Amazon Web Services (AWS) and venture capital firm Accel have jointly announced ML Elevate 2023, a six-week accelerator program aimed at empowering startups that are building generative artificial intelligence (AI) applications.
In a recent study by the National Association of Software and Service Companies (NASSCOM) called Generative AI startup landscape in India -- A 2023 perspective, generative AI startups in the country have raised over US$475 million in private investments from January 2021 to May 2023.
According to an another report by SaaSBoomi and McKinsey, Generative AI based SaaS startups have more than doubled since 2021, in India, and have raised $590 million in funding as of May 2023.
ML Elevate aims to support generative AI startups by providing them access to impactful AI models and tools, business and technical mentorship, curated resources, the AWS Activate program, and up to US$200,000 in AWS Credits. Other benefits include peer support from a community of leading AI and ML startup founders and the opportunity to scale production-ready generative AI applications on Amazon SageMaker JumpStart.
Startups specialising in generative AI who have successfully created a Minimum Viable Product (MVP) and have plans to get funding within the next 12-18 months are eligible to submit their applications. The chosen entrepreneurs/startups will participate in interactive online educational sessions, including informal conversations and group discussions with investors, prominent figures in the industry, and professionals with expertise in AWS.
The cohort will also be able to raise money during a week-long event called Demo Week. During this time, they will show their projects to well-known venture capital funds, angel investors, and influential people in the industry.
Over 50 early-stage AI/ML startups in India have accelerated their growth journey through previous editions of ML Elevate, first started in 2020. As of now, ML Elevate has an active community that includes leading Indian AI startups such as AarogyaAI, Dubdub.ai, Vitra.ai, NimbleBox.ai, and others.
Interested startups can register for the program here. Applications for ML Elevate 2023 are open until 25 August, 2023. Results will be announced in September 2023.
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