New Delhi: In keeping with Stanford College’s annual AI Index research, India ranked fifth when it comes to funding obtained by companies providing synthetic intelligence (AI)-based items and providers in 2017. India outpaced international locations like South Korea, Germany, Canada, and Australia in 2022 with $3.24 billion in whole investments in AI companies. The international locations which might be ranked earlier than India are the US, China, the UK, and Israel.
The Index additionally reveals that, with funding for AI companies totaling $7.73 billion during the last ten years, India was the sixth-largest nation when it comes to investments in AI between 2013 and 2022. Round 40 p.c of this funding was made within the earlier yr. (Additionally Learn: SBI Reintroduces Amrit Kalash FD Scheme: Test Curiosity Fee, Advantages, And Extra)
Probably the most valued AI startup in India is Chennai-based Uniphore, which develops conversational AI. Final yr, it raised $400 million in a Collection-E spherical, bringing its valuation to $2.5 billion. (Additionally Learn: Newest FD Curiosity Charges For Senior Residents 2023: 6 Finest Banks Providing Charges Over 8% On 3-12 months Mounted Deposits)
One of many biggest fundraisings of the yr was made by Mad Avenue Den, an AI enterprise with operations in Chennai and the US, which secured $30 million in a Collection C spherical led by Avatar Development Capital.
Specialists anticipate a spike within the enterprise capitalist (VC) financing this yr even if the financial droop has decreased funding in AI globally since 2021, significantly in mild of the great demand for generative AI options like OpenAI’s ChatGPT amongst each companies and clients.