Tuesday, June 25, 2024
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Abacus.AI to invest $50 million in India

The investment will be used for the company’s R&D center in Mumbai and also to hire 200 new engineers.

Cloud services providing company Abacus.AI announces its plans to invest $50 million in India for its research and development center located in Mumbai. The investment will roll out phase-wise in the coming three years. 

Abacus.AI’s new investment is a part of the company’s further global expansion plan. The research and development center of Abacius.ai will primarily focus on promoting the adoption of artificial intelligence technologies by businesses of all sizes operating in multiple industries. 

Apart from the investment, the company will also hire more than 200 skilled engineers during the next three years. According to Abacus.AI’s statement, initially, it plans to hire 20 engineers. 

Read More: L&T wins $45 million deal from US-based Automotive Company

CEO and Co-founder of Abacus.AI, Bindu Reddy, said, “Enterprises in India and all over the world are embracing cloud computing, AI, machine and deep learning to reduce costs and increase efficiency. AI is an incredibly powerful tool for rapid innovation, which is crucial in meeting increasing consumer demands from billions of customers and skilled labor.” 

She further added that establishing an R&D division in India is crucial as it has become an integral asset of a rapidly growing hub for companies and engineers who are passionate about artificial intelligence technologies. 

India Head of Abacus.AI, Manish Vora, said that having a division located in India will allow customers to provide opportunities for businesses to expand their artificial intelligence infrastructure. San Francisco-based cloud services company that helps organizations design, train, and customize machine and deep learning models Abacus.AI was founded by Arvind Sundararajan, Bindu Reddy, and Siddartha Naidu in 2019. 

The company specializes in developing artificial intelligence solutions that organizations can use to plug and play deep learning systems into their existing customer and business processes. To date, Abacus.AI has raised nearly $90 million from investors like Tiger Global Management, Index Ventures, Alkeon Capital, and many others over four funding rounds. 

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Dipayan Mitra
Dipayan Mitra
Dipayan is a news savvy writer, who does not leave a single page of news paper unturned. He is also a professional vocalist who enjoys ghazals. Building a dog shelter is his forever dream.


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