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Innovative Investment Unveiled: Google Backing for CoRover.ai's Indigenous AI Triumph

By Ritwik Ghosh,Kolkata India

Google

Google is on the brink of investing approximately $4 million in the indigenous conversational artificial intelligence startup, CoRover.ai. Insiders suggest that this move is yet another sign of the burgeoning growth awaiting the Indian AI startup landscape.

In a recent report by ET, it was revealed that Adobe had acquired Rephrase.ai, a Bengaluru-based AI-driven video creation platform.

CoRover stands out among Indian startups, pioneering the development of an indigenous large language model (LLM) known as BharatGPT, supporting over a dozen Indian languages.

Although Google initiated a non-equity funding of $500,000 in CoRover upon signing an agreement in March, discussions are now underway to invest $4 million in equity post the official launch of BharatGPT in the upcoming weeks, according to informed sources. The insiders further indicated that a significant portion of the $500,000 funding has already been received since March, with the remainder expected by December.

Functioning as a ‘strategic partner,’ Google extends credits to CoRover for cloud computing access. The influx of funds is earmarked for the expansion of BharatGPT in the approaching weeks, sources disclosed.

As of the time of reporting, both Google and CoRover had not responded to queries from ET.

Established in 2016, CoRover boasts a roster of investors including CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi, as per insider information.

As per Tracxn, the startup’s valuation stood at $8.5 million as of December 2022.

The startup’s clientele includes prominent names such as IRCTC, NPCI, ICICI Prudential, ITC, Max Life Insurance, Bosch, Karnataka Tourism, Israel Tourism, Chandigarh Smart City, Car, and Bike, among others, according to its official website.

Experts highlight that various homegrown companies specializing in Indian languages have captured the attention of global tech giants keen on expanding their AI capabilities, especially in the realm of diverse Indian vernacular languages.

ET’s report on November 22 disclosed Adobe’s acquisition of Rephrase.ai, backed by Lightspeed, as part of its strategy to integrate the Indian firm’s tech stack and Generative AI video capabilities into its in-house video-editing platform, Creative Cloud. This marked Adobe’s maiden venture into the Gen AI and video-tooling space and marked Rephrase as the first Indian startup to be acquired by Adobe, traditionally known for deals in the US and Europe.

CoRover offers text, audio, and video chatbots in Indian and foreign languages, seamlessly integrable across various platforms such as WhatsApp, Signal, Zoom, Salesforce, and SAP, as detailed on its website. Its clientele spans sectors including banking, finance, healthcare, manufacturing, travel, and ecommerce domains.

Please note that these recommendations come from individual analysts and broking companies, and not from Foundr Magazine India. It is advisable to seek advice from certified experts before making any investment decisions.

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