Indian Gen AI Startups Raise $475M in Funding, LTTS Partners with Nasscom for Support


L&T Technology Services, a global leader in Artificial Intelligence (AI) and digital engineering, has partnered with nasscom to bolster the growth of Generation AI (Gen AI) startups in India. The collaboration aims to provide comprehensive support to startups operating in the AI sector, which has seen rapid expansion and a significant rise in funding.

According to nasscom, Gen AI startups in India have successfully raised over $475 million in funding from 2021 through May 2023, highlighting the sector’s potential. L&T Technology Services (LTTS) plans to nurture this growth by offering its resources and expertise to a select group of startups, helping them transform their innovative concepts into reality.

Out of the 26 startups chosen, LTTS will engage with many of them through a continuous process of mentorship and support. The selected startups will receive assistance with product development, innovation roadmaps, and proof of concepts that align with LTTS’ technology and innovation trajectory. Furthermore, LTTS will organize bootcamps and knowledge-sharing workshops to enhance the startups’ domain expertise.

LTTS brings a wealth of experience and expertise in developing advanced AI solutions. Their portfolio includes AiKno™, an AI-driven platform that facilitates the seamless integration of AI models into business operations. With pre-built AI models and a user-friendly interface, AiKno™ simplifies AI model management for enterprises. Another groundbreaking offering from LTTS is Chest-rAi™, an AI tool designed specifically for radiologists. It utilizes deep learning algorithms to analyze chest X-rays and detect abnormalities, enabling quicker and more accurate diagnoses.

The collaboration between nasscom and LTTS is a significant step toward fostering and nurturing the AI startup ecosystem in India. Ankit Bose, Head of AI at nasscom, expressed confidence in the startups’ ability to innovate and transform the AI industry both domestically and internationally. The partnership with LTTS equips these promising startups with the necessary resources and expertise to achieve their vision.

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Abhishek Sinha, Chief Operating Officer and Board Member at LTTS, shared the company’s eagerness to engage with the entrepreneurial ecosystem in India. LTTS aims to accelerate the growth of startups in the generative AI sector, helping them scale and make a substantial impact on the country’s digital economy and beyond. The alliance with nasscom strengthens the environment for artificial intelligence to thrive and contribute significantly to India’s technological landscape.

With its cutting-edge AI solutions, L&T Technology Services is revolutionizing industries and driving technological advancements. To explore LTTS’ AI offerings and learn more about their contribution to the field of AI, visit their website.

About nasscom:
nasscom is the voice of India’s $245 billion technology industry, aiming to establish the nation as the world’s leading technology ecosystem. Representing a diverse community of over 3000 member companies, nasscom’s network spans the entire spectrum of the technology industry, from DeepTech and AI startups to multinationals. The organization’s strategic imperatives include promoting skilling at scale, strengthening innovation across industry verticals, creating new market opportunities, driving policy advocacy, and championing diversity and equal opportunity.

About L&T Technology Services Ltd:
L&T Technology Services Ltd (LTTS) is a subsidiary of Larsen & Toubro Limited, specializing in Engineering and R&D (ER&D) services. The company offers a wide range of consultancy, design, development, and testing services, serving clients across industries such as industrial products, medical devices, transportation, telecom & hi-tech, and process industries. With a customer base that includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, LTTS is committed to delivering innovative solutions. With headquarters in India, LTTS has a global presence with design centers, sales offices, and innovation labs worldwide.

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For more information, please visit the LTTS website.

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