It was announced that the AI and Robotics Technology Park (ARTPARK), supported by the Indian Institute of Science (IISc), Bengaluru, will launch a $100 million startup fund.
ARTPARK has already received approval from the Securities Exchange Board of India for this (SEBI).
Despite the fact that the venture fund was unveiled last year, it is currently awaiting market regulator approval.
According to ARTPARK CEO Umakant Soni, the fund will be formally launched by the end of March 2022, pending permission from the market regulator, and money deployment would likely commence in May or June this year.
“We have already started shortlisting companies working on connectivity, healthcare, and education,” he added.
“We have some soft commitments, from not only investors within India, but from overseas as well to invest in the fund,” Soni told in reports.
ARTPARK, according to its website, is a one-of-a-kind, not-for-profit organisation sponsored by IISc, Bengaluru, with backing from AI Foundry under a public-private partnership approach to encourage technical advances in AI and robotics.
According to ARTPARK’s website, the central government’s Department of Science and Technology has provided INR 170 crore in funding, and the Karnataka government has provided INR 60 crore.
An autonomous drone ambulance is one of the first items produced at the labs, and a scale model was recently exhibited at the first ARTPARK Innovation Summit.
According to its website, its ecosystem is aimed to bring together a collaborative consortium of partners from industry, academia, and government entities.
ARTPARK’s Innovation Lab
The lab features technical teams that collaborate with a number of IISc labs. Other technical institutes and entities with which it will collaborate include the Indian Institute of Technology (IIT) Kanpur, IIT Jodhpur, the University of Aalto in Finland, the Indian Council of Medical Research, and the All India Institute of Medical Sciences.
ARTPARK is collaborating with AI and robotics startups such as XraySetu, a doctor-focused AI-driven X-ray screening and interpretation platform; Avtaar Robotics, a virtual healthcare services platform; Bhasha Setu, a language processing startup; Akashmarg, a drone manufacturer; and Project Eklavya, a remote learning school.
Meanwhile, in July of last year, Bengaluru-based ARTPARK announced the formation of a $100 million venture capital fund for robotics firms.
Artificial Intelligence-Driven Innovations in India and Abroad
According to AIM Research’s research titled ‘Indian AI Startup Funding in 2020,’ AI startups in India received total funding of more than $836 billion in 2020, the highest amount in the last seven years, with a 9.7% year-on-year rise. The number of AI businesses that obtained investment doubled from the previous year, indicating the rise of India’s IT startups.
The study looked at both pure-play data science startups and those that use AI, Analytics, or any other deep learning domain, such as computer vision or natural language processing, to build a core solution/platform for businesses and consumers across sectors or industries.
According to PwC Research, AI-driven innovations have the potential to generate $15.7 trillion in global economic value.
“Our research also shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalisation, attractiveness and affordability over time,” the report said.