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SoftBank in talks to fund edutech startup Unacademy

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SoftBank in talks to fund edutech startup Unacademy

Bengaluru:  SoftBank Vision Fund is in talks with education technology startup Unacademy to lead a $150 million round.

If the deal with Unacademy with valuation of about $1.5 billion, is closed, will nearly triple the valuation of the startup in less than six months, according to Times of India.

It was valued at about $500 million when it raised funding from social networking giant Facebook earlier this year.

“They have signed the term sheet. Unacademy has shown a good revenue trajectory with its subscriptions. It is now at an annual revenue run-rate of $70-80 million,” one of the people mentioned earlier said. This was around $30 million in January, this person added.

When contacted, a spokesperson of Unacademy declined to comment on the matter, while a SoftBank spokesperson said it “cannot comment on speculation”.

Broader enthusiasm

SoftBank’s interest in Unacademy also indicates the broader enthusiasm around the online education sector that’s becoming prominent due to the virus outbreak pushing more teaching sessions to into the e-arena.

This would also mark the first new bet by SoftBank in India this year, and its first on local education, as it continues to be cautious in making global investments following losses linked to WeWork and Uber.

Started in 2015, Unacademy connects educators giving lessons with students through online videos for competitive exams like UPSC (civil services), IIT-JEE, and bank probationary officers.

It recently acquired Prep Ladder, an online platform to prepare for medical entrance exams, for $50 million, and invested $5 million in another startup Mastree, which provides classes from grade 5-8.

Strong show

In April, Unacademy said it saw an 82% increase in revenues as compared to March with time spent on its platform at 1.4 billion minutes — 40% growth over March. So far, it has raised just under $200 million from investors, including Sequoia Capital India, General Atlantic and Steadview Capital.

Unacademy was started by Gaurav Munjal, who sold his first startup Flatchat to Commonfloor, along with Hemesh Singh (former CTO at Flatchat) and former IAS officer Roman Saini.

Unacademy’s entry to the coveted unicorn club comes when other online education firms like Byju’s have been in the middle of the action with the recent acquisition of online coding class provider WhiteHat Jr for $300 million.

Before that, famed Silicon Valley investor and analyst Mary Meeker’s Bond Capital-backed Byju’s valued it at $10.5 billion in July. Vedantu also closed a $100 million round led by US hedge fund Coatue, doubling its valuation to $600 million.

Sony unveils 12-24mm G Master Series full-frame lenses in Middle East

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Sony unveils 12-24mm G Master Series full-frame lenses in Middle East

Dubai: Sony Middle East and Africa announced a new addition to its full-frame lens line-up with the introduction of the FE 12-24mm F2.8 GM (model SEL 1224GM) large-aperture ultra-wide zoom lens.

This compact and versatile lens is ideal for shooting landscapes, starry skies and architecture while providing extra mobility for active sports shooters who want to use ultra-wide angles.

As part of Sony’s flagship G Master Series lenses, users can be completely confident that it delivers outstanding image quality up to an ultra-wide 12mm angle of view with F2.8 constant aperture, combined with beautiful bokeh effects.

The introduction of the FE 12-24mm F2.8 GM means that the F2.8 range of Sony’s G Master series lenses now extends all the way through from 12mm to 200mm and at 12mm, offers the world’s widest zoom at F2.8. It weighs only 847 grams.

Creative expression

At this focal length, it is possible to emphasise distance and create dynamic perspectives that are beyond the scope of the human eye, opening the door to new avenues of creative expression.

The FE 12-24mm F2.8 GM benefits from a rich and innovative construction that delivers outstanding corner-to-corner image quality throughout the entire zoom range. It features three extremely precise XA (extreme aspherical) elements including the largest XA element ever made for an α (Alpha) lens.

These XA elements, with the addition of a further aspherical element, effectively suppress astigmatism, coma and field curvature right out to the image edges.

Furthermore, three ED (Extra-low Dispersion) glass elements plus two Super ED glass elements, powerfully quell chromatic aberration and combine to deliver corner-to-corner clarity whilst minimising colour fringing.

Floating focus mechanism

A floating focus mechanism divides the lens’s focus group into two independently controllable groups. It is extremely effective at ensuring both outstanding close-up performance and maximum sharpness at any distance as it divides the lens’s focus group into two independently controllable groups.

It also helps realise a constant 0.28-metre minimum focusing distance throughout the zoom and because it is an internal focus lens, its length remains constant and its centre of gravity varies very little, so it is always optimally balanced in the hand.

The signature bokeh effects of Sony’s G Master series lens have been achieved through the fine-tuning of the lens’s spherical aberration characteristics during both the design and manufacturing process.

At the same time, the extremely high surface precision of the lens’s XA elements effectively suppresses onion-ring effects and, in combination with a 9-blade circular aperture, further enhances its exquisite bokeh.

The FE 12-24mm F2.8 GM employs four original high-speed, high-thrust XD (extreme dynamic) Linear Motors to ensure that it is compatible with the speed performance of both current and future camera bodies.

