Nasscom said that 26 businesses have been chosen for its first-ever ‘Generative AI Foundry’ programme, which aims to support Indian entrepreneurs in the artificial intelligence (AI) space.

During the 12-month initiative, a few partners will invest up to $25 million in the most promising businesses in collaboration with around 30 organizations from the industry and investment community. Investors will assist growth and innovation in a variety of ways, according to Nasscom.

Debjani Ghosh, president of Nasscom, stated, “Unlocking the full potential of generative AI startups for India and from India for the world, will not only require a rigorous assessment of sustainable whitespace opportunities in various sectors but also innovative thinking towards attracting patient capital and facilitating compute capabilities at scale.”

The startups were selected from more than seventy applicants. The cohort’s average startup is two years old and has already secured money from institutional investors totalling half a million dollars. These firms provide multimodal, text, audio, code, and image generation solutions. They have great applications in retail, media and entertainment, banking and finance, and other enterprise operations.

GitHub, Jio GenNext, Microsoft, Anthill Ventures, Broadridge, Capgemini, Chiratae Ventures, Cigniti, eClerx, Endiya Partners, Pavestone VC, Premji Invest, Samsung R&D Institute Bangalore, Silverneedle Ventures, Sutherland, and Vodafone Intelligent Solutions are a few of the program partners.

Startups will take part in intense boot camps and receive hands-on coaching from investors and industry professionals during the first half of the program. To expedite their AI projects, they will also get access to GPU compute nodes and state-of-the-art technology stacks.

According to Nasscom, the Telangana government has already worked with startups as the state partner for the program, providing them with the chance to engage in significant business-to-government (B2G) use cases.

Currently, there are more than 60 firms in India’s generative AI space that are committed to providing their clients with products and services across a range of industrial sectors. Over $590 million in funding has already been put into this area, with 2022 seeing the largest infusion of capital, according to Nasscom.

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