India’s AI startups stand 5th in investment

New Delhi, Apr 13 (KNN) In 2022, India stood at 5th position for investments received by startups offering artificial intelligence (AI)-based products and services, as per an AI Index report by Stanford University.

Moving ahead of South Korea, Germany, Canada and Australia, among others total investments in AI startups in India stood at USD 3.24 billion in 2022.

US, China, the UK and Israel are the top four countries in the category.

During 2013-2022 AI startups in India received total funding of USD 7.73 billion, said the report.

This makes it the sixth leading country with the most AI investments during the period. Nearly 40 per cent of this investment was made last year.

Among Indian AI startups, Chennai-based conversational AI startup Uniphore raised USD 400 million in a Series E funding round last year at a valuation of USD 2.5 billion.

Several Indian firms like Flipkart and MakeMyTrip are exploring the use of generative AI models.

The Stanford report said 54 per cent of researchers working on large language models (LLMs) were from American institutions.

However, last year researchers from Canada, Germany, and India contributed to the development of LLMs for the first time.  (KNN Bureau)