L&T Technology Services has unveiled a partnership with the NASSCOM GenAI Foundry initiative to catalyze the expansion of Generative AI Startups in India. This collaboration aims to offer extensive support to startups engaged in the field, fostering an environment conducive to the growth and development of Generative AI technology within the country. L&T Technology Services' involvement in the NASSCOM GenAI Foundry initiative underscores its commitment to advancing innovative solutions and empowering emerging businesses in the dynamic landscape of artificial intelligence.
From 2021 through May 2023, Gen AI startups in the nation have secured funding exceeding $475 million, underscoring the sector's swift growth and considerable potential. Out of the 26 selected startups, LTTS (L&T Technology Services) is set to actively collaborate with a substantial number of them, maintaining an ongoing and participatory engagement approach to support and contribute to the sustained development of these innovative ventures.
Chosen startups will receive mentorship, assistance in product development, and guidance in crafting innovation roadmaps. Additionally, they will be offered Proof of Concepts tailored to align with the company's technology and innovation trajectory. LTTS plans to conduct boot camps and knowledge-sharing workshops, creating valuable opportunities for startups to augment their domain expertise and refine their understanding of the technological landscape.
As a global name in Artificial Intelligence (AI) and digital engineering, LTTS possesses a wealth of expertise in developing cutting-edge AI solutions, prominently showcased through its portfolio featuring AiKno and Chest-rAi. AiKno, an AI-driven platform, streamlines the deployment of AI models, enabling enterprises to seamlessly integrate AI into their operations. With pre-built AI models and an intuitive interface, AiKno simplifies AI model management. Meanwhile, Chest-rAi stands out as a revolutionary AI tool designed for radiologists, utilizing deep learning algorithms to analyze chest X-rays and identify abnormalities, facilitating quicker and more precise diagnoses. These innovations underscore LTTS' commitment to harnessing the transformative potential of AI for the benefit of its clients and the broader ecosystem.
Ankit Bose, Head of AI, NASSCOM, on the partnership, said, “As we progress further into the digital age, It remains committed to fostering and nurturing the AI startup ecosystem in India. We have faith in these startups' capacity to innovate and transform the AI industry, not just domestically, but on an international scale as well. Our collaboration with L&T Technology Services is a significant stride towards that vision, equipping these promising startups with the resources and expertise they require."
Abhishek Sinha, Chief Operating Officer and Board Member, of L&T Technology Services, added, “We are eager to solidify our engagement with the entrepreneurial ecosystem in India. LTTS aims to accelerate the growth of startups in the generative AI sector, assisting them to pivot, scale, and make a substantial impact both locally and globally. We are optimistic about our alliance with NASSCOM, as we aim to cultivate an environment where artificial Intelligence can thrive and contribute significantly to the country’s digital economy.”