https://images.app.goo.gl/MinsLGckwcYBhSmy9
According to three persons with knowledge of the situation, researchers at India’s AI4Bharat are raising $12 million (almost Rs. 100 crore) from venture capital companies Peak XV and Lightspeed Venture for an artificial intelligence business.
After OpenAI’s ChatGPT wowed users with its capacity for human-like discourse, a larger-than-usual initial financing round highlights the growing interest in generative AI. The majority of seed rounds range from $1 million (about Rs. 8 crore) to $2 million (around Rs.16 crore). According to the sources, Vivek Raghavan and Pratyush Kumar, who worked on creating AI models for voice recognition and translation at AI4Bharat, are starting a new company called Sarvam that would create unique large language models (LLMs) for India-specific use-cases.
According to the sources, Vivek Raghavan and Pratyush Kumar, who worked on creating AI models for voice recognition and translation at AI4Bharat, are starting a new company called Sarvam that would create unique large language models (LLMs) for India-specific use-cases. Requests for comment from Reuters were not answered by Peak XV or Lightspeed.
Computer algorithms known as LLMs can comprehend and produce text in a manner akin to that of a human. They fuel the numerous virtual assistants used on cellphones and the Internet. The action was taken a few months after the Indian government supported AI4Bharat introduced a mobile assistant that intends to provide information on government programs in a variety of languages.
The investment is one of Peak XV Partners’ initial ones following its rebranding from Sequoia Capital India and SEA after splitting from its US-based parent firm last month. According to the company’s website, additional AI investments made by Peak XV include the voice assistant company AI Rudder, the computer vision company Mad Street Den, and the business marketing platform Insider.
Even while the economy remains uncertain and investments for other firms decline, the excitement surrounding generative AI among consumers and businesses has enabled associated start-ups attract funding. According to statistics from Venture Intelligence, Indian AI start-ups have raised $583 million (almost Rs. 4,800 crore) so far this year. Last year, they raised a total of $2.45 billion, or around Rs 20,650 crore.
