DevX was founded in September 2017 by three entrepreneurs, Rushit, Umesh, and Parth (known as the RUPaiyya trio), along with Dev Information Technology Ltd. Initially envisioned as a startup accelerator, DevX has evolved to support innovative startups by providing essential resources and fostering strategic partnerships. The company’s initiatives are structured to create synergies and facilitate the cross-pollination of ideas, driving collaborative growth and development.

Mr. Umesh Uttamchandani, Co-Founder of DevX, said, “Our new centers in Noida mark a significant milestone in our expansion strategy. We are committed to deepening our presence in tier-2 and tier-3 cities, which are essential to India’s economic growth. Our goal is to support Global Capability Centers (GCCs) and large enterprises by providing upscale, flexible office spaces that cater to their evolving needs. With our focus on delivering world-class infrastructure, scalability, and compliance with global standards, we are confident in setting new benchmarks in the managed office space sector. DevX remains dedicated to offering best-in-class work-space experiences at competitive pricing.”

Mr. Chandresh Panchal, SVP – Employee Services, QX Global Group, said, “We have been working at DevX for several years, and we genuinely enjoy the facilities they provide. Our employees appreciate the modern, well-equipped spaces, which contribute to a productive work environment. The flexible workspaces are designed to foster collaboration and innovation, which aligns perfectly with our company culture. For us, it’s lucrative because of the flexibility DevX offers in scaling our operations to meet our needs, allowing us to adjust our space requirements based on project demands. The new space in Noida is fantastic, featuring an engaging and vibrant environment that our team loves. It has enhanced our working experience and continues to support our growth and efficiency.”

As a core part of the ecosystem, DEVX also provides, round the year, a platform for industry, academia, professionals and companies to hold hackathons, seminars, events etc…to address core trends and issues. The company is planning further expand and thus consolidate it’s pan-India presence by 2024 end.

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The capital infusion will enable Rays Power Experts Pvt. Ltd. to expand its footprint and undertake new solar projects both domestically and internationally.

The company has developed six solar parks and over 300 ground-mounted projects, making it one of India’s largest solar park developers with a 95% market share in Rajasthan’s open access market.

Rays Power Experts has successfully executed numerous Solar EPC projects for the C&I segment and has a presence across ten states in India, including Rajasthan, Madhya Pradesh, Haryana, and Delhi, along with an international presence in the UK and Sweden.

The company plans to expand into other European countries and the UAE with this new funding.

Sunil Nyati, Managing Director of Swastika Investmart Ltd., said, “It has been a privilege to facilitate this crucial funding for Rays Power Experts. Their impressive track record and ambitious plans for expansion make them a key player in the renewable energy sector. Their esteemed clients include specific properties of Taj Hotels Jaipur, Radisson Blu, Marriott Hotel, The Leela, NHPC, SJVNL, Borosil, Inox Air, Jaquar, Airport Authority, Delhi Metro, and many more. This funding will allow them to capitalize on new opportunities and further their mission of promoting sustainable energy solutions.” 

Rahul Gupta, Founder and Director of Rays Power Experts Pvt. Ltd, said, “We are thrilled to secure this funding at such a crucial time. This capital will accelerate our expansion into new projects and international markets. Swastika Investmart’s invaluable support and expertise were key in securing this investment. We aim to continue leading in renewable energy solutions with these funds.” With a vision of bolstering India’s vision of embracing a healthier energy mix, Rays Power Experts has successfully installed 800MWs of solar solutions across India.

The firm has a diverse portfolio of projects across the country. Their solar energy solutions have an LCOE (levelized cost of electricity) that is cost-effective, making it financially affordable than fossil fuels and other conventional sources of energy. Rays Power Experts offers bankable solar power solutions while incorporating technology, expertise, and services. Company has executed single largest project of 187 mw in Dhadla raj for its client Rising Sun. 

The Indian solar EPC (Engineering, Procurement, and Construction) industry has experienced a robust CAGR of 15.4% from 2016 to 2024. As the world’s 5th largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030. This government support is set to further propel the sector’s growth.

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This fund will be allocated to marketing, sales, technology scaling, R&D, infrastructure and administrative expenses.

The company developing AI-powered solutions that personalize business communication for non-English speakers into both private and government infrastructures. By leveraging advanced Natural language processing (NLP) and Small Language Models (SLM), the company enables businesses to effectively reach customers in their native. Their innovative solutions address the unique linguistic needs of diverse audiences, enhancing communication and engagement.

