace potentially risky AI models. By conducting thorough assessments using cutting-edge AI/LLM evaluation technology, Armilla identifies issues such as bias, weak data, and potential performance failures. Moreover, their unique reimbursement guarantee, backed by leading reinsurers like Swiss Re, Greenlight Re, and Chaucer, provides additional financial protection and peace of mind for buyers.

Fostering Transparency and Trust

Transparency is key to fostering trust in AI adoption. Armilla’s assessments provide detailed reports, highlighting potential risks and areas for improvement. This transparency not only empowers businesses to make informed decisions but also enables AI vendors to showcase their commitment to responsible development, thereby building trust with potential clients.

Shaping a Responsible AI Future

With partnerships spanning healthcare, finance, and manufacturing, Armilla AI demonstrates the versatility of its solution across industries. Tiffine Wang, Partner at MS&AD Ventures, emphasizes the importance of responsible AI and the peace of mind it brings, particularly in the realm of emerging technologies. As AI continues to evolve, Armilla AI’s dedication to fostering trust and responsible development positions them as a pivotal player in shaping a future where AI benefits both businesses and society at large.

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

Leave a Comment / Story, Tech Story / By

UAE-founded and Saudi Arabia-headquartered fintech Tabby has recently clinched a monumental $700 million debt financing round from J.P. Morgan, propelling its plans for an initial public offering (IPO) in the kingdom.

Empowering Fintech Growth in the MENA Region

Tabby, a burgeoning financial services app in the MENA region, has struck a significant deal with J.P. Morgan, setting a regional milestone as the largest asset-backed facility obtained by a fintech company in this territory.

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

Image Source: tabby

This financing coup arrives hot on the heels of Tabby’s previous successful funding rounds, where it raised $200 million in Series D equity financing and subsequently upsized its debt facility to $350 million. With these strategic moves, Tabby is on an accelerated trajectory, positioning itself robustly in the competitive fintech landscape.

Founded in 2019 by Hosam Arab, Tabby has rapidly evolved, offering users a seamless buy now, pay later (BNPL) facility for both online and offline shopping experiences. Managing an impressive $6 billion in annualized transaction volume, Tabby’s influence in reshaping personal finance in the region is becoming increasingly evident.

The latest financial boost not only fortifies Tabby’s financial foundation but also amplifies its capability to expand its suite of financial services and shopping products. With a consumer base of 10 million and partnerships with over 30,000 retailers, Tabby aims to deepen its impact and redefine financial access and convenience across the MENA market.

Visionary Leadership and Strategic Collaboration

CEO and Co-Founder Hosam Arab expressed immense pride in achieving this milestone, emphasizing the significance of the collaboration with key investors like J.P. Morgan, Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital. This collective backing underscores Tabby’s pivotal role in revolutionizing personal finance and shopping experiences in the MENA region.

George Deves, Co-Head of Northern European ABS at J.P. Morgan, highlighted the importance of fostering a vibrant consumer lending sector, affirming their commitment to support retail credit in the Middle East through this strategic partnership with Tabby.

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, echoed the sentiment, emphasizing their belief in Tabby’s vision and its potential to reshape the future of financial services across Saudi Arabia and the broader MENA region.

Also Read: Brazil PM’s Wife Clashes With Elon Musk Over Hacked X (Twitter) Account

Tabby’s achievement further solidifies the MENA region’s growing prominence in the global fintech arena. With recent funding rounds and strategic partnerships becoming the norm, the landscape appears ripe for continued innovation and disruptive growth in the realm of financial technology.

As Tabby sets its sights on an IPO in the kingdom, its journey reflects not just its own success story but also the evolving narrative of fintech in the region, poised for transformational change.

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

Leave a Comment / News, Story, Tech News, Tech Story / By

Udaan, the B2B trade platform, has set the stage for an aggressive leap forward in its growth trajectory with the announcement of a substantial $340 million Series E financing. This funding, led by M&G Plc and joined by stalwart investors like Lightspeed Venture Partners and DST Global, marks a pivotal moment in the company’s journey toward a planned IPO.

The infusion of capital not only fortifies udaan’s financial position but also symbolizes a robust endorsement of its vision to revolutionize the landscape for small businesses. This round of funding, a blend of fresh equity investment and the conversion of debt into equity, propels udaan closer to its profitability goal within the next 12-18 months. The strategic utilization of these funds aims to bolster customer experiences, reinforce market penetration, and cultivate robust vendor partnerships.

Empowering Bharat’s Small Businesses

Central to udaan’s mission is the empowerment of small businesses and kiranas across India. The infusion of funds is earmarked to enhance supply chain efficiency, fortify strategic alliances, and augment long-term capabilities, all underpinning a sustainable business model tailored to serve the diverse needs of local businesses.

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

Image Source: tech.hindustantimes.com

Vaibhav Gupta, udaan’s Co-founder and CEO, emphasizes, “The regional-operated design will not only get us closer to our customers, but also make our operations more agile and efficient.” This underscores the company’s commitment to fostering localized engagement while ensuring operational agility—a key factor in udaan’s success story.

