AI firm Scale AI receives funding to expand AI data center, Chequer and Kolon secure fresh capital, Google plans to acquire minority share in Flipkart, and additional news
In a series of significant investment deals, several companies across various sectors have secured funding to fuel their growth and innovation. Here's a roundup of the latest developments:
Artificial Intelligence Companies Secure Funding
Scale AI, an artificial intelligence data infrastructure company, has raised USD 1 billion in a financing deal, bringing its valuation to USD 13.8 billion. The company's mission is to create a "data foundry for AI" to develop the essential data needed to enhance AI capabilities, moving one step closer to achieving artificial general intelligence (AGI).
Elon Musk-founded xAI is also reportedly close to raising funding at a USD 24 billion valuation. The exact details of the funding round are yet to be disclosed.
Funding Boost for E-commerce and Fintech Companies
Vaaree, an e-commerce platform for home furnishing and decor products, has raised INR 207.8 million in a pre-Series A funding round. The deal was led by Accel and included participation from Y Combinator, Nat Friedman, Index Ventures, Founders Fund, Coatue, Thrive Capital, Spark Capital, Nvidia, Tiger Global Management, Greenoaks, Wellington Management, Cisco Investments, DFJ Growth, Intel Capital, ServiceNow Ventures, AMD Ventures, WCM, Amazon, Elad Gil, and Meta.
Honest Bank, a Singapore-headquartered fintech and financial services company, secured an additional USD 2.5 million in Series B funding. The exact investors involved in this round are yet to be disclosed.
Foxy, an online retailer focused on beauty, grooming, and cosmetic products, has raised INR 216 million in an ongoing funding round. More details about the investors are awaited.
South Korea-based Companies Secure Investments
Papa Mobility, a South Korean mobility service provider, is reportedly close to securing KRW 12.4 billion in investment from South Korea's Kolon Group. This would be Kolon's fourth investment in Papa Mobility, bringing their total investment to KRW 32.9 billion. Kolon is planning to invest an additional KRW 12.4 billion in Papa Mobility.
Chequer, a developer of cloud-native security solutions, has secured USD 27.8 million in a strategic investment round. The exact investors involved in this round are yet to be disclosed.
HoneyNaps, a South Korean company specializing in AI-driven sleep data analytics, bagged USD 11.6 million following the completion of its Series B funding round. The investors include Shinhan Venture Investment, Salesforce Ventures, and Z Venture Capital.
Other Notable Developments
Mynvax, a Bengaluru-based biotechnology startup, has raised INR 216.3 million in an extended Series A funding round.
Google is investing USD 350 million in Flipkart's latest funding round. The details of this investment are yet to be disclosed.
Lastly, Chequer, the developer of QueryPie, a platform that helps businesses manage their data and development infrastructure in one place, has secured its funding details. The Series B financing of HoneyNaps amounted to $11.6 million, led by Bessemer Venture Partners.
These investments underscore the growing interest in innovative technologies and businesses across various sectors, signalling a promising future for the global tech and finance landscape.
