Among the young companies covered in the report, a number of them are innovatively bringing AI into our buildings in a way only start-ups can. These new entrants are currently exploiting the technology across a range of applications, from BIoT, energy management, security, real estate and property management and smart building to smart grid applications. B2B IoT startup Verdigris is one such company. The firm applies a rudimentary form of AI to building management, according to CEO Mark Chung. Verdigris' system listens to electrical signals to identify the type of equipment in the building, it can then create algorithms to offer predictive analysis and anomaly detection. "The main value proposition is to use the platform around energy efficiency and data layer to get better feedback around energy performance in a building," said Chung.

In the retail insurance space, consumers are more connected than ever, via a multitude of devices and through multiple platforms. This has two consequences: first, consumers increasingly expect a much better, smarter service. "People are frustrated with a clunky process for buying insurance, and want an easier and quicker process through simple digital channels," says John Salmon, a technology partner at Hogan Lovells. Second, a larger proportion of consumers fall into Generation Y or the millennial generation: these individuals are less likely to own property or cars, are less attracted by life assurance and are looking for more tailored cover they can buy easily and quickly. They are attracted by the sharing economy.

HYDERABAD: At a time when most of the startups are focusing on solving fairly shallow problems, Avishkar, the start-up accelerator programme of International Institute of Information Technology, Hyderabad (IIIT-H) on Friday took three companies under its wings to encourage entrepreneurs who are into solving deep-tech problems. Screened from about 140 applications across the world, the top three companies are all set to form the first batch of the six-month long programme. The selected startups will now work closely with the Avishkar team and the faculty members of IIIT-H labs and other partners over the next six months to get to a level of investment-readiness that will launch them to the next stage of their journey. "We are a four-month-old company trying to build a virtual personal stylist for women. Through our app, we want to offer all the services that a stylist offers to women. In other words, we want to create artificial intelligence (AI) of a personal stylist. The best part about Avishkar is that unlike many accelerators, the programmes here are personalised for each and every startup and would be helpful for us to grow faster," Komal Prajapati, founder, Fabulyst, said.