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Japanese chipmaker Kioxia files for IPO; sources say it’s targeting December 

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Kioxia, backed by Bain Capital, filed for an IPO on Friday, aiming for a December launch, according to sources close to the matter. This IPO registration marks a fresh effort to go public. Bain had previously cancelled an IPO plan in October when investors urged the U.S. buyout firm to lower its initial 1.5 trillion yen ($9.8 billion) valuation by almost half.

Kioxia stands as the first company to leverage Japan’s new IPO rules, which allow companies to engage with potential investors before receiving Tokyo Stock Exchange listing approval. 

The chipmaker expects to secure approval by late November. At this point, it will reveal the indicative share price, sources say, noting that the chipmaker firm has not yet made this information public.

Kioxia’s filing suggests it may conduct the IPO between December and June. A consortium led by Bain acquired Kioxia from Toshiba, which was marred by a scandal six years ago, for 2 trillion yen. 

Currently, the company pays Bain a 1-billion-yen annual business consulting fee, which will end once the IPO occurs, after which Kioxia will owe Bain an additional 3.5 billion yen.

Kioxia faces competition from global rivals like Samsung Electronics and SK Hynix and has felt the effects of a downturn in the memory chip market, with ongoing discussions around the stability of the recent price recovery. 

Encouragingly, the firm posted a 32% operating profit increase, reaching 166 billion yen for the July-September quarter compared to the previous quarter. It also plans to expand its capacity to meet the growing demand for chips in AI applications.

Specializing in NAND flash memory, which it pioneered in the 1980s, Kioxia counts Apple and Dell as key clients, contributing 21% and 9% of its sales, respectively, in the fiscal year ending in March. Morgan Stanley, Nomura, and BofA Securities serve as joint global coordinators for the IPO. ($1 = 153.2200 yen)

SpeakX partners with Cloudnine Hospital to enhance English communication skills for Nurses

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New Delhi, 8th November 2024: SpeakX, a pioneering platform revolutionizing English learning through Generative AI technology, announces its official collaboration with Cloudnine Hospital, aimed at enhancing the English communication skills of their nursing staff. This partnership is designed to empower nurses to communicate confidently with patients, clients, doctors, and colleagues, ensuring high-quality care and effective communication within the healthcare environment.

Understanding the critical role of communication in healthcare, SpeakX has conducted a comprehensive needs assessment to develop a tailored program specifically for Cloudnine Hospital’s nursing professionals. This customized program addresses the unique challenges faced by healthcare workers, focusing on essential areas such as patient and their families’ interactions, as well as teamwork and communication.

The program officially launched on October 10th, reaching 325 nurses at Cloudnine Hospital. The customized training includes interactive modules & exercises and real-life scenarios relevant to the healthcare context, ensuring that the learning experience is both engaging and applicable. 

Commenting on the recent collaboration, Arpit Mittal, Founder of SpeakX, said, “We are incredibly proud to support Cloudnine Hospital in its mission to provide exceptional healthcare services. Effective communication is the backbone of quality healthcare, and we believe that by empowering nurses with strong English communication skills, we can significantly enhance their ability to serve patients. This partnership represents an important step toward creating a more confident and capable nursing workforce, ultimately leading to better patient outcomes and satisfaction.”

In addition to this collaboration, SpeakX has recently garnered attention for its selection in the prestigious Google Startups Accelerator. As a pioneering platform revolutionizing English learning through Generative AI technology, SpeakX is set to join a cohort of 20 innovative startups, receiving tailored guidance and support to enhance product development and growth strategies. “Technology can truly change the face of education, especially for those who have been left behind. Right now, only 8% of people in India speak English well, which means many miss out on key opportunities for education, jobs, and personal and social growth. At SpeakX, we are tackling this challenge head-on,” added Arpit.

The Google for Startups Accelerator will provide SpeakX with access to Google’s AI technologies and resources, helping the platform further its mission of empowering users with personalized and engaging English learning experiences. With half of its user base from Tier 2 and Tier 3 cities, SpeakX is dedicated to making English education accessible to a diverse audience, including individuals from middle-income households.

In recent months, SpeakX has achieved significant growth by surpassing 10,000 paid subscribers monthly. Offering a personal AI companion at a fraction of the cost, SpeakX’s subscription model, priced at ₹299 per month, has helped the company generate an Annual Recurring Revenue (ARR) of $500,000. With $10 million in funding from Elevation and IndiaQuotient, SpeakX has carved a niche in the global language learning market.

