Mumbai-based Angel Network has plans to invest over a crore in artificial intelligence (AI) startups over the next one year. This investment will be in collaboration with its co-working space Venture Catalysts, which has over 150 angels in its network and typically invests around $250,000 in a startup.
Angel network recently partnered with Silicon Valley-based startup accelerator Plug and Play. The network eyes big growth potential in this space and has already made investments in startups like SP Robotics, vPhrase and ConfirmTkt. According to resources, it is set to announce one more investment in this vertical in the coming month. Apoorv Ranjan Sharma, who is the president at Venture Catalysts says in a statement-
“We believe AI is going to hugely impact all verticals of business and will be critical for those like ecommerce since the algorithms developed by such companies have the power to read data in a much faster and efficient way, impacting business decisions and saving both time and costs,”
Citing an example for the same, Apoorv explains work of one of his investee company – ConfirmTkt. The startup has developed an algorithm to predict whether a ticket booked is likely to be confirmed or not. Sharma adds-
“Currently all online ticket-booking platforms allow ticket bookings but there is no mechanism to predict whether it will be confirmed or not,”
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