"India Will Continue To Grow Alongside AI"
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Kalyan Veeramachaneni, Co-founder, Feature Labs moved to the US about a decade and a half ago. Since then his visits to India were limited to family events or gatherings. But his recent visit to India was for a different purpose – evaluation of the much talked about Indian startup and to understand whether his company could make inroads in the expanding ecosystem.
It's no surprise the Research Scientist at Massachusetts Institute of Technology was ‘blown away’ by what he saw & experienced.
Feature Labs, which enables people to rapidly build artificial intelligence (AI) applications and products, sees potential in India.
Most of Feature Labs' AI solutions depend on data and hence, the startup does a lot of data mining and processing along with building models around it.
This is the exact space in which Indian startups are basing their research and growth opportunities.
Veeramachaneni believes India has a lot of potential with a lot of data. "I think enterprises here are ready to build AI products. The nation has an enormous amount of talent but needs tools and technologies to work with the technology.”
With keen interest in entering the Indian financial services companies, he said with the kind of data the likes of Muthoot Finance have in India, the BFSI sector is ready to built AI products and use it to determine customers who are likely to repay debt on time and what should the interest rate be while maximising their customer base.
Apart from the finance industry, the scientist has great hope from the domestic retail and education sectors in the scope of AI products.
Veeramachaneni is among those few who feel Indians will not lose jobs with the crossover to AI. Instead, looking at the ecosystem in India, he feels the country has talented workforce led by millennials and is extremely entrepreneurial - "India will grow alongside AI".
Feature Labs was incepted 2 years ago at MIT and claims to have developed fundamental algorithms behind the technology – AI at the international institute.
In Veeramachaneni words, the company builds AI for AI as it tries to automate data processing and related process to understand how to give interfaces to people so they can use it and built solutions faster.