Chennai, NFAPost: IIT Madras alumnus founded startup, geniSIGHTS, has launched a Joint Vehicle with NRICH Group, a Canadian Trade Body, to target the North American markets for Business Analytics products.
Through this partnership, geniSIGHTS will have access to Canadian and North American markets to develop AI products for the government as well as business entities.
geniSIGHTS, a subsidiary of IIT Madras-incubated firm Aaum, is aiming to disrupt the way in which the businesses currently consume Business Intelligence (BI) and dashboards through its flagship product ‘FLASH.’ It is a first-of-its-kind AI-powered dashboard with voice support to enable businesses to process big data. It understands the user’s voice commands and provides intelligence from analyzing data.
MarketsandMarkets, an US-based market research company, forecasts the global conversational AI market size to grow from $4.2 billion in 2019 to $15.7 billion by 2024, at a CAGR of 30.2 percent during the forecast period (2019–2024).
Speaking about the collaboration, Abu Becker, Chief Executive Officer, NRICH Group, said, “We are confident that this Joint Vehicle would create a huge opportunity to create local employment in Canada and has significant revenue-generating the potential for the JV.”
geniSIGHTS was founded by Rajesh Kumar (B.Tech (Mechanical Engineering), IIT Madras) who brings in extensive global business experience working with Fortune 100 companies in North America and Asia Pacific.
Rajesh Kumar, Managing Director, geniSIGHTS, said, “NRICH Group is an influential organisation in Canada. The Joint venture with NRICH would be the driving force for geniSIGHTS to succeed in Canada. We have formulated a clear business plan and our initial focus would be on mid-tier companies and government organisations, among others.”
Conversational AI is creating enormous demand for itself in the businesses. Various conversational AI platforms like chatbots and voice assistants are already in use by many companies for their day-to-day operations.
geniSIGHTS expects to grab a significant pie of the Business Analytics market and is focusing on North America, European and Asia Pacific market. The organisation has set up its North American subsidiary to fuel this ambition. The founders are planning a fully functional office at Bay Area as well to support this growth.
geniSIGHTS has a strong pedigree in the US and Indian markets.