The company was co-founded by Nakul Kundra and Himanshu Sharma, both of them having 15 years of entrepreneurial experience. Nakul Kundra, who holds an MBA in Marketing & Finance, has a rich background in business strategy and management. Himanshu Sharma, also an MBA in Marketing and a skilled coder, combines technical expertise with business acumen. Together, their diverse skill sets and extensive experience drive the innovative vision and growth of Devnagri.

Mitesh Shah, Co-Founder, Inflection Point Ventures says, “In India, where more than 700 languages are spoken, translating it is a challenging task from the perspective of accuracy, context, and cultural nuances. These issues impact communication, business expansion, and user experience. Devnagri addresses these problems by leveraging AI-powered human translation. The platform ensures precise translations, context-awareness, and localization, enabling seamless communication across diverse Indian languages.” 

Devnagri’s exceptional BLEU scores in Indian languages demonstrate its proficiency in delivering high-quality translations. By expanding its offerings to include GenAI and SLM, the company empowers businesses to create personalized content tailored to specific audiences, driving engagement and customer satisfaction.

The company’s focus on Tier II and Tier III cities is a strategic move to tap into underserved markets. By offering cost-effective, AI-powered language solutions, Devnagri is enabling businesses to expand their reach and build stronger connections with customers across India.

Nakul Kundra, Co-Founder of Devnagri, emphasized the company’s customer-centric approach, stating, “Effective communication is about reaching the receiver. Our focus on hyper-local communication empowers businesses to connect with their audiences in their own language.” He further highlighted the company’s vision of offering private cloud infrastructure to ensure data security and control for enterprise clients.

Devnagri’s achievements have been recognized with prestigious awards, including the TieCon Award 2024, the Graham Bell Award 2023, a feature in the special edition of Shark Tank India 2022, and recognition as NASSCOM’s Emerging NLP Startup of India.

The opportunity market for Devnagri is valued at $100 Billion Globally by 2030 ($53 Billion in India growing at a CAGR of 6.7%) which keeps on growing with the growth of all content rich industries. As the language industry is just getting form in India, it will further create sub industries and will change the way of communication for everyone.

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New and existing strategic and financial investors participated in this round, including AstraZeneca, Hat Technology Fund 4 by HAT SGR, HV Fund by Hitachi Ventures, and Leaps by Bayer.

This round, combined with investments from industry partners since its Series C round, brings Huma’s total raised capital to over $300 million.

Additionally, Huma is launching the Huma Cloud Platform, a technology ecosystem designed to accelerate the development and launch of digital health projects.

The Huma Cloud Platform offers no-code configuration for regulated disease management tools, a library of pre-built modules, device connectivity capabilities, cloud-agnostic hosting, readily available APIs, integration capabilities, and the ability to host and deploy diagnostic and predictive AI algorithms. This suite aims to advance digital-first care and research, reducing the time to develop and launch digital health products from years to mere days.

Now available to customers, the platform comes equipped with a Software Development Kit (SDK) to facilitate the accelerated development of similar applications or embed functionalities into existing solutions.

Huma’s technology has powered projects in over 3,000 hospitals and clinics, engaging and screening over 35 million individuals, with 1.8 million active users across its products in more than 70 countries.

Huma collaborates with over half of the top 20 pharmaceutical companies globally and has been involved in major national healthcare projects. Partnerships with organizations like Google have facilitated the development of new AI models, such as the “10x Nurse” feature, which reduces administrative tasks and brings automation to the patient review process, maintaining human oversight. These advancements enable more efficient management of chronic diseases and real-time monitoring systems to ensure patients are on the correct treatment pathways.

Looking ahead, the combination of the Huma Cloud Platform with next-generation AI models promises to have a profound impact on digital-first care and research initiatives. It will support small startups and enterprises in launching the digital solutions they need, emphasizing project or venture success over scaling technology or managing regulatory burdens.

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A decade after the term “unicorn” was made to mark private startups valued at $1 billion or more, the number of these companies hit more than 1,500 globally, with a collective value of more than a whopping $5 trillion. But joining the global unicorn club has become much harder than before despite huge investor interest in some markets.

According to Crunchbase data, only 95 companies joined the global unicorn list last year, one-third of the figure seen in 2022 and six times less than the number of new unicorns in 2021, still the record year by the number of new $1 billion worth startups.

Of the 95 companies that hit a valuation of $1 billion or more, one-fifth, or 20, were from the AI sector, mainly from the generative AI market. These companies have collectively added more than $35 billion in value to the global unicorn club. Statistics show fintech was the sector with the second-highest number of new unicorns, with 14 in 2023. Cleantech, energy, and semiconductors followed with 12 and 9 new unicorns, respectively. Analyzed by geography, almost half of all new unicorns were from the United States. Another 24 were from China, while India and the United Kingdom had three.

