India’s largest automobile manufacturing company Maruti Suzuki India said on Friday that it had invested Rs 2 crore in Sociograph Solutions, an artificial intelligence (AI) firm.
This new investment is part of the company’s MAIL program, which aims to encourage emerging mobility entrepreneurs. Maruti acquired a 12.09 percent share in the firm, claiming it is the first investment made under the Maruti Suzuki Innovation Fund.
Maruti intends to leverage SSPL’s Dave visual artificial intelligence (AI) platform. AI, to improve its clients’ digital sales experience.
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According to the company, to improve the consumer experience, the Dave.AI technology will provide 3D visualization. Since 2019, Maruti has been implementing the ambitious Mobility & Automobile Innovation Lab (MAIL) initiative to strengthen the country’s mobility startup ecosystem.
MSIL Managing Director & CEO Hisashi Takeuchi said, “Our investment in SSPL demonstrates our resolve towards improving business metrics using contemporary technology.”
He further added that the Maruti Suzuki Innovation Fund was established with the goal of investing in early-stage firms that are part of Maruti Suzuki programs.
According to Dave.AI’s CEO, Sriram PH CTO Ananth, the partnership with Maruti Suzuki greatly benefits the firm by not only proving its concepts but also learning and assimilating the skills necessary to scale up operations in a sustainable manner.
They said, “Post our collaboration with Maruti Suzuki under the MAIL program, we registered 300 percent growth in revenues and are on track to achieve USD 1 million annual revenue milestone this financial year.”
