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UAE blocks meetings between G42 and US congressional staffers

Mohammed Fahad
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UAE blocks meetings between G42 and US congressional staffers
  • The inability of Congress to engage directly with G42 has intensified calls for increased oversight, foreshadowing possible repercussions for both nations’ technology partnerships.

The cancellation of meetings between US Congressional staffers and the Emirati AI firm G42 has raised significant concerns about the potential transfer of sensitive American technology to China.

The situation underscores the complexities of international relations in the realm of advanced technology and national security.

Reuters reported that the UAE Ambassador to the US intervened to halt these meetings, which were initiated in response to bipartisan apprehensions regarding a substantial $1.5 billion investment by Microsoft in G42.

Lawmakers fear that the investment could enable the transfer of proprietary US artificial intelligence technology to the UAE, a nation with historical ties to China.

The growing scrutiny from Congress reflects a broader trend of increasing vigilance towards potential foreign exploitation of sensitive technologies.

The canceled meetings mark a pivotal moment in US-UAE relations, particularly concerning technology oversight.

Calls for increased oversight

Congressional staff sought to discuss the implications of advanced chip transfers to the UAE and Saudi Arabia, especially following the Biden administration’s initiatives to restrict AI chip exports to counter potential aggression from China.

The US government’s apprehension is further highlighted by a July letter from congressional leaders seeking intelligence assessments of the Microsoft-G42 investment, underscoring the gravity of the situation.

The UAE Embassy’s assertion of miscommunication surrounding the staff delegation’s visit raises questions about the effectiveness of diplomatic channels in addressing these concerns.

Despite ongoing discussions between the UAE and US officials, the inability of Congress to engage directly with G42 has intensified calls for increased oversight, foreshadowing possible repercussions for both nations’ technology partnerships.

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Byju’s approaches $19m settlement in dispute with BCCI

Ana Mary Joseph
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Byju’s approaches $19m settlement in dispute with BCCI
  • Settlement could lift Byju’s from the ongoing insolvency proceedings that have beset the company and frozen the assets of what was once the nation’s largest startup.
  • National Company Law Appellate Tribunal will hear all the applications on July 31.
  • NCLT’s order has placed protective measures over Byju’s assets, preventing any transfer or sale during the ongoing legal scrutiny.

The Indian edtech giant Byju’s is on the brink of an agreement to resolve a $19 million payment dispute with the Board of Control for Cricket in India (BCCI).

The potential settlement, if finalised, could lift Byju’s from the ongoing insolvency proceedings that have beset the company and frozen the assets of what was once the nation’s largest startup.

The BCCI has communicated with the National Company Law Appellate Tribunal (NCLAT) regarding initial discussions aimed at resolving the conflict stemming from Byju’s sponsorship obligations.

Byju’s entered into a jersey sponsorship agreement with the BCCI in March 2019 for a three-year term, which was later extended for an additional year. Although the company met its payment obligations until September 2022, the dispute arises from unfulfilled payments for the period spanning October 2022 to March 2023.

The gravity of the situation escalated when an Indian tribunal initiated insolvency proceedings against Byju’s following the BCCI’s complaints regarding the company’s inability to meet its payment obligations.

The rise of Byju’s has been meteoric, with its valuation at $22 billion in 2022.

However, the company has faced numerous challenges, including leadership changes, investor disputes, and job cuts, resulting in a staggering decline in valuation to less than $3 billion. Despite these issues, Byju’s has denied any wrongdoing.

In response to the legal and financial pressures, Byju’s has committed to settling the outstanding payment to the BCCI in three installments, beginning with an upfront payment of Rs500 million (approximately $6 million).

Discussions between the two parties are reportedly ongoing as they work towards a resolution.

The tribunal agreed to hear all the applications on July 31.

However, a tangled web of legal challenges remains, with Byju’s founder, Byju Raveendran, contesting the insolvency proceedings in court.

Amidst these proceedings, concerns have been raised regarding the cooperation of Byju’s former management with the interim resolution professional tasked with overseeing the company’s operations. The NCLT’s order has placed protective measures over Byju’s assets, preventing any transfer or sale during the ongoing legal scrutiny.

As the situation unfolds, the implications for Byju’s future remain closely monitored by stakeholders across sectors.

Educatly gets $2.5m funding to focus on regional expansion

Naushad K. Cherrayil
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Educatly gets $2.5m funding to focus on regional expansion
  • Startup assists students in answering the most critical questions of what and where to study to achieve a bright professional future.

Cairo-based edtech startup Educatly has secured a new funding round of $2.5 million to expand its operations in Middle East and Africa.

The funding round was led by TLcom Capital and Plus VC and from Egypt Venture (Egypt) and the HBAN syndicate (Ireland).

In 2021, it has secured a $1 million in a pre-seed funding round, which participation from Enterprise Ireland, Falak Startups, among other investors.

The startup assists students in answering the most critical questions of what and where to study to achieve a bright professional future and provides information on all types of schools and universities worldwide, as well as various programs and scholarships.

Its services are offered in key markets such as Egypt, Saudi Arabia, the United Arab Emirates, Nigeria, Kenya, and Ireland.