About SpeakX

SpeakX is a cutting-edge platform revolutionizing how non-native speakers learn English through advanced Generative AI and Speech Technology. By tailoring lessons to each user’s specific learning needs, SpeakX provides personalized instruction and real-time feedback through AI companions that are available 24/7. Catering to every Indian, SpeakX helps users enhance their English skills and opens doors to new opportunities.

About Cloudnine Hospitals

Cloudnine Group of Hospitals is a chain of maternity and paediatric hospitals in India. The hospital offers a range of services, including prenatal and postnatal care, paediatric care and gynaecological treatments. It is equipped with advanced medical technology and staffed by experienced doctors and nurses.

Blackbuck sets Rs 259-273 price band for IPO 

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Flipkart-backed truck aggregator platform BlackBuck has set its IPO price range between Rs 259 and Rs 273 per share. 

At the upper end of this range, BlackBuck’s parent, Zinka Logistics, expects to raise around Rs 1,114.7 crore through this book-building issue.

The IPO will include a fresh issue valued at Rs 550 crore, along with an offer for sale (OFS) of up to 20.6 million equity shares. Investors must bid on at least 54 shares, with bids increasing in multiples of 54.

Last month, BlackBuck received IPO approval from the Securities and Exchange Board of India (Sebi).

Founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam plan to sell roughly 4.4 million shares. Investors Accel and Peak XV Partners, along with Flipkart, will also participate in the OFS. Flipkart, through Quickroutes International Private Limited in Singapore, will sell 5.5 million shares, while the World Bank-backed International Finance Corporation (IFC) will sell 2.3 million shares.

For FY24, BlackBuck’s revenue from operations increased by 68% year-on-year, reaching Rs 297 crore. Its net loss was reduced to Rs 167 crore, down from Rs 237 crore in the previous fiscal year.

Travel startup 30 Sundays raises $770k in funding 

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Team 30 Sundays

Travel startup 30 Sundays recently secured $770,000 in a funding round led by venture capital firm InfoEdge Ventures, which specializes in early-stage investments.

Other investors, including Eximius Ventures, First Cheque, and Misfits Capital, also contributed to the round.

The startup plans to use these funds to expand its operations, attract more customers, and improve its customized travel services. With a focus on popular destinations in Europe and Africa, 30 Sundays aims to enhance its offerings, advance its technology, and build strong partnerships with essential suppliers.

“We’ll be putting a substantial amount of our budget into expanding our supply chain, especially in Europe and Africa, to secure partnerships with platforms like digital travel platform Agoda and local suppliers,” cofounder Kshitij Chaudhary said. “We are currently focused on Southeast Asia and the Middle East, but we aim to grow our reach to European markets and parts of Africa, such as South Africa, Kenya, and Tanzania.”

Launched in 2022 and based in Gurugram, 30 Sundays targets the outbound travel market, primarily catering to couples. The company uses generative AI to simplify operations, automating processes like gathering customer data and updating trip details. Additionally, it leverages AI to analyze calls and reviews at scale, providing valuable customer insights.

“On the sales side, we have employed a chatbot on our Instagram where we qualify leads, take initial requirements such as destination, number of people, and duration of stay,” Chaudhary said. “Only qualified leads speak to our sales team, streamlining the process significantly.”

The startup aims to increase its monthly booking value significantly, targeting Rs 1.3-1.4 crore by the end of this financial year, up from its current monthly bookings of Rs 50 lakh.

India’s outbound travel market is booming, projected to reach $18.8 billion by 2024 and grow to $55.4 billion by 2034, with an annual growth rate of over 11%, according to the Federation of Indian Chambers of Commerce & Industry (FICCI).

“We built a solution where we can hear the calls of the seller and the customer. At the end of the call, the seller has an itinerary ready in front of him to send to the customer. The AI can interpret a customer’s desire for specific experiences, like nature or beach accommodations, using large language models (LLMs),” Chaudhary said.

Commenting on the investment, Kitty Agarwal, partner at Infoedge Ventures, said, “30 Sundays is adopting an AI-first approach to solving travel discovery and booking (issues) for couples at scale. This investment aligns with our strategy of backing visionary founders who are pioneering AI-first platforms.”

