Indian entrepreneur Bhavish Aggarwal is investing $230 million into Krutrim, an AI startup he founded, as part of India’s push to establish itself in the global AI market. The company, which develops large language models (LLMs) for Indian languages, aims to raise a total of $1.15 billion by next year, with Aggarwal seeking additional funding from external investors.
In a significant move, Krutrim has made its AI models open source and announced plans to build India’s largest supercomputer in partnership with Nvidia. The firm recently introduced Krutrim-2, a 12-billion parameter model that has demonstrated strong performance in Indian language processing and code generation. It has also launched BharatBench, a new evaluation framework designed to assess AI models’ proficiency in Indian languages.
The investment follows the launch of Krutrim-1, India’s first large language model, and aligns with broader efforts to position India as a key player in AI, traditionally dominated by the US and China. Krutrim has also begun hosting Chinese AI lab DeepSeek’s models on domestic servers, signalling India’s growing role in the AI ecosystem. With a supercomputer set to go live in March, the company is poised for rapid expansion in the coming months.
Dubai-based startup Qeen.ai has raised $10 million in a seed funding round led by Prosus Ventures to scale its AI-powered e-commerce platform. Founded by former Google and DeepMind researchers, the company develops autonomous AI agents that help businesses automate marketing, content creation, and sales, allowing smaller merchants to compete more effectively without relying on costly agencies or ad expertise.
Qeen.ai’s proprietary AI technology, which continuously learns from consumer interactions, has already generated over a million product descriptions and helped boost merchant sales by 30%. Its AI-powered Dynamic Content agent personalises online shopping experiences, adjusting marketing strategies in real time based on user behaviour. Since launching in mid-2024, the platform has served 15 million users, with notable clients including Dubai Store, 6th Street, and Jumia.
The startup plans to use the fresh funding to expand its team and enhance its AI capabilities, focusing first on the Middle East before expanding globally. With the e-commerce market in the MENA region expected to reach $50 billion by 2025, Qeen.ai aims to establish itself as a key player in AI-driven retail automation.
Paris-based startup Neuralk-AI has raised $4 million to develop AI models tailored for structured data, such as databases and spreadsheets. Unlike traditional AI, which excels at unstructured content like images and text, Neuralk-AI’s approach aims to help businesses extract deeper insights from their existing data warehouses. Retailers, in particular, could benefit from its models, using AI to optimise inventory, detect fraud, and refine customer recommendations.
The company, co-founded by Alexandre Pasquiou, plans to launch its AI models as an API for data scientists in commerce-focused industries. By automating complex workflows and enhancing data analysis, Neuralk-AI hopes to offer a more efficient alternative to traditional machine learning tools. The startup is already collaborating with major French retailers such as E.Leclerc and Auchan to test its technology.
Backed by Fly Ventures, SteamAI, and industry leaders including Hugging Face’s Thomas Wolf, Neuralk-AI is working towards becoming the leading AI solution for structured data. The first version of its model is expected to launch in the coming months, with a full benchmark release planned for later this year.
OpenAI has announced a new partnership with Kakao to develop AI products for South Korea. This marks OpenAI’s second major alliance in Asia this week, following a similar deal with SoftBank for AI services in Japan. OpenAI CEO Sam Altman, who is on a tour of Asia, also met with leaders from Samsung Electronics, SoftBank, and Arm Holdings. The partnership with Kakao is seen as part of OpenAI’s broader strategy to expand its AI presence in the region, with a focus on messaging and AI applications.
Kakao, which operates South Korea’s dominant messaging app KakaoTalk, plans to integrate OpenAI’s technology into its services as part of its push to grow its AI capabilities. Although Kakao has lagged behind rival Naver in the AI race, the company is positioning AI as a key growth engine. Altman highlighted the importance of South Korea’s energy, semiconductor, and internet sectors in driving demand for AI products, noting that many local companies will play a role in OpenAI’s Stargate data centre project in the US.
In addition to his work with Kakao, Altman met with executives from SK Group and Samsung to discuss AI chips and potential cooperation. SK Hynix, a key player in the production of AI processors, has been in discussions with OpenAI regarding collaboration in the AI ecosystem. Altman also indicated that OpenAI is actively considering involvement in South Korea’s national AI computing centre project, which is expected to attract up to $1.4 billion in investment.
Following the announcement, Kakao’s stock fell by 2%, after a 9% surge the previous day.
US telecom giant AT&T and Finnish network equipment maker Nokia have signed a multi-year agreement to upgrade AT&T’s voice services and 5G network automation. This deal comes after Nokia lost a significant contract to Swedish rival Ericsson in 2023, which led to Ericsson securing a $14 billion deal to build a network for AT&T covering 70% of its US wireless traffic by 2026. Nokia, however, remains involved with AT&T through a smaller agreement for fibre network development and a new contract focused on cloud-based voice applications and network automation.
The deal will enhance AT&T’s core network, enabling new voice services, including the integration of AI and machine learning. Although the financial details of the agreement were not disclosed, Nokia’s involvement is seen as crucial in bolstering its long-standing relationship with AT&T. Nokia’s president of Cloud and Network Services, Raghav Sahgal, emphasised that this agreement will allow for the deployment of new 5G functionalities.
