New Delhi: Artificial intelligence (AI) is fast becoming the cornerstone of all modern technology. From smart cities to banking, insurance and more. Here, we profile two enterprising Indian enterprises that are reaching new frontiers in AI:
AI for banks
Arya.ai, which raised $750,000 in pre-series A funding in 2015, is expected to soon announce a bigger round of funding.
The team: Started in 2013 by IIT Mumbai researchers, Vinay Kumar Sankarapu and Deekshith Marla.
Cool factor: Arya.ai builds artificial intelligence (AI) tools for the banking, financial services and insurance (BFSI) sector, which has reduced processing time by hours.
Profile: In 2013, two researchers from IIT Mumbai, Sankarapu and Deekshith Marla started Arya.ai, to build AI solutions for industries.
Currently focusing on the BFSI segment, the company’s core product is called Vega. This is a tool that the company uses to develop its solutions. For instance, hospitals can clear insurance claims in minutes using Arya’s platform. Traditionally, insurance companies have to look at things like room rent, claim reports, policy details, etc., when processing an insurance claim. With Arya.ai’s platform, this can be done in minutes by the AI program. Similarly, in the banking sector, Arya’s platform helps in cheque automation, scanning images of cheques and clearing them on the fly. The firm currently has one of India’s top banks as its customer, along with other customers. The company is based in India, but spreads across Singapore and the UK as well.
Entropik Tech raised $1.1 million in a pre-series A funding led by Bharat Innovation Fund in June 2018.
The team: Founded by Rajan Kumar, an IIT Kharagpur engineer, in 2016.
Cool factor: Entropik Tech uses artificial intelligence (AI) tools to track human emotions, by mapping brainwaves, eye-tracking and more.
Profile: Entropik Tech is the only emotion recognition startup in India. The firm makes AI tools that help brands identify human emotions and tweak products. With technologies like brainwave mapping, eye tracking, facial coding and more, the company’s platform, tracks or predicts consumer emotions, and also suggest changes when required. For instance, a film studio can run its trailer through Entropik’s platform and it will know how viewers are likely to react to it.
The firm has also run pilot products with auto makers to track driver emotions inside a car. Entropik’s clients include Myntra, BankBazaar.com, GroupM and Xiaomi.