According to Stanford University’s AI Index report, India ranked fifth in terms of investments received by startups offering AI-based products and services last year. India received a total of $3.24 billion in AI startup investments in 2022, surpassing nations such as South Korea, Germany, Canada, and Australia.
The United States, China, UK, and Israel were ranked higher than India. From 2013 to 2022, India was the sixth-largest nation in terms of AI investments, with AI firms receiving $7.73 billion in funding over the past ten years. In 2022, this investment amounted to around 40% of the total.
Last year, Chennai-based conversational AI firm Uniphore raised $400 million in a Series-E Round, valuing the firm at $2.5 billion and making it the most valuable AI startup in India. Mad Street Den, an AI company with offices in Chennai and the US, raised $30 million in a Series C round headed by Avatar Growth Capital, making it one of the year’s largest fundraisers.
Despite the economic downturn reducing investment in AI globally since 2021, experts predict a surge in venture capitalist financing this year, particularly for generative AI products like OpenAI’s ChatGPT, which have seen a significant demand from both businesses and customers. Kashyap Kompella, an AI analyst and CEO of RPA2AI, predicts that VC investments will increase in the coming quarters.
According to the Stanford survey, 54% of researchers working on large language models (LLMs) were affiliated with American universities. However, scientists from Canada, Germany, and India made their initial contributions to the creation of LLMs last year.
Several Indian companies, including Flipkart and MakeMyTrip, are exploring the use of generative AI models in their products, and startups such as GupShup and Exotel have unveiled systems for building chatbots that are similar to ChatGPT and powered by OpenAI’s GPT models.
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