Funding
Karnataka Government To Invest $ 6 Million In AI Hub
The Karnataka Government is set to invest Rs. 40 crores in the construction of a state of the art artificial intelligence (AI) and data science capabilities center. NASSCOM will be the programme and implementation partner which was named as the Centre of Excellence for Data Science and Artificial Intelligence.
The aim of the tech hub will be to accelerate the development of artificial intelligence and data science related technologies. The Minister of IT, Biotechnology and Tourism of Karnataka, Priyank Kharge, said the center is the next logical step that’s going to give a head start to the state and make India a destination to develop global product solutions. “Our government has played a substantial role in developing a robust startup entrepreneurial ecosystem through its startup policies, startup warehouses executed by NASSCOM and with financial aid wherever required,” he added.
The Center, according to Kharge, will help global companies create approximately 35,000 jobs over the next five years for data science and artificial intelligence professionals. The hub will make it easier for corporates to set up their analytics arm in Karnataka and augment innovation and research in data science and AI across the country. The center, which will be based on a public and private partnership model, has already received the cabinet’s approval and will be inaugurated by January 2018.
The Karnataka Government has been proactive in creating schemes for the development of startups and in bolstering the state’s fledgling startup ecosystem. The government launched their Startup Policy in 2015 to facilitate entrepreneurship and stimulate growth. Last year, the Karnataka State also launched a $ 60 million startup fund and a startup cell in Biotechnology and Information Technology Services. Recently, the government selected 100 startups under their Elevate program, who will receive Rs. 35 crores in funding along with access to mentors, incubators and venture capital investors.
The Chief Minister of Uttar Pradesh, Yogi Adityanath, also announced the State will establish the biggest incubator in India to provide assistance and funding to new businesses and startups in Lucknow. Along with the incubator, the UP Government has also set up a Rs. 1000 crores startup fund to encourage entrepreneurship in the State.
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