How artificial intelligence based startups are transforming industries
Artificial intelligence (AI) is a field of data science that trains the computer to learn things from its experiences, adapt to new stimuli and perform cognitive tasks. Over the past few years, AI-based applications have touched human lives in ways that cannot be fully fathomed. Just as an example, every time you visit a website, a network of algorithms running in the background process your online behavior, analyze your browsing history, and collect millions of data points circling on what products would entice you, all in order to decide which advertisements to display. From the intelligent keyboards on laptops and smartphones to the voice-enabled assistants on desktops, the machines in your immediate personal space have become far more intelligent than previously realized.
An extraordinary feature of the AI industry is that it does not operate in a silo. AI is now being implemented in almost all the industries and has been able to transform the functional, operational and strategic landscape of various business domains.
The startup ecosystem in India has witnessed enormous upscaling and noteworthy collaborations with global tech companies in the field of AI. Indian startups are applying AI to create solutions for various industries, ranging from healthcare, education, cybersecurity, to unexplored sectors of food processing, agriculture, water management, and empowerment of women.
Some of the wonderful ways AI is being applied across various industries by startups have been captured below:
Healthcare: Niramai Health Analytix
Niramai is developing a new software to detect breast cancer at a much earlier stage than traditional methods or self-examination. The solution is a low-cost, accurate, automated, portable cancer screening tool that can be operated by a simple clinician. The underlying technology of its solution is an artificial intelligence-led diagnostic platform that uses patented thermal image processing and machine learning algorithms for reliable and accurate breast cancer screening. The Niramai test is 10 times less expensive than current mammography methods. The startup has screened over 25,000 women in 12 states.
Foodtech: Intello Labs
Founded in 2016, Intello Labs uses AI/ML to automatically grade and analyze the quality of fresh produce, to increase transparency in the supply chain as well as reduce value risk and food waste. The startup has been able to digitize food quality assessment across the supply chain from farm to table, enhancing value addition for farmers and the food processing industry.
Process streamlining: UptimeAI
UptimeAI is a predictive maintenance software that blends artificial intelligence, domain knowledge, and plant engineer workflows to predict and mitigate approaching failures in process industries. The algorithm can learn and update models over time and handle complex equipment. It can also detect mechanical and process degradation.
Social Impact: Gingermind
The startup has developed AI-powered smartphone apps and wearables to support the visually impaired for living independently. This has the potential to change the existing paradigm in the abilities of the visually impaired. The startup has impacted over 40,000 people in India and 70,000 people around the globe spread across 160 countries. Their product EYE-D helps users read over 1.5 lakh pages every month.
Bodhami is an online personalized learning platform driven by artificial intelligence. The product offers a personalized online learning platform that caters to students, job seekers, and employees. Students can use the platform to find out college courses or careers that best fit their skills and interests. While job seekers can use the platform, which suggests the best 20 per cent of the candidates for a job based on profiles.
Energy Efficiency: Minionlabs
Minionlabs is an IoT based platform for increasing energy efficiency levels using machine learning and AI to derive actionable insights for various real estate establishments. The startup is currently being used to monitor over 1 lakh assets in real-time. It has the potential to enable energy transparency and energy savings up to 30 per cent.
Content delivery in Indic languages: Vernacular.ai
Vernacular.ai is a Software-as-a-Service business that automates enterprise contact centers through the Virtual Intelligent Voice Assistant (VIVA), a next-generation multilingual voice AI-platform that understands customers’ queries and facilitates their resolution through natural human-like conversations.
CropIn is an intelligent, self-evolving system that delivers future-ready farming solutions to the entire agricultural sector. With capabilities of live reporting, analysis, interpretation, and insight that span across geographies, the company digitizing every farm, while data-managing the entire ecosystem.
Innefu was conceptualized with an aim to establish an AI-driven company focused on developing cutting edge technology to offer predictive intelligence and cybersecurity solutions. Its product called AI Vision offers video analytics and facial recognition solution with an accuracy of more than 98 per cent. It is significantly used in security and surveillance, visitor management, employee attendance, intrusion detection, retail, satellite, drone image analysis, and more.
The innovations in artificial intelligence are encompassing the majority of the sectors in the country, have the potential to make India the next AI superpower, combined with consistent R&D in the technology front and strong government support to the rising sector.