Startup News Bangladesh (2024)

09/07/2024

The OpenAI Startup Fund and Arianna Huffington's wellness company Thrive Global are launching a joint venture called Thrive AI Health, an initiative aimed at creating a highly personalized AI health coach.

Recognizing that health outcomes are influenced by more than just genetics or medical care, this venture emphasizes the transformative power of behavior change. Huffington and OpenAI’s Sam Altman highlight that behavior modification is now more achievable due to the capabilities of hyper-personalized AI. Thrive AI Health is designed to enhance daily habits related to sleep, nutrition, and physical activity through real-time prompts and tailored recommendations.

The AI will adapt to individual preferences and routines, understanding what conditions lead to better sleep, which foods are preferred, the optimal times for physical activity, and effective stress reduction techniques. By learning these personal patterns, Thrive AI Health aims to provide actionable insights to improve overall well-being. This venture seeks to leverage AI to offer real-time, customized health guidance, ultimately aiming to foster healthier lifestyle choices through tailored interventions.

30/06/2024

Tiger New Energy has secured an additional funding of USD 1 million from ADB Ventures, adding to last year's USD 2.5 million seed round led by Wavemaker Partners.

This funding will propel the expansion of Tiger's battery swapping technology across Bangladesh, targeting eco-friendly energy solutions for approximately 4 million rickshaws. The technology includes Offline Swapping and Reverse Charging features, ensuring service during power outages and contributing to grid stability as Decentralized Energy Storage Systems (DESS). Tiger plans to expand its network to serve over 10,000 rickshaw drivers, enhance R&D efforts, and explore new regional markets.

The motto of the startup is to to offer sustainable energy solutions and improve urban transportation in Bangladesh.

25/06/2024

ShopUp has established a tech and innovation center in Bangalore, India. This allows ShopUp to tap into the talent pool of Bangalore.

By setting up shop in India, ShopUp gains access to a wider range of highly skilled professionals. Their new Bangalore office already boasts a team of around 100 skilled professionals including engineers, data scientists, and product managers with impressive experience from multiple companies.

This expansion is driven by a specific goal: building a cost-effective and efficient system for managing the food supply chain.

25/06/2024

TechWolf has developed an AI engine that analyzes data from internal workflows to gain insights about employees. This information is then provided to managers and internal recruiters to more accurately evaluate employees' skills and interests, connect them with suitable projects, and offer improved training opportunities. The technology has garnered significant attention, with an impressive client roster that includes GSK, HSBC, and Booking.com. Recently, TechWolf secured nearly $43 million in funding to further expand its operations.

Initially, the company's goal was to create an HR platform for sourcing and hiring external talent. However, their focus shifted to developing language models that integrate with existing work systems, such as project trackers for developers and research repositories for researchers.

These models analyze the "digital exhaust" of an organization—data generated from day-to-day activities—to deduce the skills of its workers. Essentially, TechWolf's AI models create a comprehensive view of an organization's internal talent by leveraging the information embedded in everyday work processes. This innovative approach is revolutionizing internal recruitment and talent management, positioning TechWolf as a leader in the field.

23/06/2024

OpenAI has acquired Rockset, a search and database analytics startup, in a stock deal worth several hundred million dollars, marking one of its largest acquisitions. Rockset specializes in building real-time search and analytics databases and utilizes AI for applications such as chatbots and anomaly detection. The integration of the Rockset team and their technology will enhance the retrieval infrastructure of ChatGPT's enterprise products.

With Rockset's expertise in real-time data processing and vector search, OpenAI will be able to access and analyze large datasets more efficiently. This collaboration is expected to improve the speed and accuracy of OpenAI's AI model responses.

13/06/2024

iFarmer has been selected for 2024 Visa Accelerator Program in Asia Pacific.

iFarmer is a tech and data-driven startup that helps farmers maximize their profit potential with access to finance, advisory, and direct-to-farm commerce. iFarmer also enables financial institutions and individuals to invest in agriculture projects, helps agriculture input companies with their last-mile distribution, and supplies high-quality agriculture products to processing companies and the export market.

Being selected for this program, iFarmer will have the unique opportunity to receive bespoke training from Visa’s suite of product architects to co-develop, test, and iterate new solutions fit for technical integration to fast-track commercialization.