With two for each of the lens’s focus groups, autofocus is fast and precise and new control algorithms maximise the response of the XD Linear Motor system while achieving flawless synchronisation between the two focus groups. A further benefit is that operation is extremely quiet with minimal vibration.

A brand-new Nano AR Coating II that can be evenly applied to large lens elements or highly curved element surfaces has been used for the first time on the FE 12-24mm F2.8 GM.

It suppresses internal reflections, minimises flare and ghosting for clear, crisp imagery and despite the lens’s wide angle of view, Nano AR Coating II maintains high clarity and contrast throughout the entire image, even in difficult light.

FBI and NSA expose Russian intelligence hacking tool

TCN Bureau
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FBI and NSA expose Russian intelligence hacking tool

Dubai: The National Security Agency (NSA) and the Federal Bureau of Investigation (FBI) have jointly issued a security alert containing details about a new strain of Linux malware – Drovorub – developed and deployed by Russia’s military hackers.

Drovorub is proprietary malware developed for use by the Russian General Staff Main Intelligence Directorate (GRU) 85th Main Special Service Center (GTsSS), military unit 26165.

GTsSS malicious cyber activity has previously been attributed by the private sector using the names Fancy Bear, APT28, Strontium, and a variety of other identifiers.

It is a Linux malware toolset consisting of an implant coupled with a kernel module rootkit, a file transfer and port forwarding tool, and a Command and Control (C2) server.

Offensive cyber capabilities

When deployed on a victim machine, the Drovorub implant (client) provides the capability for direct communications with actor controlled C2 infrastructure; file download and upload capabilities; execution of arbitrary commands as “root”; and port forwarding of network traffic to other hosts on the network.

Matt Walmsley, EMEA Director at Vectra, said that the analysis of “Drovorub” provides a reminder that Russian offensive cyber capabilities remain in the top tier of nation states.

“It’s pleasing to see the NSA/FBI’s alert identify the tactics, techniques and procedures (TTP) used by “Drovorub” to map against the Mitre Att&ck framework. That mapping provides practical help to security teams needing to quickly validate their technical controls and their ability to detect the various stages of attacker behaviour such as Drovorub’s diverse use of stealthy command and control techniques,” he said in an email interview to TechChannel News.

Steve Grobman, CTO at McAfee, said that the US is a target rich environment for potential cyber-attacks and the objectives of Drovorub were not called out in the report, but they could range from industrial espionage to election interference.

Makes detection difficult

Drovorub is a ‘swiss-army knife’ of capabilities that allows the attacker to perform many different functions, such as stealing files and remote controlling the victim’s computer. 

In addition to Drovorub’s multiple capabilities, he said that it is designed for stealth by utilising advanced “rootkit” technologies that make detection difficult.

“The element of stealth allows the operatives to implant the malware in many different types of targets, enabling an attack at any time. Attackers can launch cyber warfare campaigns to inflict significant damage or disruption and do so without geographic proximity to their target,” he said.

To prevent a system from being susceptible to Drovorub’s hiding and persistence, FBI and NSA have urged system administrators to update to Linux Kernel 3.7 or later in order to take full advantage of kernel signing enforcement.

“Additionally, system owners are advised to configure systems to load only modules with a valid digital signature making it more difficult for an actor to introduce a malicious kernel module into the system,” the government agencies said.

Kuwait forms partnerships to set up first commercial indoor vertical farm

TCN Bureau
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Kuwait forms partnerships to set up first commercial indoor vertical farm
  • NOX Management and German indoor vertical farming startup &ever form a joint venture – &ever Middle East –  in partnership with SAP and Viessmann.

Kuwait’s NOX Management and German indoor vertical farming startup &ever have formed a joint venture – &ever Middle East –  in partnership with German engineering companies SAP and Viessmann,  to open the first commercial indoor vertical farm in Kuwait.

Kuwait, a country that previously relied on European and overseas imports for most of their leafy greens and herbs, can now locally grow up to 250 varieties of greens and herbs using Dryponics technology.

The facility, with approximately 3,000 square metres growing (or faming) space, has a daily output capacity of up to 550 kilos of salad, herbs and cresses. 

The products are available in all leading retailers and coops under the brand name &ever Kuwait. 

“The partnership will enable the local farming supply chain to save on costs and logistics, to minimise waste, and to make a better choice for the planet. Previously, Kuwait’s restaurants imported all of our greens and herbs, mainly from Europe,” said Faisal AlMeshal, Director of Strategy and Business Development, NOX Management. “

The farm produces high-quality and sustainable crops indoors, which increase the nutritional quality and decrease environmental impact.

“Our aim is to bring better tasting greens with high nutritional value to more and more people,” Mark Korzilius, Founder of &ever, said.

“Farm to fork” model

The vertical farming method uses 90 per cent less water compared to traditional farming, 60 per cent less fertiliser and zero pesticides. Using a sustainable “farm to fork” model, the technology is able to preserve the plants’ nutritional value until the produce reaches the customer.