Nokia recently reported stronger-than-expected earnings, driven by higher demand for telecoms equipment, particularly in North America and India. The company remains optimistic about its prospects in 2025, especially with plans to capitalise on the AI boom. Last year, Nokia also agreed to acquire Infinera for $2.3 billion to strengthen its position in the growing data centre and AI markets.
Waabi, a self-driving technology company, announced a partnership with Volvo’s driverless systems unit on Tuesday to develop autonomous big rigs. The collaboration aims to integrate Waabi’s virtual driver system, sensors, and computing into Volvo’s VNL Autonomous truck, which will be produced at Volvo’s New River Valley factory in Virginia.
The partnership comes as truck manufacturers and fleets look for ways to address driver shortages and reduce operational costs. Waabi, backed by Nvidia and Uber, uses its digital simulator, Waabi World, for testing and validation, with plans to launch commercial pilots in Texas within four years.
Unlike Tesla, which relies on a vision-only approach for its self-driving technology, Waabi uses a unique system to simulate real-world driving situations. The company also indicated that the deal with Volvo is not exclusive and they aim to integrate their technology with other truck manufacturers.
Volvo’s venture capital arm invested in Waabi in 2023, joining other backers such as Khosla Ventures and Porsche Automobil Holding. Waabi’s CEO Raquel Urtasun said trucking was a natural starting point for their technology, with plans to expand into areas like robotaxis and humanoid robots in the future.
European central banks may start accumulating Bitcoin as early as 2025, according to blockchain expert Fiorenzo Manganiello. It follows the rollout of the EU’s Markets in Crypto-Assets (MiCA) regulation, which aims to stabilise the crypto market by introducing clear legal frameworks. Manganiello believes that MiCA’s clarity will encourage institutional investors and reduce Bitcoin’s volatility, positioning it as a legitimate financial asset.
He predicts that central banks could use Bitcoin as a hedge against traditional market instability, diversifying their reserves and strengthening their defences. Manganiello stated that Bitcoin is becoming “too dominant to ignore,” and even the most traditional financial institutions, including central banks, are expected to embrace it.
The MiCA framework, introduced at the end of 2024, will replace the fragmented national regulations that previously governed crypto across the EU. With MiCA offering a unified regulatory approach, Manganiello argues that it will breathe new life into the European crypto scene and potentially lead to Bitcoin becoming a standard asset for central banks.
Australian crypto firm Monochrome Group has successfully registered its Bitcoin and Ethereum exchange-traded funds (ETFs) with the Monetary Authority of Singapore, marking a significant expansion into Southeast Asia. This move comes in response to rising institutional demand for regulated digital asset products.
The Bitcoin ETF (IBTC) and Ethereum ETF (IETH) are now available to accredited and institutional investors, with a minimum transaction of S$200,000. These ETFs cater to diverse institutional needs, offering both Bitcoin and cash subscriptions and redemptions. Monochrome’s CEO, Jeff Yew, stressed that the firm is focused on building long-term infrastructure rather than short-term market fluctuations.
Monochrome’s expansion is also backed by a strategic partnership with Anadara Capital and an enhanced security infrastructure through BitGo Trust Company for custody services. The firm plans to set up regional offices in Southeast Asia by 2025, with a strong focus on regulatory compliance and institutional engagements.
As the demand for regulated crypto products grows amid global market turbulence, Monochrome’s ETFs offer a compliant solution for institutions looking to hedge against geopolitical and economic instability, positioning the firm at the forefront of Asia’s crypto regulatory hub.
Taiwan has officially banned government agencies from using DeepSeek AI, citing security risks and concerns over potential data exposure to China. The move strengthens previous guidance, which only advised against its use.
Premier Cho Jung-tai announced the decision after a cabinet meeting, stressing the importance of safeguarding national information security. Officials raised fears over possible censorship on DeepSeek and the risk of sensitive data being transferred to China.
The digital ministry had initially stated on Friday that government departments should avoid the AI service but did not explicitly prohibit it. The latest announcement formalises the ban, aligning with Taiwan’s broader approach to restricting Chinese technology.
Authorities in several other countries, including South Korea, France, Italy, and Ireland, have also scrutinised DeepSeek’s handling of personal data.
India is reassessing its position on cryptocurrencies as other countries adopt more favourable policies. The review comes after US President Donald Trump’s recent moves to overhaul digital asset regulations, prompting Indian authorities to revisit their own discussion paper, initially scheduled for release in September 2024. Economic Affairs Secretary Ajay Seth highlighted the need for a broader perspective, given that cryptocurrencies transcend national borders.
Government scrutiny of digital assets remains strong despite increasing local investment in the sector. India’s Financial Intelligence Unit issued compliance notices to offshore exchanges in late 2023, leading to Binance paying a fine of 188.2 million rupees in June 2024. The regulatory approach has been strict, with high trading taxes discouraging domestic participation.
Differing views persist within Indian authorities regarding digital currencies. While market regulators have suggested a multi-agency framework for oversight, the central bank continues to express concerns about potential economic risks posed by private virtual assets. The ongoing policy review suggests that any regulatory adjustments will take global trends into account.
