Jabong Co-founder Praveen Sinha Says.
The world is witnessing a boom in artificial intelligence-based startups. Although the US, China, and Europe have been taking plunges in the advancement of technology, startups in India have also been providing solutions to some of the most critical problems using artificial intelligence. However, Indian start – ups have still not created a global impact when it comes to developing automation based solutions. Co-founder of Jabong Praveen Sinha believes that soon the youth of India will be able to develop AI-based technologIes that will have global implications.
We are not far behind
“It is not that AI-based innovations are only limited to the US, China, and Europe, India is also witnessing the development of many advanced AI-based innovations,” says Praveen. In India, he says, applications of the technology are being used across the sectors “for instance, in the healthcare sector, AI is being used in image analytics and radiology to address the challenges and issues in the X-ray reports.” However, in many other advanced countries , they are not only working at the micro level but the macro level as well. They have the advantage of a huge database and enabling ecosystem. With vast resources at their disposal, they invest heavily on the advancement of the technology, says Praveen.
Advance applications of AI being developed in India
Like the US, India has also taken the lead in employing AI in some of the most critical areas. “It is also being used in the highly advanced detection of protein structure, which is highly relevant to the current pandemic to develop anti-dote for Covid-19. AI is also being used to understand the protein structure around the DNA /RNA of the virus,” says Sinha. He also added that in India many start-ups have developed bots to assist or replace the customer care /support staff agents. These bots are developed using a high standard of algorithms and it is difficult for end-users to recognise whether it is a human or a bot in the voice or chat interactions.
India’s youth — the revolutionary game-changer
Praveen Sinha believes that India is capable to do much more and be equal to the developed countries when it comes to innovations brought employing AI. “In terms of applications, we are not far behind,” he says. However, he maintained that it is the ‘quality of problems’ and ‘scale of impact’ where the developed countries are “gaining a lot of mileage over what we are trying to do in Indian startups.” Having said that, he firmly believes that the young generation will bridge the gap and overcome the problems they are trying to solve using AI, and “we might get solutions to some of the most complex problems coming out of it, creating a global impact in the society.”
Praveen Sinha is also the managing director of RBI registered tech-driven NBFC – PinCap. Being an angel investor, he has mentored some of the leading AI-based startups to flourish across India.