L&T Technology Services (LTTS), a global digital engineering and R&D services company, has announced its partnership with nasscom GenAI Foundry initiative to stimulate the growth of Generative AI in India by providing comprehensive support to startups in this field.
According to nasscom, GenAI startups in the country have raised over $475 million in funding from 2021 through May 2023, signalling the sector’s rapid expansion and potential.
Ankit Bose, Head of AI, nasscom, on the partnership, said, “As we progress further into the digital age, nasscom remains committed to fostering and nurturing the AI startup ecosystem in India. We have faith in these startups’ capacity to innovate and transform the AI industry, not just domestically, but on an international scale as well. Our collaboration with L&T Technology Services is a significant stride towards that vision, equipping these promising startups with the resources and expertise they require.”
Providing resources and mentorship
LTTS said it aims to nurture the growth by offering resources and expertise to a select group of startups to bring their innovative concepts to fruition. Among the 26 startups chosen, LTTS will engage with many of them through a continuous process of engagement.
The selected startups will be mentored and helped with product development and innovation roadmaps. They will also be provided with Proof of Concepts that align with the company’s technology and innovation trajectory.
Hosting boot camps and workshops for startups
LTTS will also host boot camps and knowledge-sharing workshops to enhance their domain expertise. LTTS said it possesses a wide array of expertise in creating advanced AI solutions. Its portfolio includes AiKno and Chest-rAi. AiKno is an AI-driven platform that expedites the deployment of AI models, facilitating enterprises to incorporate AI into their operations seamlessly.
It boasts pre-built AI models, and a user-friendly interface simplifies AI model management. Chest-rAi is a AI tool tailored for radiologists. It employs deep learning algorithms to scrutinize chest X-rays and detect abnormalities, thereby aiding in quicker and more precise diagnoses.
Abhishek Sinha, Chief Operating Officer and Board Member, L&T Technology Services, added, “We are eager to solidify our engagement with the entrepreneurial ecosystem in India. LTTS aims to accelerate the growth of startups in the generative AI sector, assisting them to pivot, scale, and make a substantial impact both locally and globally. We are optimistic about our alliance with nasscom, as we aim to cultivate an environment where artificial Intelligence can thrive and contribute significantly to the country’s digital economy.”
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