Computer Scientist, Andrew Ng's AI Fund announced its first Indian investment in artificial intelligence healthcare firm Jivi on October 8, 2024. However, the amount invested has not been revealed yet.
The Gurugram-based startup helps healthcare professionals by using AI to offer possible diagnoses and treatments. The company also leverages AI to prepare health reports and automate clerical work thereby, supporting medical professionals.
This is no wonder as the value of India's AI sector is projected to grow from US$10 billion in 2024, to US$22 billion by 2027, according to a report by Nasscom-BCG. Products and startups will contribute 15-17% of the market alongside the financial services sector as per the report.
The AI boom in India can be attributed to the Government’s push towards a digitalized India. Recently the Global AI Summit 2024 was hosted by the Indian metro city, Hyderabad. The theme of the two-day Global AI Summit, "Making AI Work for Everyone," deliberated upon different aspects of leveraging the transformative power of AI across all sectors as well as sheds light on AI ethics and consideration.
The high point of the summit was an announcement of an 'AI City' in Hyderabad, a 200-acre project that promises to position the city as a global hub for artificial intelligence research and innovation. Read more
This is not the first foray of Andrew Ng’s AI Fund into cutting-edge technology investment. It has previously powered innovative platforms like podcast-production startup Podcastle and investment-research application Octagon AI. The fund is backed by Sequoia Capital and Softbank Group.
Andrew Ng, the managing general partner of AI Fund, has recently joined the board of directors at Amazon. Before founding AI Fund, Ng led AI initiatives at two leading tech companies, Alphabet's Google and Baidu.