homestartup NewsNew Machine Learning and AI Tech Hub (MATH) to mentor 'AI first' startups, create 1,000 AI jobs by 2025
New Machine Learning and AI Tech Hub (MATH) to mentor 'AI-first' startups, create 1,000 AI jobs by 2025
MATH has already had over 60 startups under its fold in the last three months alone, out of which five startups are in discussions for funding. Moreover, the launch of MATH comes even as T-Hub has announced a whopping $1.9 billion in funding.
Telangana-based startup incubator T-Hub has joined hands with the Department of Science and Technology (DST) to open its first dedicated AI Tech hub in Hyderabad. The Machine Learning and AI Tech Hub (MATH) plans to incubate hundreds of AI-first startups in the next few years.
CNBC-TV18 learns that MATH and T-Hub will jointly embark on facilitating funding, partnerships and mentorship for AI and machine learning startups across the country. "In the first year, we are targeting over a hundred startups," said the newly appointed CEO at MATH, Rahul Paith. "All these startups are AI-first startups, so they are either building something around AI, using AI or building an ecosystem of AI."
Some of the key sectors in which MATH expects traction within the AI ecosystem are healthcare and clean tech, whose equity it expects to rise in the next few years. The tech hub projects 1,000 jobs in AI by 2025.
For T-Hub and the Indian startup ecosystem, MATH couldn't have come at a better time. After a lackluster 2023 on the funding front, Indian startups are expecting a fruitful 2024, especially in the second half. T-HUB CEO Srinivas Rao Mahankali believes that B2B startups solving big problems for big businesses may get an extra-large slice of the funding pie.
"Earlier, investments were very consumption-driven, and there was a reasonably large market. It may not have been large enough for businesses in the consumer space." Rao said, "Today, in the B2B sector, when you start solving real problems for businesses, and as long as you're solving a problem that can impact a lot of businesses at scale, the money will come."
As for MATH, the incubator has already had over 60 startups under its fold in the last three months alone. "Five of them are in discussions for fundraising," said Paith. "So, there is genuine interest from investors... We have already seen a couple of startups who have raised funds in the last three months; in a year, we expect 3 to 4% of startups to sign some cheques."
The launch of MATH comes even as T-Hub has announced a whopping $1.9 billion in funding. It has helped its incubated startups secure this funding since 2015, when it was incorporated. The accelerator wants to double this funding in the next five years. "In eight years, we have helped startups raise $1.9 billion and create 25,000 jobs," said Rao. "We believe that number can be achieved all over again in the next five years."
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Exclusive | Full text of the PM interview: Modi's agenda for the next 5 years
Apr 29, 2024 10:28 PM
PM Modi says he’s going forward with a positive attitude as a response to personal attacks
Apr 29, 2024 10:08 PM