Eyes 7m students

Launched in 2020, Educatly employs advanced artificial intelligence (AI) and large language models (LLM) to ensure the accuracy of information, allowing students to make informed decisions.

Additionally, Educatly helps universities reach and engage with students seamlessly, and currently, the platform features over 1,100 universities in 90 countries around the globe.

“Today, we are proud to receive this new investment, which reaffirms our commitment to continue working towards our vision and strategic goals through an ambitious plan aimed at increasing growth and expanding our operations. It will also enhance the services we provide to reach more students around the world and help them achieve their goals,” Engineer Mohmmed El-Sonbaty, Founder and CEO of Educatly, said.

Dr. Abdelrahman Ayman, Co-Founder and Chief Operating Officer of Educatly, said that this fund highlights the potential of educational technology in the region.

Since the launch of Educatly, “we have offered a wide range of services, with our business model focusing on three main pillars: helping students choose their fields of study, find the ideal programs and universities, and connect with students and Alumni around the world. “

To date, Educatly reached over three million students and aim to increase this number to approximately 7 million by the end of 2024.

In addition to that, Educatly has research and development centres in Cairo and Dubai with investments totaling $500,000 a year aimed at developing a digital platform that meets global standards to enable students to seamlessly access various tailored services.

Rent Tesla Cybertruck through Yango Drive app in Dubai

Ana Mary Joseph
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Rent Tesla Cybertruck through Yango Drive app in Dubai
  • A fantastic opportunity to experience electric vehicle without the commitment of purchasing.

For those who dream of driving the iconic Tesla Cybertruck but aren’t ready to purchase one, Yango Drive has just made those dreams a reality.

The innovative car rental service, part of the global tech phenomenon Yango Group, has added Cybertruck to its partner rental fleet in Dubai.

With just a few taps on the Yango App, customers can start their adventure behind the wheel of this amazing vehicle.

Yango Drive offers two models of the Cybertruck: the Cyber All-Wheel Drive and the awe-inspiring Cyber Beast. Both models showcase Tesla’s futuristic design combined with unmatched performance capabilities.

The Cyber All-Wheel Drive zooms from 0 to 100km/h in a mere 4.1 seconds and boasts an impressive range of over 755 km.

If you crave adrenaline, the Cyber Beast takes the cake, rocketing to 100km/h in just 2.7 seconds and reaching a top speed of 200 km/h, while offering a range of over 705 km.

 It is more than just a truck; it’s an exhilarating ride that elevates your driving experience to a whole new level.

Tesla Cybertruck 2024 price in UAE starts from AED375,000 while the Cyber Beast starts from AED448,000.

What’s more? Both vehicles feature a bulletproof stainless steel exoskeleton and shatterproof windscreens, ensuring safety while accommodating up to five adults—perfect for a road trip with friends.

And let’s not forget that the Dubai Police have recently added this cutting-edge model to their luxury patrol fleet, adding an extra layer of prestige to your driving experience.

Yango Drive is not only about thrilling rentals; they also provide a user-friendly experience with options for both delivery and self-pickup. You can rent the Cybertruck for any duration starting from just one day, with daily rates beginning at AED2,800—truly an investment in unforgettable memories.

To sweeten the deal, Yango Drive is hosting an exciting competition on Instagram. Until August 2nd, participants can enter to win a 4-hour rental of the Tesla Cybertruck by following the Yango Drive account, tagging friends, and sharing the post.

It’s a fantastic opportunity to experience the electric vehicle without the commitment of purchasing.

With a remarkable 70-fold increase in demand, Yango Drive is clearly tapping into the growing appetite for innovation in Dubai. So why wait?

Visit drive.yango.com or download the Yango app today to explore this electrifying opportunity and experience the future of driving.

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Researchers develop hardware device to make AI more energy efficient

Ana Mary Joseph
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Researchers develop hardware device to make AI more energy efficient
  • In the design, data remains within the computational random-access memory, eliminating the need for extensive data movement.
  • CRAM-based machine learning inference accelerator potentially achievies energy savings of up to 2,500 times compared to conventional methods.
  • Advancement of CRAM architecture marks a critical evolution in computing, resolving the traditional von Neumann architecture’s bottleneck between memory and computation.

Engineering experts at the University of Minnesota Twin Cities have developed a hardware device that can lower he energy usage for AI processes by a factor of at least 1,000.

The findings, published in the journal npj Unconventional Computing, reveal  the breakthrough holds the potential to transform the landscape of energy-efficient computing due to the soaring demand for AI technologies,.

As AI applications proliferate, the quest for methods that enhance energy efficiency while maintaining high performance and low costs has become increasingly urgent.

Traditional AI processes typically involve extensive data transfer between logic units, where processing occurs, and memory, where data is stored. The transfer is not only power-intensive but also a significant contributor to overall energy consumption.

Enhancing energy efficiency

The introduction of a novel model known as computational random-access memory (CRAM) addresses this critical issue. In the design, data remains within the memory array, eliminating the need for extensive data movement.

Yang Lv, a postdoctoral researcher in electrical and computer engineering and the paper’s first author, emphasises the groundbreaking nature of the research.