The farm has partnered with Viessmann Refrigeration Solutions to develop highly efficient climatized rooms which are used in its indoor vertical farm. The technology is 40 per cent more energy-efficient than other indoor vertical farming systems when it comes to energy use for climatisation.

&ever, using SAP’s cloud platform, will benefit farmers as they can monitor, analyse, and adjust hundreds of data points on plant health, airflow, light, carbon dioxide levels, humidity, and temperature in real-time.

 “Technology is the foundation for transforming customer experiences in restaurants and agricultural production in Kuwait, and for fostering diversified economic growth and sustainable agriculture worldwide,” Andy Froemmel, Managing Director of  SAP Kuwait, said.

“Digitally transforming Kuwait’s agricultural sector supports New Kuwait 2035 goals and helps to foster the local innovation economy and job creation.”

Chinese investments in Indian startups hit by new FDI rules

TCN Bureau
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Chinese investments in Indian startups hit by new FDI rules

New Delhi: Chinese investments in Indian startups have been hit by the changes in foreign direct investment (FDI) rules.

According to data from deals analysis firm Venture Intelligence, Chinese investors had invested $166 million in Indian startups between January and July compared with $197 million in the year-ago period.

Chinese investors had put in a total of $641 million in Indian startups last year.

Indian government has made its approval mandatory for investments from countries that share a land border with India.

The drop in investments follows the stricter government rules around foreign investments from neighbouring countries that came into force in April. The change was mainly aimed at restricting investments from China.

More clarity sought

The investment head of a large Chinese investor said he will not invest further in India until there is more clarity. He declined to be identified.

“Chinese investors who had been looking at companies in the consumer Internet space, as well as some elements of deep tech, wanted to close those deals as soon as possible,” said Siddarth Pai, founding partner of 3one4 Capital. 

However, Pai added that Chinese investors continue to remain excited about the India startup opportunity. 

“I don’t foresee their enthusiasm going away anytime in the future unless of course, there are political considerations that come into the picture from either side,” he said.

Given the regulatory uncertainty, some startups in India are saying no to Chinese investments. 

Awaits clearer scenario

Varun Saxena, the founder of homegrown short-video app Bolo Indya, said his company has decided not to take any Chinese investments till the regulatory scenario becomes clearer.

Even American and European investors who are investing in India are facing hurdles because several of them have raised some amount of money from Chinese firms.

The government hasn’t yet clarified on the thresholds that will be used to determine which investments need to go through an approval process. Many investments have been delayed due to this lack of clarity.

Chinese investors have played a significant role in funding Indian startups over the past few years.

Venture Intelligence’s data shows that they spend $1.34 billion and $1.38 billion on Indian startups in 2017 and 2018, respectively. 

Between 2019 and 2020, big-name startups like Udaan, Delhivery, Swiggy, BigBasket and Meesho have had funding rounds including Chinese companies like Tencent, Hillhouse Capital, Fosun Group, Tencent, Alibaba and Shunwei Capital.

Jump Networks to capitalise on $100b opportunities in India

TCN Bureau
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Jump Networks to capitalise on $100b opportunities in India

Mumbai:  Jump Networks Limited aims to capitalise on more than $100 billion opportunities in India and help the “next billion” users cross the digital divide.

Most countries with lower internet access are in Asia and Africa wherein India tops the list followed by China, as per media reports. 

Interestingly, India has the highest number of disconnected people despite having the second largest online market in the world.

However, India has also seen significant growth – between 2019 and 2020 – the number of internet users in the country grew by more than 23 per cent to 128 million. Clearly, India has some untapped potential as well as notable promising growth.

“The opportunity in India is the biggest in the world for our technology. Our integrated ecosystem ‘JumpNet’ – physical and digital network offering – allows us to reach audiences most others cannot,” Harshawardhan Sabale, Managing Director, Jump Networks Ltd, said.

There are 1.2 billion mobile users in India – 50 per cent reside in rural areas. By 2023, internet users are expected to rise by 40 per cent and the number of smartphones to double and monthly mobile data consumption per user is growing at 152 per cent annually – more than twice the rates in the US and China.

Jump Networks provides a plethora of offering including JUMP, Edmission, JumpTalk, and a multitude of digital services including but not limited to high-definition video and audio streaming, unlimited Facebook, WhatsApp, YouTube, unlimited audio calling, unlimited video calling, amongst others.

Some of its brands include:

JUMP:  a direct to consumer brand and its offering comprises multiple digital products and services at an ultra-low price point with zero additional data cost when accessed through their SIM-enabled set-top box (STB).

Edmission: Offers a ‘phygital’ model of education for learners and educators across the world. It is also the first truly democratic platform for educators to reach out to potential learners by having access to completely equipped studio shoot facilities as well as an integrated learning management system (LMS).

JumpTalk:  A Voice over Internet Protocol (VoIP) service and a video conferencing solution for businesses that enables users anywhere in the world to make high-quality audio and video calls to anywhere in the world.

GAIA AgriTech: Works with farmers of the Konkan region to produce organic milk and eggs in a transparent, no middle-men, technology-driven environment.

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