(Reuters) – Computer scientist Andrew Ng’s AI Fund said on Tuesday it has invested in Indian artificial intelligence healthcare company Givi. This is the fund’s first investment in the country.
India’s booming AI sector is expected to more than double to up to $22 billion by 2027, according to a Nasscom-BCG report released earlier this year. The products and startups category is expected to account for 15-17% of the market, alongside financial services for the largest share.
Jivi, based in the northern Indian city of Gurugram, uses AI to suggest potential diagnoses and treatments, generate health reports and perform administrative tasks, the foundation said in a statement. .
The fund did not disclose the amount invested in the startup or the amount of stock acquired.
AI Fund, backed by Sequoia Capital and SoftBank Group, has also invested in podcast production platform Podcastle and investment research application Octagon AI.
Ng, managing general partner of AI Fund, joined Amazon’s board in April. He previously led AI projects at Alphabet Inc.’s Google and Chinese internet search engine Baidu, from which he has since resigned.
(Reporting by Varun Hebbalalu in Bengaluru; Editing by Janane Venkatraman)