Most AI startups in Hyderabad in Medtech space: IIIT-H survey
As per the findings of the report, Medtech domain holds tremendous potential followed by text analytics in recent years.
Hyderabad: With Hyderabad seen as the life sciences capital of India, medical technology (Medtech) startups using artificial intelligence (AI) technology have tremendous potential in the State, says a survey conducted by Hyderabad-based technology institute. The Centre for Innovation and Entrepreneurship (CIE) at the International Institute of Information Technology, Hyderabad (IIIT-H) along with T-incubators Accelerator group conducted a survey to build a database of AI startups in Hyderabad.
More than 115 startups were surveyed for the report. As per the findings of the report, Medtech domain holds tremendous potential given that Hyderabad is home to several life sciences research institutions like CCMB, IKP, UOH, etc; text analytics have seen a boom in recent years as the documentation online needs to have proper validation and graduates from top universities have played a pivotal role in encouraging their peers to pursue entrepreneurship.
CIE at IIIT-H chief operating officer Prof Ramesh Loganathan said, “The visibility and understanding of the early stage startups is always very elusive. I am happy to see this profile of AI startups in the city. We should do more”.
The report also mentioned defense and aerospace manufacturing as another upcoming strong domain with the city becoming a major research and manufacturing centre in this sector. “A lot of startups are also focusing on the agriculture domain and the focus on manufacturing and edtech has increased steadily.
In terms of technology, AI has emerged the top runner with more than 60 startups in this space, computer vision, machine learning are also growing technologies, while natural language processing and robotics are the youngest in the sphere.
The report also highlights that in the ecosystem, myriad numbers of companies are in the seed stage but there are also a significant number of companies which have recently received venture capital, angel or pre angel stage funding.
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