NASSCOM to empower startups in Artificial Intelligence.
Nasscom’s new programme ‘Generative AI Foundry’ will have 26 startups for its inaugural 12-month long inaugural programme. In partnership with 30 organisations from the tech industry and investor community will see investments upto $ 25 million in the most promising startups. These startups were selected from more than 70 applicants.
Solutions ranging from text, audio, code, video/image generation and multimodal output with strong use cases for retail, media and entertainment, banking and financial services are offered by these startups. In the first 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.
‘Unlocking the full potential of generative AI startups 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,’ said Debjani Ghosh, President, Nasscom.
The program 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).
The Telangana government has come forward to collaborate as state partner for the programme. Under this, it will offer startups the opportunity to work on impactful B2G (business-to-government) use cases.
Currently, more than 60 startups offering solutions and services across various industry verticals in India. The total quantum of investment in the area runs into $590 million.
