What’s New Today: Mindgrove Raises $8M for 2025 Launch of First Chip
Fast-Track Insights: VCs Remain Bullish on Indian AI Startups Despite Funding Crunch
Here’s a quick rundown of the biggest tech headlines making waves today. From the Mindgrove Raises $8M to AAI Recruitment 2024, let’s dive into the top tech stories of the day.
Chennai-based Mindgrove Technologies, a fabless semiconductor design startup, raised $8M in a Series A round co-led by Rocketship.vc and Speciale Invest, with participation from other investors. The funds will support the commercial launch of its Secure IoT microcontroller SoC, team expansion, and enhanced engineering capabilities. Mindgrove also received ₹15 crore under India’s Design Linked Incentive (DLI) scheme for developing a Vision SoC for edge computing. With a prototype of its Secure IoT chip already unveiled, the startup aims for commercial sales by mid-2025. Incubated at IIT-Madras, Mindgrove plans to grow from 40 to 100 employees in two years.
Venture capital investors remain optimistic about application-layer AI startups in India, despite a 26% decline in funding to $747 million in 2024. The number of deals increased to 121, with startups leveraging mature platforms to build vertical AI applications. Notable investments include Zeplyn, Neysa, and Krutrim AI, which became a unicorn. While the US dominates foundational models, India sees opportunities in infrastructure and application layers, supported by the government’s ₹10,372-crore AI Mission. However, rapid tech evolution and reduced entry barriers have led to clutter in the applications space, challenging startups to maintain differentiation and value over time.
Airports Authority of India (AAI) is inviting applications for 24 Graduate/Diploma Apprentices under the Apprentices Act, 1961. Positions include 14 Graduate and 10 Diploma Apprentices, with a monthly stipend of ₹12,000-₹15,000. The maximum age limit is 27 years. Candidates must hold a degree/diploma in engineering or general streams (2020 or later) and be residents of Delhi-NCR. Selected candidates will be posted at Safdarjung Airport, New Delhi. Final selection is based on an interview, certificate verification, and medical fitness. Apply via the NATS/BOAT portal by December 31, 2024. Shortlisted candidates will be notified via email.
President-elect Donald Trump has announced critical appointments for defense and crypto policy roles. Billionaire Stephen Feinberg, co-founder of Cerberus Capital, will serve as Deputy Secretary of Defense, managing Pentagon operations. Michael Kratsios, former Scale AI director, will lead the Office of Science and Technology Policy, overseeing tech policy, alongside Lynne Parker and Bo Hines in crypto-focused roles. David Sacks, the “crypto czar,” will oversee related councils. Defense picks include Michael Duffey and Emil Michael in senior roles. Scott Kupor of Andreessen Horowitz will head the Office of Personnel Management, with additional diplomatic and departmental appointments also announced.
Finding tools that increase productivity and quality of writing in today's fast-paced world is the need of the hour. With the emergence of AI-powered paraphrasing tools, it is now possible to quickly and efficiently reword content with its original meaning. These can range from producing an academic paper, a business report, or even creative writing that would require much time and effort in rewriting texts. Here are some of the best free AI paraphrasing tools available in 2024.