Original article was published on Artificial Intelligence on Medium
DEEP TECH: What’s coming up for the Indian AR, VR and AI sector?
Ten years ago, several technologies have been introduced in the market which now has disappeared; every country has participated in the rate race to leave back their mark.
India is also competing hard to get a strong foothold in the market after the world leaders namely the USA, China and Japan. It needs to take more effort to incorporate deep tech into its startup ecosystem.
Learning about Deep Tech
The deep tech has become the buzzword in the Indian startup ecosystem, many are yet to be thorough with the meaning of the term. Actually, deep tech stands for deep technology that startup companies undertake by developing and progressing automation, blockchain, Internet of Things (IoT), Artificial intelligence (AI), Machine Learning (ML), flying cameras (drones), etc.
It can be defined as technology-based on researches and scientific advances or engineering innovation. They are quite opposed to companies whose main function are delivery of standardized technologies, incremental refinement and makes use of a business model to generate prospects.
Deep tech is in use in almost all the sectors as in legal, health, logistics, security, etc.
Experts believe that there are many more things yet to explore in this field. In the long run, improved AI can minimize the chances of cyberattacks and maximize protection of users online, also see AI democratization in the health-tech space with smartphone-based cognitive behavioural therapy.
Indian efforts on Deep Tech
More emphasis was laid on offering seamless customer experience stressing on AI and ML. Websites and mobile apps powered with chatbots help to understand the individual need of customers and tailor-made services accordingly. More and more players are joining the market with their innovation. However, the industry is facing a major setback, insufficient funds are obstructing the path of its progress. Reports show that in spite of the need for developing deep tech, this industry remains the least valued startup vertical in India with a low investment.
Funding a Challenge
You might be surprised to learn that the Indian startup ecosystem already has 27 unicorns but none belongs to the deep tech sector. In the first quarter of 2019, the start-up ecosystem was obliged with a total investment of $3.42 billion and deep tech with just $9.58 million.
Thankfully, the India Central Government is encouraging deep tech adoption. The government has also proposed to invest in 5 centres of research excellence (CORE), 20 international centres for transformational AI (ICTAI), and set up AIRAWAT (Artificial Intelligence Research, Analytics and knowledge Assimilation platform) which is a cloud computing platform to be made accessible for everyone.
The deep tech ecosystem in India is yet to mature. 2020 is expected to turn out to be a year where deep tech methods would help contribute to the progress of the country in the global market.