But is it really worth celebrating?
Some argue that the rapid rise of AI technology may lead to job losses and further economic inequality. Is this really the future we want?
India's first ai Krutrim, an artificial intelligence startup established by Bhavish Aggarwal, the founder of Ola, recently announced that it has successfully secured a funding round which has valued the company at an impressive $1 billion. In a press release, the startup proudly stated that it has achieved the status of being India's fastest-growing unicorn within just one year of its inception. Additionally, Krutrim proudly declares itself as the pioneer among Indian AI startups to attain unicorn status.
Matrix Partners India, a prominent venture capital firm that has previously invested in Ola and Ola Electric, has taken the lead in a $50 million funding round for Krutrim. This comes after reports emerged last year suggesting that the founder, Bhavish Aggarwal, was actively seeking to secure this amount for his new artificial intelligence venture.
Krutrim, a startup that derives its name from the Sanskrit word for "artificial," is currently developing a robust language model. This model has undergone training in various languages spoken in India as well as English. As part of their ambitious project, the company intends to introduce a voice-enabled conversational AI assistant that can comprehend and communicate in multiple Indian languages.
Next month, it wants to launch a public beta version of its name-brand chatbot. Developers and businesses will then be able to use APIs. Additionally, according to Krutrim's website, the company intends to build internal resources to produce chips that are optimized for AI computation. Aggarwal's new company, according to a previous TechCrunch article, will look into creating and designing chips.
Despite India's reputation for having a thriving startup ecosystem, it has failed to carve out a significant presence in the highly competitive field of artificial intelligence (AI). The country's contenders have yet to emerge and mount a serious challenge against the reigning champions of language models, including OpenAI's ChatGPT, Anthropic backed by Amazon, and Google's Bard.
Significantly, Mukesh Ambani-led Reliance Industries has not yet introduced an AI product in India, a country renowned for its diverse range of languages. But there are encouraging things coming up as well. Recently, Lightspeed India and Peak XV backed Sarvam, an AI startup taking on the challenging goal of creating a significant language model. However, it's crucial to remember that training this kind of model is extremely expensive.
Thus far, OpenAI has raised an astounding amount of over $11 billion in funding, and Anthropic has also raised billions with support from major tech companies such as Google and Amazon.
Notably, according to Financial Times sources, negotiations are in progress for Elon Musk's own artificial intelligence firm, xAI, to raise an incredible $6 billion at a valuation of almost $20 billion.
The Pacific Times
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