09/06/2024

The 'Bangladesh Startup Summit 2024,' organized by Startup Bangladesh Limited under the ICT Division of the Government of Bangladesh, will be a landmark event for the country's growing startup ecosystem. This two-day summit will bring together startups, enterprises, venture capitalists, angel investors, regulators, think tanks, and industry experts from around the world.

The summit will feature sessions on Fintech, Climate, Agri & Food Security, Logistics & Mobility, Impact, and RMG, along with networking opportunities, showcases, pitching events, investor matchmaking, and policy discussions. Startups will gain exposure to investors, enhancing their funding prospects and gaining insights into market trends and strategies. Investors will discover promising startups and innovative ideas, understanding the Bangladeshi market better. Corporates can engage with startups, exploring partnerships and emerging trends.

Entrepreneurs will have access to investors and experts, increasing their chances of securing funding and scaling their businesses. Students will benefit from workshops and sessions, gaining practical knowledge and entrepreneurial skills. Overall, the summit aims to drive growth, innovation, and strategic partnerships within Bangladesh’s startup ecosystem.

05/06/2024

Robi Axiata Limited has successfully concluded the grand finale of Datathon 3.0.

Team 'ACI_ServerDown' has won the Robi Datathon 3.0. Team 'YellowKing' and team 'Big Data AI Data Science' has consecutively secured the first runners-up and the second runners-up position.

State Minister for Posts, Telecommunications, and Information Technology Zunaid Ahmed Palak presented the awards to the winners at the gala event as chief guest. Along with him, the High Commissioner of Malaysia to Bangladesh Haznah Md Hashim, the former captain of the Bangladesh national cricket team Tamim Iqbal Khan and the Managing Director (MD) and Chief Executive Officer (CEO) of Robi Axiata Limited, Rajeev Sethi, were also present as esteem figures at the grand finale.

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28/05/2024

xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion.

The investment will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital. The company's pre-money valuation was $18 billion.

27/05/2024

At the 17th Dhaka Motor Show 2024, Asian MotorSpeX Limited unveiled three new models from Jaecoo and Omoda. The models, JAECOO J7, OMODA C5, and OMODA E5.

The JAECOO J7 is an All-Wheel-Drive (AWD) off-road SUV featuring an elegant design and advanced technology with seven different driving modes, allowing drivers to easily control the vehicle on any terrain.

The Omoda C5 is attractively designed with a length of 4400 mm, width of 1830 mm, and height of 1588 mm. It boasts features such as eco and sports driving modes, 18-inch alloy wheels, a power sunroof, and a sophisticated interior. The Omoda E5 is an innovatively designed EV offering three driving modes and an impressive range of 430 km.

26/05/2024

Google invests $350 million in Indian e-commerce giant Flipkart.

Google will also provide Flipkart with cloud offerings as part of the deal which will help Flipkart expand its business and advance the modernization of its digital infrastructure to serve customers across the country.

The Google investment is part of a nearly $1 billion funding round that Flipkart kicked off in 2023. Flipkart valued at $36 billion in the new investment, leads the e-commerce market in India, where it serves hundreds of millions of consumers in smaller cities and towns.

20/05/2024

Inspired by globally renowned platforms like Zerodha, Robinhood, and Quest, Trek aims to revolutionize trading and investment in Bangladesh.

By streamlining the trading process, encouraging investments, and offering extensive educational content and market insights, Trek seeks to enhance investor confidence and foster growth in the capital market. Its goal is to provide trading access from any part of Bangladesh, transcending geographical boundaries.

Trek's operational ethos revolves around three pillars: learning, investing, and growing. The platform simplifies the account opening procedure through an integrated registration process, ensuring a seamless user experience. It also offers effortless online deposit and withdrawal functions. Users benefit from comprehensive research reports, real-time market data, and analytics.

Trek strategically positions itself as the ultimate platform by catering to educational content and providing up-to-the-minute market news. This approach nurtures a community of well-informed investors, ready to engage confidently in the market. Through these initiatives, Trek aims to be the preferred choice for traders and investors in Bangladesh, fostering a robust and informed investment community.

