New Delhi, UPDATED: Sep 19, 2024, 17:55 PM IST
Nasscom, the technology industry association, has revealed the selection of 37 Generative AI startups for the second cohort of its Generative AI Foundry programme. This initiative is aimed at fostering innovation in the rapidly evolving field of generative artificial intelligence.
The newly selected startups, averaging two years in operation, have collectively raised approximately $750,000 from institutional investors. They specialize in generating a range of outputs, including text, audio, code, video/image, and multimodal solutions, with significant applications in sectors such as retail, banking and financial services, healthcare, and various enterprise functions.
Among the notable startups in this cohort are Fluid AI, Sivi, DaveAI, and OnFinance, with 30% of the founding teams including women, reflecting a growing diversity in the AI landscape.
“Homegrown Generative AI startups are revolutionizing industries not only in India but globally, showcasing India’s rapidly growing expertise in AI,” said Ankit Bose, head of AI at Nasscom. “Nasscom is committed to supporting AI and Generative AI startups in collaboration with industry, government, academia, and investors.”
Launched in October 2023, the Foundry programme has previously supported 26 GenAI startups by facilitating paid proofs-of-concept (PoCs) from enterprises, funding opportunities, and providing affordable access to state-of-the-art graphics processing units (GPUs). Participants also benefit from bootcamps, mentoring, and knowledge sessions led by industry experts.
In the inaugural cohort, startups experienced substantial growth, with average business expansion nearly doubling and headcount increasing by 50%. The startups collectively raised $15 million from institutional investors, with expectations to raise over $2 million on average in the near future. They have also filed more than 40 patents, with additional filings in progress.
The programme has attracted partnerships from nearly 60 enterprises and investors, including Capgemini, Chiratae Ventures, Endiya Partners, Google, GitHub, and Microsoft, reinforcing the collaborative spirit of the initiative.
Despite the promising advancements, Nasscom highlighted the need for improved collaborative innovation between startups and industry, increased access to affordable GPUs, and the importance of nurturing a competent talent pipeline to sustain the growth of the generative AI ecosystem in India. A Nasscom-Zinnov report noted that deeptech startups received over $500 million in funding in the calendar year 2023, indicating a vibrant landscape for AI innovation.
As the Foundry programme continues to evolve, it aims to empower more startups, driving forward the potential of generative AI in various industries.