With 20 new companies joining the global unicorn list in 2023 and three more in the first quarter of this year, the total number of startups in the AI sector valued at $1 billion or more hit 214.

The generative AI company, OpenAI, is the most valuable among them, with a valuation of $80 billion as of this month, $15 billion more than the Chinese ecommerce giant Stripe or the US payments provider, Stripe. Statistics show Databricks is the second most valuable AI unicorn globally, with a valuation of $43 billion. The San Francisco-based AI safety and research company, follows with a $16 billion valuation, respectively.

The full story and statistics can be found here:  https://altindex.com/news/ai-companies-unicorns

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The funds will be utilized to further enhance AutoVRse’s foundational enterprise product, “VRseBuilder”. It will also help AutoVRse expand its team with top-tier talent, and spearhead expansion efforts in the United States and expand their product suite.

The company also plans to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion.

The company said VRseBuilder is “an end-to-end modular technology stack and SAAS platform to integrate VR into workflows of industries like manufacturing, construction, engineering, oil and gas, automotive, replacing ineffective manual instruction and/or expensive simulation techniques for purposes ranging from safety training, to sales and collaborative remote work.”

VRseBuilder offers a comprehensive suite of tools, including a VR content library, a VR-native Learning Management System, a deployment platform, and a Unity SDK with a user-friendly no-code editor. This modular approach enables enterprises to embrace VR technology for purposes such as training, design, and sales, thereby enhancing efficiency and safety while reducing costs.

Ashwin Jaishanker, and Adarsh Muthappa, Co-founders of AutoVRse, “Virtual Reality (VR) wields transformative potential across diverse industries. Our enterprise solutions offer a world-class, ready to use, modular technology stack with SAAS-enabled deployment for purposes ranging from worker safety training, to sales training and remote work design collaborations. An example of the real-world impact of our VR tech was our partnership with UltraTech Cements, where we deployed VR safety training modules across 51 plants in India and trained 50,000+ workers in VR—reducing factory incidents and saving lives. We leverage our in-house game studio to test, iterate, experiment and deliver immersive and cutting-edge innovative experiences for our enterprise clients. This cutting-edge research and cross-pollination of technology has also helped us create an immersive gaming experience with an original IP like District M.  Our vision is to build a foundational VR-OS (VR operating system) for enterprises, alongside world-class, meaningful, social, and fun experiences for consumers.”

Salone Sehgal, Founding General Partner of Lumikai, said, “AutoVRse’s technology and solutions for enterprises, compete with the global best. Their focus on innovation and providing scalable, VR-led solutions for very real problems facing heavy industries, coupled with their innovative, state-of-the-art gaming studio, is a powerful combination—paving their rise to becoming a world leader in the VR space. At Lumikai, we are super excited to be lead investors and partner with Ashwin, Adarsh, and the AutoVRse team to build a world-class, enduring AR/VR company.”

Yash Kotak, Founder and CEO of Jumper.ai, who said “Jumping into AutoVRSe was a no brainer. Right from the get-go with the founders and the team, I could feel the energy, the focus, and that unstoppable drive to conquer the VR scene. With its fundamentally strong tech, flawless execution, and a sky-high market potential, investing was a total blast from day one.”

Co-founder of TensorFlow and Inference.io, Rajat Monga, also added “AR/VR is where we are all headed, and with Oculus Quest (and now Apple Vision Pro), people think of consumer apps. I loved how Ashwin and the team understood the space and focused on enabling enterprises to bring their ideas to reality.”

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Tentacle has recently entered the field of ground power unit (GPU) manufacturing by launching its innovative new product, Tentacell. It marks an important step forward in the government’s Make in India initiative and the company’s commitment to delivering cutting-edge technology with a focus on performance, efficiency, and user satisfaction. The product recently received Innovation Excellence Award at the recently concluded Wings India 2024, held during January 18-21 in Hyderabad.

Tentacell is crafted as a next-generation smart GPU, specifically designed to elevate aviators’ performance and efficiency to unprecedented heights. With a focus on aviator comfort and ergonomics, Tentacell redefines the core purpose of a GPU, offering a seamless blend of cutting-edge technology and user-centric design for an unparalleled GPU experience in aviation.

