Hello,
Data privacy but at what cost, asks Meta.
In its annual statement, Facebook’s parent company said its inability to transfer data between regions in which it operates can affect its ability to provide services to its customers, therefore impacting its revenue.
With countries such as India and Turkey passing laws that are implementing data protection requirements, the cost of delivering services is increasing, alleged Meta, adding that this can lead it to cease its products and services in specific countries.
Meanwhile, creditors to BYJU’S have allegedly pulled out of negotiations to recast a $1.2 billion loan, posing a new setback to the edtech firm, reported Bloomberg, adding that the talks were called off after the creditors moved court, accusing the firm of hiding $500 million of funds raised.
ICYMI: The evolution and survival story of Guinness World Records.
Elsewhere, space tech startup Pixxel has raised $36 million in a round led by Google. The capital will boost the development of the company’s AI-powered analytics platform Aurora, as well as further its plans of launching six satellites in 2024 and another 18 by 2025.
Speaking of space, NASA’s UFO team had its first meeting on Wednesday and believes that finding the truth “out there” needs one thing: more data.
You can watch the full conversation here.
In today’s newsletter, we will talk about
- Turmoil in Glamyo Health
- AI’s impact on workforce
- India in focus for dYdX
Here’s your trivia for today: At 2010 Wimbledon, John Isner defeated Nicolas Mahut in the longest tennis match in recorded history. How long was the game?
Healthtech
Turmoil in Glamyo Health
Glamyo Health has laid off most of its staff—160 employees—without any clear communication on final salary settlements. As per an FIR filed against the company, the employees alleged that the company has delayed salary payments several times before, cut pay, and let go of workers without prior notice.
Battered startup:
- The FIR also notes that the founders said that they are likely to declare bankruptcy and expressed their intent to leave the country.
- Glamyo Health has also delayed payments to vendors by more than three months, a former employee told YourStory.
- The company was looking to raise up to $6 million this year from existing and new investors but the deal fell through in March possibly due to a tough market, according to an industry executive
Funding Alert
Startup: CleanMax
Amount: $360M
Round: Equity
Startup: Capillary Technologies
Amount: $45M
Round: Series D
Startup: Pixxel
Amount: $36M
Round: Series B
Technology
AI’s impact on workforce
Microsoft’s flagship Work Trend Index report for 2023 revealed that AI holds the potential to revolutionise how people work and companies that proactively adopt this technology will gain enhanced productivity and creativity.
Can AI fix work?
- “The next generation of AI will unlock a new wave of productivity growth, removing the drudgery from our jobs and freeing us to rediscover the joy of creation,” Bhaskar Basu, Country Head–Modern Work, Microsoft India, said.
- The majority of Indian workers (76%) said they lack sufficient time and energy to accomplish their work effectively. Globally, the percentage of people sharing similar concerns is slightly lower at 64%.
- Despite 74% of Indian workers expressing concerns about AI replacing their jobs, an even greater proportion (83%) are open to delegating tasks to AI to alleviate their workloads.
Cryptocurrency
India in focus for dYdX
The dYdX Foundation is entrusted with the responsibility of fostering decentralised infrastructure and governance on the dYdX. To support its transition into a fully decentralised entity and boost community building, the foundation recently launched its India chapter, led by Karan Ambwani.
Web3 ethos:
- dYdX is built on Starkware, an Ethereum-based platform that focuses on bringing privacy to blockchain transactions.
- Since its establishment in 2019, dYdX has been progressively decentralising itself. Its communities are represented by its decentralised autonomous organisations (DAOs)—its operations subDAO and grants subDAO.
- CEO Charles d’Haussy believes, with the growth of dYdX’s app and DAOs, there is a need for a diverse set of talent from India to join the foundation’s network.
News & updates
- Super scheme: Amazon’s main UK division has paid no corporation tax for the second year in a row after benefiting from tax credits on a chunk of its £1.6 billion investment in infrastructure, including robotic equipment at its warehouses.
- Birth boost: Japan will spend around ¥3.5 trillion ($25 billion) on policies meant to bolster its sliding birth rate, Prime Minister Fumio Kishida said. Kishida has warned the country’s population crisis threatens to undermine its ability to function as a society.
- Green goals: The European Commission kicked off the EIC Scale Up 100 initiative to help 100 deep tech unicorn startups scale up to become Europe’s deep tech champions and help drive the bloc’s green and digital objectives.
What you should watch out for
- History TV18 releasing a special documentary to celebrate 100 episodes of PM Modi’s radio programme.
At 2010 Wimbledon, John Isner defeated Nicolas Mahut in the longest tennis match in recorded history. How long was the game?
Answer: 11 hours and 5 minutes, spread out over three days.
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