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TWTW Weekly Wrap Up: 13-19 Nov

"Quantum computing will play a crucial role in speeding up technologies to achieve net zero and accelerating drug research, enabling a better enabled future with tech." — Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra

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Last Week’s Latest:

  • MassMutual Ventures has announced a USD 100 million fund to invest in early and growth-stage startups in the climate technology industry across the United States. MMV will invest in 15 to 20 technology companies that address the causes of climate change.
  • Intel has developed tech that can detect fake videos with a 96 per cent accuracy rate, claims to be the world’s first real-time deepfake detector that returns results in milliseconds.
  • Black Pearl Investments, an NYC-based investment firm, has signed a USD 650 million strategic investment and partnership agreement with TPT Global Tech.
  • Vsquared Ventures, a deep tech-focused venture capital firm, has launched a new early-stage fund and plans to invest EUR 165 million in startups.
  • According to the OpenOcean-IQM-Lakestar State of Quantum 2022 Report, 91 per cent of corporate leaders expect to invest in quantum computing over the next three years, with 61 per cent wanting to invest USD 1 million or more.
  • India ranked 40th in the global innovation index in 2022, up from 81st in 2015. - PM Modi at the Bengaluru Tech Summit.
  • Blackstone makes its second large tech acquisition in India, acquiring a majority stake in digital services provider R Systems International Ltd.
  • IT spending by Indian businesses projected to grow from USD 109 million in 2022 to USD 112 million in 2023, up by 2.6 per cent (Report by Gartner).
  • Lentra, an Indian fintech company, has raised USD 60 million to develop its loans-as-a-service offering for banks.
  • French Minister for Digital Transition and Telecommunications, Jean-Noel Barrotlauds India's tech, UPI payment mode.

Focused Story Of The Week #1: Quantum Computing – Transforming The Future With Tech

Quantum computing has evolved from a research experiment to a technology poised to alter a wide range of industries, including health (where quantum computers have accomplished quick DNA sequencing) and transportation (where they have accurately forecasted potential traffic levels). 

According to a report by Fortune Business Insights, the global Quantum Computing Market in 2020 was estimated to be worth USD 392.5 million. The global market is expected to generate USD 3,180.9 million in 2028, at a CAGR of 30.8 per cent from 2021 to 2028.

One of the sectors where quantum computing will transform business operations is cybersecurity and cryptography. Cybersecurity has been transformed by machine learning, which makes it possible to identify and thwart new assaults. Machine learning algorithms may be made tenfold quicker, more time and energy efficient thanks to the developing science of quantum machine learning. In turn, this might produce better algorithms for spotting and thwarting cutting-edge cyberattack techniques. In addition, Numerous areas of the life sciences, including drug discovery, quantum chemistry, biomolecular processes, genetics, and genomics, are seeing an increase in the use and testing of quantum computers and simulators.

"Quantum computing will play a crucial role in speeding up technologies to achieve net zero and accelerating drug research, enabling a better enabled future with tech."

Focused Story of The Week #2: UPI – Revolutionising Online Payments In India

Indians relied largely on cash transactions in the 1990s and scarcely trusted credit cards. But how did a culture so distrustful of cashless transactions progress to a point where even the smallest of street sellers accept UPI payments using flawless QR codes?

UPI is now used by practically all significant online payment apps. Prior to UPI, modern tech-savvy India had already begun to shift its focus to e-wallets and cashless payments. Paytm was the true game changer. They began with e-wallets but quickly extended to include everything imaginable - you could shop online, book train tickets, buy cinema tickets, invest in digital gold, and pay all types of bills on one platform. You can now transact practically everything in the realm of online transactions with a single UPI ID across numerous platforms.

Because of the Covid pandemic, millions of Indians have embraced cashless transactions for their daily buying and payment needs, and the ease of use of UPI on smartphone have made UPI a default app on every handset.

With approximately 6 billion transactions per month, a monthly value of over Rs 10 lakh crore, and 260 million users, India's UPI has become the world's best-performing real-time ecosystem. UPI has evolved into a basic, uncomplicated mobile payment mechanism that has been widely used by Indians. Overall, UPI has altered the way cashless transactions and online payments are conducted and is without a doubt one of India’s most significant success stories.

"UPI is a tech innovation that India should be extremely proud about as it has set a benchmark for countries around the world."