India’s Sarvam AI Raises $41 Million, Reflects Growing Investors’ Confidence in Generative AI
Indian generative AI startup Sarvam AI raised $41 million in a Series A funding round led by Lightspeed Ventures to develop custom AI models.
Indian Generative AI startup Sarvam AI announced it raised a substantial $41 million in its Series A funding round led by Lightspeed Ventures, with contributions from Peak XV Partners and Khosla Ventures.
Established in July 2023 by Vivek Raghavan and Pratyush Kumar, have previously worked at AI4Bharat – backed by Infosys co-founder Nandan Nilekani.
According to the company, it has an ambitious plan to develop the “full-stack” for Generative AI ranging from research-led innovations in training custom AI models to an enterprise-grade platform for authoring and deployment.
The company believes that this full-stack approach will accelerate the adoption of generative AI in India, especially given that enterprises see the potential of generative AI but are grappling with how to leverage it for their business.
The five-month-old startup aims to focus on India-specific offerings, including training AI models to support the diverse set of Indian languages and voice-first interfaces.
The company will also work with Indian enterprises to co-build domain-specific AI models on their data and plans to create population-scale impact — layering generative AI on top of the successful India stack specifically for public-good applications.
Generative AI is Steadily Gaining Investor Traction
The timing of this funding injection coincides with a surge in interest from investors towards Generative AI startups not just in India, but worldwide.
The landscape is witnessing a rapid adoption and heightened demand for generative AI tools like ChatGPT, leading to a notable increase in the number of Indian GenAI-based Software-as-a-Service (SaaS) startups.
As reported by Metaverse Post, in the first week of December 2023, many AI startups, especially from the US are capturing significant attention in the funding scene, having already raised an impressive $800 million to date.
GPU cloud computing platform Coreweave recently secured a substantial $642 million investment from various investors, including Fidelity Management & Research Company.
Meanwhile, San Francisco-based AI company AssemblyAI announced the completion of its $50 million Series C investment round led by Accel. Another player in the field, Replicate — a startup hosting and running open-source AI models through an API, secured $40 million in Series B funding led by Andreessen Horowitz and others.
The recent surge in funding for generative AI startups both in India and globally, underscores the growing recognition of the potential of these technologies, and evident of the fact that generative AI is rapidly gaining traction, signaling a promising future for the industry.
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