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Indian space tech sector secures record funding of $126 million- The Week

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Indian space tech sector secures record funding of $126 million- The Week

The Indian Space Tech startup ecosystem witnessed record funding of $126 million, a 7 per cent increase from the $118 million raised in 2022 and a 235 per cent increase from $37.6 million in 2021. India is home to more than 100 space tech startups, the majority of them being founded in the last past 5 years. 

Bengaluru leads the list of top-funded cities in India’s space tech sector, followed by Hyderabad and Chennai. The top investors in this sector are Speciale Invest, Anicut Capital, and GrowX Ventures, highlighted the recent Space Tech Geo Report 2024 by Tracxn (a data intelligence platform for private market research). The report gives an overview of the Space Tech sector in India, focusing on recent trends, funding dynamics, and key developments. 

As per the report, Skyroot Aerospace was the highest-funded, with overall funding of $99.8 million, followed by Pixxel at $71.7 million and Agnikul at $61.5 million. The recent Union Budget has allocated Rs 1,000 crore to support space technology startups, aimed at boosting the sector’s development and attracting further investment. This initiative, along with the establishment of the Indian National Space Promotion and Authorization Centre (IN-SPACe) in 2022, is expected to drive substantial innovation and growth. 

The report finds that in 2024, the year-to-date funding stands at $10.8 million. Despite a global slowdown in funding, the Indian space tech sector has been experiencing an upward trend, driven by substantial government support and significant innovations. The report highlights that India has emerged as a formidable player in the global space technology arena. Currently, India boasts 55 active space assets, including communication, meteorological, and earth observation satellites. 

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Interestingly, the Indian space tech sector’s funding landscape is predominantly driven by early-stage investments. In 2023, early-stage rounds attracted $120 million of the total $126 million raised, reflecting a notable growth from $114 million in 2022, which represents a 5 per cent increase. 

In 2024, early-stage funding has reached $8.5 million to date. Seed-stage funding has also seen a significant rise, growing from $4.3 million in 2022 to $5.3 million in 2023, marking a 24 per cent increase. However, despite this growth in early-stage and seed-stage funding, the nascent ecosystem for private sector participation in Indian space tech startups has not yet experienced any late-stage funding. 

The top funded business models in this space include Small Satellite Launch Vehicles, Satellite Imaging Services, and Satellite Communication Services. Notably, the Small Satellite Launch Vehicle segment has attracted $168 million to date, with Skyroot raising the highest funding in this category. 

Despite the vibrant funding landscape, no acquisitions have been observed in 2024 YTD. The only acquisition to date is the 2022 purchase of Prakshep, a satellite imagery provider for the agricultural industry, by Arya. Additionally, the sector is yet to witness the emergence of unicorns. MTAR and Ananth Technologies are the only public companies in this space. 

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“India’s space tech sector is growing rapidly, thanks to strong government support and a dynamic startup scene. The significant funding and strategic investments we’re seeing now are setting the stage for India to become a major player in the global space industry,” said Neha Singh, Co-Founder of Tracxn. 

“Looking ahead, we expect the sector to attract even more investment, sparking more innovation. The combination of solid early-stage funding and supportive government policies will be key to driving this growth and establishing India as a leading centre for space exploration and technology,” she added. 

The privatisation of the space sector has catalysed a multi-fold increase in activity. The International Astronautical Federation awarded India the prestigious World Space Award for its successful launch of Chandrayaan 3, which made history in 2023 as the first mission to achieve a soft landing on the moon’s south pole. This landmark achievement has set a global standard for India’s potential and cost-effective engineering in the space tech industry. 

An interesting highlight of the report is that space tech startups based in Bengaluru have contributed to more than 55 per cent of the total funding in this space, and it is also the city with the highest number of space tech startups. The evolution of the space industry highlights a global shift from government control to private-sector collaboration. 

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The report observes that the United States, a pioneer in privatising its space industry with the 1984 Commercial Space Launch Act, has significantly benefited from private company contributions through NASA’s Artemis program. Federal funding for NASA has consistently increased, with $24.8 billion allocated in the 2024 budget. 

In terms of geographic funding, the US remains a leader in space tech startup funding, although it has seen a decline from $5.5 billion in 2021 to $660 million in 2024. Europe, on the other hand, has seen increased funding in its space tech sector, with $407 million raised in 2024 to date, following a record $512 million in 2023. 