16/05/2024

Shutterstock has entered a definitive agreement to acquire Envato, an Australian-based global leader in digital creative assets and templates. Envato, known for its flagship product, Elements, offers a subscription service providing unlimited downloads of diverse creative assets. This acquisition is expected to enhance Shutterstock's offerings and expand its audience reach, particularly among freelancers, hobbyists, small businesses, and agencies. Envato’s robust library includes 10 million images, 6 million videos, 1 million audio clips, and other creative assets, significantly bolstering Shutterstock’s content portfolio.

Envato, established in 2006, has been pivotal in revolutionizing creative workflows by enabling the global creative community to buy and sell creative assets and utilize smart design templates. Envato’s co-founder, Collis Ta’eed, highlighted the acquisition as a recognition of the vibrant Australian creative startup industry and its global impact. Shutterstock CEO Paul Hennessy expressed excitement about integrating Envato’s team and products, emphasizing the strategic expansion into the Asia Pacific region and new content types, including code and web themes, product mock-ups, and various templates.

The transaction, valued at USD $245 million, is set to close in the third quarter of 2024, subject to customary conditions. The acquisition will be financed through a USD $375 million credit facility, with financing provided by major banks such as Bank of America and Citigroup. This deal is expected to accelerate Shutterstock’s revenue and EBITDA growth, contributing significantly to its long-term financial targets. For more details, investors can visit Shutterstock's investor relations website.

16/05/2024

Nine young Bangladeshis have been named in the Forbes 30 Under 30 Asia list for 2024, highlighting their contributions across various industries.

In the Finance & Venture Capital category, MD Shahidul Islam, Abdul Gaffar Sadi, and MD Tushar were recognized for Drutoloan-দ্রুতলোন, which helps small businesses secure loans. Sultan Moni and Mumtahina Anika of Zatiq were noted for providing accounting and e-commerce solutions. Lastly, Fahad Ahmed of Wind.app was honored for leveraging blockchain technology to enhance cross-border remittances, reflecting the innovative spirit and entrepreneurial drive of these young leaders.

Anusha Alamgir, recognized in the Arts category, gained attention for her film "Porda" and her multidisciplinary artistic practices. Mehedi Shoron, Co-Founder of HelloTask, was acknowledged in Consumer Technology for his app facilitating domestic maid services. Redwan Ahmed, an award-winning journalist, was listed in Media, Marketing & Advertising for his significant coverage of human rights issues.

15/05/2024

SBK Tech Ventures, Bangladesh's sole woman-led venture capital firm, has recently infused $7.1 million into six local startups, marking a significant investment in the country's burgeoning startup ecosystem. The investment includes funding for artificial intelligence startup Markopolo, mobility startup Jatri, climate tech startup Solshare, AgriTech startup Fashol, MedTech startup Arogga, and EdTech startup 10 Minute School.

Sonia Bashir Kabir, the founder and managing general partner of SBK Tech Ventures, emphasized the immense potential of Bangladeshi startup founders in leveraging technology-driven business models for impactful solutions. With a portfolio of 46 startups and notable growth since its inception four years ago, SBK Tech Ventures remains committed to nurturing enduring businesses, focusing on gender lens investing, and promoting climate tech initiatives. This injection of funds is anticipated to revitalize Bangladesh's startup funding ecosystem, particularly amid a period of funding constraints experienced since the latter half of 2022.

14/05/2024

Uber has teamed up with the Bangladesh Road Transport Authority (BRTA) to increase awareness and enforcement of road safety measures.

This collaboration aims to eliminate overspeeding, a major contributor to road accidents, by leveraging Uber's app to support the BRTA's campaign and enforcement efforts. BRTA's circle office assistant directors will conduct daily mobile courts, cracking down on transport violations in cooperation with district administrations. The initiative also targets reducing offline trips, which pose significant safety risks for both riders and drivers.

Uber will play a vital role in this partnership by providing resources and guidance to its extensive network of driver partners, emphasizing the importance of following traffic regulations and promoting responsible driving practices.

13/05/2024

Interactive Cares, a Bangladeshi edtech startup company, has been awarded with a grant of $100k from Open Campus Accelerator.

Interactive Cares believes that the grant will allow them to further develop its artificial intelligence (AI) and blockchain-powered solutions and programs for employability training and career upskilling.

