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New Delhi: According to Stanford University’s annual AI Index study, India ranked fifth in terms of funding received by businesses offering artificial intelligence (AI)-based goods and services in 2017. India outpaced countries like South Korea, Germany, Canada, and Australia in 2022 with $3.24 billion in total investments in AI businesses. The countries that are ranked before India are the US, China, the UK, and Israel.
The Index also reveals that, with funding for AI businesses totaling $7.73 billion over the last ten years, India was the sixth-largest country in terms of investments in AI between 2013 and 2022. Around 40 percent of this investment was made in the previous year. (Also Read: SBI Reintroduces Amrit Kalash FD Scheme: Check Interest Rate, Benefits, And More)
The most valued AI startup in India is Chennai-based Uniphore, which develops conversational AI. Last year, it raised $400 million in a Series-E round, bringing its valuation to $2.5 billion. (Also Read: Latest FD Interest Rates For Senior Citizens 2023: 6 Best Banks Offering Rates Over 8% On 3-Year Fixed Deposits)
One of the greatest fundraisings of the year was made by Mad Street Den, an AI business with operations in Chennai and the US, which secured $30 million in a Series C round led by Avatar Growth Capital.
Experts anticipate a spike in the venture capitalist (VC) financing this year despite the fact that the economic slump has decreased investment in AI globally since 2021, particularly in light of the tremendous demand for generative AI solutions like OpenAI’s ChatGPT among both businesses and customers.
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