L&T Technology Services partners with Nasscom for GenAI foundry initiative to boost AI startups in India
L&T Technology Services Limited (LTTS), a globally recognized digital engineering and R&D services company, has announced a significant collaboration with the Nasscom GenAI Foundry initiative. This partnership aims to stimulate the growth of Generative AI in India by providing comprehensive support to startups operating in this burgeoning field.
According to Nasscom, Gen AI startups in India have successfully raised over $475 million in funding from 2021 through May 2023. This signals the sector’s rapid expansion and potential. LTTS is set to nurture this 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 these through a continuous process, offering mentorship, assistance in product development and innovation roadmaps, as well as Proof of Concepts that align with LTTS’s technology and innovation trajectory. Additionally, LTTS will host bootcamps and knowledge-sharing workshops to enhance the startups’ domain expertise.
As a global leader in Artificial Intelligence (AI) and digital engineering, LTTS boasts an extensive expertise in creating advanced AI solutions. Its innovative portfolio includes AiKno and Chest-rAi, AI-driven platforms that facilitate seamless AI integration into business operations and provide groundbreaking AI tools for radiologists, respectively. These offerings underscore LTTS’s commitment to leveraging AI for the benefit of its clients and the wider ecosystem.
Ankit Bose, Head of AI at Nasscom, highlighted the partnership’s significance, stating, “As we progress further into the digital age, Nasscom remains committed to fostering and nurturing the AI startup ecosystem in India. We believe in these startups’ capacity to innovate and transform the AI industry, not just domestically, but on an international scale as well.”
Abhishek Sinha, Chief Operating Officer and Board Member at L&T Technology Services, expressed eagerness to strengthen LTTS’s engagement with India’s entrepreneurial ecosystem. “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,” Sinha said. He also expressed optimism about the alliance with Nasscom, aiming to cultivate an environment where artificial Intelligence can thrive and contribute significantly to the country’s digital economy.
This partnership between L&T Technology Services and Nasscom marks a pivotal step in India’s journey towards becoming a global leader in the field of generative AI, offering a promising future for the country’s digital economy.