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Setu Partners SarvamAI To Build LLM For Financial Services

Inc42 · 1y ago

Setu Partners SarvamAI To Build LLM For Financial Services

Setu, a fintech startup owned by Pine Labs, has launched Sesame, India's first large language model (LLM) designed for the banking and financial services industry (BFSI). Developed in collaboration with GenAI startup SarvamAI, Sesame utilizes internal company data to enhance processes like credit underwriting, fraud detection, loan monitoring, and personal finance advisory. Setu plans to expand its product portfolio and offer new solutions catering to the BFSI sector with the help of Sesame. The Indian GenAI ecosystem is anticipated to become a $17 billion market by 2030.

Related News

Pine Labs and SarvamAI Launch 'Sesame', a BFSI-Specific LLM

deepnewz

deepnewz · 1y ago

Pine Labs and SarvamAI Launch 'Sesame', a BFSI-Specific LLM

Pine Labs and SarvamAI have launched 'Sesame', a large language model (LLM) specifically designed for the BFSI (Banking, Financial Services, and Insurance) sector. This model, developed using custom local data relevant to the financial sector, aims to bring advanced AI technologies into the financial services industry. The collaboration showcases the growing trend of sector-specific AI solutions and is being compared to the significant moment of 'ChatGPT' in the industry.

Ola, SarvamAI announce their large language models

Economic Times

Economic Times · 1y ago

Ola, SarvamAI announce their large language models

Mobility unicorn Ola and AI startup SarvamAI have announced their large language models (LLMs) trained to generate text in Hindi. Sarvam's first Hindi LLM, OpenHathi-Hi-v0.1, performs on par with GPT-3.5 for Indic languages. Ola's founder Bhavish Aggarwal announced the upcoming launch of their LLM 'Krutrim', which generated the invite for the launch event in English and Hindi. Both startups are contributing to the development of multilingual LLMs trained on Indian languages. Sarvam plans to release enterprise-grade models, while BharatGPT, another Indian LLM, has already secured orders worth Rs 91 crore.

Fastweb to develop native Italian trained AI language model

Economic Times

Economic Times · 1y ago

Fastweb to develop native Italian trained AI language model

Italian telecom operator Fastweb has announced plans to create an artificial intelligence large-language model (LLM) trained in native Italian. The company intends to utilize the LLM to assist its corporate and public administration customers in developing AI tools. Fastweb will build the LLM with the help of generative AI experts and extensive datasets in the Italian language. In addition, they will install an NVIDIA AI-powered supercomputer in their Lombardy data center and make the technology available to third parties via their cloud services.

Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners

Economic Times

Economic Times · 11m ago

Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners

Gurugram-based wealthtech startup Centricity has raised $20 million in seed funding, led by Lightspeed India Partners. The company, now valued at $125 million, plans to use the funds to scale its platforms, invest in technology and talent, expand private banking services, and pursue strategic acquisitions. Centricity provides a financial services platform for independent financial advisors, external asset managers, and single-family offices to manage investment portfolios. The company also offers digital transactional capabilities and aims to build India's largest financial distribution company. Centricity currently has over 4,500 financial distributors and manages assets worth Rs 4,500 crore with 92 UHNI families.

India Will Have Nearly 20X More Computing Infra By Year End: NVIDIA CEO

Inc42 · 9m ago

India Will Have Nearly 20X More Computing Infra By Year End: NVIDIA CEO

NVIDIA's partnership with Yoda, VTE, and Tonic Communication is driving growth in building computing infrastructure in India. The company is focused on building LLM models in Indian languages, which is challenging due to the country's linguistic diversity. NVIDIA has been collaborating with local partners to develop a Hindi LLM.

Indian Startups Using LLM Models To Solve Real World Problems: Microsoft India CTO

Inc42 · 1y ago

Indian Startups Using LLM Models To Solve Real World Problems: Microsoft India CTO

Indian startups are increasingly using large language models (LLM) in niche languages to solve real-world problems, according to Rohini Srivathsa, CTO of Microsoft India and South Asia. During a panel discussion, Srivathsa highlighted the growing integration of AI in different industries and the potential it holds for India's economy. Sangeeta Bavi, Executive Director of Digital Natives at Microsoft India, mentioned that Microsoft has started paying startups working with LLM models, and emphasized the importance for businesses to prioritize AI or risk being disrupted by new technologies. Srivathsa also highlighted the potential of AI in real estate, financial services, and healthcare sectors.

Meesho joins carts queued up at credit & grocery counters

Economic Times

Economic Times · 1y ago

Meesho joins carts queued up at credit & grocery counters

Ecommerce platform Meesho is planning to expand into the financial services sector and scale its grocery delivery business in the next financial year. The SoftBank-backed company aims to offer a credit marketplace, sourcing borrowers for lending partners such as banks and non-banking financial companies. Meesho also plans to build its own credit underwriting models and decision-taking systems. The move is part of the company's efforts to diversify and achieve profitability in the competitive online commerce industry. Meesho recently reported a reduction in losses and increased operating revenue.

Pine Labs-owned Setu's revenue jumps almost 2.5X, loss narrows

YourStory

YourStory · 8m ago

Pine Labs-owned Setu's revenue jumps almost 2.5X, loss narrows

Fintech startup Setu, owned by Pine Labs Group, saw its operational revenue double to Rs 35.2 crore for the year ending March 31, 2024. The company also reduced its net loss from the previous year. Setu primarily earns revenue by providing application program interfaces (APIs) for transactions through the Bharat Bill Payment System (BBPS) and UPI. Setu's expenses remained flat at Rs 77.9 crore, and the company's APIs are used across various sectors. In collaboration with Sarvam AI, Setu launched India's first large language model for the BFSI sector called Sesame.

India’s AI LLM path may lie in adaption, not building from scratch, suggests MeitY secretary S Krishnan

Money Control

Money Control · 9m ago

India’s AI LLM path may lie in adaption, not building from scratch, suggests MeitY secretary S Krishnan

S. Krishnan, the Secretary of the Ministry of Electronics and Information Technology (MeitY), suggests that it may not be worth the effort to build a large language model (LLM) from scratch. Instead, he advocates for adapting existing LLMs to specific sectors. This approach aligns with India's strategy to leverage existing technologies rather than compete with global players in foundational LLM development. Krishnan's remarks echo similar sentiments from Infosys chairman Nandan Nilekani, who emphasized the importance of creating sector-focused models trained on locally relevant data.

GenAI SaaS solution startup OnFinance AI raises $1.05M in a Seed round

IndianStartupNews

IndianStartupNews · 1y ago

GenAI SaaS solution startup OnFinance AI raises $1.05M in a Seed round

OnFinance.ai, an AI software startup for financial services, has secured $1.05 million in a Seed funding round led by Silverneedle Ventures and the Indian Angel Network (IAN). The funding will be used to expand the team and scale its AI solutions globally, with a particular emphasis on the US market. OnFinance.ai uses its financial Large Language Model (LLM) named NeoGPT to provide AI co-pilots for research analysis, relationship management, sales, and customer success teams in banking institutions and wealth management firms. The startup aims to streamline complex processes and improve data-driven decision-making in the financial sector.

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