In September, Apple quietly acquired Tuplejump, a littleknown Hyderabad-based startup. Tuplejump is an Artificial Intelligence (AI) company that helps clients store, process and visualise data.
In simple terms, it helps, say, an e-commerce player to use all the data it collects to improve conversion rates—the number of people who end up buying something out of the total number of visitors.
This was Apple’s first acquisition in India and the third one this year of an AI company. India-based AI startups are hardly visible and don’t command eyepopping valuations that e-commerce companies do.
Yet, in recent months these startups have emerged as the hidden jewels which companies like Apple, Facebook, Google, Intel, Microsoft, IBM and other tech powerhouses are panting after. About half-a-dozen India based AI startups have been acquired by global companies in the last 18 months.
According to management consulting firm Zinnov, there are around 170 AI startups in India. These enterprises have received a total funding of $36 million. Bengaluru leads the list with 64 startups based there.
By Baishakhi Dutta
