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South Korea is keen to raise its semiconductors game.

In the latest move, the South Korean government is preparing a programme to provide more than 10 trillion won ($7.3 billion) to strengthen the country’s pivotal industry, details of which will be announced soon. 

According to South Korean Finance Minister Choi Sang-mok, funding options include policy financing from the state-owned Korea Development Bank or a joint fund from public, private and policy financing. 

Speaking of funding, social ecommerce startup Meesho is reported to have raised $275 million through primary and secondary share sales as part of a bigger $500 million to $600 million round, which could value the company at $3.9 billion.

Meanwhile, the UK Safety Institute, an AI safety body, released a toolset designed to “strengthen AI safety” by making it easier for industry, research organisations, and academia to develop AI evaluations. 

Called Inspect, it is available under an open-source licence, specifically an MIT License. It aims to assess certain capabilities of AI models, including models’ core knowledge and ability to reason and generate a score based on the results. 

ICYMI: The mystery of where the Mona Lisa was painted is solved. At least, this geologist believes so. 

Lastly, here’s what happened at this year’s Eurovision song contest!

Oh, and there was a lot of drama!

In today’s newsletter, we will talk about 

• Modernising the humble car keys
• Inside Live Love Laugh Foundation

Here’s your trivia for today: Which country was the first to sell its residents’ genetic codes to a biotechnology company?

Startup

Modernising the humble car keys

The automotive industry is evolving, revving with innovation fuelled by electric vehicles and the growth of autonomous vehicles, structural design using carbon fibre, and diversified fuel sources like hydrogen. 

However, despite the trend towards luxurious and technologically advanced vehicles, Rajat Jaiswal, an airline pilot and automotive enthusiast, identified that car keys have remained relatively unchanged and lacked customisation. In 2021, he started Keydroid.

‘Key’ takeaways:

• The Gurugram startup offers five smart key variants—Tron, Nova, Blade, Edge, and Slate, with pricing ranging from Rs 14,000 to Rs 17,000. It has introduced a limited edition Gold Tron variant with a satin gold finish.
• With its manufacturing unit in Noida, Keydroid creates custom car key fobs based on specific vehicle models, with its manufacturing tailored to cater to the specifications of each car model, integrating its features.
• The startup is working on developing a key, priced at Rs 6,499, with built-in breathalysers to test alcohol levels.

Interview

ICYMI: Inside Live Love Laugh Foundation

In 2016, the National Mental Health Survey painted a concerning picture of mental health in India. It found that one in 20 Indians suffers from depression, and nearly 15% of adults will probably require mental health intervention. 

Today, as more Indians grapple with rising stress at work and in life, they are showing a willingness to discuss mental health issues and seek help. Dr Shyam Bhat of The Live Love Laugh Foundation shares how the foundation keeps India’s unique context in view as it bridges the gap in mental health.

Offering relief:

• Dr Bhat agrees that social media and online platforms increasingly reflect a growing mental health awareness.
• The foundation normalises mental health challenges through educational campaigns and open dialogue, makes mental health professionals and resources more readily available across India, and ensures that mental health treatment is not prohibitively priced.
• Not being able to reflect on our true selves has contributed to rising addictions and listlessness among younger people. “People feel an emptiness,” Dr Bhat says.

News & updates

• AI chips: SoftBank Group’s Arm Holdings plans to develop AI chips, seeking to launch the first products in 2025, reported Nikkei Asia. Arm will set up an AI chip division and aims to build a prototype by the spring of 2025, while contract manufacturers will handle mass production, expected to start in the autumn of 2025.
• Crypto: VCs are turning to crypto startups founded by professors as funding for the digital asset industry takes off again. Companies like Sahara, CheckSig, and NEBRA were all launched by academics and raised fresh capital in the past two months, but two startups have stood out in a category the industry has nicknamed “professor coins.” 
• Transplant: The first recipient of a genetically modified pig kidney transplant has died nearly two months after he underwent the procedure, his family and the hospital that performed the surgery said. Surgeons said they believed the pig kidney would last for at least two years.

What you should watch out for

• Go Digit General Insurance Ltd’s IPO will open for subscription on Wednesday, May 15, and close on Friday, May 17. Allocation to anchor investors will happen on Tuesday, May 14. It has fixed the price band for its IPO at Rs 258 to Rs 272 per equity share. 
• Zomato’s board is slated to meet on Monday, May 13, to consider and approve the results for the fourth quarter and financial year ended March 2024.
• All you need to know about the 77th Cannes Film Festival, set to begin on Tuesday, May 13.

Which country was the first to sell its residents’ genetic codes to a biotechnology company?

Answer: Iceland.

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