Nasscom has launched its pioneering Generative AI Foundry program, selecting 26 startups from a pool of over 70 applicants. These startups, unveiled at the Generative AI Confluence in Bengaluru, are poised to spearhead the next wave of innovations in Generative Artificial Intelligence.
Investor Commitment and Support
The program has garnered substantial support with over 30 organizations, including Anthill Ventures, Microsoft, and Samsung R&D Institute Bangalore (SRI-B), partnering from both the industry and investor community. Select investors have pledged to invest up to $25 million in the most promising startups.
Diverse Solutions and Funding
On average, these startups boast a two-year age and have collectively secured half a million dollars in funding from institutional investors. Their offerings span a diverse range of solutions, encompassing text and audio generation to video and multimodal outputs, catering to sectors like retail, media, entertainment, and banking. The startups, chosen from a pool of over 70 applicants, boast an average age of 2 years and have collectively raised half a million dollars from institutional investors.
Nasscom’s Vision for Generative AI
Debjani Ghosh, Nasscom’s President, emphasized the need for innovative thinking to unlock the full potential of generative AI startups for India and the global stage. She highlighted the program’s role in inviting patient capital and facilitating scalable compute capabilities. The collaboration with industry and investor partners, along with the Government of Telangana, further strengthens the program’s potential impact, offering startups opportunities for impactful Business-to-Government (B2G) projects.
Benefits for Startups
The 12-month Generative AI Foundry program is tailored to equip startups with essential resources and guidance for success in the competitive AI domain. The initial half involves intensive boot camps and mentoring sessions led by industry experts. Startups will gain access to advanced technology stacks and GPU compute nodes, accelerating their AI projects.
Industry partners will present real-world use cases and opportunities for paid Proof of Concepts (PoCs), allowing startups to refine their innovations. Nasscom envisions solidifying India’s position as a global leader in AI innovation through this impactful initiative.
With over 60 startups dedicated to Generative AI solutions in India and funding exceeding $590 million, Nasscom predicts a promising future for the Indian Generative AI landscape. The year 2022 has marked the highest funding inflow, solidifying the country’s position in this dynamic sector.
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