It is a next-generation smart GPU that redefines simplicity and groundbreaking innovation. Proudly made in India, it is the world’s first Internet of Things (IoT)-enabled portable GPU. Boasting a feather-light design with a 50% weight reduction compared to traditional GPUs, Tentacell prioritizes manoeuvrability and ease of use. Its 75% efficiency enhancement during startup and charging propels operational speed to new heights, ensuring swift and reliable GPU performance.  However, Tentacell aims to be more than just a GPU; it’s a commitment to sustainability. The inclusion of a unique Solar Power Unit reduces dependence on traditional power sources, cutting costs and minimizing the environmental footprint. With a built-in Battery Management System (BMS) ensuring safety and longevity, Tentacell stands as a beacon of reliability. Be it aviation, defense, medical evacuations, or research, Tentacell’s versatility across aircraft and diverse applications showcases its adaptability. The IoT integration enables remote monitoring, providing real-time insights into GPU health and usage.

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The funds raised in this round will be utilised towards expanding BuyEazzy’s presence to 40+ cities, onboarding 2M+ offline users, and continuing to disrupt the traditional supply chain in Bharat.

The company is currently operational in 10 Tier 2/3 cities in Karnataka and Tamil Nadu and plans to reach 40+ cities in the near future.

Founded in May 2021 by Rahul Aggarwal and Hariher B, BuyEazzy caters to consumers’ unfulfilled beauty and wellness needs in Tier 2+ cities, where access to a wide assortment of beauty products is limited. By leveraging the trust between neighbourhood store owners and consumers, BuyEazzy offers a convenient online shopping experience with access to a wide assortment, competitive prices, and reliable delivery.

E-commerce penetration for beauty in these regions is less than 5%, primarily due to the trust deficit between online platforms and offline users, long delivery times, and product authenticity and quality issues.

The startup earlier raised $1 Million in August 2022.

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The StartUp Mumbai Challenge named ‘Forever Planet’ signifies a forward-looking commitment to nurturing early-stage startups, specifically focusing on sectors like sustainability, entertainment, media, sports, and lifestyle enhancement. Beyond being a competition, it offers a transformative journey, providing selected startups with robust support, funding, mentorship, and market access through Turbostart’s extensive network. 

Participating startups would get the unique opportunity to receive mentorship from some of the brightest entrepreneurial minds and also funding up to USD 500000.

The panel of Mentors for the StartUpMumbai Challenge are some of the most inspirational leaders in business and innovation: Anand Mahindra, Chairman- Mahindra Group, Ronnie Screwvala, Chairman- Swades Foundation, Vikas Agnihotri, Director- InMobi and GlobalBees, Kaustubh Dhavse, Joint Secretary and OSD to the Deputy Chief Minister- Govt of Maharashtra and Harsh Jain, Founder-Dream11.

Highlighting the importance of StartUp Mumbai Challenge, Hon’ble Minister of Tourism and Rural Development, Shri Girish Mahajan said, “The launch of this ‘Forever Planet’ challenge will position Mumbai as a global nucleus for innovation and sustainable development. This ground-breaking StartUp Mumbai Challenge is a call to action for budding entrepreneurs to contribute their transformative ideas towards a sustainable future. Accompany us on this entrepreneurial journey as we strive to establish Mumbai as a worldwide hub of innovation, originality, and dedication to a robust and sustainable future”.

Wizcraft Entertainment Agency Pvt. Ltd., known for creating immersive experiences, is a key collaborator, ensuring that the Mumbai Festival 2024 celebrates business, culture and entrepreneurship and becomes a beacon of innovation and enterprise. 

The challenge is open to all startups, demonstrating a strong founding team, innovative technology, scalability, and impactful solutions. Top contenders stand to win up to USD 500,000 in funding and various other benefits, including mentorship, market access, and branding opportunities. 

Anand Mahindra, Chairperson, the Mumbai Festival Advisory Committee, renowned global entrepreneur and esteemed mentor, exclaimed, “The initiative’s dedication to nurturing environmentally impactful startups resonates with the principles I’ve always advocated in my own business. Fostering an ecosystem where these startups can thrive and meaningfully change the landscape of sustainable innovation is vital, and I am glad to play my part.”

Ronnie Screwvala, Chairman, Swades Foundation, one of the most active investors in innovation and startups, who will be present at the event as a mentor said, “Today, as we stand on the precipice of unprecedented environmental challenges, it is imperative that we empower the next generation of innovators to drive sustainable solutions forward. The Forever Planet Challenge is an invitation to make a difference. Together, we can create a lasting impact on our planet, and I am excited to witness the innovative solutions that will emerge from this transformative challenge.”

