Indian start-ups seek AI to drive new breakthroughs
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AI-focused start-ups have been focusing their energies on the B2B side of things, but there are some that have tried to reach out to consumers.
Artificial intelligence may still be shrouded in an aura of mystery, but there's no denying that the field has a transformative capability over many things that govern people's lives.
And for start-ups in India, the summer of AI has begun.
Algorithms for intelligent AI systems
In Mumbai, there is a start-up that offers its deep learning algorithms to help developers build intelligent AI systems.
Arya.ai recently rolled out its new product, DL Studio (Deep Learning), which can be used to build deep neural nets and then scale it to large data. This is especially useful for IoT applications, where it can be a challenge to sort through large amount of data on a specific equipment to predict its health and performance.
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In an interview with the Economic Times, Arya.ai co-founder Vinay Sankarapu explained further: "Simply put… it can make the machine more self aware and assist humans in making a conclusion, specifically by answering questions like what is the life span of the equipment, when can it fail and other such questions that the deep learning algorithm can help provide solutions too."
The algorithm can also be used in simpler cases like identifying people for security, or object segmentation for complex systems like drones.
AI for e-commerce
Artificial intelligence is already seeing an increased in adoption by e-commerce companies that are seeking not only to simplify catalogue search, but also drive customer engagement and get higher conversions.
vPhrase, for instance, is making use of AI to streamline the laborious process of going through marketing data and reports. The firm's founder, serial entrepreneur Neerav Parekh, came up with Phrasor, which he changes the way data is understood—and not just in the digital marketing sector.
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"Every company has to send performance reports to its employees or customers. The focus of our venture is to help companies communicate the insights in their data to their people at scale," Parekh told the Economic Times in a separate interview.
Start-ups in India have been focusing their energies primarily on the business-to-business side of things, but there are some that have already tried to reach out to consumers. And many of these business models may soon start getting firmed up.
There are no data on venture capital backing for AI start-ups in India at the moment, but figures in the United States provide some indication that there's a booming interest in this space. Data from CB Insights showed that the sector received an estimated Rs. 16,081.08 crore ($2.38 billion) in VC investments in 2015, a jump from the Rs. 2,804.05 crore ($415 million) AI ventures in 2012.