New Delhi: According to Stanford University’s annual AI Index examine, 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 are 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. Around 40 p.c of this funding was made within the earlier yr. (Also Read: SBI Reintroduces Amrit Kalash FD Scheme: Check Interest Rate, Benefits, And More)
The most valued AI startup in India is Chennai-based Uniphore, which develops conversational AI. Last yr, it raised $400 million in a Series-E spherical, bringing its valuation to $2.5 billion. (Also Read: Latest FD Interest Rates For Senior Citizens 2023: 6 Best Banks Offering Rates Over 8% On 3-Year Fixed Deposits)
One of the best fundraisings of the yr was made by Mad Street Den, an AI enterprise with operations in Chennai and the US, which secured $30 million in a Series C spherical led by Avatar Growth Capital.
Experts anticipate a spike within the enterprise capitalist (VC) financing this yr even though the financial droop has decreased funding in AI globally since 2021, notably in mild of the large demand for generative AI options like OpenAI’s ChatGPT amongst each companies and clients.
