{"id":33318,"date":"2023-07-09T10:27:13","date_gmt":"2023-07-09T14:27:13","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/ai4bharat-researchers-to-raise-12-million-from-peak-xv-lightspeed-for-own-firm-sources\/"},"modified":"2023-07-09T10:27:16","modified_gmt":"2023-07-09T14:27:16","slug":"ai4bharat-researchers-to-raise-12-million-from-peak-xv-lightspeed-for-own-firm-sources","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33318","title":{"rendered":"AI4Bharat researchers to raise $12 million from Peak XV, Lightspeed for own firm – sources"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: AI (Artificial Intelligence) letters and robot miniature in this illustration taken, June 23, 2023. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Yuvraj Malik<\/p>\n

(Reuters) – Researchers at India’s AI4Bharat are raising $12 million from venture capital firms Peak XV and Lightspeed Venture for an artificial intelligence startup, according to three people familiar with the matter.<\/p>\n

The larger-than-usual seed funding round underscores the growing interest in generative AI, after OpenAI’s ChatGPT dazzled users with its ability to engage in human-like conversations. Most seed rounds are usually up to $1 million to $2 million.<\/p>\n

Vivek Raghavan and Pratyush Kumar, who worked on developing AI models for speech recognition and translation at AI4Bharat, are launching a new venture called Sarvam that will develop custom-made large language models (LLMs) for India-centric use-cases, the sources said. <\/p>\n

Peak XV and Lightspeed did not respond to Reuters requests for comment.<\/p>\n

LLMs are computer algorithms that understand and generate text in a human-like fashion. They power virtual assistants widely in use on smartphones and the Internet.<\/p>\n

The move comes months after Indian-government backed AI4Bharat unveiled a mobile assistant that aims to make information on government schemes accessible in multiple languages.<\/p>\n

The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its U.S.-based parent fund last month.<\/p>\n

Peak XV’s other AI investments include voice assistant firm AI Rudder, computer vision firm Mad Street Den and enterprise marketing platform Insider, according to its website.<\/p>\n

The buzz around generative AI among both consumers and businesses has helped related start-ups draw funding even as an uncertain economy saps investments for other companies.<\/p>\n

Indian AI start-ups have raised $583 million this year, as of June, according to data from Venture Intelligence. They raised a total of $2.45 billion last year. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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