In recent years, AI has emerged as a crucial technology for organizations all around the nation, and many entrepreneurs are utilizing it. These startups serve both end users and other businesses by utilizing AI and related technologies including NLP, Computer Vision, ML, and DL. A number of firms driven by AI have emerged recently, according to financing obtained by startups in recent years.
Startup funding increased by 32.5% YoY in 2021 from USD 838.3 million in 2020 to USD 1,108 million. Despite worries that startup funding would run out and force layoffs, Indian tech startups have continued to expand. The Ministry of Commerce reports that from 471 in 2016 to 72,993 in 2022, the number of startups recognized by the Directorate for Promotion of Industry and Internal Trade (DPIIT) has increased significantly (as of June 30, 2022). Around 4,500 of these well-known businesses operate in fields related to cutting-edge technology including IoT, robots, AI, and analytics.
Here, the most inventive ones are discussed.
KoiReader Technology
KoiReader Technologies is a business that specializes in the logistics and supply chain sector and is powered by AI and IoT. Its creators had the idea of fusing data science, edge computing, and artificial intelligence with their knowledge of logistics, transportation, and supply chain.
Locus
With the help of Locus’ dispatch management technology, businesses may profit from last-mile connectivity. By scaling up the optimization of crucial last-mile logistics processes like order distribution and route planning, Locus increases decision-making speed and quality, frees up workers to make more deliveries, lowers the number of empty miles driven, ensures the most efficient use of fuel, and improves SLAs.
Noel Foundry
A deep-tech firm called Myelin Foundry focuses on edge platforms and computer vision to develop high compute AI. The startup wants to change how people interact with the world and how businesses operate by using data from edge devices to train these algorithms. Myelin Foundry specializes on developing algorithms for environments with limited resources, such as low-cost, low-compute edge devices. These algorithms may also alter, scale, and customize themselves as needed.
AgNext Technology
AgNext Technologies uses AI-based technologies to offer assessments of quality along the whole global agricultural value chain. Clients can manage agricultural procurements and address quality-based inefficiencies all throughout the Agri value chain thanks to its array of quality assessment technology.
Bert Labs Pvt. Ltd.
Customers can purchase a framework for a solution from Bert Labs that makes use of AI and IoT. This framework enables users to create unique applications that address many business issues, such as real-time computation and control, real-time data transfer, and big data storage, using a platform that combines software and hardware. These goods support the overarching goal of increasing energy efficiency.
Vicarious
A business in the AI sector called Vicarious seeks to improve robotics and machine learning using cutting-edge technologies. Robots are now capable of carrying out more sophisticated duties thanks to the company’s AI algorithms, which can learn from experience and tackle challenging problems. Investors like Jeff Bezos, Elon Musk, Mark Zuckerberg, and Samsung have contributed more than $250 million to the business. Vicarious was purchased by Intrinsic, an Alphabet startup with a robotics and AI focus, last year.
Landing AI Landing AI provides customers all around the world with enterprise-wide transformation initiatives and AI solutions that are ready for implementation. In order to help businesses, get their AI initiatives from proof-of-concept to full-scale production, Dr. Andrew Ng, the co-founder of Coursera, former chief scientist of Baidu, and founding leader of Google Brain, launched the company. Landing AI assists clients in understanding the financial and practical benefits of machine vision using enablement tools. LandingLens, an enterprise MLOps platform that offers a complete workflow for developing, refining, and implementing AI-powered visual inspection solutions, is the company’s flagship product.
OpenAI
Elon Musk and Sam Altman were part of a team that established OpenAI in 2015 as a non-profit AI research facility. Since then, it has expanded to encompass the for-profit OpenAI LP and its nonprofit parent, OpenAI Inc. The company’s primary focus is on carrying out extensive research to develop secure artificial general intelligence (AGI). DALL-E, a deep learning model that can produce digital images in response to spoken language requests, was launched by OpenAI in 2021. Also, in November 2022, the business debuted ChatGPT, a chat platform that can translate, generate text, and respond to questions. Within the first five days, the platform had over a million signups, and it is anticipated that revenue from the platform will reach $200 million in 2023 and $1 billion in 2024. Microsoft has disclosed a multibillion-dollar investment in OpenAI to hasten AI advancements and guarantee that the advantages of AI are freely distributed.
