L&T Technology Services Joins Forces with nasscom to Boost Gen AI Startups

In a groundbreaking move, L&T Technology Services Limited (LTTS), a leading global digital engineering and R&D services company, has unveiled its collaboration with the nasscom GenAI Foundry initiative. This strategic partnership aims to catalyze the growth of Generative AI in India by extending comprehensive support to startups operating in this dynamic field.

Recent data from nasscom reveals that Gen AI startups in India have achieved remarkable success, securing over $475 million in funding from 2021 through May 2023, indicating the sector's rapid expansion and immense potential. LTTS is set to play a pivotal role in nurturing this growth by providing resources and expertise to a carefully selected group of startups, empowering them to bring their innovative concepts to fruition.

Out of the 26 startups chosen, LTTS will engage in a continuous process of mentorship, product development assistance, and innovation roadmaps. The selected startups will benefit from Proof of Concepts aligning with LTTS's technology and innovation trajectory. Additionally, LTTS plans to host bootcamps and knowledge-sharing workshops to enhance the startups' domain expertise.

As a global leader in Artificial Intelligence (AI) and digital engineering, LTTS boasts an impressive portfolio that includes groundbreaking solutions such as AiKno™ and Chest-rAi™. AiKno™ is an AI-driven platform streamlining the deployment of AI models, enabling seamless incorporation into enterprise operations. It features pre-built AI models and a user-friendly interface for simplified AI model management. Chest-rAi™, on the other hand, is an innovative AI tool designed for radiologists, utilizing deep learning algorithms to analyze chest X-rays and detect abnormalities for quicker and more precise diagnoses. These offerings underscore LTTS's commitment to harnessing the power of AI for the benefit of its clients and the broader ecosystem.

Ankit Bose, Head of AI at nasscom, commented on the collaboration, stating, “As we progress further into the digital age, nasscom remains committed to fostering and nurturing the AI startup ecosystem in India. We have faith in these startups' capacity to innovate and transform the AI industry, not just domestically, but on an international scale as well. Our collaboration with L&T Technology Services is a significant stride towards that vision, equipping these promising startups with the resources and expertise they require."

Abhishek Sinha, Chief Operating Officer and Board Member at L&T Technology Services, added, “We are eager to solidify our engagement with the entrepreneurial ecosystem in India. LTTS aims to accelerate the growth of startups in the generative AI sector, assisting them to pivot, scale, and make a substantial impact both locally and globally. We are optimistic about our alliance with nasscom, as we aim to cultivate an environment where artificial Intelligence can thrive and contribute significantly to the country’s digital economy.”

Discover how L&T Technology Services is revolutionizing industries with its AI-enabled offerings. Explore LTTS’ cutting-edge AI solutions here.

About nasscom

nasscom represents the voice of the $245 billion technology industry in India with the vision to establish the nation as the world’s leading technology ecosystem. Boasting a diverse and influential community of over 3000 member companies, our network spans the entire spectrum of the industry from DeepTech and AI startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by our vision, our strategic imperatives are to accelerate skilling at scale for future-ready talent, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with a focus on Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 23,800 employees spread across 22 global design centers, 28 global sales offices, and 102 innovation labs as of September 30, 2023.

For more information, please visit LTTS.com.