Mphasis, an IT services and solutions provider specializing in cloud and cognitive services, today partnered with NASSCOM to felicitate best in class AI start-ups at the upcoming NASSCOM Technology & Leadership Forum 2019. In an effort to drive the adoption of futuristic technologies including Deep Learning, Machine Learning, Artificial Intelligence (AI) and Analytics, the partnership will recognize, nurture and promote bright young startups to scale the current AI ecosystem in India.
India is ranked amongst the top ten AI/Data Science ecosystems globally and in future, the demand for advanced deep tech and AI-related technologies is expected to unlock a trillion-dollar opportunity. The Data Science industry in India is expected to become a USD 16 billion ecosystem by 2025, from the current USD 2 billion, translating to an 8x growth. AI has the potential to add US$957 billion, or 15 percent of current gross value added to India’s economy in 2035 and Advanced Tech startups will drive this transformation as well as spearhead the broad structural transformation of the economy.
To meet the growing need to support the ecosystem, thirty AI focused start-ups from the NASSCOM 10,000 startups initiative are invited to participate in the ‘Mphasis Pitch Day’. The showcase is aimed at identifying the most innovative AI startups that will bridge the technology gap across enterprises business. The startups will be selected based on the following parameters:
- High-impact innovations in AI across industries and categories
- The best use cases, applicable across verticals and horizontals
- High-tech AI solutions that organizations have delivered internally or to their clients.
“AI is swiftly becoming a reality for enterprises, with its adoption and proliferation testified by increased investor interest in the startup ecosystem. India clearly has some of the brightest startups focused on innovating for the future, however, a majority of them lack adequate mentoring and support to scale their operations from incubation to real-world sustainable application. We are glad to partner with NASSCOM in providing these startups with a platform to showcase and fuel their aspirations. I hope the best will lead the way,” said Nitin Rakesh, Chief Executive Officer, Mphasis.
“The startup landscape in the country has become an epitome of innovation, with companies bringing out solutions that are aimed at solving locally relevant issues. Prowess in data science and artificial intelligence will be one of the main drivers of economic competitiveness in the near future.
As the AI revolution sets in, a collaborative and coherent effort from corporates, government and investors is pertinent to galvanize India’s capabilities in emerging technologies and equip our demographic prowess to power industry 4.0. Our collaboration with Mphasis will not only stimulate the creation of a world-class AI ecosystem in India but also will provide emerging tech start-ups the right exposure and set them on the appropriate path to flourish in the industry,” said Debjani Ghosh, President, NASSCOM.
The jury for the Pitch day will include industry experts, AI specialists and accomplished business and technology leaders from the technology industry.