Elets Group LLC., a leading global technology and media research organisation, organised the Elets Spark Stage: Investment Summit & Startup Pitch on December 7, 2023, in collaboration with the Dubai Department of Economy and Tourism.

Mumbai has emerged as a hotbed for technology startups in recent years. Known historically as India’s financial and entertainment capital, the coastal city is now making a name for itself in the country’s booming startup ecosystem.

Google said these startups represent cutting-edge AI innovation in India, tackling diverse challenges, including discovering antibodies, detecting identity fraud, helping small and medium businesses to reach more customers, reduce developers’ repetitive work, and focus on building solutions that use artificial intelligence to address “systemic challenges”.

Saudi tech startups Omniful and Blink led dealmaking in the Middle East region in the first week of December. Both raised early-stage funding from well-known venture capital firms including 500 Global and VentureSouq.

Funding in India’s tech startup ecosystem in 2023 has been the lowest in the last five years. It received $7 billion in 2023, bringing India’s global ranking one point down— from fourth to fifth. FinTech, retail, and enterprise applications were the top-performing sectors in 2023 till date.

MetaShop is a startup that specialises in 3D content creation for e-commerce, gaming, real estate, and more, while Fundament develops AI solutions that address real-world challenges, particularly in the financial services and travel sector. While the internal selection announcements were completed in late October, both startups were officially facilitated at a Google for Startups event in Bangalore on November 30.

The Indian tech startup ecosystem continues to face the prolonged funding winter period, as revealed in a recent report, which showed that the funding received by the sector in 2023 was the lowest in the past five years. With a decline of 72 per cent, Indian startups churned merely $7 billion this year so far, a steep drop compared to $25 billion in the previous year, the report ‘Annual Report: India Tech 2023’, launched by the data intelligence platform Tracxn, showed.

Funding for Indian startups has dropped to a five-year low in 2023, with a total of $7 billion having flowed into the ecosystem so far this year, according to data from Tracxn. This marks a significant decline of nearly 73% compared to the $25 billion funding recorded in 2022.

The Karnataka Innovation and Technology Society, (KITS) and the Department of Agriculture, Government of Karnataka has announced a partnership with the Centre for Cellular and Molecular Platforms (C-CAMP) at the formal launch of Phase II of two of C-CAMP-KTech flagship innovation programmes, one in the agriculture domain and the other in the startup acceleration for scale-up of Karnataka’s rapidly growing biotech startup community.

PM Modi, in a post on LinkedIn, sent the invite. He claimed that AI is a rapidly advancing technology with expanding applications. It’s now in the hands of young, brilliant minds who are enriching its vast potential. India, with its vibrant start-up ecosystem and talented workforce, is set to contribute actively to the evolution of AI.

According to Anil Sinha, Chief Technology Officer, Fibe, the move to set up a cloud facility will keep financial sector data safe and will help earlyage fintech startups scale up their operations. The proposal to set up a cloud facility for the financial sector in India is a proof point of India s indigenous tech capabilities.

Its flagship product, Forge, is a significant driving force behind Together AI’s revenue surge. Contributing 90% of the company’s total revenue, Forge offers startups a comprehensive solution encompassing computing resources and model training software within a single package.