L&T Technology Services and Nasscom collaborate to empower the Next Generation of AI Startups By Elets News Network - 02 December 2023
Nasscom and L&T Technology Services Limited have collaborated on the Generative AI Foundry initiative to assist business owners in the Indian generative AI market.
On October 19, Nasscom declared that it would assist Indian business owners in the artificial intelligence (AI) space. The company announced that 26 businesses have been selected for its first “Generative AI Foundry” initiative.
According to Nasscom, Indian Gen AI businesses have raised more than $475 million in funding between May 2021 and May 2023, demonstrating their tremendous expansion. LTTS intends to assist in this expansion by offering assistance to a certain cohort of companies. LTTS will mentor 26 selected firms, help with product development, and provide Proof of Concepts that align with their technology. Workshops and boot camps will also be a part of the partnership to help the entrepreneurs become more knowledgeable.
LTTS makes its expertise available on platforms such as Chest-rAi and AiKno. Businesses can utilize AiKno to make using AI models easier, and Chest-rAi helps radiologists analyse chest X-rays more rapidly and accurately.
Ankit Bose, Head of AI at Nasscom, said, “Our collaboration with L&T Technology Services is a big step in supporting promising startups with the resources and expertise they need to innovate not only in India but globally.”
Abhishek Sinha, COO, and Board Member at L&T Technology Services, expressed their eagerness to help startups in the generative AI sector grow. Sinha said, “We want to accelerate the growth of startups, helping them make a significant impact locally and globally. Our partnership with Nasscom is a step towards creating an environment where artificial intelligence can thrive, contributing to India’s digital economy.”
Indeed, Nasscom had earlier this week announced a similar collaboration for the Generative AI Foundry program with the entertainment company Zee Entertainment Enterprises Ltd. ZEE’s Technology and Innovation Centre will facilitate and back co-piloted generative AI solutions for India’s media and entertainment industry through this strategic cooperation.