AI software firm Thesys bags $4mn from Together Fund 

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L-R, Parikshit Deshmukh and Rabi Shanker Guha, cofounders, Thesys

Thesys, an artificial intelligence (AI) software platform, has successfully raised $4 million in seed funding, led by Together Fund with additional support from 8vc.

The company will use this capital to strengthen its research and development, expand its AI engineering capabilities, and drive go-to-market strategies, according to co-founder Rabi Shanker Guha.

Founded in 2024 by Guha and Parikshit Deshmukh, Thesys is on a mission to make creating AI agents simpler for product owners and designers. It offers tools that help in designing, visualizing, and prototyping AI applications. These tools allow users to plan and test AI agents effectively before full development. Currently, Thesys collaborates with 12 companies to streamline this process.

“We have seen the potential that all companies are building some version of AI copilot or AI first products. But they are struggling with customer retention, and engagement… We are helping them to optimise these to create AI tools,” said Guha.

Guha also shared that Thesys aims to create a future where every interface adapts to individual user behaviors and preferences, driven by a concept he calls “Generative UI.”

“If we look at the history, we started with the command line, then the next evolution was graphical interfaces. Since then, nothing has changed fundamentally. But now companies are pouring billions of dollars to improve their user experience and to personalise their applications a lot more. We know what the impact was when Google could personalise ads,” said Deshmukh.

After its closed beta launch, Thesys plans to make its product generally available within the next quarter.

“The future of AI relies as much on intuitive, adaptive interfaces as it does on backend capabilities. Thesys’s vision for Generative UI aligns perfectly with Together Fund’s commitment to enabling founders who are redefining the user experience,” said Manav Garg, cofounder and managing partner of Together Fund. 

In India, AI agents are gaining popularity as companies across sectors embrace AI for customer service, personalization, and process automation. Additionally, India’s AI ecosystem is experiencing rapid growth, with startups and established firms developing intelligent agents for industries ranging from banking and finance to e-commerce and healthcare.

Truecaller founders to transition to advisory roles, company appoints Rishit Jhunjhunwala as CEO 

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Rishit Jhunjhunwala

Truecaller’s co-founders, Alan Mamedi and Nami Zarringhalam, announced on November 6 that they will step down from their active roles. Truecaller has appointed Rishit Jhunjhunwala as the new Group CEO.

Mamedi, the CEO, and Zarringhalam, the Chief Strategy Officer, will continue as strategic advisors to the company until June 30, 2025.

Jhunjhunwala, previously the Chief Product Officer and Managing Director of Truecaller India, will officially step into his new role on January 9. 

He has been with the company since 2015, leading product teams and overseeing key revenue sources such as advertising and Truecaller for Business.

“Having worked closely with Alan (Mamedi) and Nami (Zarringhalam) since 2015, I know these are big shoes to fill, but I am confident to continue tirelessly working towards getting us closer to our mission to make future communication more safe and secure,” said Jhunjhunwala. 

In a personal letter, Mamedi and Zarringhalam shared that stepping back will allow them to focus on Truecaller’s long-term strategy as board members and advisors. This transition also empowers the leadership team to continue driving the company’s growth.

“While we will continue to provide advice and support, we believe it is essential to have a leader at the helm who embodies our company’s core values and is prepared to lead us into the future,” they said in a joint statement. 

Looking forward, Mamedi aims to double Truecaller’s user base in India to 400-500 million by 2026, fueled by the country’s rapid smartphone adoption. In October 2023, Truecaller expanded its capabilities by acquiring Unoideo Technologies, which offers the fraud detection service, TrustCheckr.

KeenSemi Navigates Challenges in Hiring Technical Talent in the Semiconductor Design Industry

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Delhi, November 07th, 2024 – KeenSemi, a leading semiconductor design consultancy, faces one of the industry’s most pressing challenges: the shortage of skilled technical talent. With the global demand for advanced systems in AI, IoT, and high-performance computing, the need for specialized professionals has reached unprecedented levels.

To address the talent gap more strategically, KeenSemi has signed a Memorandum of Understanding (MoU) with VLSI Expert Pvt. Ltd., a leading technical training institute specializing in semiconductor design training. This collaboration aims to equip aspiring engineers with industry-relevant skills through intensive training modules focused on key areas of ASIC design.