The UK, while experiencing fluctuations in funding, shows signs of recovery with $135 million raised in 2024 to date. Similarly, the UK has invested €50 million in its Positioning, Navigation, and Timing (PNT) sector since 2017, employing a hybrid model that leverages private technologies for space missions. 

The report further points out that in recent years, the European Space Agency (ESA) has shifted to a competition-based model, inviting more private players to develop and launch space missions. This strategic shift, driven by a series of delays and failures in rocket launches, aims to attract private investment and boost entrepreneurship in the region. 

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Despite the existence of the ESA, countries like Germany, Italy, and France maintain their space research agencies, working in collaboration with the ESA. The ESA’s budget for 2024 is $8.3 billion, a 10 per cent increase from the previous year, with significant contributions from Germany, France, and Italy. A major portion of this budget is allocated to Earth Observation operations (30 per cent), followed by space transportation and navigation.

India’s space tech sector is also growing rapidly, fueled by government support and a dynamic startup ecosystem. Significant funding and strategic investments are positioning India to become a major player in the global space industry, with expectations of attracting more investment and sparking further innovation. 

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HP launches AI PCs EliteBook Ultra and HP OmniBook X- The Week

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HP launches AI PCs EliteBook Ultra and HP OmniBook X- The Week

HP is strongly vouching for AI PCs and has unveiled two new laptops targeted at large enterprises, startups, and retail consumers. The newly launched laptops include the HP EliteBook Ultra and HP OmniBook X, being HP’s first Copilot plus PCs. 

Both laptops are designed and engineered around the Snapdragon X Elite processor and its Neural Processing Unit (NPU)6, which have the capability of 45 trillion operations per second (TOPS) that can run language models and generative AI locally on the device. 

Representatives at HP say that the innovations in their new offerings are designed to enhance work efficiency, boost security, and offer personalized experiences for hybrid work styles. 

“We are unveling our AI PCs in India with the HP EliteBook Ultra and HP OmniBook X. These AI PCs are designed to create more personalized and meaningful user experiences. By integrating advanced AI capabilities, we are making technology smarter, more intuitive, and more responsive to individual needs,” remarked Vineet Gehani, Senior Director Personal Systems, HP India. 

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HP OmniBook X

HP OmniBook X

The EliteBook Ultra has AI capabilities and has one of the thinnest designs in its class. This model also has enterprise-grade endpoint security to safeguard data, in order to safeguard against sophsiticated cyberattacks.  On the other hand, the HP OmniBook X is designed specifically for retail customers including creators and freelancers and has advanced AI features, which has the capability to improve video quality and collaboration experiences. It is very well suited for tasks such as video editing, graphic design, and remote meetings. 

Interestingly, the new HP AI laptops come with built in HP AI Companion, a personal AI-assistant for enhancing productivity and creativity. With this, the users will be able to experience a personalized approach using generative AI to analyze and assess personal files to get more refined, focus responses or outputs. These models also have Copilot+ which will help in creating a more personalised and powerful computing experience. 

Besides these the Poly Camera Pro in these laptops will enhance virtual interactions across all collaboration and streaming apps across multiple cameras. Poly Camera Pro uses the NPU to power AI enhancements like Spotlight, Background Blur and Replace, Auto Framing, and more, allowing the CPU to maintain performance more efficiently while preserving battery life. 

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Both the HP EliteBook Ultra and HP OmniBook X weigh 1.3 kgs and offer up to 26 hours of battery life. The HP Elitebook Ultra is available in HP World Stores and HP Online stores at a starting price of Rs 1,69,934 in Atmospheric blue colour and the HP OmniBook X is available in HP World Stores and HP Online stores at a starting price of Rs. 1,39,999 in Meteor Silver colour. 

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NYT Crossword: answers for Sunday, October 27

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NYT Crossword: answers for Monday, September 23

The New York Times has plenty of word games on its roster today — with Wordle, Connections, Strands, and the Mini Crossword, there’s something for everyone — but the newspaper’s standard crossword puzzle still reigns supreme. The daily crossword is full of interesting trivia, helps improve mental flexibility and, of course, gives you some bragging rights if you manage to finish it every day.

While the NYT puzzle might feel like an impossible task some days, solving a crossword is a skill and it takes practice — don’t get discouraged if you can’t get every single word in a puzzle.

