Google to Invest in Indian AI Company Corover.ai
Google is close to investing about $ 4 million in homegrown chatbot AI startup Corover.ai, which is another sign that India's AI startup development is poised to explode, as per reports.
According to reports, Adobe has acquired Bengaluru-based AI video creation platform Rephrase.ai.
Corover is one of a handful of Indian startups building a native large-scale language model (LLM) called BharatGPT, which reportedly supports more than a dozen Indian languages.
While Google committed $500,000 in non-equity funding to Corover after it signed an agreement with the startup in March this year, Google is in talks to inject $4 million in equity once BharatGPT officially launches in the coming weeks. The startup has received a significant portion of $ 500,000 in funding since March, with the remainder due in December, according to reports.
As a "strategic partner", Google offers Corover credit for using the cloud service. The cash infusion will go towards the growth of BharatGPT in the coming weeks.
Founded in 2016, Corover's current investors include CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIT-Delhi.
Several domestic companies working in Indian languages are on the radar of global tech companieslooking to expand their AI capabilities, especially in various Indian vernaculars.
Corover offers text, voice, and video chatbots in Indian and foreign languages that can be integrated with various platforms such as WhatsApp, Signal, Zoom, Salesforce, and SAP. It has clients in banking, finance, healthcare, manufacturing, travel and e-commerce
The acquisition marked Adobe's first-gen AI and video tools deal. It also made Rephrase the first Indian startup to be acquired by Adobe, which has done such deals primarily in its home markets of the US and Europe.
According to reports, Corover offers text, voice, and video chatbots in Indian and foreign languages that can be integrated with various platforms such as WhatsApp, Signal, Zoom, Salesforce, and SAP. It has clients in banking, finance, healthcare, manufacturing, travel and e-commerce.