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Over the last few years, AI has emerged as one of the significant technology that has been increasingly adopted by businesses across the country. Against this backdrop, the adoption of AI among startups has been notable. Several AI-based startups leverage artificial intelligence and related emerging technologies like NLP, Computer Vision, ML and DL to cater to the demands of end consumers as well as other businesses. The emergence of several AI-powered startups can be inferred from the funding that startups have received in the last few years.
In 2021, the startup funding increased by 32.5 per cent on a YoY basis to USD 1,108 million from USD 838.3 million in 2020. Of late, there have been concerns about startup funding drying up and the consequent layoffs. According to market estimates in the last few months of 2022, Indian tech startups, including a few unicorns, have laid off close to 6000+ people to cut costs and extend their runway.
Nonetheless, in the overall scheme of things, the growth of startups has been undeniable. According to the Ministry of Commerce, the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) has grown from 471 in 2016 to 72,993 in 2022 (as of 30th June 2022), registering a massive growth of over 15,400 per cent. Moreover, among the recognised startups, more than 4,500 are in sectors relating to emerging technologies such as the Internet of Things (IoT), robotics, artificial intelligence and analytics.
AIM presents this comprehensive report covering a list of top AI startups in India in 2022. It provides insights into the performance of these startups across various parameters like growth, customer portfolio, value generation, technical maturity, employee maturity and support function. Together, these parameters cover the market penetration and the maturity of these companies with respect to artificial intelligence.
AIM has listed six parameters to compute the performance of AI startups— growth, customer portfolio, value generation to measure Penetration and technical maturity, support function and employee maturity to measure Maturity. Based on these subindices, inputs were sought from different AI startups.
AIM framed the questionnaire keeping in mind the overall objective to capture the market penetration and the maturity of these AI startups. Based on the answers provided by the startups, the scores for subindices have been calculated.
The scores are not relative and for each subindex, an absolute score has been awarded. Similar startups and their growth stories were considered for reference. AIM has restricted itself from ranking the startups as they exhibit huge variation across several parameters. Different types of AI startups have been captured- some of them are B2B, while some are B2C.
AgNext Technologies deploys AI-based solutions across the global agricultural value chain to enable quality-based assessments. AgNext’s suite of quality assessment technology, the agri-startup, enables its clients to manage their agri procurements and address the quality-based inefficiencies across the Agri value chain.
Arithvatic.ai was built with the objective to build next-gen insurance products and solutions to simplify risk assessment, process automation and digital use to enable access to insurance. Leveraging technology like deep learning and proprietary algorithms for analytics, the full stack insurtech platform provides for efficiency, transparency, risk assessment, personalisation and digitisation in the entire lifecycle of operations.
Arya.ai has expertise in deploying Deep Learning solutions for the BFSI sector. Over the last nine years, the firm has exhibited noticeable growth both in terms of revenue and customer base. With a compact team of highly skilled professionals, Arya.ai has developed and launched its own meta framework on TensorFlow as early as 2015.
Beatoven.ai solve the problem of music acquisition and licensing issues for content creators. Content creators frequently face issues of copyright claims for music usage in their videos on various content-creating platforms like YouTube, Twitch and Instagram. The larger goal is to imbibe various musical cultures of the world into one system and empower content creators with creative tools for easy accessibility of royalty-free music for their content.
Bert Labs Pvt. Ltd.
Rohit Kochar established Bert Labs in 2017 to provide customers with a solution framework leveraging AI and IoT. The solution framework will permit customers to use its software and hardware combined platform to build customised applications. These products cater to various aspects of the business like real-time computation and control, real-time data transmission and storing of big data—all of which help meet the larger objective of energy efficiency.
Betterhalf.ai is a secure place for individuals who are looking to find a compatible life partner of their own choice, at their own pace and without the direct involvement of parents. Leveraging artificial intelligence, the platform thrives in connecting personalities based on their compatibility.
Founded in 2016, the conversational AI platform CoRover is on a mission to enable users to talk to any system the way they talk to an intelligent person. The startup provides Chatbot-as-a-service to help enterprises generate revenue, save cost, improve customer experience and achieve greater operational efficiency.
