Amazon’s AWS and the private equity firm Accel are launching the accelerator program ML Elevate 2023 for Indian startups creating generative AI applications. Throughout the six-week program, participants will have access to resources, $200,000 in AWS Credits, mentorship, business advice, and AI models and tools. During a fundraising event, top venture capital firms, angel investors, and business moguls will get the chance to hear pitches from the cohort of startups.

The chosen startups will also have the chance to scale production-ready generative AI applications on Amazon SageMaker JumpStart and make use of resources and infrastructure through the AWS Activate program. AWS SageMaker JumpStart is a machine learning hub with pre-built models, algorithms, and deployable ML solutions.

The pace of innovation in LLMs, LLMOps, ML models, and GPU computing is accelerating. For business owners and startups developing in the field of generative AI, ML Elevate presents a significant opportunity. We enjoyed working together on ML Elevate last year and look forward to doing so again this year with AWS and a few selected startups, according to Accel Partner Prayank Swaroop.

The accelerator program is open to generative AI startups that have already created a minimum viable product (MVP) and plan to seek funding in the following 12 to 18 months. The chosen startups will participate in online master classes, fireside chats, and discussions led by investors and business titans like Vishal Dhupar, managing director of Nvidia Graphics’ Asia-South region, and Tom Mason, chief technology officer of Stability AI.

Over 50 early-stage AI/ML startups in India have received assistance through the ML Elevate program since 2020, including AarogyaAI, Dubdub.ai, Vitra.ai, NimbleBox.ai, and others.

Also Read | AWS plans to invest $12.7 Billion in India’s Cloud Infra

Vaishali Kasture, director of AWS India and South Asia, said, “We are excited to collaborate with Accel to invite applications from builders with big ideas and support the growing community of generative AI startups in India.”

To meet the rising customer demand for cloud services in the nation, AWS announced in May that it would invest $12.7 billion (more than 1 lakh crore) in India’s cloud infrastructure by 2030. According to a statement from the company, this anticipated investment in the infrastructure of data centers in India will support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year.

Last week, venture capital firm Together Fund announced a $150 million early-stage fund for AI companies. This is the firm’s second fund; the first one was announced in 2021 that has backed about 20 software-as-a-service (SaaS) companies.

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