Emphasizing on government’s efforts and intent to build a sustainable future, Kaustubh Dhavse, Joint Secretary, Govt of Maharashtra, focused on innovation, investments and startups, said “Prioritizing sustainability is crucial for our collective future. The event aligns seamlessly with our vision for positive environmental impact. This initiative reflects the power of partnerships between the public and private sectors. Anticipating impactful solutions to emerge, shaping a greener and more sustainable future.”

“The startup landscape is evolving rapidly, and sustainable solutions are not just a necessity but a strategic imperative. The Mumbai Festival’s vision for the Forever Planet Challenge presents an exciting opportunity to support and catalyze the growth of startups that will redefine the future of sustainability. One must commend the pioneering efforts of Maharashtra’s Tourism ministry, Wizcraft and Turbostart.’ said Vikas Agnihotri, Director InMobi and GlobalBees, till recently Operating Partner of Softbank Vision Fund India, a mentor at the challenge.

Harsh Jain, CEO & Co-Founder, Dream11 & Dream Sports said,“Mumbai is one of the largest start-up hubs in India, and as the financial capital, offers unlimited opportunities for entrepreneurs. The Forever Planet Challenge provides founders with a fantastic platform and underscores the pivotal role that technology can play in addressing global climate challenges. As a Mumbai start-up, it is heartwarming for us at Dream Sports to see startups receive the support they need to turn their innovative ideas into scalable solutions.”

Ganesh Raju, Founder-Turbostart, expressed enthusiasm about extending Turbostart’s successful platform to the Mumbai Festival 2024. At Turbostart, we are excited to witness the fusion of innovation and sustainability at the Mumbai Festival 2024. “Launched in 2019, Turbostart is a global fund & accelerator specializing in handpicking outstanding early-stage startups through a unique cohort format. Over the last four years, Turbostart has invested in approximately 40 startups, nurturing them into industry trailblazers. This collaboration with the Mumbai International Festival 2024 aligns seamlessly with our vision, offering an unparalleled platform for eco-conscious startups to showcase transformative solutions and fostering a global movement towards sustainable entrepreneurship.”

Jayshree Bhoj, Secretary, Tourism, Government of Maharashtra said, “StartUps are the best opportunity to encourage entrepreneurship among our youth to become job creators and contribute to the country’s fast-growing economy. The StartUp Mumbai Challenge is particularly exciting with its focus on environment-friendly business ideas. We are grateful to the esteemed panel of mentors for shouldering the responsibility to guide our youth in this area. The Forever Planet Challenge not only provides a platform for these visionaries but also underscores the pivotal role that innovation plays in addressing global challenges. It is a unique opportunity for startups to receive the support they need to turn their innovative ideas into scalable solutions.”

Sabbas Joseph, Founding-Director, Wizcraft Group, emphasized, “We are not just creating an event; we are cultivating an ecosystem that thrives on innovation, resilience, and entrepreneurial spirit. Mumbai Festival 2024, with the StartUp Mumbai Challenge, is a testament to Mumbai’s unwavering commitment to progress and transformation. The StartUp Mumbai Challenge is being organised to drive attention to the need for innovation and technology to create businesses that can help align our lifestyle to being planet-friendly.” 

This challenge is more than an opportunity; it’s a call to action for all visionaries, disruptors, and change-makers. Mumbai invites the brightest minds globally to join this movement and contribute to shaping the future of a city that never sleeps.

Join us in celebrating innovation and entrepreneurship at the Mumbai Festival 2024.

For more information on the StartUp Mumbai Challenge and to participate, visit https://apply.turbostart.co/register.

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Java Capital aims to build a portfolio of startups specializing in deeptech, climatetech, and B2B solutions. Its focus on fostering technology innovation and sustainability aligns with the global demand for advancements in these domains.

The fund has already made five investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, and Frigate. Java has previously invested in companies such as Agnikul Cosmos, The Eplane Company, Cynlr, KUKU FM, Eat Better, Codingal, and YellowMetal.

The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk-adjusted returns.

Karteek Pulapaka, Co-founder and Partner at Java Capital, said: “We are deeply grateful for the trust and support of our esteemed investors and LPs, who share our vision for pioneering innovation and sustainability in the world of deep tech and climate tech startups. With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors.”

Java Capital LP Nizam, Co-Founder, Where Is My Train (Acquired by google) said, “Java capital has a clear focus on long-term bets and invests in interesting companies in deep tech. Their super transparent team helps me feel close to the startup ecosystem as an LP. Trustworthy fund in the market.”

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