we’re witnessing the many, many, marvels of Artificial Intelligence that are ruling our lives. From the IT sector to banking and fintech, from healthcare to education, from e-commerce to the business sector – AI has penetrated every major industry across the globe. The pace at which AI is escalating is simply stunning. Since 2000, the number of AI startups has increased by 14 times, and since 2013, the number of jobs demanding AI skills has grown by 4.5 times! Furthermore, Statista maintains that between 2017-22, the global market revenue of AI will grow tenfold.
Moving on to the Indian AI startup scene, it can be safely said that the market is booming at an impressive pace. According to Inc42 Data Labs 2017 report, the AI startup sector saw a 100% increase in 2017 as compared to 2016 (with respect to deals attained and closed). Bengaluru takes the limelight here – nearly $88 million was obtained from over 58 deals in the AI sector.
Here are AI and ML startups in India that have made their mark in 2023!
Niki.ai is a Bengaluru-based startup founded by four ambitious alumni of IIT Kharagpur. It is essentially an AI-powered personal shopping assistant that helps users shop for products and services online by leveraging Natural Language Processing (NLP) technology. The services offered by Niki.ai span across twenty differentiated categories such as travel, entertainment, shopping, and much more.
It has partnered with many reputed brands including HDFC, BookMyShow, OYO, Redbus, Ola, and Uber, to name a few. Furthermore, it has obtained funding from business moguls like Ratan Tata and Ronnie Screwvala.
Another Bengaluru-based AI startup, Absentia VR is the creator of Norah AI – a revolutionary, state-of-the-art, AI-empowered workflow that allows for both game creation and incorporation of game elements for enhanced story weaving and texturing. At its core, Norah has AI, Deep Learning, and Neural Network.
It was founded in 2015 by three college dropouts from BITS Pilani with an aim to create the first unique AI gaming experience in India. Like Niki.ai, Absentia too has obtained funding from renowned investors including V. Balakrishnan, Girish Paranjpe, Astarc Ventures, Exfinity Venture Partners, and 50K Ventures.