Along with this, the company has further raised around $700k investment from other investors such as Accelerating Asia, Flagship Ventures, SuperCharger Ventures, and others.

24/04/2024

Meta Platforms is sharing its Quest headset operating system, Meta Horizon OS, with other companies like Microsoft, marking its entry into the VR industry. This lets partners use features like gesture recognition and scene understanding in their devices. Meta is also releasing a limited edition Quest inspired by Xbox. CEO Mark Zuckerberg aims to dominate VR/MR tech like Google did with Android in smartphones.

22/04/2024

Webflow takes over Intellimize to to unlock AI-driven website optimization by adding AI powered webpage. Its mission is to bring development superpowers to everyone.

In the coming months, Webflow will be integrating Intellimize into the Webflow platform so that all their customers can implement advanced personalization and experimentation directly in Webflow.

17/04/2024

Figure AI, the American tech startup has developed their core product Figure 01 that is designed in a human-like form with performing, learning and interacting abilities. The robot is proclaimed to be a commercially viable humanoid robot with a capability of assisting in multiple tasks at both household and industry labor. Consequently, Figure 01 is meant to be positioned in manufacturing, logistics and retail with labor shortages.

16/04/2024

Bangladeshi startup EdBridge Scholars, founded by Bates College student Tanvir Thamid, secured second place at the BobCat Ventures 2024 grant competition in Maine, USA. The startup received USD 4,000 and professional mentor support for their achievement. EdBridge Scholars focuses on democratizing access to higher education for Bangladeshi students, particularly those aspiring to study abroad in North American countries. The grant money will be used to enhance mentoring services for Bangladeshi students and support those in financial need to pursue educational opportunities beyond Bangladesh's borders.

03/04/2024

Google.org, the philanthropic arm of Google, has announced the launch of a new program called Google.org Accelerator: Generative AI, aimed at supporting nonprofits developing technology leveraging generative AI. With $20 million in grants, the program will initially include 21 nonprofits, including Quill.org and the World Bank.

Participating nonprofits will receive funding as well as access to technical training, workshops, mentors, and guidance from an "AI coach" during the six-month accelerator program. Additionally, teams of Google employees will work with selected nonprofits full-time for up to six months through Google.org's fellowship program.

Among the nonprofits selected are Tarjimly, focusing on using AI to translate languages for refugees, Benefits Data Trust, creating AI assistants to support caseworkers, and mRelief, developing a tool to streamline the U.S. SNAP benefits application process.

Generative AI has the potential to enhance productivity, creativity, and effectiveness for social impact teams, according to Annie Lewin, director of global advocacy at Google.org. A Google.org survey found that while many nonprofits see the potential of generative AI, significant barriers remain, including lack of tools, awareness, training, and funding.

Despite these challenges, there is a growing interest in nonprofit AI-focused startups. Fast Forward, a nonprofit accelerator, reported a significant number of AI-focused applicants for its latest class, while organizations like AlgorithmWatch, JoyEducation, and Earth05 are dedicated to ethical approaches to AI.

20/03/2024

Microsoft has appointed Mustafa Suleyman, Co-Founder of DeepMind, to head its AI products and research. Suleyman will lead the newly formed organization called Microsoft AI, overseeing AI assistant Copilot and other consumer AI products and research. Karén Simonyan, Co-Founder and Chief Scientist of Inflection, will serve as Chief Scientist in the new organization. Suleyman and Simonyan previously founded Inflection together.

Microsoft CEO Satya Nadella announced these appointments and the creation of the AI organization in a communication to employees. Kevin Scott will continue as Chief Technology Officer and Executive Vice President of AI, responsible for overall AI strategy.

28/02/2024

PhotoRoom, the AI-based photo-editing app from Paris, has raised $43 million in its latest funding round led by Balderton Capital. This brings its valuation to $500 million. The app, which targets both business and casual users, has seen significant adoption, processing 5 billion images annually with over 150 million downloads.

The funding will be used to expand the team, invest in R&D and infrastructure, and further develop its AI models. The company plans to double its current workforce of 50 employees by the end of the year. Photoroom's focus on training its own AI models has resulted in faster image generation compared to other platforms. It recently launched Photoroom Instant Diffusion, a tool for creating consistently styled product photos.