Since its inception in 2016, udaan has been on a relentless trajectory to transform the trade ecosystem by leveraging technology. Its operations span an extensive array of categories, including lifestyle, electronics, FMCG, and more. With a robust logistics network covering over 1200 cities and 12,500+ pin codes through udaanExpress, the platform has cemented its position as a critical enabler for B2B trade.

A Path to Empowerment

With its sights set on a burgeoning $100 billion eB2B market opportunity in India, udaan remains steadfast in its commitment to simplifying trade complexities. By empowering small businesses through technological prowess and inclusive financial practices, udaan paves the way for their success in an increasingly digital business landscape.

Also Read: How to Create and Personalize a Contact Poster in iOS 17

As udaan continues its mission to democratize trade and empower Bharat’s small businesses, this latest funding round serves as a testament to the company’s unwavering dedication and the industry’s confidence in its transformative potential.

AI Startup Sarvam Raises $41 Million to Tap India Growth

AI Startup Sarvam Raises $41 Million to Tap India Growth

Leave a Comment / Artificial Intellegence, Story, Tech Story / By

Emerging from stealth mode, Sarvam AI has revealed that it has secured a total of $41 million, as the five-month-old Indian business works to develop a range of full-stack generative artificial intelligence technologies in the most populated country in the world.

The seed and Series A investment rounds together raised 41 million dollars in capital. Together with Peak XV Partners, Lightspeed managed the Series A round as well as co-led the seed. Khosla Ventures along with Peak XV also took part in the Series A investment.

AI Startup Sarvam Raises $41 Million to Tap India Growth

Image Source: bloomberg.com

According to Vivek Raghavan, founder of Sarvam AI, the Bengaluru-based business is developing extensive language models which incorporate Indian languages, as reported by TechCrunch. The firm is also developing a platform that would let companies use large language models in their development.

Currently employing roughly eighteen people, Sarvam AI is concentrating on developing LLMs using speech as the preferred UI in India. This approach, together with its focus on local language assistance, tries to uniquely address the needs of the Indian market.

“This requires us to change the architecture of existing open models and to train them in custom ways to teach the new language. The advantage is that the resultant models are more efficient (in terms of tokens consumed) for understanding and generating Indian language than any of the existing LLMs,” said Raghavan.

techcrunch.com

About five months ago, Raghavan along with Pratyush Kumar, both former employees of information technology veteran Nandan Nilekani-supported AI4Bharat of Indian Institute of Technology Madras, founded Sarvam. Raghavan also worked with UIDAI, the organisation in charge of the widely used Aadhaar identity system in India, for more than ten years.

“I have seen firsthand the enormous value in innovating at foundational layers and deploying at population scale,” he said. “India has demonstrated that it can harness technology differently, and with GenAI we have an opportunity to reimagine how this technology can add value to people’s lives.”

techcrunch.com

Business will launch First Model in the Market in few Weeks

During the next several weeks, the business intends to release the initial model to the market.

The Sarvam investment arrives at a period in which investors across the world are scrambling to find and support AI breakthroughs, betting on the idea that innovations in the field would boost productivity across a wide range of sectors and that cutting-edge firms will generate profits that will last for generations.

Also Read: Many PlayStation Users’ Accounts Locked Out, Get Permanent Suspension Message From Sony

Despite having one of the biggest ecosystems for startups globally, India has not yet had a significant influence on the quickly developing field of artificial intelligence. There are currently no native Indian competitors standing a chance against the might of major language model behemoths like Google’s Bard, Amazon-supported Anthropic, and OpenAI’s ChatGPT.

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

Leave a Comment / Story, Tech Story / By

Microsoft has recently unveiled the Android version of its revolutionary app, Seeing AI, specifically designed to assist low-vision and blind individuals. The launch marks a significant milestone in assistive technology, providing new opportunities for independence and accessibility.

Background of Seeing AI

Originally developed for iOS, Seeing AI has been a transformative tool since its inception. The primary goal of the app is to provide a virtual ‘viewing’ experience while taking advantage of advanced technology to assist people with visual impairments.

Features of Seeing AI

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

Image Source: ts2.space

Seeing AI is packed with features like text recognition, object recognition, and scene description, all designed to enhance the daily experiences of its users.

User Interface and Accessibility

The app’s design focuses on intuitive navigation and ease of use, ensuring that its interface is accessible to everyone, regardless of their level of vision.

Technology Behind Seeing AI

At its core, Seeing AI uses cutting-edge AI and machine learning algorithms to interpret the world around its users, transforming visual data into audible information.

Benefits for Low-Vision and Blind Users

Seeing AI opens up a world of independence for visually impaired individuals, from reading printed text to recognizing faces and objects.

Challenges in Developing Seeing AI

Building an app like Seeing AI involves overcoming many technical and ethical challenges, ensuring that it is not only effective but also respectful and privacy-conscious.

Also Read: ChatGPT vs. Google Bard: Which Is Good for Data Analysis?

Future Updates and Roadmap

Microsoft is constantly innovating with plans for future updates that promise to bring even more features and improvements to Seeing AI.

Conclusion

In conclusion, Microsoft’s Seeing AI app for Android is a significant advancement in assistive technology, providing independence and a better experience for low-vision and blind individuals.