Amazon Web Services (AWS) and venture capital firm Accel have teamed up to unveil ML Elevate 2023, an exclusive six-week accelerator program aimed at supporting startups focusing on generative artificial intelligence (AI) applications.
Generative AI applications have gained significant attention for their ability to comprehend and produce realistic conversations, stories, images, videos, and music across various domains. Powered by large pre-trained Machine Learning (ML) models known as foundation models (FMs), generative AI offers tangible value by streamlining supply chains, personalizing digital experiences, and making goods and services more accessible and affordable.
According to a study by the National Association of Software and Service Companies (NASSCOM), generative AI startups in India have secured over US$475 million in private investments from January 2021 to May 2023.
ML Elevate is designed to provide generative AI startups with access to impactful AI models and tools, business and technical mentorship, curated resources, the AWS Activate program, and up to US$200,000 in AWS Credits. Selected startups will also benefit from peer support from leading AI and ML startup founders and the opportunity to scale their production-ready generative AI applications using Amazon SageMaker JumpStart.
To be eligible for the program, startups must have already developed a Minimum Viable Product (MVP) and plan to seek funding within the next 12-18 months. The selected cohort will participate in live virtual masterclasses, featuring fireside chats and panel discussions with investors, industry leaders, and AWS experts. The program will culminate in a dedicated Demo Week, providing startups with the chance to pitch to prominent VC funds, angel investors, and industry leaders.
Vaishali Kasture, Director of AWS India and South Asia at Amazon Web Services India Pvt. Ltd., expressed enthusiasm for the collaboration with Accel, aiming to support generative AI startups in developing industry-focused solutions and driving innovation in the digital economy.
Prayank Swaroop, Partner at Accel, highlighted the opportunity ML Elevate offers to entrepreneurs and startups in the generative AI space, acknowledging the significant pace of innovation in the field.
AWS, with over 25 years of experience in ML, enables customers to build flexible, secure, and cost-effective generative AI applications. Recent innovations like Amazon Bedrock, Amazon CodeWhisperer, and AWS Inferentia2 and Trainium chips lower the cost and energy required for AI applications and accelerate coding for developers. Leading startups like Stability AI, Anthropic, and AI21 are already offering models on AWS, driving innovation and adoption of generative AI technology.
ML Elevate is a testament to AWS’s long-term commitment to India, with planned investments of US$12.7 billion by 2030, expected to contribute US$23.3 billion to India’s GDP and create approximately 131,700 full-time jobs annually at local businesses.
Since 2020, more than 50 early-stage AI/ML startups in India have benefited from previous editions of ML Elevate, forming an active community that includes renowned Indian AI startups such as AarogyaAI, Dubdub.ai, Vitra.ai, NimbleBox.ai, and others.
