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Funding highlights: Harvey AI raises $80m, India Inc. faces funding drought

Here’s a recap of recent funding developments from Australia, India, the US and beyond.

OIF Ventures backs Payble’s growth with $3.5m investment

Payble, a leading provider of payments workflow and customer
engagement software, today announced it has closed a $3.5 million funding round led by OIF Ventures.

The new funding will be used to continue to capitalise on strong demand for Payble’s citizen-centric payment solution in its beachhead segment of local government payments, as well as explore opportunities for global expansion.

AI legal startup Harvey secures $80m in Series B funding

Harvey AI, a legal service leveraging OpenAI technology, has raised $80 million in its latest funding round. The startup, valued at over $700 million, focuses on developing foundation models with OpenAI for applications in law and legal practice.

UTS startups growth funding program backs with $100,000 investment is the inaugural recipient of a $100,000 investment from the UTS Startups Growth Funding program, addressing the impact of COVID-19 on Australian accelerator programs. UTS Startups, MA Financial Group, and The Gild Group collaborated to create a founder-friendly early investment initiative, aimed at supporting startups in the challenging early-stage funding landscape.

Mist secures $1.6m in pre-seed funding

Mist, an all-in-one finance and lifestyle app designed for international students, has raised $1.6 million in Seed funding. Backed by investors such as Investible, Allectus Capital, Archangel Ventures, Seedspace, and The Hunter Angels, Mist aims to be the go-to app for international students, providing streamlined solutions for relocation, including banking, telecommunications, payments, local accounts, phone SIMs, overseas health cover, and student ID cards.

Smartlox raises $600,000 in seed round

Smartlox, a startup digitizing security with a digital lockout tagout (LOTO) system, has secured $600,000 in its Seed funding round. The cloud-based, real-time safety, security, and smart access system integrates with Nokē Bluetooth padlocks to enhance the safety of frontline workers. Smartlox disrupts traditional lockout tagout practices through electronic lockout devices and software-based lockout systems.

India’s tech startup funding sees 72% drop in 2023

India’s tech startup ecosystem faces a significant funding slowdown in 2023, with total funding reaching $7 billion as of December 6—a 72% drop from $25 billion in 2022. This decline, making 2023 the lowest-funded year in the last five years, is attributed to a substantial drop in late-stage funding, decreasing over 73% to $4.2 billion in 2023 from $15.6 billion in 2022. India is now ranked fifth globally in terms of funding, down from its fourth position in 2022 and 2021. The number of $100 million-plus rounds has also decreased by 69% compared to 2022.

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