If you’re having trouble completing today’s NYT Crossword, we’re here to help. We’ve got all the answers for today’s clues down below.

NYT Crossword answers today

New York Times Crossword logo.
New York Times

Across

1 Hotel room staple : TVSET

6 “Hound Dog” singer Big ___ Thornton : MAMA

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10 Freshly pressed grapes before fermentation : MUST

14 Way : ROUTE

15 Reality show winner since 2002 : IDOL

16 Bridge piece : IBAR

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17 Spotted, in a way : ACNED

18 Meaning of a finger wag : NOPE

19 Zip : NONE

20 People to hang out with : PALS

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21 Mood : VIBE

22 Fish whose egg casings are called “mermaid’s purses” : SKATE

23 Oslo Accords signatory, for short : PLO

24 Fail to tail : LOSE

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25 Not spent anymore : RESTED

26 Two-time Oscar nominee Joan : CUSACK

28 Go no further : HALT

29 “We’ll let ourselves in” : DONTWAITUPFORUS

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34 Medical breakthrough of 1954 that yielded a Nobel Prize : ORGANTRANSPLANT

35 Masters of bad impersonations? : IDENTITYTHIEVES

36 Pub fixtures : LOOS

37 Takes root : SETSIN

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38 Incite : URGEON

41 Tony winner Judith : IVEY

42 Letters on a Busch Stadium hat : STL

44 She played Julia in 2009’s “Julie & Julia” : MERYL

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45 Cut and polish, maybe : EDIT

46 Big bird : RHEA

47 Two shakes : ASEC

48 Spin out on the ice? : AXEL

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49 Reasons for some street closures : FAIRS

50 In ___ (unmoved) : SITU

51 Birthstone that begins with the same letter as its month : OPAL

52 “ER” actress Laura : INNES

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53 Go berserk : SNAP

54 Slim winning margin : NOSE

55 Quite the party : BIGDO

Down

1 Name on the playbill for the 1936 Salzburg Festival : TRAPP

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2 One of a singing duo? : VOCALCORD

3 Solarium : SUNLOUNGE

4 Périodes chaudes de l’année : ETES

5 With 43-Down, fictional coach of AFC Richmond : TED

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6 Skimpy garments : MINISKIRTS

7 Building block : ADOBE

8 Brood : MOPE

9 Drink mentioned four times in the prologue of “The Canterbury Tales” : ALE

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10 Deluxe wraps? : MINKSTOLES

11 Menace in “Dead Wake: The Last Crossing of the Lusitania” : UBOAT

12 “À votre ___!” : SANTE

13 Out on a limb, say : TREED

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21 Calling : VOCATION

22 Something to wallow in : SELFPITY

24 Spade, for one : LAWNTOOL

25 Naughty list? : RAPSHEET

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27 Vessel that hasn’t crossed the Canadian border since 1993 : STANLEYCUP

28 The so-called “Rocket City” of the South : HUNTSVILLE

29 Emphatic agreement : DOI

30 When doubled, a pop nickname : TAY

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31 Gorgeous : RAVISHING

32 Not yet explored, as a tomb : UNENTERED

33 Map abbrs. : STS

38 Where Dr. J played college hoops, for short : UMASS

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39 Amber, e.g. : RESIN

40 Van Susteren of TV news : GRETA

41 They might be bright : IDEAS

43 See 5-Down : LASSO

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45 National, formerly : EXPO

46 Asian royal : RANI

48 Chicago’s ___ Center, formerly known as the Amoco Building : AON

49 Small invention : FIB

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Samsung Galaxy S25 Ultra is getting several display improvements

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Samsung Galaxy S25 Ultra is getting several display improvements

After a few years of resting on its laurels, Samsung might be shaking things up a bit for its 2025 Galaxy smartphones. Recent reports suggest that the Galaxy S25 series could bring major changes to some key components. For instance, the Galaxy S25 Ultra would boast several display improvements over its predecessors.

Samsung is a giant conglomerate whose divisions are involved in multiple segments of the tech industry. The company has a wealth of experience in the panel segment thanks to the work of Samsung Display. Many big Android brands, and even Apple, turn to Samsung panels for their flagship and premium devices. This results in the displays on Galaxy S models consistently offering impressive image quality.

