Digital Startup news roundup – Week ending 24th December


Roundup of news and ideas from the world of startups – Week ending 24th December

News you can use

MyDigitalStartup.org announces the release of the report “Top 10 technology trends to watch in 2018” – Digital-disruptors continued to reshape businesses and industries, a trend likely to accelerate in 2017. Digitization is a clear mandate for corporate executives and business leaders, and enterprises reimagine and reconstruct themselves to compete in the digital economy.The report will help CIOs and senior IT executives gain insights on the emerging technologies and help them navigate through this period of change. These predictions lay out myDigitalStartup’s vision for the ten most important trends that corporate executives must watch for. PDF copies of the report are available for FREE

 

Amazon offers A.I focused consulting services Amazon, at its big cloud conference AWS  Re:invent announced two key developments in the area of artificial intelligence. AWS is opening a machine learning lab, ML Solutions Lab, to pair Amazon machine learning experts with customers looking to build solutions using the AI tech. It is also releasing new features within Amazon Rekognition, Amazon’s deep learning-based image recognition platform that includes real-time face recognition and the ability to recognize text in images.

Snap expands accelerator program overseas – Snap Inc. is spending money twice as fast as it can make it. The Snapchat parent needs more advertising, stat. So the Silicon Beach startup is expanding the accelerator program it launched in the United States in October to Europe, the Middle East and Africa, reported VentureBeat.

Corporate M&A and deals

Allianz invests $96mn in Ugandan startup, BIMA – BIMA, a microinsurance startup based in Uganda, has announced that it has received $107mn in financing, including a $30mn growth round. The main investment comes from Allianz X, the digital investment unit of European financial service firm, Allianz Group, which funded BIMA with $96.6mn.

2017: When India’s startups came of age, herded by Softbank’s big bucks – Unicorns topped the list of the most-funded internet companies in India this year, according to data from Tracxn.

  • Flipkart    $2.9 billion
  • Ola    $1.9 billion
  • Paytm    $1.4 billion
  • OYO Rooms    $260 million
  • Paytm Mall    $200 million
  • Delhivery    $138 million
  • Just Buy Live    $99.81 million
  • Pi DATACENTERS    $90 million
  • Druva    $80 million
  • Swiggy    $80 million

 

 

Startups that failed last week

Best Buy’s digital partner for gadget rental, Lumoid, shuts down –  Lumoid, a startup founded to help Best Buy offer gadget rentals has shut down after four-and-a-half years. The startup graduated from the Y Combinator incubator program in 2013 and went on to raise a few million dollars in venture capital.

Ratan Tata Backed Online Fashion Startup Kaaryah Pulls Down Shutters As Per CEO Nidhi Agarwal, The Gurugram Based Startup Closed Shop Due To Lack Of Funds. Commenting on the development, Kaaryah founder and CEO Nidhi Agarwal said, “It was not sudden. We have been trying to raise funds for the last 18 months. We had broken even twice in 30 months. Honestly, my aspiration for the brand was to take it to $15.6 Mn (INR 100 Cr) revenues within 4-5 years of having started it.”

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