Karnataka tops India with 41% share in software exports

Karnataka ranks first in the country by contributing 41% share to India's total software exports. Additionally, the state has maintained its top position by securing a 24% share in the nation's overall export sector. In terms of merchandise exports, the state holds the fourth position with a 7.78% share, following Gujarat, Maharashtra, and Tamil Nadu, it said.

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US judge won't block Meta from laying off workers who filed AI discrimination lawsuit

​​District Judge William Orrick in Oakland, California, in a written order said he would not stop Meta from carrying out the layoffs beginning July 22 while the merits of the workers' novel legal claims are decided in private arbitration. ​​The lawsuit filed on Monday claims that in selecting jobs to cut, Meta relied on AI tools that measured productivity and AI token usage, disadvantaging people who missed work because of medical conditions or to care for family members.

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Chinese filing implies DeepSeek valuation of around $52 billion

The stock-exchange filing offers rare public evidence about the pricing and investor lineup of DeepSeek's maiden external fundraising, which the company has never announced. As a private company, DeepSeek ‌has no routine ⁠disclosure ⁠obligations.

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Manufacturing automation platform Groyyo raises $9.3 million led by Cornerstone Ventures

Groyyo offers fashion brands and manufacturers software to manage apparel sourcing, including product design, costing, production planning, quality checks, and logistics. It plans to use the capital to fund expansion across new geographies, deepen its supplier network, and advance the AI capabilities powering its tech platform.

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OpenAI fails to trademark name in EU

OpenAI, the owner the ChatGPT chatbot, lost Wednesday its appeal against the EU's refusal to register its name as a trademark. OpenAI had previously lost an appeal to the EUIPO. The European Court of Justice confirmed that decision, saying the name OpenAI was not sufficiently distinctive to be trademarked. fpo/rl/jhb

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OnePlus, once popular with tech fans, to pull out of US and Europe

OnePlus will cease operations in the US and Europe as early as this week. This move is part of a larger restructuring for parent company Oppo. Realme, another Oppo mobile business, will also exit the China market. OnePlus will remain active in China but plans a global shutdown by 2027. Oppo cites financial challenges and geopolitical concerns for these strategic changes.

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E2W startup E3 Electric.Ai raises Rs 100 crore in equity, debt

The funding comprises Rs 75 crore in equity and Rs 25 crore in debt, and more than 80% of the capital has already been disbursed, founder and chief executive P Sanjeev told ET. The company plans to use the proceeds for product engineering and commercialisation of its first scooter.

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UK banks' lack of Mythos access a wake-up call, government AI adviser says

Harriet ​Rees, chief information officer at Starling Bank, who was appointed "AI champion" by the finance ministry in January, said Britain needed to build AI infrastructure and models, and develop skills so "we are not fully reliant on U.S. tech providers."

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Nobel laureates among more than 200 experts urging action on AI's economic impact

They issued ‌the jointly ⁠signed ⁠statement on Monday, warning that AI could drive a larger ​economic transformation than the Industrial Revolution but one that is "vastly ​shorter" in time frame, raising questions for workers, companies and public institutions.

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Canada regulator cited Anthropic's Claude Mythos in warning to banks on cyber risks, email shows

The regulator, ​the Office of the Superintendent of Financial Institutions, sent the email to chief technology officers, chief information security officers, and chief risk officers across the financial industry, including the big banks and insurers, according to documents Reuters obtained through an access-to-information request.

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Elevation’s new India fund; InsuranceDekho charts D-Street path

Happy Tuesday! Elevation Capital is looking to back early-stage AI startups in India from its newest fund. This and more in today’s ETtech Morning Dispatch.

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