Samsung Galaxy S25 Ultra may adopt M14 display material with multiple improvements

Now, reliable tipster Ice Universe said on X that the Galaxy S25 Ultra will have multiple display improvements. According to the source, the South Korean giant would adopt a new-gen M14 OLED material. The change to a new-generation base material usually means better image quality and less power consumption. For the Galaxy S25 Ultra, it would translate into improvements in “brightness, viewing angle, screen color accuracy, and many other aspects,” the post states.

For reference, Samsung’s M14 OLED display boasts 30% more brightness and 20% lifespan gain compared to the M13 generation. The first devices to use the M14 material were the iPhone 16 and Pixel 9 series. Unfortunately, there are no more specific details on those “many other aspects” that will receive improvements. However, it seems that the company is determined to take the image quality of its next premium smartphone to a new level.

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No more grainy effect issue reported by Galaxy S24 Ultra users

Since the tipster explicitly mentions the Ultra model, it’s possible that the vanilla and Plus Galaxy S25 models will feature displays similar to the current models. Earlier this month, the same source revealed another improvement to the Galaxy S25 Ultra’s display. Several users of the current Galaxy S24 Ultra complained about a noticeable grainy effect under certain usage conditions. Well, Ice Universe said that this problem won’t be present on the 2025 Galaxy Ultra phone.

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The M2 MacBook Air is cheaper than ever at $700, plus the rest of this week’s best tech deals

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The M2 MacBook Air is cheaper than ever at $700, plus the rest of this week's best tech deals

Black Friday/Cyber Monday is more than a month away (Thanksgiving falls on November 28 this year — I looked it up so you don’t have to). So while we wait for all of the best-of-the-year discounts the shopping event usually entails, there are still a few worthy sales out there on the tech we’ve reviewed and recommend. For example, the space gray M2 MacBook Air (our pick for the best budget Apple laptop) is down to $700 with an on-page coupon. For those ready to make (very tasty) ice cream at home, the Ninja Creami has a coupon code for $40 off. There are plenty of Anker batteries and accessories on sale too, plus we found discounts on a few choice video games to round out the savings. Here are the best tech deals from this week that you can still get today.

Ninja Creami review

Photo by Sam Rutherford / Engadget
MacBook Air (M2, 2022)

Devindra Hardawar/Engadget
Photo of a Nintendo Switch running The Legend of Zelda: Tears of the Kingdom.

Photo by Nathan Ingraham / Engadget

Follow @EngadgetDeals on Twitter and subscribe to the Engadget Deals newsletter for the latest tech deals and buying advice.

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Q3 game M&A strengthens for 4th straight quarter | Drake Star

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Q3 game M&A strengthens for 4th straight quarter | Drake Star


Gaming merger and acquisition (M&A) deal activity increased for the 4th straight quarter during the September period with $2.5B in disclosed deal value and over $1 billions raised in private financings.

Drake Star Partners reported in its quarterly gaming report that the market got a boost in part as public markets continued to recover, with the Drake Star Gaming Index of public game companies growing 10.2% for the first nine months of the year.

It also helped that the initial public offering (IPO) of Tencent-backed Shift Up surged almost 50% on its trading debut. It’s not exactly something to celebrate, as there are still some very tough times for the losers in the gaming industry now, with more than 32,000 layoffs in the past three years. Konvoy Ventures, which keeps its own separate quarterly data, sounded a similar note of greater optimism.

“We are thrilled to announce that M&A activities have continued to gain momentum for the fourth consecutive quarter. It’s also encouraging to see a rebound in the valuations of the top 30 listed gaming companies,” said Michael Metzger, partner at Drake Star Partners, in an email to GamesBeat. “This ongoing recovery in valuations is likely to further stimulate M&A activity in the future.”

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Metzger added, “So far this year, private equity firms have been the top buyers, and we expect to see more significant PE deals alongside smaller tuck-in acquisitions from companies like Jagex/CVC and Keywords/EQT. Additionally, we foresee several major divestitures of gaming divisions in the upcoming months.”

M&A activity

The top buyers of game companies in Q3 2024.

Still, it’s a ray of hope in at a time when investors crave good news. With 56 announced M&A deals and $2.5B in disclosed deal value, Q3 continued the strong uptick in M&A activity for the 4th straight quarter (70% growth in number of deals compared to Q3 last year).