04/02/2024

Aim Security has raised $10 million in seed funding for its GenAI security platform. The round was led by YL Ventures, with participation from Cyber Club London and angel investors including the founders of WIZ. Aim Security, founded by Matan Getz and Adir Gruss, aims to address the security implications of generative AI. The platform focuses on preventing data leakage and ensuring that GenAI usage, both by employees and developers, doesn't violate privacy regulations or leak sensitive data.

31/01/2024

Mulytic, in partnership with West Zone Power Distribution Company Limited, has inaugurated its first electric vehicle (EV) charging station outside Dhaka, located in Jashore's Khoyertala region. The Jashore station launched as a pilot project, foreshadows the establishment of thousands of similar charging stations nationwide soon.

Mulytic, leveraging advanced German technology, has developed an AI-powered EV Charger aimed at reducing automobile charging costs by up to 20% while mitigating environmental pollution. With its headquarters in Munich, Germany, the innovative data energy company has been at the forefront of transformative collaborations across various sectors, including mobility (with companies like Daimler, Renault, and Audi), logistics (such as Hermes and DHL), and energy (including Mercedes Benz Energy), along with their affiliated ventures.

24/01/2024

CrackPlatoon Charging Solution Limited, a Bangladeshi startup specializing in electric vehicle (EV) charging, has inaugurated an EV charging station at "MIAMI Leisure Spot" along the Dhaka-Chittagong highway in Kalakachua, Burichang, Cumilla. CrackPlatoon stated their plan to establish EV charging stations nationwide, covering all divisions and key highway locations, contributing to the widespread viability of electric vehicle travel throughout Bangladesh. This initiative marks the country's inaugural highway restaurant charging station.

In a previous collaboration with Dhaka Electric Supply Company Limited (DESCO) and Sumatra Filling Station, CrackPlatoon Charging Solution Ltd. successfully launched its first commercial EV charging infrastructure at Manikdi, Dhaka Cantonment, demonstrating its commitment to advancing the accessibility and infrastructure for electric vehicles in Bangladesh.

17/01/2024

Brilliant Labs is gearing up for the imminent launch of its inaugural smart glasses model in the first quarter of the year. The initial release will boast the capability to interpret natural language commands. Subsequent updates will introduce additional features, including visual and audio cues triggered by objects identified in the user's immediate environment. Additionally, future development aims to empower the glasses with functionalities such as adjusting resolution, zoom, and color contrast for an enhanced real-world viewing experience through the glasses.

16/01/2024

In response to the growing mental health challenges faced by students, wEvolve is taking a proactive step by offering a complimentary first session to address academic and personal stress. The initiative is part of wEvolve's commitment to making mental health support more accessible and contributing to the overall improvement of student well-being.

Recent research underscores the urgency of addressing mental health issues among students, revealing their prevalence and onset at younger ages. For instance, a 2018 World Health Organization survey disclosed that almost one-third of first-year college students had pre-existing mental health disorders, and a study spanning 2017 to 2018 found that 12% of college students experienced suicidal thoughts. Notably, wEvolve emerges as a crucial support system in this landscape, dedicated to fostering the mental well-being of communities, particularly students, with the aim of shaping a better future.

15/01/2024

Will.i.am, known for his musical endeavors and entrepreneurial ventures, has introduced Sound Drive at CES 2024. Scheduled to launch this summer in Mercedes-Benz's electric EQ models, Sound Drive aims to revolutionize the in-car audio experience. Instead of static playlists, it dynamically responds to driving conditions by analyzing data from the car's electronic control unit (ECU) and remixes tracks based on factors like throttle input and brake pressure. Will.i.am envisions this as a form of musical conductorship, where each drive shapes a unique soundtrack, conducting the music in sync with the road.

Beyond its real-time adaptation, Sound Drive has future plans to allow users to geotag samples, linking sounds with memories. This could create a personalized musical journey, attaching auditory cues to specific locations, capturing moments like first kisses or significant life events. Will.i.am emphasizes the uniqueness of each drive, ensuring that even repeating the same route won't result in an identical song, making the driving experience a continuously evolving and personalized musical adventure.

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