“This work is the first experimental demonstration of CRAM,” he said, highlighting how processing occurs directly within the memory grid, streamlining operations and significantly enhancing energy efficiency.

The implications of the research are substantial. A report from the International Energy Agency forecasts that global energy consumption for AI could soar from 460 terawatt-hours (TWh) in 2022 to an estimated 1,000 TWh by 2026, mirroring the total electricity consumption of Japan.

Given this trajectory, the CRAM-based machine learning inference accelerator presents a much-needed solution, potentially achieving energy savings of up to 2,500 times compared to conventional methods.

A critical evolution in computing

The development of CRAM has been a long journey, rooted in over two decades of innovative research. Jian-Ping Wang, the senior author and a Distinguished McKnight Professor, recalls how the initial idea of utilising memory cells directly for computing was met with scepticism two decades ago.

He credits the collaboration among a diverse interdisciplinary faculty and a dedicated team of students for the eventual success of this ambitious project. Their combined efforts have led to a practical demonstration of this energy-efficient technology.

Furthermore, this research builds upon Wang’s prior accomplishments in Magnetic Tunnel Junctions (MTJs), which have been instrumental in advancements in microelectronics. The advancement of CRAM architecture marks a critical evolution in computing, resolving the traditional von Neumann architecture’s bottleneck between memory and computation.

 As Ulya Karpuzcu, co-author and Associate Professor, explains, CRAM’s flexibility allows for computation to be performed anywhere in the memory array, optimising performance for various AI algorithms while minimising energy requirements.

Ola IPO could value the EV firm between $4.2b and $4.4b

Naushad K. Cherrayil
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Ola IPO could value the EV firm between $4.2b and $4.4b
  • Founder Bhavish Aggarwal will be offloading approximately 20% lesser shares compared to initial expectations.
  • Ola Electric founder Aggarwal now plans to sell around 37.91m shares instead of the previously indicated 47.39m.
  • IPO will raise about Rs5,500 crore as capital.

Ola Electric has announced the forthcoming launch of its Initial Public Offering (IPO), marking a pivotal moment in the corporate journey of the beloved two-wheeler electric vehicle (EV) manufacturer.

Scheduled to unveil its anchor book for the IPO on August 1 and opening the offering to the public from August 2 until August 6, Ola Electric’s entry into the stock market is eagerly anticipated.

The company’s IPO could value Ola Electric between $4.2 billion and $4.4billion, an intriguing prospect given the rapid evolution of the EV market and its influence on both domestic and global stages.

In the IPO process, Ola Electric’s founder, Bhavish Aggarwal, will be offloading approximately 20 per cent lesser shares compared to initial expectations, now planning to sell around 37.91 million shares instead of the previously indicated 47.39 million.

Create opportunities for early investors

The adjustment highlights both the dynamism within the market and potential investor sentiments. According to the Red Herring Prospectus filed on July 27, stakeholders can expect that this IPO will raise a substantial amount of capital, particularly Rs5,500 crore, which will not only facilitate Ola Electric’s growth initiatives but will also create opportunities for early investors to realise returns.

The strategic decision by DIG Investment to divest its equity stake, amounting to around 839,941 shares, further emphasises the complex dynamics at play within the firm’s shareholding structure. DIG Investment’s previous stake of about 0.95 per cent allows it to partake in the overall liquidity and distribution of shares in the market, creating room for new stakeholders to enter.

The expected valuation represents a notable decline when compared to its most recent funding round in September, where the company’s worth was estimated at $5.4 billion, reflecting a shift of about 18.5 per cent to 22 per cent downward.

The adjustment in valuation, undoubtedly linked to a myriad of factors, including macroeconomic conditions, consumer behaviour, and industry competition, raises questions and discussions among analysts and investors regarding the true valuation of emerging EV companies.

Ola the leader in EV

The competitive landscape for electric two-wheelers in India is corroborated by Ola Electric’s leading position, with a commanding market share of 44 per cent as of June, entrusting the firm with significant potential in an expanding market.

Despite the promising growth trajectory, Ola Electric has not been immune to financial challenges. For the fiscal year that concluded in March 2024, the firm’s revenue from operations reached Rs5,009.8 crore, albeit with a net loss of Rs1,584.4 crore.

This is an increase from the previous fiscal year, wherein revenue stood at Rs2,631 crore with associated losses of Rs1,472 crore. Such financial metrics underscore the complexities involved in scaling operations within a capital-intensive industry characterized by rapid technological advancements and fierce competition.

Ola Electric’s IPO is particularly significant as it opens the door for the first Indian electric two-wheeler company to list on Dalal Street.

The milestone not only signifies Ola’s aspirations for broader horizons but also reflects a maturing market that is increasingly attracting investor interest. The success of Ola Electric may likely set a precedent for other EV companies in India, thereby accelerating the overall progress and acceptance of electric mobility.

Additionally, the implications of investor sentiment surrounding Ola Electric’s public offering cannot be overstated. With a multitude of SoftBank-funded companies, such as Paytm, Delhivery, and others, having recently gone public in India, the performance of Ola Electric may either catalyse or temper future IPO prospects in the electric mobility domain.

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