Nasscom Announces Cohort of 37 GenAI Startups for Foundry Programme

• ByStartupStory     |    September 21, 2024

Nasscom, the leading technology industry association, on Thursday announced the selection of 37 promising Generative AI startups for the second cohort of its Generative AI Foundry programme. These startups, on average, are two years old and have collectively raised $750,000 from institutional investors, Nasscom said in a statement.

The cohort features startups that are innovating in the areas of text, audio, code, video/image, and multimodal output generation, with strong use cases in sectors such as retail, banking and financial services, healthcare, life sciences, and various enterprise functions. Some of the notable startups in the cohort include Fluid AI, Sivi, DaveAI, and OnFinance. Additionally, Nasscom highlighted that 30% of the startups have women in their founding teams.

“Homegrown Generative AI startups are revolutionizing industries not only in India but for the world, showcasing India’s rapidly growing expertise in AI on the global stage,” said Ankit Bose, head of AI, Nasscom. “Nasscom is firmly committed to supporting AI and Generative AI startups in all the ways possible in close collaboration with industry, government, academia and investors.”

The Generative AI Foundry programme, which was launched in October 2023, has already supported 26 GenAI startups by facilitating paid proof-of-concept (PoCs) from enterprises, funding opportunities from investors, and affordable access to advanced GPU resources. Startups in the programme have also benefited from bootcamps, mentoring, and knowledge sessions from subject matter experts.

Nasscom revealed that close to 60 enterprises and investors are partnered with the programme, including major names such as Capgemini, Chiratae Ventures, Endiya Partners, Google, GitHub, and Microsoft. “In a short period of time, the average startup from Nasscom’s inaugural Generative AI Foundry program has seen its business grow nearly twice and headcount by 50%,” the industry body stated.

Collectively, the programme’s startups have raised $15 million from institutional investors and are expected to raise over $2 million on average. Furthermore, the startups have filed over 40 patents, with more in the pipeline, showcasing their innovative capabilities.

According to Nasscom, over 200 tech startups are currently building GenAI solutions across various industries. A Nasscom-Zinnov report highlighted that deeptech startups secured over $500 million in funding in the calendar year 2023. However, the industry body pointed out key areas that need more focused attention to foster the growth of the GenAI startup ecosystem. “More concerted efforts to improve collaborative innovation between startups and industry, increasing access to affordable GPUs, the need for patient capital, strong emphasis on applied research, and continuing to build a competent talent pipeline will be the key to augment the growth of the Gen AI startup ecosystem in India,” Nasscom added.

Follow Startup Story