Atomic Brew- May 17th

Open Source Generative AI Startup Together Raises $20M

Generative AI is a hot area of investment, with startups raising billions of dollars in the first quarter of 2023. This includes both established companies like OpenAI and Anthropic, as well as newer startups like Together. Together is an open source generative AI startup that recently raised $20 million in a seed round led by Lux Capital. Other investors in the round included Factory, SV Angel, First Round Capital, and several high-profile angel investors.

This investment is a sign of the growing interest in generative AI, which has the potential to revolutionize a wide range of industries. Generative AI can be used to create new products and services, improve existing ones, and automate tasks that are currently done by humans. As the technology continues to develop, it is likely that we will see even more investment in this area.

ZestMoney Founders Step Down Amidst Funding Crunch

ZestMoney has been struggling to raise new funds in recent months. This is due to a number of factors, including the global economic slowdown and the rising cost of capital. As a result, the company's founders have decided to step down.

The resignation of ZestMoney's founders is a sign of the challenges facing the Indian fintech sector. The sector has grown rapidly in recent years, but it is now facing a number of headwinds. These include the economic slowdown, the rising cost of capital, and regulatory uncertainty.

Smart Pension Raises $95M to Expand Global Reach

Smart Pension is a UK-based pension startup that has raised $95 million in a Series C funding round. The round was led by L Catterton, with participation from existing investors M&G Investments and BMO Global Asset Management.

The new funding will be used to expand Smart Pension's global reach. The company plans to launch in new markets in Europe and North America, and it also plans to expand its offering to include new types of pensions, such as defined contribution pensions and self-invested personal pensions (SIPPs).

Agraga Raises $8.51M to Solve the Problem of Multiple Intermediaries in Logistics

Agraga is a logistics startup that has raised $8.51 million in a seed round led by 3one4 Capital. The round also saw participation from Inflection Point Ventures, Good Capital, and angel investors such as Kunal Shah, Gokulnath Shetty, and Sujeet Kumar.

Agraga was founded in 2021 by Amit Garg and Ashish Garg. The company's mission is to simplify the logistics process for businesses of all sizes. Agraga does this by providing a single platform that businesses can use to manage all of their logistics needs. This includes shipping, tracking, and payments.

StepChange Secures $4M Funding to Help Corporations Improve ESG Performance

StepChange is a sustainability platform that helps corporations improve their environmental, social, and governance (ESG) performance. The company was founded in 2022 by Ankit Jain and Sidhant Pai.

ESG stands for environmental, social, and governance. It is a framework for measuring and managing the sustainability impact of an organization. ESG factors include things like greenhouse gas emissions, water usage, employee diversity, and corporate social responsibility.

The $4 million funding round will be used to expand StepChange's product offerings, ramp up growth in India, and expand its footprint in key international markets. The funding will also be used to develop new features that will help corporations improve their ESG performance.

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