In a significant move to foster the development of artificial intelligence (AI) startups in India, Nasscom, the apex body of the IT industry, has unveiled its pioneering ‘Generative AI Foundry’ program. The initiative, in collaboration with a consortium of over 30 industry and investor partners, aims to empower 26 carefully selected Indian startups in the AI domain. With an intensive 12-month program and a committed investment pool of up to $25 million from select partners, Nasscom’s initiative marks a pivotal step towards unlocking the full potential of generative AI technology in the Indian startup ecosystem.
Focus and Objectives of the Program
Nasscom’s ‘Generative AI Foundry’ program is designed to foster innovative thinking and provide essential support to startups working in the generative AI space. By leveraging industry expertise and facilitating access to advanced technology stacks and GPU compute nodes, the program aims to accelerate the development of AI projects within the cohort. Furthermore, the initiative prioritizes the identification of sustainable whitespace opportunities across various sectors, ensuring a comprehensive approach to nurturing AI-driven innovation and growth.
Overview of the Selected Startups
The selection process for the program was highly competitive, with 26 promising startups chosen from a pool of over 70 applicants. With an average age of two years, the selected startups have collectively raised an impressive sum of half a million dollars from institutional investors. These startups offer diverse solutions, encompassing text, audio, code, video/image, and multimodal outputs, with strong applicability across key sectors such as retail, media and entertainment, and banking and financial services. Additionally, their innovative solutions cater to various enterprise functions, highlighting the breadth of their technological prowess and market relevance.
Strategic Partnerships and Collaborations
Nasscom’s ‘Generative AI Foundry’ program has garnered the support of an esteemed consortium, including industry stalwarts such as Microsoft, GitHub, and Capgemini, along with notable investment firms like Chiratae Ventures and Premji Invest. The collaboration with the Telangana government as the state partner provides startups with the unique opportunity to explore impactful business-to-government (B2G) use cases, fostering collaboration between the public and private sectors and driving sustainable technological advancements in the region.
Landscape and Funding Trends in Generative AI
The Indian Generative AI landscape has witnessed substantial growth, with over 60 startups dedicated to providing innovative solutions and services across various industry verticals. The influx of more than $590 million in funding underscores the robust investor interest and confidence in the potential of AI-driven solutions. Notably, 2022 recorded the highest funding inflow, indicating the increasing recognition of AI’s transformative capabilities in reshaping business operations and driving technological advancements across industries.
Conclusion
Nasscom’s ‘Generative AI Foundry’ program stands as a testament to India’s burgeoning prowess in the AI domain and the growing significance of AI-driven innovation in reshaping the future of technology and business. By nurturing and empowering a select cohort of startups, Nasscom is actively fostering a culture of technological excellence, fostering strategic collaborations, and catalyzing the growth of India’s AI ecosystem. The program’s comprehensive approach and collaborative partnerships are poised to drive sustainable advancements, solidify India’s position as a global AI hub, and pave the way for transformative innovations in the years to come.
