EVs, cybersecurity, entertainment, and climate tech are at the forefront of startup funding from May 17-23. India’s startup ecosystem had a good week. Companies across the board were able to close large rounds of investment. It was nice to see different varieties of startups from electric vehicles, and cybersecurity to entertainment and climate tech that are solving real-world problems with clever ideas and good management. Below is a review of the notable startups that raised money this week:
Euler Motors – Leading in Electric Vehicles
Focus: Electric commercial vehicles (3- and 4-wheelers)
Funding Raised: USD 77 Million
Investors: Hero MotoCorp, British International Investment (BII)
Euler Motors, focused on revolutionising delivery and transport with cleaner delivery methods, raised Rs 638 crore, in Series D funding, led by Hero MotoCorp and BII. Euler is powering the industry with its powerful HiLoad EV (India’s top electric three-wheeler) and the StormEV, a new four-wheeler that recently launched featuring advanced construction safety features. The funding will allow details to expand its network and develop new products. The total funding to date for Euler Motors stands at Rs 1,420 crore.
CloudSEK – Fighting Cyber Threats with AI
Focus: Cybersecurity using artificial intelligence
Funding Raised: USD 19 Million
Investors: MassMutual Ventures, Inflexor Ventures, and others
Founded in 2015, CloudSEK allows businesses to identify and stop cyberattacks before they happen by providing AI-based tools that deliver intelligence in real-time. CloudSEK recently raised $19 million in Series A2 and B1 funding to continue expanding globally and improve its predictive cybersecurity platform – now used by more than 250 enterprises around the world.
Mythik – Bringing Eastern Stories to the World
Focus: Entertainment-tech based on Eastern mythology and history
Funding Raised: USD 15 Million
Investors: Sakal Media Group, BITKRAFT, Shah Rukh Khan’s family office, and others
Mythik was founded by Jason Kothari to become the “Disney from the East”, which is to share rich Eastern cultural stories with the world and the storytelling is done through modernized technology. The company launched last month and had a fully funded seed round of $15 million from investors that included Shah Rukh Khan’s family office and BITKRAFT. The founders and the founding team consists of former executives from Disney, Netflix, and Amazon Studios. Mythik is bringing immersive tech storytelling to more than 3.5 billion people.
Alt Carbon – Climate Tech for Greener Farms
Focus: Capturing carbon and improving soil with rock dust
Funding Raised: USD 12 Million
Investors: Lachy Groom, Shastra VC, Tanmay Bhat, Nakuul Mehta, and others
ALT CARBON, a Bengaluru-based startup founded in 2023, puts down crushed basalt rock on farmland to extract carbon from the air to improve soil health to combat climate change and increase crop yield. The startup combines both climate change mitigation with supporting farmers through the increased crop yield. The startup has secured $12 million in funding to increase carbon removal in South Asia through Enhanced Rock Weathering. ALT CARBON has also partnered with local farmers and technology companies like Shopify to capture and remove CO₂. Their goal is to capture 5 million tons of CO₂ by 2030. $12 million in funding will provide funding to projects, research, and development of an A.I. tool.
Biostate AI – Using AI to Understand Diseases
Focus: Healthtech using AI and RNA sequencing
Funding raised: USD 12 Million
Investors: Accel, Gaingels, InfoEdge Ventures, and others
Startup Biostate AI utilizes a novel technology to read a gene’s data in a fast and low-cost manner ultimately to provide scientists and doctors with more knowledge about diseases and treatments. The startup raised $12 million to create the AI-driven RNA sequencing tool that predicts how a disease could progress and how someone could respond to a drug. They hope the tools will help scientists, doctors, and patients to have better access to precision medicine by improving the quality of genetic data and being able to perform RNA analysis at a large scale around the world.
Data Sutram – Spotting Financial Fraud with AI
Focus: Financial fraud detection and risk analysis
Funding Raised: USD 9 Million
Investors: B Capital, Lightspeed
Data Sutram raised $9 million to branch out from banking into insurance, gaming, and cryptocurrency; it develops an AI-powered fraud detection platform. This Mumbai-based startup employs AI and alternative data to interpret digital footprints through online habits, and signals to identify fraud, false identity, and questionable behavior, creating real-time fraud risk scoring metrics to help financial institutions attests to regulatory compliance. The raised capital will contribute towards their global ambitions and team expansion.
Closing Remarks
The startups displayed here highlight the way that new ideas can solve global problems. Each company is aiming to make the world a cleaner, safer and more sustainable place to live, whether that be in transport, the internet or farming. In addition, their success demonstrates there are many investors willing and eager to back innovative and shrewd businesses throughout the world.
