ETtech Deals Digest: AI software firm o9 Solutions pushes up overall funding in Indian startups this week
o9 Solutions, with its massive raise of $116 million this week, helped correct declining startup funding values in the period from July 15 to July 21. Accordingly, late-stage startups made the bulk of funding during the week, raising a total of $193.1 million, while early-stage startups raised $20.9 million and seed stage ones received $20.7 million.
The overall total of $234.7 million from 19 deals marked a decline of about 37% compared to the same period last year when startups raised $370 million across 60 rounds. The funding drought for Indian startups however continues to persist, as other 18 startups raised a total of $118.7 million, according to data provided by market research firm Tracxn.
In terms of sequential growth, funding activity witnessed a 75% dip compared to the previous week when $134 million was raised across 23 rounds.Here are the startups that got funded this week:o9 Solutions raised $116 million: Enterprise AI software firm o9 Solutions raised the money from existing investors, led by General Atlantic’s BeyondNetZero. Existing investors KKR and Generation Investment Management also participated.
The investment values o9 at $3.7 billion, up from $2.7 billion since the company last raised in January 2022.RenewBuy raised $40 million: Japanese insurance major Dai-ichi Life Holdings invested the corpus to buy about 11% stake in the digital insurance marketplace. RenewBuy sells third-party motor, health and life insurance cover, mostly in semi-urban and rural pockets.
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