HomeTechnologyGlobal AI Conclave: Capital needed for Robotics and AI startups huge, India doesn’t have that kind of funds today, says ARTPARK co-founder Umakant Soni

Global AI Conclave: Capital needed for Robotics and AI startups huge, India doesn’t have that kind of funds today, says ARTPARK co-founder Umakant Soni

Soni and Bharadwaj Amrutur, the executive director of ARTPARK and professor at IISc also spoke about the need for building foundational large language models (LLMs) in India

November 25, 2024 / 21:15 IST
Story continues below Advertisement
IISc panel at the event
IISc panel at the event

Umakant Soni, chairman of AI Foundry and Co-founder of IISc’s ARTPARK, highlighted the challenges faced by robotics and artificial intelligence startups as they struggle to find enough funding support in India.

ARTPARK is the research and entrepreneurial hub of IISc (Indian Institute of Science) Bengaluru, focused on robotics and AI startups. Started in 2020, ARTPARK has received several grants till date including seed funding from the Department of Science and Technology (DST) for over five years, Rs 60-crore grant from the Karnataka Government for five years and another Rs 78-crore from the Ministry of Heavy Industries.

Story continues below Advertisement

Speaking at CNBC-TV18 and Moneycontrol’s Global AI Conclave, Soni said, “These are critical grants. Without these seed grants you can’t get ARTPARK started. While these grants are great to start, but the capital requirement of the companies in AI and robotics are huge…That kind of capital we don’t have in India today, like a fund of funds focused on that area. Lot of things might change with the India AI Mission.”

“Creating a guidance fund of Rs 10,000 crore or more will have a trickledown effect for startups. At ARTPARK, robotic startups have taken Rs 3-4 crore in grants to just find product-market fits,” he added.