The AI Fund, led by computer scientist Andrew Ng, on Tuesday announced its first investment in India, backing Gurugram-based AI healthcare startup Jivi.
However, there is no mention of how much the fund invested or what percentage stake it bought in the startup, reports Inc42.
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According to a Nasscom-BCG report, India’s booming AI segment is likely to grow more than double to up to $22 billion by 2027. In addition to financial services, the products and startups category is expected to account for 15 to 17 per cent of the market.
Jivi is an AI-powered platform that helps healthcare providers by suggesting potential diagnoses, generating health reports, and performing various administrative tasks. It was founded in 2023.
The fund will join Jivi as a cofounder, along with Ankur Jain, former chief product officer at BharatPe, and GV Sanjay Reddy, chairperson of Reddy Ventures.
According to Jivi’s website, the company is led by a team of physicians, data scientists, engineers, and designers from Ivy League colleges, “working towards leveraging AI to transform healthcare”.
The AI Fund is backed by Sequoia Capital and Softbank Group. The fund has also invested in podcast-production platform Podcastle and investment-research application Octagon AI.
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Meanwhile, healthtech startup Ai Health Highway has raised $1 million in a pre-Series A funding round led by global venture capital platform Turbostart.
The investment was part of a larger $1.5 million round. In which Rainmatter by Zerodha, The Chennai Angels, BITS BioCyTiH Foundation, and other angel investors co-invested.