SoftBank posts OpenAI-driven gains; Setting deeptech startups up for success

Indian pharmaceutical major USV is buying a 79% stake in direct-to-consumer (D2C) brand Wellbeing Nutrition, valuing the company at Rs 1,583 crore, as the drugmaker pivots toward the high-growth weight management and clinical nutrition sector.

The patent protecting semaglutide, a key ingredient in Novo Nordisk’s weight-loss drug Ozempic, is expiring in March. And India’s massive pharmaceutical industry is ready to take advantage of this by making generic versions. Industry insiders, per an earlier report in CNN, expect the price of some of these medications to be down by about 90% in India.

USV and Wellbeing Nutrition are jointly developing oral, simpler delivery mechanisms for GLP-1 therapies, instead of current injectable treatments.

Are weight loss drugs the new cash cows?

Moving on, tech leaders warn that AI can wipe millions of jobs, but could the technology ever love you back? While some experts believe that emotions will be a vital aspect built into AI, machines will probably never come close to feeling any emotions on their own.

Lastly, in a heartwarming tale of loyalty, a dog that lived by its  owner’s grave for a decade has inspired a new law in Brazil.

Talk about true love!

In today’s newsletter, we will talk about 

• SoftBank posts OpenAI-driven gains
• Setting deeptech startups up for success
• AI solutions for India’s water loss crisis

Here’s your trivia for today: Which popular musician’s last name is Sarkisian LaPierre?

News

SoftBank posts OpenAI-driven gains

SoftBank Group Corp. on Thursday reported a net profit of 248.6 billion yen ($1.62 billion) for the July-September quarter, buoyed by gains from its investments in OpenAI.

The result marks a steep 90% decline from the 2.5 trillion yen ($16.22 billion) reported in the previous quarter and represents a reversal from the 369 billion yen loss ($2.4 billion) recorded in the same quarter a year ago.

AI investments:

• SoftBank’s Vision Fund 2 (SVF2) gained 2.79 trillion yen ($18.28 billion) from its investments in OpenAI during the quarter. SVF2’s India portfolio includes foodtech major Swiggy, ecommerce company Meesho, EV-maker Ola Electric, and the newly-listed Lenskart.
• In recent months, SoftBank has shifted its focus to AI companies, heavily investing in ChatGPT-maker OpenAI. The conglomerate also has a joint venture with OpenAI, Oracle, and others to build massive AI infrastructure in the US.
• SoftBank is in talks to invest up to $30 billion more in OpenAI, according to media reports.

Funding Alert

Startup: ThirdAI

Amount: $3M

Round: Seed

Startup: Indigrid Technology

Amount: Rs 40 Cr

Round: Series A

Startup: UKHI

Amount: Rs 10.5 Cr

Round: Seed

Entrepreneurship

Setting deeptech startups up for success

Deeptech startups in India are now coming into global prominence. The sector’s success largely owes itself to science and engineering talent, and the 117-year-old academic institute that has imbued these elements to build an ecosystem that nurtures these kinds of founders.

Within the Indian Institute of Science (IISc), the Foundation for Science Innovation and Development (FSID), which was formally incorporated in 2020, has been engaged with deeptech startups in the country, enlarging the scope of its activity each year.

All-round support:

• FSID is sector-agnostic, which means startups from any segment can be part of its programme. Secondly, it aims to encourage its PhD students and faculty members to pursue entrepreneurship. Lastly, it also aims to create an enlarged ecosystem where there is participation from multiple players.
• FSID’s programme is open to everyone, and around 45% of the startups it is engaged with are those from a non-IISc background. It also has an entrepreneur in residence (EIR) programme, which is a platform for its PhD students to venture into entrepreneurship.
• There are challenges that FSID continues to face as it deepens its engagement with the startup ecosystem. The primary one is with funding and a shortage of capital, as the entity relies on various grants. The absence of a “champion customer” also often impedes deeptech startups just beginning their journey.

Startup

AI solutions for India’s water loss crisis

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Founded in 2017 in Bengaluru by CEO Gokul Krishna Govindu (ex-Apple), COO Giridharan Sengaiah (PwC water specialist), and Chief Scientist Navaneethan Santhanam (ex-Freshworks AI expert).

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Indian cities are bleeding water, relentlessly and at scale. Even when the technology to detect leaks already exists, the data is scattered and underused, spread across outdated maps, disconnected systems, and maintenance logs.

This gap between data and decision-making led to the founding of SmartTerra in 2017. The Bengaluru-based startup uses AI to analyse scattered water network data and predict leaks before they become a crisis. 

News & updates

• Challenging times: Mercedes-Benz Group, the German luxury car manufacturer on Thursday reported a steep decline in full-year profit. It also expects a tough time ahead following competition from Chinese car makers and global tariffs. 
• AI regulation: Anthropic on Thursday said it will spend $20 million to back US political candidates who support regulating the AI industry. The company is donating to Public First Action, a political group that opposes federal efforts to quash state AI regulations.
• Frontline treatment: Running, swimming and other forms of aerobic exercise could be considered as a frontline treatment for depression and anxiety, per a new study. The research was based on data from 63 published reviews that looked at the impact of exercise on depression or anxiety in nearly 80,000 volunteers.

Which popular musician’s last name is Sarkisian LaPierre?

Answer: Cher

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