The company announced in a blog post that, just a month after introducing a substantial language model, it has become the inaugural Indian AI startup to reach a billion-dollar valuation (Krutrim AI).
Bhavish Aggarwal’s AI startup, Krutrim, has achieved unicorn status following a $50 million funding round, with participation from investors like Matrix Partners India.
The startup, Krutrim, has achieved a remarkable feat by becoming the first Indian AI startup to attain a billion-dollar valuation, just one month after introducing a substantial language model, as revealed in a blog post.
The term “Krutrim” translates to “artificial” in Sanskrit, underscoring its focus on artificial intelligence. Additionally, the company is actively involved in the development of data centers and has ambitious plans to create servers and supercomputers dedicated to the AI ecosystem (Krutrim AI).
In response to the growing demand for large language models in Indian languages, commonly referred to as Indic LLMs, several Indian startups and academic groups have entered into a competitive race. This surge in interest has been catalyzed by the success of OpenAI’s ChatGPT, launched over a year ago.
The overarching goal is for countries to establish their own AI systems, reducing dependence on technology from major players like the US or China.
Beyond the Indian landscape, Europe is witnessing a surge in investment directed towards Mistral AI in France. Having been founded just last year, Mistral AI now boasts a valuation of $2 billion.
Meanwhile, the United Arab Emirates is promoting its Falcon model, supported by a research institute backed by the Abu Dhabi government. This global trend signifies a concerted effort by various regions to assert themselves in the burgeoning field of artificial intelligence.
With a population of 1.4 billion people, India is directing its attention towards developing smaller, more cost-effective AI systems. Sarvam, a generative AI startup, recently introduced OpenHathi, its inaugural open-source Hindi Large Language Model (LLM), leveraging existing open-source models.
This unveiling followed shortly after the company secured a substantial $41 million investment from notable backers such as Lightspeed Venture Partners and billionaire Vinod Khosla.
In emphasizing the imperative for India to construct its own AI capabilities, Bhavish Aggarwal, the founder of Ola, a prominent ride-hailing startup in India, asserted that the nation is wholeheartedly committed to establishing its first comprehensive AI computing stack.
This strategic focus on indigenous AI development aligns with the recognition that tailored, efficient solutions are pivotal for a population of this scale. Sarvam’s approach, utilizing open-source models and introducing an open-source Hindi LLM, exemplifies the collaborative and inclusive effort toward fostering AI innovation within the country (Krutrim AI).
As India positions itself to be a key player in the AI landscape, the recent investment and advancements underscore a dedicated commitment to cultivating homegrown AI expertise and technology.
