In the realm of enterprise operations, one of the most significant challenges is the manual collection, harmonisation, and processing of large volumes of data. This task is not only labour-intensive but also time-consuming, especially when it involves the creation of dashboards and reports.
The traditional methods of handling these tasks often span several days, leading to inefficiencies and delays in decision-making processes. This is a critical problem for businesses that rely heavily on data to drive their strategies and operations.
The integration of artificial intelligence (AI) presents a solution to this problem. AI can significantly streamline these processes, transforming what used to be a days-long endeavour into a task that can be completed in a matter of minutes.
The shift towards AI-driven methodologies can lead to a substantial decrease in operational expenditures, making firms more competitive and agile in their decision-making. However, the challenge lies in the fact that most contemporary AI frameworks are heavily reliant on vast amounts of data and computational resources.
The reliance often centralises the power in the hands of large technology corporations, limiting the advancement of AI to their specific preferences and objectives.
As a result, AI algorithms may not perform optimally in various fields, such as supply chain management, climate technology, and education, as they are primarily designed for use cases like image categorisation, email spam filtering, and product recommendations.
This situation creates a need for AI solutions that are not only efficient and less resource-intensive but also democratised and tailored to the specific needs of businesses across different sectors.
To address this issue, Ajith Sahasranamam launched Ongil.ai, a startup that serves as an analytics platform tailored to AI-informed decision-making.
Who is the founder?
Ajith Sahasranamam completed his PhD in computational neuroscience in 2015 from the University of Freiburg. In June 2013, while pursuing his PhD, he joined the Centre National de la Recherche Scientifique as a Visiting Researcher and also served as a Doctoral Researcher at the University of Freiburg. Almost five years later, he founded Ongil.AI.
What does Ongil.AI do?
Ongil.ai, based in Chennai, specialises in providing AI-driven solutions to businesses, focusing on enhancing agility and informed decision-making in various business processes.
The platform is designed to significantly speed up analytics tasks, claiming to improve efficiency by up to 95%.
This is achieved through features like real-time visualisation and predictive analytics, which streamline the process of data collection and analysis. The core of Ongil.ai's offering lies in its ability to reduce the reliance on extensive computational power for data processing.
The startup aims to democratise AI for businesses, making it more accessible and beneficial across various sectors.
To this end, Ongil.ai employs a range of advanced technologies, including natural language processing, deep learning, optimisation algorithms, causal modelling, and probabilistic programming.
One of the unique aspects of Ongil.ai's technology is its work on incorporating spiking neuron model-driven neural networks. This approach is intended to make their models more adaptable and less demanding in terms of computational resources, making them suitable for low-power use cases and compatible with neuromorphic hardware.
Ongil.ai has established partnerships with several major enterprises, including Unilever, 3M, ABInbev, and Hello Travel.
These collaborations have demonstrated significant improvements in data harmonisation efficiency and reduction in time to insights. For instance, Unilever experienced a 7X increase in data harmonisation efficiency, and ABInbev saw a reduction in time to insights from three days to less than five minutes.
How does Ongil.AI make money?
The startup operates on a monthly subscription model, offering additional features like prediction, what-if analysis, and sentiment analysis for an extra fee.
Notalby, The platform also offers customisations for clients with specific requirements, charged separately.
Ongil.ai's approach to AI is geared towards supporting not just general business operations but also focusing on Environmental, Social, and Governance (ESG) aspects to help enterprises make positive social impacts.
Ongil.AI funding and financial growth
As of now, Ongil.AI has not raised funding from external investors. However, the startup is looking to raise funds from venture capital firms to power its mission and expand its reach.
Ongil.AI reports achieving an annual revenue of $210,000 in the last fiscal year and projects a closing revenue of $300,000 for this year.
The current AI landscape in the Indian market
The artificial intelligence (AI) market in India is experiencing significant growth, with some key developments and projections shaping its landscape. As of 2023, the AI market size in India has reached over $4.1 billion, according to a Statista report.
The notable is largely driven by the dominance of machine learning, which alone accounts for $2.7 billion of the market.
In terms of specific technologies, the Indian AI ecosystem is primarily focused on machine learning, robotics, artificial neural networks, and Natural Language Processing (NLP). These technologies are being increasingly integrated across various industries, contributing to the overall growth of the AI market.
The IT industry in India is also incorporating AI technologies. Notably, the integration is supported by government initiatives and foreign investments, positioning India not just as a hub for IT outsourcing but also as a developer of advanced AI and IoT technologies.
According to the report by the United Nations Educational, Scientific and Cultural Organization (UNESCO), the AI market in India is expected to reach $7.8 billion by 2025, growing at a compound annual growth rate (CAGR) of 20.2%.
By 2030, AI's integration into education systems is anticipated to significantly contribute to the achievement of Sustainable Development Goal 4 in India. Furthermore, AI is expected to play a crucial role in addressing issues related to equality, equity, and inclusion in education.
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