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EXL eyes $2 billion revenue in two years on data, generative AI focus
Economic Times
·
1y ago
Medial
EXL, an analytics and digital solutions company, aims to reach $2 billion in revenue within the next two years. The company's CEO, Rohit Kapoor, attributes this goal to their focus on digital businesses and investments in generative AI (genAI). EXL has seen significant growth in data analytics, which now accounts for 46% of its business. Kapoor believes genAI will play a crucial role in their future and ensures its responsible use by utilizing closed and verified datasets and having human oversight. The company is investing in upskilling employees in emerging technologies to further their growth.
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Lenovo India surpasses $2 billion revenue, expands AI and manufacturing focus
Economic Times
·
5m ago
Medial
Lenovo's India revenue surpassed $2 billion in FY25, buoyed by growth in Motorola handsets, PCs, and data center servers. The company saw a 58% year-on-year revenue increase and reached an 8% market share in India for Motorola phones, which are now exported globally. Lenovo plans to intensify its focus on AI with a new AI Centre of Excellence and increase local manufacturing of AI servers and PCs, leveraging India as a hub for future developments.
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Black Box looking for partnerships, M&A in India market
Economic Times
·
11m ago
Medial
Black Box, a digital infrastructure firm, is seeking partnerships and mergers in order to enter the Indian market. With a focus on data center services, connectivity, and networking infrastructure, the company aims to achieve $2 billion in revenue within the next four years. Black Box is reorganizing its go-to-market strategy by prioritizing its top 250 revenue-contributing clients and eliminating long-tail customers. The Mumbai-based company recently raised Rs 410 crore to fund the expansion of its data center infrastructure services globally.
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SAP to restructure 8,000 roles in push towards AI
Economic Times
·
1y ago
Medial
German software firm SAP SE has announced a 2 billion euro restructuring plan that will cover 8,000 roles as the company looks to focus on growth in AI-driven business areas. SAP expects generative AI to revolutionize its business and plans to invest over $1 billion in this technology by opening new AI-powered startups. The restructuring will be implemented through voluntary leave programs and internal re-skilling measures, with the aim of exiting 2024 with a similar headcount as the current levels. The incurred expenses will impact operating profit, and the company forecasts cloud revenue of 17 billion to 17.3 billion euros by 2024.
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Alphabet cuts ties with Australian AI firm that helped train Bard and Google Search
CNBC
·
1y ago
Medial
Alphabet has terminated its contract with Appen, an Australian artificial intelligence data firm that provided training for Google's chatbot Bard and other AI products. Appen's revenue has been heavily reliant on a handful of tech giants, including Alphabet, Microsoft, Apple, Meta, and Amazon. The termination of the relationship with Alphabet will impact thousands of subcontracted Alphabet workers. Appen has been facing financial difficulties in recent years, with declining revenue and a struggling transition to generative AI. Alphabet's decision reflects a shift in focus towards using large language models rather than relying on external AI training providers.
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30 Startups To Watch: AI Startups That Caught Our Eyes In February 2024
Inc42
·
1y ago
Medial
India's Generative Artificial Intelligence (GenAI) startup ecosystem is poised for exponential growth, with the market expected to surpass $17 billion by 2030. Inc42 has highlighted 30 promising GenAI startups to watch, with a majority based in Bengaluru. These startups are using GenAI tools and technologies to automate content creation, enhance user experience, optimize business processes, and improve decision-making. Some notable startups include Alltius, which offers AI assistants for enterprise applications, and Athina AI, which helps companies evaluate and ensure the safety of their AI models. Other startups focus on areas like synthetic data generation, recruitment automation, video content creation, and code error correction, among others. With the Indian AI ecosystem on the brink of rapid growth, these startups are at the forefront of innovation in the country.
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AMD forecasts $45 billion AI chip market this year
Economic Times
·
1y ago
Medial
Advanced Micro Devices (AMD) estimated a $45 billion market for data center AI processors in 2023. AMD launched two new AI data center chips, including one focused on generative AI applications (MI300X) and another for supercomputers. Executives outlined the surging demand for AI chips, projecting the data center AI chip market to reach around $400 billion by 2027. AMD aims to compete with Nvidia, which currently dominates the AI chip market, with analysts estimating its share at around 80%. AMD's MI300 series targets Nvidia's flagship AI processors, accompanied by new software for AI deployment.
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Mortgage Distribution Startup BASIC Home Loan Bags $10.6 Mn From BII, Others
Inc42
·
10m ago
Medial
BASIC Home Loan, a lending company, has raised $10.6 million in Series B funding. The funds will be used to expand its market reach, improve its technology, and grow its lending portfolio. With over $12 billion in processed loans and $1.1 billion disbursed through its network of 90 banks and financial institutions, the company plans to enter 13 new cities and focus on serving low-income borrowers in Tier 2-3 cities. This expansion strategy is expected to contribute to the company's revenue growth, which has seen significant progress in the past two years.
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AI infra, new energy to drive $50 billion market value rise for Reliance - The Economic Times
Economic Times
·
1m ago
Medial
Reliance Industries, led by Mukesh Ambani, is poised for significant growth, with plans to boost its market value by $50 billion through investments in new energy and artificial intelligence (AI) infrastructure. Currently valued over $240 billion, Reliance's strategy includes building AI infrastructure and expanding its new energy vertical. This includes projects like a Generative AI data center in Jamnagar, extensive solar capacity, and advancements in green energy initiatives, with a focus on global market impact.
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Why your GenAI investments must start with optimizing cloud strategy
Techradar
·
1y ago
Medial
Generative AI is gaining popularity and is expected to attract significant investments in the coming years. In the financial sector, there is a cautious approach to implementing generative AI, but it has the potential to redefine banking models and improve customer interactions. Cloud technology is crucial for leveraging the benefits of generative AI, as it provides the necessary computing power, security measures, scalability, and data management capabilities. While many financial firms have started their cloud journey, a significant number have not migrated core business applications, leading to a disjointed user experience. To successfully adopt generative AI, organizations must focus on outcomes, acquire the right skills, and establish strategic partnerships with cloud solution providers.
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The AI revolution is coming, but not as fast as some people think
Economic Times
·
1y ago
Medial
Large companies, including JPMorgan Chase, are cautiously exploring generative AI, like ChatGPT, for potential transformative applications. However, due to concerns about data security, accuracy, and confidentiality, widespread adoption remains years away. Corporations are investing in generative AI startups, with funding reaching $15.3 billion in the first half of 2023. Experts predict that generative AI could enhance productivity and contribute trillions to the global economy, but its broad implementation will take time, following the historical pattern of major technological shifts.
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