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Daily Tech News: Scale AI, Pinduoduo, PropertyGuru, Snowflake, Lazada, Oyo

May 24, 2024

Here are the top stories on Techzi

Scale AI Scores $1B to Fuel AI Data Foundry Dreams

  • Scale AI raised $1B at $14B valuation from Amazon, Meta, Nvidia.

  • The data annotator assists AI clients like OpenAI with data curation.

  • It aims for “data abundance” to power advanced language models.

Pinduoduo’s Q1 Roars with Revenue Surge, Profit Climb

  • Pinduoduo’s Q1 revenue soared 131% to $12B on marketing, transactions.

  • Operating profit jumped 275% as cash reserves topped $33.5B.

  • Leadership eyes long-term value creation.

KKR, TPG Explore Potential PropertyGuru Takeover

  • KKR and TPG are mulling a PropertyGuru buyout amid rising shares.

  • The firms own major stakes but seek global investors’ interest.

  • PropertyGuru’s Q1 losses narrowed on Singapore growth.

Snowflake Walks Away from $1B Reka AI Acquisition Talks

  • Snowflake’s $1B deal to acquire AI startup Reka AI failed.

  • The acquisition aimed to boost Snowflake’s generative AI capabilities.

  • Reka AI raised $58M, valued at $300M in 2023.

Lazada Offers $888 Training Support for Retrenched Non-Union Employees

  • Lazada offered $888 training support for retrenched non-union employees.

  • The offer, negotiated by NTUC, requires joining a union.

  • Affected staff below VP level received additional two weeks’ pay.

Oyo’s IPO Dreams Hit a Roadblock, Again!

  • Oyo halts IPO plans again as SEBI approval remains elusive.

  • The Indian hospitality giant’s valuation plummets from $10 billion in 2019 to $2-$2.3 billion.

  • Despite challenges, Oyo has attracted notable investors and raised $3.2 billion to date.

Honest Bank’s Piggy Bank Gets Fatter with $2.5M Series B Top-Up

  • Honest Bank secures $2.5M from Rakuten Ventures and Jetha Global.

  • The Singapore-based fintech startup targets Indonesia’s credit card market.

  • Honest Bank plans to expand beyond Indonesia.

TikTok Tests 60-Minute Videos, Encroaching on YouTube’s Turf

  • TikTok pilots 60-minute videos, threatening YouTube and streaming giants.

  • Platform allows expansion beyond short clips.

  • It could disrupt bingeing habits on YouTube and Netflix.

Oracle’s Wild Ride with Cerner’s Electronic Health Records

  • Oracle acquires Cerner for $28.3 billion to transform healthcare using AI and medical data.

  • Cerner’s EHR system riddled with glitches.

  • Oracle struggles to fix issues, casting doubt on the contract and Ellison’s healthcare ambitions.


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