Funding news
BigEndian bags $3M seed funding by Vertex Ventures SEA & India
Semiconductor design startup BigEndian has raised $3 million in seed funding in a round led by Vertex Ventures SEA & India and strategic investors.
The company plans to use the funds to develop homegrown semiconductor IP in India, including its surveillance system-on-chip (SoC) solution. It will use the proceeds to expand the company’s engineering team, enhance research and development capabilities, and scale operations.
“Besides our SoCs, we are also building an advanced, truly Indian ecosystem with upstream and downstream innovations, which would be transformative in the nascent Indian semiconductors industry,” said Sunil Kumar, Co-founder and CEO of BigEndian.
“Realignment of electronics supply chains has provided a rare opportunity for India to become a global leader in semiconductors,” said Ben Mathias, Managing Partner of Vertex Ventures SEA & India.
The company was founded by Sunil Kumar (CEO), Renuka Prasad (Head of System Engineering), Harpreet Wadhawan (CFO), Dinesh Annayya (Head of Silicon Engineering), Kanagaraju Ponnusamy (Head of Engineering), and Jansen Cheng (Head of Global Business Development).
Mytek Innovations raises Rs 6 Cr in debt
EPC and Manufacturing Marketplace, Mytek Innovations on Tuesday raised Rs 6 crore in debt, under its overall plans to raise up to $10 million (Rs 84 crore) by December in debt and equity to cash in on the improving macro environment and cater to its growing order pipeline.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, the company clocked a Rs 251 crore order book at the end of FY24 and has a targeted revenue of Rs 320 crore at the end of this fiscal.
The company has been working on increasing its order pipeline over the years. At the end of FY 22-23, the company had an order pipeline of Rs 119 crore and revenues of Rs 10.48 crore.
“We are helping SMEs solve a multitude of problems. SMEs don’t have enough working capital to complete the project in defined timelines and also often don’t have the capital to furbish performance guarantees. We help them do end-to-end execution across many issues they face,” noted Mytek Innovations Founder and Chief Managing Director, Shivkumar Borade.
So far, Mytek has been focusing on civil and electrical services. It now plans to expand to other sectors like automobile, manufacturing, textile and garments, cosmetics.
Infibeam’s BillAvenue gets certified as TSP partner
Fintech player Infibeam on Tuesday announced that its BBPS Bill Payments processing unit BillAvenue was certified as a Technology Service Provider (TSP) Partner for both Biller Operating Units (BOU) and Customer Operating Units (COU) by NPCI Bharat BillPay Limited (NBBL).
The certification allows BillAveneue to enable banks, small finance Banks (SFBs) and other certified fintech players to become a part of the Bharat Bill Payment System (BBPS) (now known as Bharat Connect) ecosystem by providing them with a technology stack to go live quicker. It offers these entities on-premises deployed solutions under a capital expenditure model, as well as cloud based solutions on an operating expenses model.
“This is a pivotal moment for us, and we believe it will propel BillAvenue to the forefront of the BBPS (now known as Bharat Connect) ecosystem. As a neutral facilitator, we are uniquely positioned to attract major billers and customer-facing apps to partner with us,” said Daykin Creado, CEO of BillAvenue.
This certification also accelerates the go-to-market time for OU license holders, lowering operational costs. It will help the company to bring more participants into the BBPS ecosystem and expand the scope, reach and acceptability of BBPS as a preferred mode of bill payments.
(This article will be updated with the latest news throughout the day.)
