Posted: January 26, 2024 10:49 AM Updated: January 26, 2024 10:49 AM
Correction and fact check date: January 26, 2024, 10:49 AM
briefly
Krutrim has raised $50 million at a $1 billion valuation to accelerate the company’s mission to transform the AI landscape and expand globally.
Indian AI company Krutrim today raised $50 million at a valuation of $1 billion in a funding round led by Matrix Partners. With this funding, Krutrim becomes India’s first AI unicorn. According to the company, the funds will accelerate its mission to transform the AI landscape, drive innovation and expand its reach globally.
The company, Krutrim Si Designs, was founded in April 2023 and is led by Bhavish Aggarwal, founder and CEO of Indian ride-hailing company Ola. Additionally, Matrix Partners India, the same firm that backed Aggarwal’s previous ventures Ola Cabs and Ola Electric, led the funding round.
“India needs to build its own AI, and at Krutrim, we are committed to building India’s first complete AI computing stack,” Ola’s Aggarwal said in a statement. “We are excited to announce the successful closing of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions, but also highlights investors’ confidence in our ability to drive meaningful change in India for the world. “I’m very happy.”
Krutrim, which translates to ‘artificial’ in Sanskrit, works on large-scale language models (LLMs). The company’s flagship products, Krutrim Base and Krutrim Pro, represent a leap forward in AI technology. Trained on a vast collection of data, including significant representations of Indian language and cultural nuances, the model features advanced capabilities in text, audio, image and video processing.
Krutrim’s team claims that their AI model outperforms GPT-4 in supporting Indian languages. The model’s ability to understand and generate output in 20 Indian languages outperforms languages across the world.
Expansion and future development of Krutrim
Krutrim said it will operate as a separate entity within the Ola group and will not use data from other Ola businesses to train its AI models. Ola plans to integrate Krutrim across its group companies, leveraging the technology for various processes such as sales, service and support. Going forward, Krutrim plans to integrate AI solutions across Ola Group companies by March 2024.
The company plans to introduce a voice-enabled conversational AI assistant similar to OpenAI’s ChatGPT and Google’s Bard, fluent in several Indian languages. A beta version of the assistant is scheduled to be released to consumers in February 2024, with custom APIs available for developers and enterprises to follow.
In addition, we plan to develop a silicon chip optimized for AI computing and establish a broader strategy to build a powerful AI infrastructure. Krutrim’s vision encompasses indigenous data centers, server computing, edge computing, and supercomputers to position it as a leader in AI-based technological advancements.
Krutrim, founded by Aggarwal, is setting up his third venture alongside successful companies like Ola and Ola Electric, which are prominent in the Indian ride-hailing and EV market.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.