To empower tech startups in the AI domain and build India’s niche in the global Generative AI start-up landscape, nasscom has announced the selection of 26 startups for its inaugural Generative AI Foundry program. Chosen from an impressive pool of more than 70 applicants, these startups represent the future of Generative Artificial Intelligence innovation. The select group of start-ups was unveiled at the Generative AI Confluence held today in Bengaluru, marking the beginning of a transformative journey for these pioneering companies.
The Generative AI Foundry program has garnered immense support from industry leaders and investors. The program has successfully partnered with more than 30 organizations from industry and the investor community. Some of the partners include Anthill Ventures, Broadridge, Capgemini, Centific, Chiratae Ventures, Cigniti, eClerx, Endiya Partners, GitHub, Jio GenNext, MathWorks, Microsoft, Pavestone VC, Premji Invest, Samsung R&D Institute Bangalore (SRI-B), Silverneedle Ventures, Sutherland, and _VOIS (Vodafone Intelligent Solutions).
Select investor partners have pledged their commitment by indicating their willingness to invest up to $25 million in the most promising startups. Moreover, investors will extend support in various forms, catalyzing growth, and innovation.
The average startup in the cohort is 2 years old and has already raised half a million dollars from institutional investors. The startups offer solutions that generate text, audio, code, video/image, and multimodal output with strong use cases for retail, media and entertainment, banking and financial services, and various functions of the enterprise.
Speaking on the launch of the program, Debjani Ghosh, President nasscom said, “Unlocking the full potential of generative AI start-ups for India, and from India for the world, will not only require rigorous assessment of sustainable whitespace opportunities in various sectors, but will also require innovative thinking towards inviting patient capital and facilitating compute capabilities at scale. We are thrilled to introduce these exceptional startups that are at the forefront of Generative AI innovation. With the invaluable support of our industry and investor partners, we are confident that this program will drive groundbreaking advancements in the Generative AI landscape.”
The Government of Telangana has collaborated as the state partner for the program, offering startups the opportunity to work on impactful B2G (Business-to-Government) use cases.
According to nasscom’s recent Gen AI start-up landscape in India 2023 snapshot, as of May 2023, the Indian Generative AI landscape had more than 60 startups dedicated to offering solutions and services to their customers spread across various industry verticals. More than $590 million in funding has already flown into this space, with 2022 being the year with the heaviest funding inflow. Dedicated focus on driving co-innovation and open innovation models with industry, mission scale funding for India-based compute and native datasets and patient capital investment, and, building a specialized talent pipeline will be the key to augment the growth of the Gen AI start-up ecosystem in India.
Spanning 12 months, the Generative AI Foundry program is designed to provide startups with the resources and guidance they need to thrive in the competitive AI landscape. During the initial 6 months, startups will engage in intensive boot camps and active mentoring sessions conducted by industry experts and investor mentors. They will gain access to cutting-edge technology stacks and GPU compute nodes, enabling them to accelerate their AI projects. Industry partners will also provide use cases and opportunities for paid Proof of Concepts (PoCs), giving startups a chance to apply their innovations to real-world challenges. The nasscom Generative AI Foundry program is poised to fuel the growth and success of these startups, positioning India as a leading hub for AI innovation.
