The countrys largest carmaker Maruti Suzuki India on Friday said it has invested around Rs 2 crore in Sociograph Solutions Pvt Ltd (SSPL), a startup specialising in artificial intelligence.
The investment is part of the companys MAIL initiative to support startups with promising mobility solutions, Maruti Suzuki India Ltd (MSIL) said in a statement.
The company plans to use the visual artificial intelligence (AI) platform of SSPL called Dave.AI, with an aim to enhance the digital sales experience of its customers, it added.
“Our investment in SSPL demonstrates our resolve towards improving business metrics using contemporary technology,” MSIL Managing Director & CEO Hisashi Takeuchi said.
The company has undertaken the ambitious Mobility & Automobile Innovation Lab (MAIL) programme since 2019 to empower the mobility startup ecosystem in the country.
The Maruti Suzuki Innovation Fund has been set up with an aim to invest in early-stage startups which are part of Maruti Suzuki programmes, he added.
“Our intent is to encourage innovation and promote the entrepreneurial spirit of startups,” Takeuchi said.
Dave.AI Co-founder & CEO Sriram PH and Co-founder & CTO Ananth said the collaboration with Maruti Suzuki immensely helps by not only validating the companys concepts, but by also learning and imbibing the skills that are required to scale up operations in a sustainable manner.
“Post our collaboration with Maruti Suzuki under the MAIL programme, we registered 300 per cent growth in revenues and are on track to achieve USD 1 million annual revenue milestone this financial year,” they said.
Dave.AI was the winner of Cohort 2 of MAIL programme, which was launched in January 2019 to identify and bring together startups with innovative and cutting-edge solutions, and further collaborate to co-create technology led solutions in mobility and automobile space.
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)