L&T Technology Services Limited (LTTS), a globally recognized company specializing in digital engineering and R&D services, has unveiled a partnership with the nasscom GenAI Foundry initiative. This collaboration aims to bolster Generative AI startups in India, providing extensive support to nurture their growth. Notably, GenAI startups in the country have seen an impressive rise, securing over $475 million in funding from 2021 through May 2023, indicating the rapid expansion of this sector.
LTTS is poised to foster this burgeoning landscape by offering crucial resources and expertise to a selected group of startups, aiding them in materializing their innovative concepts. Out of the 26 chosen startups, LTTS will engage with many through continuous mentorship, aiding in product development, innovation roadmaps, and providing Proof of Concepts aligned with the company’s technological trajectory.
The company’s commitment to advancing AI solutions is evident in its portfolio, featuring AiKno and Chest-rAi. AiKno is an AI-driven platform facilitating quick deployment of AI models within enterprises, offering pre-built models and a user-friendly interface. Chest-rAi stands as a groundbreaking tool designed for radiologists, utilizing deep learning algorithms to detect abnormalities in chest X-rays, enabling swifter and more accurate diagnoses.
Ankit Bose, Head of AI at nasscom, expressed confidence in the startups’ capacity to innovate and transform the AI industry on a global scale, emphasizing the collaboration with LTTS as a significant step towards supporting these promising startups.
Abhishek Sinha, Chief Operating Officer and Board Member at L&T Technology Services, highlighted their eagerness to bolster the entrepreneurial ecosystem in India. He stated, “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.”
