Google To Invest 4 Million in Corover.ai By CIOTechOutlook Team

Google To Invest 4 Million in Corover.ai

CIOTechOutlook Team | Monday, 27 November 2023, 05:44 IST

Google is on the verge of investing $4 million in Corover.ai, an Indian conversational AI firm. This is just one more sign that the country's AI startup scene is set to take off.

Corover is among a handful of Indian startups building an indigenous large language model (LLM), called BharatGPT, which claims to support more than a dozen Indian languages, as per economic times.

Although Google signed an agreement with Corover in March of this year and made a non-equity financing of $500,000, according to the persons mentioned above, the company is in talks to invest $4 million in equity when BharatGPT launches officially in the coming weeks. A significant portion of the $500,000 money has been given to the firm since March, they said, with the remaining funds expected to be paid by December.

Google gives Corover credits as a "strategic partner" so that Corover can use cloud computing. According to sources, the money injection would be used to scale up BharatGPT in the upcoming weeks.

As per reports, CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi are among Corover's current investors. Corover was founded in 2016.According to Tracxn, the startup's December 2022 valuation was $8.5 million.

Based on the website, the startup's current clients and partners include IRCTC, NPCI, ICICI Prudential, ITC, Max Life Insurance, Bosch, Karnataka Tourism, Israel Tourism, Chandigarh Smart City, Car and Bike. According to experts, a number of domestically developed businesses that deal with Indian languages are being observed by international tech companies that wish to increase their AI skills, particularly in the many vernacular languages spoken in India.