They built a technology to speed up cardiac diagnosis and treatment. Their product combines equipment with artificial intelligence and medical expertise. For instance, when the wearable device tracks the heart rate of the patient, the information is sent to a centrally located hub where a qualified expert is available 24/7. The specialist interprets the electrocardiogram and sends the report through an SMS as well as through a message on Tricog's mobile app. This helps in faster diagnosis.
The rise of a technology has Bill Gates issuing warnings of an apocalypse. It's Artificial Intelligence or AI, an idea whose time has come--it is incubating in science labs and being deployed by start-ups and industrial units alike. Why are Gates and Co. worried? Specifically, it's over machine learning, an early form of AI that has in recent years become mainstream, causing both delight and nervousness among AI experts and technology companies. AI involves building computers capable of taking smart decisions by themselves, the way humans do. Machine learning and various other sub-fields such as deep learning are the means to achieve AI. Google announced this week that it is rethinking all its products to base them on AI; it has created a new unit called Google.ai to facilitate this shift. The revival of interest in machine learning has been driven by a confluence of factors, such as the massive increase in computing power, emergence of neural networks (connected transistors that replicate the structure of neurons in the human brain) and the easy availability of vast amounts of data, thanks to the Internet. Compared to AI leaders in the Silicon Valley and China, India is a laggard but even here, nearly 300 start-ups are using some form of AI, according to Tracxn, a start-up tracker. Among dedicated AI-only Indian start-ups, 23% are working on providing solutions to multiple industries, 15% are in e-commerce, 12% in healthcare, 11% in education, 10% in financial services, and the rest in fields such as retail and logistics, according to a 2017 report by Kalaari Capital, a venture capital firm. Internet companies tap machine learning techniques for a range of uses--to recommend products for you, for instance, or to predict where cabs should be placed so that when you open your cab-hailing app, there's one a couple of minutes' drive away. Healthcare start-ups use AI to help hospitals make speedy and accurate blood reports and medical diagnoses, saving lives. Others get fashion brands and retailers to buy the right quantities of stock.
In a world with limited doctors, emerging diseases and superbugs, and sharply rising costs, how can we successfully tackle health care problems at scale? This is just one of the critical challenges India's explosive startup community hopes to solve by implementing AI to serve the needs of the country's 1,324 billion citizens. The result of this effort will have huge implications for the U.S. and other health care ecosystems around the globe.
Bengaluru-based early-stage venture capital firm Inventus Capital Partners has announced the final close of its third fund at INR 369 Cr ($51.98 Mn). Samir Kumar of Inventus Capital Partners told ET that the third fund will make about 15 investments in total. The investment has come in from a mix of institutional investors, such as Small Industries Development Bank of India, family offices and technology entrepreneurs, including founders from its portfolio companies such as Phanindra Sama of redBus and Ramesh Emani of Insta Health. Inventus Capital was set up in 2007 and has been actively involved with investing in startups both in Silicon Valley and in India. It has invested in 65 US-based companies and 26 Indian companies.
One can argue that even the most innovative banking institutions are bureaucratic enough, and their slow decision-making causing banks to lose their premium over fintech applications, peer to peer lending marketplaces, and payment processors. At the same time, many expanded into the business of micro-lending. Banking services are no longer a monopoly of banks, and traditional financial institutions have to innovate in order to survive. The era of non-traditional financial services providers such as Amazon Payments, PayPal Payments and PayU, has risen. The launch of the Payment Services Directive II in Europe unlocks new dynamics for FinTech and Payment Services.