Krutrim Raises $50M Funding to Become India’s First AI Unicorn
Krutrim raised $50 million at a valuation of $1 billion to accelerate its mission of advancing the AI landscape and expanding globally.
India’s AI firm Krutrim raised $50 million at a valuation of $1 billion today in a funding round led by Matrix Partners. With this funding, Krutrim becomes the first AI unicorn from India. According to the company, the funds will accelerate its mission to change the AI landscape, drive innovation, and expand its reach globally.
The company, Krutrim Si Designs was launched in April 2023 and is spearheaded by Bhavish Aggarwal, founder and chief executive officer of Indian ride-hailing company Ola. Moreover, Matrix Partners India led the funding round, the same firm that backed Aggarwal’s previous ventures, Ola Cabs and Ola Electric.
“India has to build its own AI, and at Krutrim, we are fully committed towards building the country’s first complete AI computing stack,” Ola’s Aggarwal said in a statement. “We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world.”
Krutrim, which translates to “artificial” in Sanskrit, is working on large language models (LLMs). The company’s flagship offerings, Krutrim Base and Krutrim Pro represent a leap forward in AI technology. Trained on a vast corpus of data, including a significant representation of Indian languages and cultural nuances, these models have advanced capabilities in text, audio, image, and video processing.
The Krutrim team claims that the AI model surpasses GPT-4 in Indic language support. The model’s ability to understand and generate output in 20 Indian languages, outperforms its global counterparts.
Krutrim’s Expansion and Future Developments
Krutrim said it will operate as a separate entity within the Ola Group and will not use data from other Ola businesses to train its AI models. Ola plans to integrate Krutrim across its group companies by leveraging the technology for various processes like sales, service, and support. Looking ahead, Krutrim plans to integrate its AI solutions across Ola Group companies by March 2024.
The company is set to introduce a voice-enabled conversational AI assistant, similar to OpenAI‘s ChatGPT and Google’s Bard, fluent in multiple Indian languages. This beta version of the assistant is scheduled for release to consumers in February 2024, with APIs tailored for developers and enterprises to follow suit.
Moreover, the company intends to develop its silicon chips optimized for AI computing, aligning with a broader strategy to establish a robust AI infrastructure. Krutrim’s vision encompasses indigenous data centers, server computing, edge computing, and supercomputers, positioning it as a frontrunner in AI-driven technological advancements.
Founded by Aggarwal, Krutrim marks his third venture alongside successful entities like Ola and Ola Electric, both prominent players in India’s ride-hailing and EV markets.
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