Semiconductor design requires deep technical expertise and foresight into future technology trends. As more countries, including India, prioritize building local semiconductor ecosystems, the demand for skilled engineers far outweighs the supply, creating a significant talent gap across the industry. By creating a pipeline of experienced professionals, KeenSemi ensures a steady influx of capable talent, directly addressing industry needs and fostering a future-ready workforce to support the company’s growth and the development of India’s semiconductor ecosystem.

According to Mr Pankaj Panjwani, CEO & Founder of KeenSemi, the shortage of talent is a critical challenge for both established firms and startups. “The global semiconductor industry is expanding rapidly, but there is a notable gap in the availability of professionals with a holistic understanding of the semiconductor product life cycle. This shortage is particularly acute in areas like physical design, physical verification and reliability, design-for-test, advanced node implementation methodologies, and post-tapeout bring-up,” said Mr Panjwani.

With semiconductor chips embedded in everything from consumer electronics to automotive systems, the need for robust chip design is paramount. The industry’s move towards advanced fabrication nodes (1.8nm, 3nm, 5nm) has increased the demand for engineers proficient in cutting-edge technologies.

KeenSemi, known for its innovative solutions in communication, automotive, IoT, and high-performance computing sectors, is playing a vital role in the design and development of India’s first ARM Neoverse-based high-performance compute solution, “Aum.” The “Aum” System-on-Chip will place India among the few nations with high-performance computing solutions.

KeenSemi emphasizes upskilling its workforce, with leadership actively mentoring engineers to meet the technical demands of modern chip design. The company also collaborates with external institutes to train and hire promising junior engineers, building a future-ready workforce capable of tackling the industry’s complex challenges. Leveraging cutting-edge Electronic Design Automation (EDA) tools, KeenSemi streamlines chip design processes, allowing engineers of all experience levels to contribute meaningfully to projects.

Looking ahead, Mr. Panjwani remains confident in KeenSemi’s ability to address the talent shortage and continue leading innovation. “Our multi-pronged approach ensures that we remain competitive while expanding capabilities to meet the demands of both domestic and international markets,” he stated.

KeenSemi is committed to contributing to India’s growing semiconductor ecosystem by playing a pivotal role in the development of indigenously designed products and solutions, aligning with the broader goal of making India a global leader in semiconductor design and manufacturing.

About KeenSemi:

KeenSemi was founded in 2016 with a mission to revolutionize System-on-Chip (SoC) design. Since its inception, the company has established itself as a trusted partner in the semiconductor industry, providing high-performance, tailored designs to clients worldwide. Under the leadership of founder Pankaj Panjwani, who brings over 25 years of experience in ASIC (Application-Specific Integrated Circuit) design, KeenSemi has assembled a team of experts with nearly 250 years of collective experience. This deep expertise ensures that the company consistently delivers innovative and timely silicon solutions to meet the growing demands of the industry.

Manu Maharani relaunched as Namah Nainital by DS Group in collaboration with RHG 

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Dharampal Satyapal Group (DS Group) and Radisson Hotel Group have relaunched “Namah Nainital” in Uttarakhand’s picturesque landscape. This renowned property, once known as Manu Maharani, is now part of the Radisson Individuals Retreats collection, aiming to elevate luxury and lifestyle standards in the area.

Renovated and rebranded, Namah Nainital reflects the strong partnership between DS Group and Radisson Hotel Group, underlining their commitment to expanding high-end hospitality options. With extensive upgrades, the hotel now combines classic elegance with modern amenities, providing leisure travelers with unique, memorable experiences.

Strategically located in the heart of Nainital Valley, Namah Nainital is highly accessible, offering convenience for both domestic and international visitors. Close to Kathgodam Railway Station and Pantnagar Airport and well-connected by road, guests can easily explore nearby spots like Almora, Ranikhet, Bhimtal, Mukteshwar, and Ramgarh. The proximity to Namah Jim Corbett, another Radisson Individuals property, allows guests to enjoy a seamless travel experience within a short four-hour drive.

On the re-launch, Nathan Andrews, business head – of hospitality at DS Group, expressed, “The relaunch of Namah Nainital reflects our commitment to creating exceptional spaces that blend luxury with comfort. We are pleased to further strengthen our collaboration with Radisson Hotel Group through the opening of Namah Nainital, now a part of Radisson Individuals Retreats. By combining Radisson’s global expertise with our deep understanding of the local market, we aim to introduce international hospitality standards to the Kumaon region. Their focus on innovation and excellence aligns seamlessly with our vision for this property. We’re eager to see the positive impact this partnership will have on our guests and the local community.”

