The artificial intelligence startup scene in India is poised for significant growth, with tech giant Google planning to invest in the local AI conversational startup CoRover-ai.
This startup is among the few in India working on a large native language model (LLM), named BharatGPT.
BharatGPT, the Indian generative AI model, will support more than a dozen Indian languages. It is noteworthy that Google has already provided non-equity funding of $500,000 to CoRover following an agreement signed with the startup in March, according to India's TOI website.
Google's Support to CoRover:
According to a report by The Economic Times, the tech giant is in discussions to make a $4 million equity investment in the startup.
This investment is likely to occur after the official launch of BharatGPT in the coming weeks.
The report also suggested that the startup is expected to receive the rest of the funding in December.
Google will offer Corover credits for accessing its cloud computing service as a "strategic partner."
The report reveals that the cash funds will go towards scaling BharatGPT in the coming weeks.
However, neither company has yet confirmed this investment.
Founded in 2016, CoRover is currently backed by several funders, including the CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi.
CoRover's Offerings:
CoRover provides text, voice, and visual chatbots in Indian and foreign languages. This automated chat software can be integrated across platforms like WhatsApp, Signal, Zoom, and more.
The company has clients in banking, finance, healthcare, manufacturing, travel, and e-commerce sectors.
According to the company’s website, CoRover also has several clients, including IRCTC, NPCI, ICICI Prudential, ITC, Max Life Insurance, Bosch, among others.
As of December 2022, the startup was valued at $8.5 million, according to Tracxn data.
The investment in CoRover-ai highlights the growing importance of AI technology in India and reflects the increasing interest of global tech giants in the Indian market.
The development and expansion of BharatGPT indicate a significant step towards enhancing AI capabilities in regional languages, which is crucial for a linguistically diverse country like India.
Google’s involvement not only validates the potential of Indian AI startups but also signals a broader shift towards more localized and inclusive technology development.
This move is expected to catalyze further growth and innovation in India's AI sector, impacting various industries from healthcare to e-commerce.
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