AI healthcare to imaging satellites: Nasscom acknowledges India's IT companies

AI healthcare to imaging satellites: Nasscom acknowledges India's IT companies

These deep tech businesses want to tackle some of the most important global concerns and solve some of the most urgent problems facing humanity.

At its Future Forge (previously Nasscom Product Conclave) event here on Tuesday, IT trade body Nasscom recognized a number of innovations, including deep tech companies that are developing products to prevent cybersecurity attacks, satellites for earth observation, along with artificial intelligence solutions to address various healthcare issues.

The winners of the League of Ten and the 14th Emerge 50 Awards were announced by Nasscom. It acknowledged innovative advancements made by Indian IT enterprises in the deep tech sector. Their goal is to address important global concerns and provide solutions to some of the most urgent problems facing the world today.

These start-ups represent the fusion of cutting-edge science and entrepreneurial zeal, and deep tech encompasses a myriad of sectors, from agri-tech and health-tech to space-tech and edtech, according to Debjani Ghosh, President, Nasscom. "The prospects for the Indian technology sector are endless as we see the deep tech sector moving from theoretical research to practical commercial solutions.”

In addition to naming the 50 Emerging Deep Tech Start-ups, Nasscom also named the League of 10 Winners, honoring innovative businesses developing novel goods or services with distinctive intellectual property and potential influence. Among them is GalaxEye, which is developing the first multi-sensor imaging satellite in history and reshaping earth observation for the future. Five Indian Institute of Technology Madras students and alumni who had previously collaborated as Team Avishkar Hyperloop, an IIT-M student competition team that placed as the sole Asian Finalist in the SpaceX Hyperloop Competition 2019, created it in 2020.

A other company that is a product startup that addresses efficient cyber threat identification and mitigation is called BluSapphire Cyber Systems Private Limited. This promotes the continuation of customer business.

Numerous businesses are also placing significant bets in the healthcare sector. The biotech business Azooka Labs is developing items to advance the cause of climate change. These are intended to shield the environment from biohazardous substances used in molecular diagnostics and life science research.

Artelus is a profitable start-up that operates in a market potential around Rs 19,000 crore. It offers commercialized gadgets and artificial intelligence solutions that address the major pain points for mass adoption or in-clinic deployment. Finding individuals with retinal defects is one way to help the more than 21 crore Indian households.

Urban management is the main emphasis of Nayan Technologies. Through the use of artificial intelligence and crowdsourcing public interaction, cities may optimize resource allocation, save operating expenses, and improve service delivery. This guarantees transparent decision-making in addition to providing participants with financial possibilities. This also tackles a variety of urban issues. In addition to the 50 Emerging Deep Tech start-ups, Fortytwo42 Technologies Innovative products, HaystackAnalytics, Proxgy, Inntot Technologies, as well as XYMA Analytics are among the other companies that were acknowledged as League of 10 Winners.

According to Ghosh of Nasscom, "This year's cohort represents a diverse cross-section of deep tech companies that are offering practical solutions to challenging global issues." There were 741 entries for the awards' 14th edition. The proposals went through a mathematical model screening and evaluation process with Zinnov serving as a knowledge partner. A number of criteria were used to rank and analyze the applications, including financials, growth, product and market distinction, market size, and the implementation of cutting-edge technology. Furthermore, Tier-2 and Tier-3 cities like Cochin, Coimbatore, Trivandrum, Bhubaneshwar, Kochi, Indore, as well as Jaipur accounted for more than 20% of the applications.

According to a Nasscom analysis, the Indian deep tech startup ecosystem has matured, with over 3,000 businesses growing at a 53% CAGR over the previous ten years. Their growth has been comparable to that of the Indian IT startup scene. The rapid adoption of new technologies across several industries, such as artificial intelligence (AI), big data, and the Internet of Things (IoT), is largely responsible for this surge. Nevertheless, the Nasscom study states that these businesses still face a number of difficulties in spite of their expansion, including finding qualified technical personnel, getting advice on research, getting access to markets, implementing proofs of concept, and financing capital.