All the important news from the ongoing India AI Summit
India is hosting a four-day AI Summit this week that will be attended by executives from major AI labs and Big Tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.
India earmarks $1.1 billion for its state-backed venture capital fund. The fund will invest in artificial intelligence and advanced manufacturing startups across the country.
OpenAI CEO Sam Altman said India accounts for more than 100 million weekly active ChatGPT users, second only to the U.S. He also said Indians also account for the most students using ChatGPT.
Blackstone has picked up a majority stake in Indian AI startup Neysa as part of a $600 million equity fundraise. Teachers’ Venture Growth, TVS Capital, 360 ONE Asset, and Nexus Venture Partners also invested. The company now plans to raise another $600 million in debt, and deploy more than 20,000 GPUs.
Bengaluru-based C2i, which is building a power solution for data centers, raised $15 million in a Series A round from Peak XV, with participation from Yali Deeptech and TDK Ventures.
HCL CEO Vineet Nayyar said Indian IT companies will focus on turning profits and not being job creators. These comments come as Indian IT stocks dip as fears of AI disrupting the IT services sector burgeon.
AMD is teaming up with Tata Consultancy Services (TCS) to develop rack-scale AI infrastructure based on AMD’s “Helios” platform.
Source: MindLabs Media ↗