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The Indian AI startup landscape is expected to experience notable success. Media reports suggest that technology giant Google is considering investing in the Indian conversational AI startup CoRover.ai, which is working on an indigenous large language model (LLM), BharatGPT. This generative AI model is designed to accommodate over a dozen Indian languages. Notably, Google CoRover Investmenthas already committed to non-equity funding of $500,000 following an agreement signed with the startup in March.
The Economic Times reported that Google is discussing a $4 million equity investment. This investment is anticipated to materialize in the upcoming weeks following the official launch of BharatGPT. The report further highlights that the startup aims to secure the remaining funding by December.
Google plans to extend credits to CoRover, allowing access to its cloud computing service for being a “strategic partner.” The report further discloses Google CoRover Invesment’s financial infusion will be directed toward the expansion of BharatGPT in the upcoming weeks.
Nevertheless, both parties have yet to confirm the investment officially. Established in 2016, CoRover is backed by various investors, including CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi.
CoRover provides chatbot solutions in text, audio, and video formats in Indian and foreign languages. This versatile chatbot can be seamlessly integrated across various platforms like WhatsApp, Signal, Zoom, and more. The company caters to diverse industries like banking, finance, healthcare, manufacturing, travel, and e-commerce.
As the CoRover official website, the startup has several customers like IRCTC, NPCI, ICICI Prudential, ITC, Max Life Insurance, Bosch, and others. According to Tracxn data, the startup was valued at $8.5 million as of December 2022.
Industry experts suggest that global tech enterprises are directing their attention toward various indigenous startups focused on Indian languages. These companies are strategically positioning themselves to enhance their expertise in AI, focusing on the multitude of Indian vernacular languages.
In November 2022, the prominent U.S. software company Adobe made a significant move by acquiring Rephrase.ai, a startup supported by Lightspeed. This acquisition is expected to facilitate the integration of the Indian company’s technology stack and Generative AI video capabilities into Adobe’s proprietary video-editing platform, Creative Cloud. This marks Adobe’s inaugural venture in the Generative AI and video-tooling domain.