Playtika’s acquisition of SuperPlay for $700 million at close ($1.95 billion including the full earn-out over time) was the largest deal of the quarter. Other notable acquirers included Tencent (Aojue Digital), Warner Bros. Discovery (Player First), Krafton (Tango Gameworks), Capcom (Minimum Studios), Keywords (Wushu Studios), Nazara (Fusebox, Deltias Gaming) and Infinite Reality (LandVault).

Private financings

Top private investments in game companies in Q3 2024.

Drake Star said $1.1 billion was raised in private financing through 181 deals, a notable growth in deal value, but the number of deals was similar relative to Q2. Large private financings included Infinite Reality ($350 million), Hybe ($80 million), Gcore ($60 million), Volley ($55 million) and Saber Interactive.

Drake Star said investors continue to invest primarily in seed / early-stage companies (over 90%). Blockchain gaming attracted about 32% of all investments and platform / tools about accounted for 23%. Funding for growth stage gaming studios continued to be challenging. In some previous quarters, blockchain games accounted for half of all fundings.

Andreessen Horowitz and Bitkraft were the most active large gaming VC over the last 12 months followed by Play Ventures. Early-stage gaming and consumer investor Patron has raised $100 million for its second fund.

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Tencent backed Shift Up had a successful IPO with stock surging around 50% on trading debut (raised $320 million), while India’s Nazara raised over $100 million in equity. Embracer Group refinanced its credit line ($652 million) and Kakao Games raised $198 million in bonds that are exchangeable for Krafton shares owned by Kakao.

With a gradual recovery in public markets, Drake Star Gaming Index grew 10.2% for the first 9 months of this year. Top performers were SEA, Konami and Krafton and laggers were Ubisoft, Corsair and Unity.

Outlook

Top investors in Q3 2024 for games.
Top investors in Q3 2024 for games.

M&A activity is expected to further strengthen for the rest of this year and next, continuing its strong growth over the last year, on the back of lowering interest rates and a gradual broader recovery in the public gaming market.

While Drake Star expects some large transformative deals from industry leaders such as Tencent, Take-Two, Savvy/Scopely and Playtika, the trend of strong growth in mid- to small-sized deal count will likely continue. With limited mid- or late-stage funding available, some gaming studios will choose an earlier exit and join a larger company.

Most active game investors in Q3 2024, part 2.

Private equity firms have been a major consolidator this year (CVC/Jagex, EQT/Keywords), and Drake Star expects more acquisitions and take-private deals led by financial sponsors. Drake Star also expects more divestitures of large gaming divisions.

For private financings, AI, mixed reality, platform and tools continue to be hot segments.

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As broader gaming markets continue to recover, Drake Star anticipates IPO-ready gaming companies to start exploring their listing ambitions in 2025.


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Lyft fined $2.1 million for misleading ads about how much drivers could make

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Lyft fined $2.1 million for misleading ads about how much drivers could make

The Federal Trade Commission (FTC) announced Friday that rideshare company Lyft has agreed to pay $2.1 million as part of a proposed settlement that requires it to change how it advertises driver pay.

The company routinely advertised that drivers could make “specific hourly amounts” — in one instance, claiming earnings of “up to $33” per hour for driving in Atlanta — that were based not on an average, but on what the top fifth of drivers made, according to the Commission. The company also apparently included tips in those figures.

Such moves “overinflated the actual earnings achieved by most drivers by as much as 30%,” writes the FTC, which says the company now must base potential pay claims on what drivers typically make, instead. And those amounts can no longer factor in tips as part of stated hourly pay.

“It is illegal to lure workers with misleading claims about how much they will earn on the job,” said FTC Chair Lina M. Khan. “The FTC will keep using all its tools to hold businesses accountable when they violate the law and exploit American workers.”

The FTC included examples of Lyft’s offending ads in its complaint, such as those below.

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Screenshots: United States of America v. Lyft, Inc. proposed order

Screenshots: United States of America v. Lyft, Inc. proposed order

Lyft also apparently promoted earnings guarantees, such as one promising $975 for completing 45 rides in a weekend. But those also misled drivers, who thought they’d be getting the amount as a bonus on top of what they earned, when the offer was actually a conditional minimum pay guarantee for doing a set number of rides, according to the FTC. The company is now required to make that fact clear.

Here is the proposed order:

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In a statement on its website, Lyft highlights changes it has made recently to tell drivers how much they can earn and says it is “committed to following the FTC’s best practices” when communicating such details.

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