Tag Archives: startups

IBM Acquires Bengaluru-based Prescinto, Expands Into Renewable Energy CMS Software

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IBM has announced its acquisition of Bengaluru-based Prescinto, a leading provider of asset performance management (APM) software for the renewable energy sector. While the financial details were not disclosed, this strategic move aims to strengthen IBM’s Maximo Application Suite (MAS), a platform focused on asset lifecycle management.

This acquisition will enhance IBM’s foothold in the rapidly growing energy and utilities market, where companies are increasingly looking to optimize their wind, solar, and energy storage assets. By incorporating Prescinto’s AI-powered tools, IBM plans to offer enhanced monitoring, analytics, and automation capabilities for renewable energy operations.

According to IBM, the global utilities asset management market is projected to grow from $4.3 billion in 2022 to $12.4 billion by 2031, at a compound annual growth rate of 11.3%. The rising demand for these solutions is fueled by the global shift toward renewable energy, as companies seek to reduce emissions and lower energy costs.

Prescinto’s technology helps energy firms streamline operations by providing real-time tracking of energy production and storage assets. The platform identifies performance bottlenecks and delivers actionable insights, allowing companies to maximize returns on their renewable energy investments.

IBM’s Maximo Application Suite is already widely used across sectors such as water, natural gas, oil, and nuclear energy. With Prescinto’s capabilities, IBM aims to better support its clients’ sustainability and net-zero goals by offering more advanced tools for managing renewable energy assets.

Founded in 2016, Prescinto operates in 14 countries, managing 16 gigawatts of renewable energy assets. The acquisition aligns with IBM’s strategy to lead the digital transformation of the energy sector.

Recently, IBM’s Maximo platform was ranked first in IDC’s 2023 global market share report for asset lifecycle management, holding a 10.8% share. This acquisition is expected to further solidify IBM’s leadership in the sector.

Indian Startups Raise $93 Million Despite Slower Week Amid Funding Dip

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BENGALURU, Oct 5, 2024: In a relatively quiet week for Indian startups, 21 companies raised nearly $93 million across 16 deals, signaling a significant drop compared to the $461 million raised by 29 startups just a week prior. This week’s tally included four growth-stage deals and 12 early-stage fundings.

Agriculture supply chain startup Waycool secured Rs 100 crore (approximately $12 million) in debt financing from Grand Anicut. The company specializes in purchasing fresh produce, including dairy, directly from farmers and supplying it to retailers and restaurants.

In fintech, Basic Home Loan raised $10.6 million (Rs 87.5 crore) in a Series B round led by Bertelsmann India Investments (BII) and CE-Ventures. The funding will help the platform expand its reach in the home loan market.

Millet-based snack brand Troo Good attracted Rs 72 crore in funding, led by Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments, according to Entrackr.

Among the 12 early-stage deals, Mstack, a chemical manufacturing platform, led the way with a significant share of the $59.05 million raised. Drone technology company IG Drones secured $1 million in its first funding round, led by India Accelerator and angel investors.

Meanwhile, mental health startup LISSUN raised $2.5 million from RPSG Capital Ventures and other investors.

Geographically, startups from Bengaluru and Delhi-NCR dominated the funding scene, each securing seven deals. Mumbai, Hyderabad, and Chennai also saw activity.

Broader Funding Trends

In the third quarter of 2024 (July-September), domestic startups raised more than $4 billion, driven by multiple transactions over $300 million and $200 million. The period saw 85 growth and late-stage deals totaling $3.3 billion, while 207 early-stage deals accounted for $754.26 million.

From January to September, India’s tech startup ecosystem garnered $7.6 billion in funding, producing six new unicorns. The IPO market also witnessed a surge, with 29 tech companies going public in 2024 (year to date), up from 15 in the same period last year, according to Tracxn.

Despite this week’s slowdown, the broader landscape remains resilient, with the potential for continued growth in the Indian startup ecosystem.

Boosting Space Startups: India’s Bold Rs 1,000 Cr Fund Redefines Skies For Private Players

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India’s space sector is set to receive a significant boost with the government earmarking Rs 1,000 crore for a venture fund dedicated to space startups. This decision, announced by Science and Technology Minister Jitendra Singh, is a clear indication of the high priority the government gives to the space sector.

The announcement was made within the first 100 days of the Modi 3.0 government, reflecting the administration’s commitment to fostering innovation and entrepreneurship in this strategic sector.