Crux enables companies to quickly, flexibly, and affordably transform data into useful insights. Traditional business intelligence (BI) procedures and dashboards require ongoing improvement and often take a long period. Crux is designed to allow integrated insights from compartmentalised information and provides quick insights through simple visuals.
Data Science Wizards
Data Science Wizards (DSW) is a Data Science platform and solutions company that provides AI and data analytics platforms and solutions to enterprises for data-driven decision-making. DSW enables organisations to build a scalable AI strategy, providing a flexible technology core, unified data pipeline, and collaboration between business and technology teams through the DSW flagship AI Platform, “UnifyAI,” to take AI initiatives successfully from experimentation to production.
e-khool LMS Software
E-khool LMS was founded to create a one-stop advanced AI integrated learning management system useful for schools, universities, corporate and training academies offering several features from the creation of contents to delivery of the contents. Catering to a large and well-diversified customer base that includes students, faculties and admins.
Enthu.AI Started with the objective of helping companies get valuable insights from customer call conversations. Having in-depth experience in sales, product management and customer success, the two co-founders understood the issues faced by this segment of businesses and decided to help sales, marketing, and customer success teams get actionable inputs from customer conversation by deploying cutting-edge technology.
GeoIQ, a hyperlocal intelligence firm, is engaged in the business of providing location-specific intelligence input to its clients. With impressive revenue growth in the last financial year, GeoIQ has empowered several businesses, including a Fortune 500 entity, to draw critical insights about their users and their behaviour that will subsequently enable them to make better business decisions.
Goodmeetings.ai is offering an online video platform to enable sales teams to engage productively with their prospective clients. The patented product that it offers assists sales teams along the entire chain of sales pitches. Goodmeetings helps sales reps in gauging customer behaviour in real-time and automating post-sales activities like CRM updation, call notes and call summary.
KoiReader Technologies is an AI and IoT-powered company with expertise in the Logistics and Supply chain industry. The founders envisaged integration of their experience in Logistics, Transportation, and Supply Chain and Data Science, Edge Computing, Artificial Intelligence, respectively.
Locus enables enterprises to fetch revenue from last-mile connectivity through its ready dispatch management platform by optimising key last-mile logistics functions such as order allocation, and route planning at scale. This improves the quality and speed of decision-making, empowers workers to make more deliveries, reduces empty miles driven, ensures optimal fuel usage, and improves SLAs.
Myelin Foundry is a deep-tech startup that operates in computer vision and edge platforms to build high compute AI. These algorithms are trained with data from edge devices to transform human experiences and industry outcomes. The startup specialises in building algorithms that can function in resource-constrained environments like low-cost, low-compute edge devices while also being able to switch, scale and configure on the go.
With focused, adaptable, and scalable enterprise-grade solutions, NextBillion.ai is closing this gap in the mapping ecosystem. With fully controlled map data and APIs, NextBillion.ai aims to streamline the technology and address the fundamental problems that businesses in the mapping industry confront. Based on corporate information and geographic location, startups provide specialised solutions for business demands.
Spyne, a deep tech startup, was initially in the business of helping businesses and marketplaces across various industries to create and upgrade high-quality product images and videos at scale with AI. In 2021, it pivoted to focus specifically on solving the cataloguing issue for the automobile industry.
Streamingo.ai to automate human activity analysis using artificial intelligence. The patented platform built by Streamingo is powered by artificial intelligence and has enabled it to take on companies manually analysing videos to identify customer behaviour in terms of speed, cost and accuracy.
To reduce human intervention and the consequent diagnostics errors in spine reading and reporting, Synapsica has developed spine AI algorithms, Spindle and SpindleX, that automate clinical and back-office processes related to spine MRIs and stress x-rays. These AI algorithms can identify key vertebral points, listhesis, pathologies, and variations, standardise mensuration of various spine elements, measure vertebral and disc height, mark morphological points, and generate preliminary reports in just a click.