L&T Technology Services Limited (LTTS), a prominent global digital engineering and R&D services company, has announced its collaboration with nasscom GenAI Foundry initiative to stimulate the growth of Generative AI in India by providing comprehensive support to startups operating in this field.
According to nasscom, Gen AI startups in the country have successfully raised over $475 million in funding from 2021 through May 2023, signalling the sector’s rapid expansion and potential. LTTS is poised to nurture this growth by offering resources and expertise to a select group of startups to bring their innovative concepts to fruition. Among the 26 startups chosen, LTTS will engage with many of the startups through a continuous process of engagement. The selected startups will be mentored, helped with product development and innovation roadmaps. They will also be provided with Proof of Concepts that align with the company’s technology and innovation trajectory. LTTS will also host bootcamps and knowledge-sharing workshops to enhance their domain expertise.
As a global frontrunner in Artificial Intelligence (AI) and digital engineering, LTTS possesses an array of expertise in creating advanced AI solutions. Its portfolio includes AiKno™ and Chest-rAi™. AiKno™ is an AI-driven platform that expedites the deployment of AI models, facilitating enterprises to seamlessly incorporate AI into their operations. It boasts pre-built AI models and a user-friendly interface that simplifies AI model management. Chest-rAi™ is a ground-breaking AI tool tailored for radiologists. It employs deep learning algorithms to scrutinize chest X-rays and detect abnormalities, thereby aiding in quicker and more precise diagnoses. These offerings exemplify LTTS’ dedication to harnessing AI’s power for the benefit of its clientele and the wider ecosystem.
Ankit Bose, Head of AI, nasscom, on the partnership, said, “As we progress further into the digital age, nasscom remains committed to fostering and nurturing the AI startup ecosystem in India. We have faith in these startups’ capacity to innovate and transform the AI industry, not just domestically, but on an international scale as well. Our collaboration with L&T Technology Services is a significant stride towards that vision, equipping these promising startups with the resources and expertise they require.”
Abhishek Sinha, Chief Operating Officer and Board Member, L&T Technology Services, added, “We are eager to solidify our engagement with the entrepreneurial ecosystem in India. LTTS aims to accelerate the growth of startups in the generative AI sector, assisting them to pivot, scale, and make a substantial impact both locally and globally. We are optimistic about our alliance with nasscom, as we aim to cultivate an environment where artificial Intelligence can thrive and contribute significantly to the country’s digital economy.”
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About nasscom
nasscom represents the voice of the $245 billion technology industry in India with the vision to establish the nation as the world’s leading technology ecosystem. Boasting a diverse and influential community of over 3000 member companies our network spans the entire spectrum of the industry from DeepTech and AI startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by our vision, our strategic imperatives are to accelerate skilling at scale for future-ready talent, strengthen the innovation quotient across industry verticals, create new market opportunities – both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with a focus on Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.
About L&T Technology Services Ltd
L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 23,800 employees spread across 22 global design centers, 28 global sales offices and 102 innovation labs as of September 30, 2023.