“It’s a pleasure to welcome guests to Namah Nainital, a member of Radisson Individuals Retreats, where they can experience the local culture with top-quality hospitality. Our dedicated team is committed to making every stay memorable, whether for business or leisure. From personalised services to locally inspired culinary delights, we’re excited to redefine hospitality in this market,” said Naresh Gupta, general manager, Namah Nainital, a member of Radisson Individuals Retreats.

Since 2000, DS Group has made strides in hospitality, now managing six prominent properties. These include Namah Nainital and Namah Jim Corbett, both Radisson Individuals members, along with the Radisson Blu Hotel in Guwahati.

Data analytics firm Palantir jumps as AI boom powers robust software adoption

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Shares of Palantir surged over 12% on Tuesday after the company raised its yearly revenue forecast for the third time. This boosted investor confidence, showing that the ongoing AI boom is driving demand for its services. 

Notably, Palantir has emerged as one of the leading beneficiaries of the generative AI wave, with its stock more than doubling in value this year—a sharp rise that has raised some concerns about its high valuation.

However, Monday’s strong results eased some of these concerns. Demand increased for the company’s AI platform, which supports tasks like code testing, debugging, and evaluating AI scenarios. The company’s government-focused services, including software to visualize military positions, also saw high demand. 

In response, Palantir lifted its revenue forecast for 2024 to between $2.805 billion and $2.809 billion, up from its previous range of $2.742 billion to $2.750 billion.

In the third quarter, U.S. government contracts generated a 40% revenue jump for Palantir, contributing over 44% of its total sales of $725.5 million. 

“We see a long runway of growth in the government sector, owing to the massive demand for AI-first solutions across governmental functions such as the military and healthcare,” Morningstar analysts said.

However, the analysts cautioned that the stock’s recent surge in value means that “any bump in the road, such as sales execution challenges or weaker-than-expected top-line growth or guidance, could materially affect the stock’s valuation.”

If premarket gains remain steady, Palantir’s market value could climb by $12 billion by the day’s end.

Currently, Palantir trades at a forward price-to-earnings ratio of 95.43, compared to 25.60 for Oracle and 126.92 for Snowflake. This year, Palantir’s stock has outpaced the S&P 500 index and was recently added to the benchmark index in late September.

Data Centre & Cloud Innovation Summit 2024- Transforming the Future of Data Centres and Cloud Computing in Kuwait

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We, TraiCon Events, will be hosting Kuwait’s premier Data Centre Summit event titled “Data Centre & Cloud Innovation Summit”, scheduled on 25th & 26th November 2024 in The Radisson Blu Hotel Kuwait – Increasing Demand for Digital Infrastructure.

This summit aims to bring together 300+ experts and leaders in data centres, cloud innovation and cyber security to discuss and explore emerging trends and investment opportunities in the Kuwait market. The event offers a unique opportunity to discover Kuwait’s goal of becoming a digital leader in the region. CXOs, industry experts, regulators, policymakers, technologists, entrepreneurs, investors, academics and media from around the world will gather to learn, discuss, debate and network.

Attendees Profile: Chief Technology Officer, Chief Information Officer, Head of Datacentre, Head of Cloud & Data, Head of IT Systems & Networks, Chief Information Security Officer, Chief Innovation Officer, Head of Storage Planning, Datacentre electrical/mechanical engineers, Head of Digital Transformation, Datacentre Facility Manager, Chief Digital Officer, IT Directors, Chief Information Security Officer.

Many Data centre and cloud solution providers, cyber security companies, IT Solutions, Data Storage and Cloud Service Providers will be participating in the Data Centre and Cloud Innovation Summit in Kuwait as sponsors or exhibitors, showcasing a wide range of solutions aimed at shaping the future of digital infrastructure and cyber security.

Join us in Kuwait as it leads the way to the future at the Data Centre & Cloud Innovation Summit.

For more information regarding the event, please visit: https://dcis.traiconevents.com/kuwait/

For event inquiries:

Er. Prasanna | Event Producer | Traicon Events

prasanna@traiconevents.com | +0091 7708523918