Nasscom reveals a cohort of 37 GenAI startups selected for its Foundry program.

The technology industry association Nasscom announced on Thursday that 37 Generative AI startups have been selected for the second cohort of its Generative AI Foundry program. These startups, on average, are two years old and have raised around $750,000 from institutional investors, according to Nasscom. They provide solutions in areas like text, audio, code, video/image generation, and multimodal output, with applications in sectors such as retail, banking, healthcare, and enterprise functions. Some of the selected startups include Fluid AI, Sivi, DaveAI, and OnFinance, with 30% having women in their founding teams. 

Ankit Bose, head of AI at Nasscom, stated that Indian Generative AI startups are transforming industries globally, showcasing the country's expertise in AI. He emphasized Nasscom’s commitment to supporting these startups through collaborations with industry, government, academia, and investors. The Generative AI Foundry program, launched in October 2023, has already assisted 26 startups by facilitating enterprise PoCs (proof-of-concept), offering funding opportunities, providing affordable access to GPUs, and offering bootcamps, mentoring, and expert knowledge sessions.