The venture fund is part of a broader strategy to open up the space sector to private players. About four years ago, the government took a revolutionary step to allow private participation in the space sector. This led to the establishment of New India Space Limited (NISL), a new PSU, and IN-SPACe India, an interface with the private sector.

The results of these initiatives have been remarkable, with a quantum jump from just a single-digit startup to more than 200 space sector startups within a short span of time.

The government’s support for space startups is not limited to financial assistance. It has also allowed 100% Foreign Direct Investment (FDI) in the space sector, a move that has proved to be a significant boost for new initiatives and entrepreneurs. This policy has contributed to the growth of startups in India, which has increased from 350 in 2014 to more than 1.5 lakh, raising the country to number three in the world ecosystem.

Government’s Broader Strategy for Space Sector

The government’s focus on the space sector is part of its broader strategy to promote innovation, startups, and the ‘Make in India’ initiative. The Union Budget 2024-25 reflects this strategy, with significant support for the manufacturing sector, particularly through its focus on MSME clusters.

The introduction of easy financing and credit guarantee schemes, along with the facilitation of collateral-free term loans for the purchase of machinery and equipment, will greatly enhance the manufacturers and suppliers network.

The budget also abolished Angel Tax for investors, a move that could indirectly benefit space startups. The government has also introduced reforms that simplify regulatory frameworks and encourage private investment in space activities, such as satellite launches and space-based services.

These measures collectively aim to create an ecosystem that nurtures space startups, encourages innovation, and positions India as a major player in the global space industry.

The Rs 1,000 crore venture fund holds significant importance in the context of India’s overall space program and its goals. It encourages innovation and entrepreneurship in the space sector by providing a financial safety net for startups to develop cutting-edge technologies and applications. This is crucial for India’s aspirations to be a leader in space technology.

Significance of the Venture Fund

By supporting private space startups, India is diversifying its space industry beyond the Indian Space Research Organisation (ISRO), fostering a competitive and dynamic ecosystem that can lead to more rapid advancements. The fund aligns with India’s push for ‘Atmanirbharta’ (self-reliance), reducing dependence on foreign technologies and promoting indigenous development of space capabilities.

Space startups are potential engines of economic growth, creating jobs in high-tech sectors and contributing to the overall GDP through innovation and commercialization of space services. By nurturing startups, India can compete in the global space market, offering services and technologies that can be exported, thus enhancing its international standing in the space community.

The fund signals the government’s commitment to supporting the startup culture, especially in niche sectors like space, which can inspire more young minds to pursue space-related careers and entrepreneurship. It enables the development of technologies that can support ambitious projects like Gaganyaan (India’s human spaceflight program) and other scientific missions, as well as commercial ventures like satellite launches and space-based services.

India and Portugal: Modi Trumps up Support for start ups

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In his latest foreign visit to Portugal, Indian Prime Minister Narendra Modi signed MoUs in Lisbon for creation of an India Portugal Space Alliance and launched a unique startup Portal – the India-Portugal International StartUp Hub (IPISH) – in Lisbon.

While the agreements will promote India’s science and technology partnership with Portugal, towards the establishment of a unique Centre on the Azores Archipelago – the Atlantic International Research Centre for trans-Atlantic and north-south cooperation, both countries vowed to create an international network of research and academic organizations to foster a new climate, earth, space and marine research.

With respect to space, cooperation is expected to include development and cooperation of next generation nano and micro satellites. On marine sciences, the project would enable India to study the atmospheric and ocean behaviour of the Atlantic and its linkages with weather patterns including the Monsoon.

The India-Portugal International StartUp Hub (IPISH) is a platform initiated by Startup India and supported by Commerce & Industry Ministry and Startup Portugal for entrepreneurial partnership hosting a range of tools to provide information on the start-up hot spots of Bangalore, Delhi and Lisbon, including policy, taxation, and visa options. It will develop a Go-To-Market Guide too, said a joint statement.

IPISH is expected to help in mutual capacity building, and enable connections between start-ups, investors, and incubators from relevant sectors. It is also expected to establish a network of honorary ambassadors based in India and Portugal to guide start-ups from both countries.

There are strong complementaries between India and Portugal in the start-up sector as Portugal has one of the highest rates of business creation in Europe and has emerged as one of the most vibrant European eco-systems for entrepreneurship.

Lisbon is hosting the Web Summit – a key annual international technology conference – for 3 years from 2016 onwards and in the last Web Summit, more than 700 participants from India participated and the number is expected to go up further this year.