According to the annual AI Index report by Stanford University, India came in fifth place in terms of funding received by startups producing artificial intelligence-based goods and services.
India was the sixth-largest recipient of AI investments between 2013 and 2022, with funding for AI businesses totaling $7.73 billion. 40% of this investment was made last year. Conversational AI firm Uniphore, based in Chennai, raised $400 million in a Series E fundraising round at a valuation of $2.5 billion last year.
Despite the fact that there has been a reduction in worldwide AI investment since 2021 as a result of the economic downturn, analysts anticipate a rebound in VC financing this year, especially in light of the enormous demand for generative AI products like OpenAI’s ChatGPT among businesses and consumers.
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According to the Stanford report, American institutions were home to 54% of the academics working on large language models (LLMs). But last year, scientists from Canada, Germany, and India made their initial contributions to the creation of LLMs.
Numerous Indian businesses are investigating the usage of generative AI models, including Flipkart and MakeMyTrip. Startups like GupShup and Exotel have also unveiled systems for building chatbots that are similar to ChatGPT and are powered by OpenAI’s GPT models.
