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News on Medial
Tredence puts 10% revenues to develop GenAI capabilities: CEO Shub Bhowmick
Economic Times
·
1y ago
Medial
Data science company Tredence is investing 10% of its annual revenues in developing GenAI and advanced AI capabilities. The startup is focusing on various functions in the data analytics domain, such as engineering, customer experience, machine learning operations, and supply chain. By leveraging these capabilities, Tredence aims to increase its revenues by 40-50% in 2024. The company is building AI language models by fine-tuning foundational models and using public and proprietary data from customers in sectors like retail, healthcare, banking, and more. Additionally, Tredence is making significant investments in research and development to enhance developer productivity.
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PwC India ties up with Meta for GenAI solutions
Economic Times
·
10m ago
Medial
- Meta has partnered with PwC India to scale open-source AI solutions across industries using Meta's Llama models. - The collaboration aims to drive the widespread use of Generative AI (GenAI) in enterprise and public services, positioning India as a leader in digital innovation. - The partnership aims to create a more digitally enabled future, solving real-world challenges and driving meaningful change at scale. - The collaboration aligns with the Indian government's push to build a robust AI ecosystem with the IndiaAI Mission. - PwC and Meta will develop enterprise-grade GenAI solutions, combining Meta's technological capabilities with PwC's industry expertise. - PwC India's GenAI Lab will further strengthen the firm's capabilities to provide secure and scalable GenAI offerings tailored to the Indian market.
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PepsiCo leans on Indian tech talent to leverage GenAI
Economic Times
·
1y ago
Medial
PepsiCo is utilizing generative artificial intelligence (GenAI) to develop and launch products more quickly. Chief Strategy and Transformation Officer, Athina Kanioura, stated that GenAI has improved productivity, marketing, customer service, and feedback for the company. PepsiCo plans to expand its back-office operations in India and increase hiring. The company is opening a new capability center in India and utilizing Indian talent for global leadership positions, leveraging India's talent pool. GenAI has been particularly effective in reducing marketing campaign cycles and improving product development based on customer feedback. PepsiCo expects GenAI to bring a revenue uplift of 10-15% based on a company's maturity level.
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Accenture opens genAI studio in Bengaluru
Economic Times
·
1y ago
Medial
Accenture has launched a generative AI studio in Bengaluru, India. The studio aims to develop genAI capabilities for enterprises to optimize their business processes. It will offer a full stack of services, including a proprietary genAI model, customization techniques, model managed services, and training programs. The studio is part of Accenture's $3 billion investment in data and AI. With increasing importance placed on AI, Accenture aims to help clients leverage generative AI to reinvent their businesses and achieve new levels of performance.
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Decoding GenAI Startup Invideo’s Explosive $30 Mn Revenue Run, 4X User Growth
Inc42
·
1y ago
Medial
Invideo, an AI video creation platform, aims to generate $30 million in annual revenues by the end of FY24. The startup has experienced significant growth, with 60,000 daily sign-ups for its 10-minute video creation service. Invideo initially targeted enterprises before expanding to the B2B and B2C markets. It has raised $15 million in its Series A funding round and $35 million in its Series B round. Invideo plans to further develop its product, offering more directorial capabilities for video creation. The company operates under a Singapore-registered parent entity and currently has over $30 million in its bank accounts.
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Accenture secures $1.1 billion GenAI projects in Sep-Feb
Livemint
·
1y ago
Medial
IT services provider Accenture has secured generative artificial intelligence (GenAI) projects worth $600m in the past three months, bringing its total GenAI deals for the first half of the fiscal year to $1.1bn. The surge in GenAI projects follows the global attention on AI after the launch of ChatGPT, positioning it as a disruptor. In addition to its success in GenAI, Accenture's overall revenue growth has disappointed analysts for the second consecutive quarter, with revenues totalling $15.8bn in the quarter ended in February. The company has revised its full-year revenue growth forecast to between 1% and 3%.
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Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge
Livemint
·
10m ago
Medial
IBM is experiencing a turnaround as it gains more clients for its generative artificial intelligence (GenAI) services. The company's GenAI bookings stood at over $2 billion as of July, while Accenture reported $3 billion in GenAI bookings for the period 2023-24. The growth in consulting business has contributed to the success of both IBM and Accenture, which outpaces Indian IT services companies. Indian IT firms have not reported revenue from consulting or AI practices and have faced challenges with lower client spending on IT services. GenAI revenues are expected to flow from consulting before expanding to other IT segments.
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The Enterprise Opportunity: SaaS Startups, India’s IT Giants Riding The GenAI Wave
Inc42
·
1y ago
Medial
Indian IT services companies like TCS, Wipro, and Infosys are embracing GenAI capabilities for various internal and external use cases. These companies are initially using GenAI to optimize operations, but the ultimate goal is to provide GenAI-based solutions to customers. India's digital product startups have been built on the legacy established by IT services giants, making the GenAI revolution significant for the Indian enterprise landscape. Adoption of GenAI is cautious, with companies primarily focusing on streamlining operations and improving customer and employee experience. However, the potential for GenAI to transform large enterprises is immense, and its adoption is expected to increase in the coming years.
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Dunzo Cofounder Mukund Jha Seeks To Raise INR 50-80 Cr For His New GenAI Venture
Inc42
·
1y ago
Medial
Former Dunzo CEO, Kabeer Biswas, is reportedly in talks to raise INR 50-80 Cr ($6-10 Mn) from Together Fund for his new start-up GenAI. The company aims to automate quality assurance processes by combining AI with SaaS to improve QA checks. This fundraising effort comes after Jha's departure from Dunzo last year.
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Veefin Marks First Overseas Acquisition With GenAI Startup Walnut
Inc42
·
9m ago
Medial
Veefin Solutions, a fintech startup, has acquired a 50% stake in Singapore-based GenAI startup Walnut in its first overseas acquisition. The financial details of the all-cash deal were not disclosed. Veefin plans to leverage Walnut's GenAI capabilities to assist corporate and banking clients in transforming unstructured data into actionable insights.
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Strong client interest on GenAI; don't foresee layoffs within Infosys from new-age tech: CEO Salil Parekh
YourStory
·
11m ago
Medial
Infosys CEO, Salil Parekh, revealed that there is strong interest from clients in generative AI (GenAI) and that the company is heavily focusing on its adoption. He compared the adoption of GenAI to the previous adoption curves of digital and cloud technologies, stating that as enterprises experience the benefits and outcomes of GenAI, its adoption will increase over time. Parekh also emphasized that Infosys does not foresee any layoffs associated with these technologies and that GenAI is expected to drive business growth.
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