AI has become a significant technology for businesses across the country in recent years, and many startups are adopting it. These startups use AI and related technologies like NLP, Computer Vision, ML, and DL to serve both end consumers and other businesses. The funding received by startups in recent years indicates the emergence of several AI-powered startups.
In 2021, startup funding increased by 32.5% YoY to USD 1,108 million from USD 838.3 million in 2020. While there have been concerns about startup funding drying up and resulting in layoffs, Indian tech startups have continued to grow. According to the Ministry of Commerce, the number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) has grown massively from 471 in 2016 to 72,993 in 2022 (as of June 30, 2022). Of these recognized startups, over 4,500 are in sectors relating to emerging technologies like IoT, robotics, AI, and analytics.
Top innovative ones are discussed here.
KoiReader Technologies
KoiReader Technologies is a company powered by AI and IoT that specializes in the Logistics and Supply Chain industry. Its founders envisioned combining their expertise in Logistics, Transportation, and Supply Chain with Data Science, Edge Computing, and Artificial Intelligence.
Locus
Locus offers a dispatch management platform that enables enterprises to generate revenue from last-mile connectivity. By optimizing key last-mile logistics functions like order allocation and route planning at scale, Locus improves the quality and speed of decision-making, empowers workers to make more deliveries, reduces empty miles driven, ensures optimal fuel usage, and enhances SLAs.
Myelin Foundry
Myelin Foundry is a deep-tech startup that focuses on computer vision and edge platforms to create high compute AI. By training these algorithms with data from edge devices, the startup aims to transform human experiences and industry outcomes. Myelin Foundry specializes in building algorithms that can operate in resource-constrained environments such as low-cost, low-compute edge devices. Moreover, these algorithms can switch, scale, and configure on-the-go.
AgNext Technologies
AgNext Technologies employs AI-based solutions to provide quality-based assessments across the global agricultural value chain. Its suite of quality assessment technology enables clients to manage agri procurements and address quality-based inefficiencies throughout the Agri value chain.
Bert Labs Pvt. Ltd.
Bert Labs to offers customers a solution framework that utilizes AI and IoT. This framework allows customers to use a combined software and hardware platform to develop customized applications that cater to various business aspects, including real-time computation and control, real-time data transmission, and big data storage. These products align with the larger objective of achieving energy efficiency.
Vicarious
Vicarious is a startup in the AI industry that aims to enhance machine learning and robotics with cutting-edge technology. The company’s AI algorithms can learn from experience and solve complex tasks, enabling robots to perform more advanced functions. Investors such as Jeff Bezos, Elon Musk, Mark Zuckerberg, and Samsung have backed the company with over $250 million. Intrinsic, an Alphabet company focused on robotics and AI, acquired Vicarious last year.
Landing AI
Landing AI offers deployment-ready AI solutions and enterprise-wide transformation programs to customers globally. Dr. Andrew Ng, the Co-Founder of Coursera, former Chief Scientist of Baidu, and Founding Lead of Google Brain, founded the company to assist businesses in transitioning their AI projects from proof-of-concept to full-scale production. By using enablement tools, Landing AI helps customers realize the business and operational value of computer vision. The company’s flagship product is LandingLens, an enterprise MLOps platform that provides an end-to-end workflow for building, iterating, and operationalizing AI-powered visual inspection solutions.
OpenAI
OpenAI was founded in 2015 as a non-profit AI research lab by a group that included Elon Musk and Sam Altman. It has since grown to include the for-profit corporation OpenAI LP and its non-profit parent company, OpenAI Inc. The company’s main focus is on conducting long-term research aimed at creating safe artificial general intelligence (AGI). In 2021, OpenAI released DALL-E, a deep learning model capable of generating digital images from natural language prompts. Additionally, in November 2022, the company launched ChatGPT, a chat tool designed to answer questions, translate, and generate text. The platform quickly gained over a million signups within the first five days and is projected to generate $200 million in revenue for 2023 and $1 billion for 2024. Recently, Microsoft announced a multibillion-dollar investment in OpenAI to accelerate AI breakthroughs and ensure that the benefits of AI are widely shared.