Mumbai-based Angel Network and co-working space Venture Catalysts, which
has over 150 angels in its network, plans to invest over a crore in artificial intelligence startups over the next one year.
The network which recently partnered with Silicon Valley-based startup accelerator Plug and Play, eyes big growth potential in this space and has already made investments in startups like vPhrase and ConfirmTkt. It is set to announce one more investment in this vertical in the next one month.
"We believe AI is going to hugely impact all verticals of business and will be critical for those like e-commerce
since the algorithms developed by such companies have the power to read
data in a much faster and efficient way, impacting business decisions
and saving both time and costs," said Apoorv Ranjan Sharma, president at
Venture Catalysts who typically invests around $250,000 in a startup.
Sharma cites the example of one of his investee companies, ConfirmTkt which has developed an algorithm to predict whether a ticket booked is likely to be confirmed or not.
"Currently all online ticket-booking platforms allow ticket bookings but there is no mechanism to predict whether it will be confirmed or not," said Sharma.
The network which recently partnered with Silicon Valley-based startup accelerator Plug and Play, eyes big growth potential in this space and has already made investments in startups like vPhrase and ConfirmTkt. It is set to announce one more investment in this vertical in the next one month.
Sharma cites the example of one of his investee companies, ConfirmTkt which has developed an algorithm to predict whether a ticket booked is likely to be confirmed or not.
"Currently all online ticket-booking platforms allow ticket bookings but there is no mechanism to predict whether it will be confirmed or not," said Sharma.
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