In 2019 alone, Indian AI startups received more than $600 million (INR 4300 crore) in funding from popular names like Sequoia Capital, Y Combinator, Propel Venture Partners, Flipkart and more.
The past decade has witnessed a sublime transformation of Artificial Intelligence from a futuristic concept into a practical tool. It is no longer a novelty available only to the tech giants like Google; startups worldwide, especially in India, are trying their hands at it.
You know AI is making moves in India when the Supreme Court Of India is on the lookout for AI systems that could improve the delivery of justice.
Even Minister Piyush Goyal recently shared his vision on AI and Indian economy saying that,
“We in the government believe that AI can, in different forms, help us achieve the $5 Tn benchmark, which we have set for over (next) five years.”
We have a list of top 5 startups in India that are bringing AI and its applications to 5 different industries, with a promise of an impactful revolution.
Marketing Automation – Comsense
Comsense is among Indian AI startups that are the brainchild of former IBM employees, targeted at improving Business Marketing.
They do this by implementing Machine Learning and Artificial Intelligence to churn through Marketing Analytics data points. AI can model customer behaviour patterns, choices, flows, etc to come up with actionable insights for the marketing team. In this way, a business can really get to know their customers, and design their marketing campaign accordingly.
They further help in tying loose ends using DataSense, their proprietary product, which unifies marketing data flowing from disparate sources into a single dashboard for analysis.
Established in 2014, Comsense has come a long way by attracting clients from around the world. They now have offices in the US, Germany, South Africa, and Singapore.
|CEO – Sagar Babar|
|CFO – Vineet Ladhania|
AI Integrated E-Office Solutions – Shyam Future Tech
Shyam Future Tech is a technology development company specializing in AI integrated e-office solutions. They integrate AI into various Office Productivity Software such as ERPS, CRM, E-Task, HRMS, VMS, etc, solutions for businesses.
Born out of the 60-year-old Shyam Steel Industries, the company focuses on developing Mobile Applications and Custom AI-based Products for businesses in India. By using AI in their development approach, they are able to supercharge their development offerings with better reporting, marketing and business intelligence.
For startups and new businesses, it’s hard to invest in full-blown AI-based systems, as they come with Human Resource and cost considerations. Shyam Future Tech builds AI-enabled systems right from scratch for businesses, enabling easy adoption, as well as, diligent problem-solving.
The relatively young company has reportedly built AI Video Tracking surveillance software, automatic attendance reporting and managing travel allowance.
They provide end-to-end consultation, development and post-development support for businesses. This makes it easier for budding startups to start using AI functionalities in their operations as they continue to grow.
|Designated Partners – Raghav Beriwala and Manish Beriwala|
Retail Intelligence – Infilect
Infilect has tapped on a rather unchartered domain – Retail Visual Intelligence.
They have deployed three solutions called InfiViz, InfiEye, and InfiArt, that are focused on collecting and analyzing visual data from a store and use it for improving store performance.
InfiEye, for instance, uses footage recorded by CCTV camera to analyze various activities taking place in the store. This can unravel useful bits of information about how customers feel when they engage with products and marketing material in the store.
Using AI techniques to interpret the collected data, they are able to help the retail brands to incorporate constructive changes into their stores. The InfiArt solution analyses user response towards marketing paraphernalia in the store to predict what kind of design and messages would have a larger impact on the user.
|CEO – Anand Prabhu|
|CTO – Vijay Gabale|
Banking – Signzy
Signzy empowers banking institutions in meeting three key challenges – quick customer onboarding, Risk Mitigation and Digital Contracting.
Their REALKYC solution enables banks to skip several rounds of documents to onboard the customer and boils it down to a simple facial scan. The system automatically gathers government records of the person and verifies the person’s identity with minimal effort.
Similarly, the Algorithmic Risk Intelligence (ARI) module can offer automated Due Diligence of a person’s banking and judicial history. This can prove beneficial in predicting bad loans or debentures much before they take place.
They also have a blockchain-enabled Digital Contract mechanism which can be used to file irrefutable and automated contracts between two parties.
|Co-founders – Ankit Ratan, Ankur Pandy and Arpit Ratan|
Healthcare – Niramai
Niramai has created tools and software for detecting breast cancer using AI-powered thermal imaging.
Breast Cancer is the leading form of cancer in women and the one that often goes undiagnosed. Niramai has come up with a novel approach that makes it easier to screen and detect breast cancer in early stages.
They have hardware tools for quick thermal imaging available in different capacities. Clinics, Superspeciality Hospitals and Rural Dispensaries, all can use these tools for screening.
Their patented technology called Thermalytix is the core of the cancer detection process. At the heart, an AI software backed with ML Algorithms analyses thermal images taken by the hardware tool to precisely predict as well as to detect the occurrence of breast cancer.
The solution has demonstrated 70% higher positive predictive value than Visual interpretation of Thermography. This reduces the chances of Breast Cancer going undetected and early prevention can be given to patients.
|CEO – Geetha Manjunath|
|Co-founder – Nidhi Mathur|
These 5 Indian AI startups are prime examples of the fact that AI isn’t just a dystopian fiction but a powerful and helpful tool, capable of changing our lives for the better. The startups cover ERP, Healthcare, Retail, Marketing and Banking, all of which are a crucial aspect of the economy.
As AI adoption gets stronger, more such examples will sprout wherein Industries can be revolutionized with Big Data and Analytics. Stay with Ionizer for more information on the development of AI in India.