Get All Access for $5/mo

Navikenz Raises $4 Million In Seed Funding The platform is helping enterprises discover and implement AI enabled solutions to improve business processes

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Navikenz, a consulting-led Artificial Intelligence (AI) services company, raised $4 million in Seed funding. The investment comes at a time when the firm is aiming to expand and further strengthen its position in the industry.

Founded in 2021 Navikenz is helping enterprises discover and implement AI enabled solutions to improve business processes and supplant "human effort with human intuition.'

"No company needs another line of code – it needs higher revenues and lower costs. Technology enables them to do that. People do not need employment, they need employability and a purpose – a reason to come to work every day. Our aim at Navikenz is to give people this sense of purpose, solving problems for customers in a way that makes them leap to log into their computers every day," said Anjan Lahiri, co-founder and CEO, Navikenz.

Navikenz has multiple clientele based in the US and India and in the next five years, the company aims to become a significant player in the IT Services space.

Since 2021, Navikenz is engaging Fortune 500 companies, recognize strengths of its AI-based solutions, such as business process consulting, enterprise architecture, Cloud and data science capabilities. According to a survey by McKinsey, AI adoption is continuing its steady rise: 56 per cent of all respondents report AI adoption in at least one function, up from 50 per cent in 2020. The newest results suggest that AI adoption since last year has increased most at companies headquartered in emerging economies, including China, the Middle East and North Africa. And across regions, the adoption rate is highest at Indian companies, followed closely by those in Asia–Pacific.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.