28 March, 2016, New Delhi: According to a recent development, Angel Network and co-working space, Venture Catalyst are planning to invest around Rs one crore in artificial intelligence start up in next one year.
The network which recently partnered with Silicon Valley-based startup accelerator Plug and Play, eyes big growth potential in this space and has already made investments in startups like vPhrase and ConfirmTkt. It is set to announce one more investment in this vertical in the next one month, reports ET.
Commenting on the investment plans, Apoorv Ranjan Sharma, President, Venture Catalyst, said, “We believe AI is going to hugely impact all verticals of business and will be critical for those like ecommerce since the algorithms developed by such companies have the power to read data in a much faster and efficient way, impacting business decisions and saving both time and costs.”
Sharma has already invested in couple of AI startups for example ConfirmTkt which has developed an algorithm to predict whether a ticket booked is likely to be confirmed or not.
“Currently all online ticket-booking platforms allow ticket bookings but there is no mechanism to predict whether it will be confirmed or not,” Sharma adds further.