EMPOWERING INNOVATION

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Innovation

DeepMind co-founder Mustafa Suleyman launches new AI venture

DeepMind co-founder Mustafa Suleyman has joined two other high-profile industry figures in launching a new venture called Inflection AI. LinkedIn co-founder Reid Hoffman is joining Suleyman on the venture. “Reid and I are excited to announce that we are co-founding a new company, Inflection AI,” wrote Suleyman in a statement. “Inflection will be an AI-first consumer products company, incubated at Greylock, with all the advantages and expertise that come from being part of one of the most storied venture capital firms in the world.” Dr Karén Simonyan, another former DeepMind…

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Darktrace adds 70 ML models to its AI cybersecurity platform

Darktrace has added 70 new machine learning models and over 80 new features to its flagship AI cybersecurity platform. The Cambridge-based company, which utilises self-learning AI to safeguard businesses across various industries, was created in 2013 by mathematicians and cyber defence professionals. As part of Darktrace’s Antigena autonomous response technology, machine learning is utilised to make thousands of “micro-level” decisions in the background. Antigena has been enhanced with 70 new machine learning models to boost its ability to neutralise threats automatically in real time. “The hallmark of a great AI…

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Government funds 800 startups under RKVY to fuel innovation

The Centre has invested Rs 118.65 crore in about 800 startups under the Innovation and Agri-entrepreneurship Development Programme component of the Rashtriya Krishi Vikas Yojana (RKVY), to fuel innovation in the fields of artificial intelligence (AI), internet of things (IoT), information and communication technology (ICT), and blockchain technology in the agriculture sector. The move is part of the government’s larger effort to modernise agriculture and related industries in order to boost output, quality, efficiency, and profitability. Prime Minister Narendra Modi recently urged entrepreneurs, corporations, the technology sector, and the financial sector…

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UK food delivery co Deliveroo to open engineering office in India

Deliveroo, a global food delivery company, will open an India Engineering Centre in Hyderabad, joining overseas players such as Indonesia’s Gojek, Singapore’s Grab, and Japan’s Rakutan in establishing engineering offices in the country without operating here. The centre will be staffed by a new group and will be an integral part of Deliveroo’s central technology organisation. By the end of the year, the company expects to have over 150 engineers working in the areas of analytics, platforms, automation, and machine learning. “This is going to be the largest technology hub…

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OneBanc partners with Peoplestrong for automation of payroll banking

OneBanc, a neo-banking start-up powered by artificial intelligence, has teamed up with PeopleStrong, an HR Technology SaaS platform for businesses, to automate payroll banking at a time when attrition is on the rise. The automated process, which is powered by OneBanc’s proprietary AI-powered backend engine, can increase the in-hand salary of India’s 119 million white-collar professionals by up to 7% and corporate bottom lines by up to 10%. Payroll banking is a $6 trillion industry for white-collar professionals that is expected to grow to $8 trillion by 2025. The industry…

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Researchers develop hybrid human-machine framework for building smarter AI

Artificial intelligence underpins many areas of daily life, from chatbots that answer tax questions to algorithms that operate autonomous vehicles and provide medical diagnostics. According to experts at the University of California, Irvine, creating smarter, more accurate systems necessitates a mixed human-machine approach. They describe a new mathematical model that can increase performance by integrating human and computational predictions and confidence scores in a paper published this month in Proceedings of the National Academy of Sciences. “Humans and machine algorithms have complementary strengths and weaknesses. Each uses different sources of…

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Kerala police to get training in AI, Data Analytics

Kerala Police, which is known for being one of the most technologically advanced departments in the country, is experimenting with disruptive technologies such as Artificial Intelligence and Data Analytics in order to stay ahead of the curve in this era of digital transformation. The Digital University Kerala, the country’s first on-campus digital university, is assisting them in this endeavour. Capacity Building in Responsible Artificial Intelligence and Data Analytics for the Police Department, a specially tailored training programme, was launched at DUK’s Pallippuram campus earlier this week, according to an official…

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Early stage platform for investors LetsVenture launches new initiative for women entrepreneurs

LetsVenture, an early stage platform for investors and founders has established a new program called Women Founders Network (WFN) for women entrepreneurs in India to help build and run disruptive startups. The announcement follows the firm’s launch of the Women Investor Network (WIN) in 2021, which saw over 100 women from various backgrounds participate in the last year, including entrepreneurship, finance, marketing, engineering, finance, and more. “LetsVenture plans to onboard about 1000 women founders and investors on the platform in the next one year’s time through this initiative,” the release said. “Last…

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US-based AI edtech marketplace WooStudy forays into India

Woostudy, based in New York, has announced the launch of its operations in India, claiming to be the world’s first AI-powered edtech marketplace. By 2024, the company expects to have over 1 lakh students registered on the platform, in partnership with over 5000 institutes and 500 counsellors across the country. WooStudy’s launch into India comes at a time when the edtech sector in India is expanding, with record investments in the last two years. The sector is also consolidating as the hybrid-education model gets traction. WooStudy was launched in 2019 with…

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India no longer just a low cost centre but main innovation hub: Chandra Reddy, head of engineering and R&D – India, Capgemini

Digital practises are increasingly accounting for a larger share of revenue for IT services firms. Digital has effectively cut across major core engineering verticals—manufacturing, automotive, wireless technology, logistics, and many more—with Covid-19 accelerating digital adoption. Despite Covid-19, according to a recent Zinnov report, engineering, research, and development (ER&D) spending has remained resilient, increasing by 3% year over year. It also predicted that global ER&D spending would reach $2.1 trillion by 2024, with a CAGR of 9%. This massive opportunity has attracted IT services brands from around the world to capitalise…

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