Chennai, 16 July 2019: geniSIGHTS, a startup founded by an IIT Madras alumnus, 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. The market for conversational AI is huge with North America expected to hold the largest market size globally while the Asia Pacific is expected to grow at the highest Compound Annual Growth Rate (CAGR) during 2019–24.
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 U.S.-based market research company forecasts the global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2 percent during the forecast period (2019–2024).
Speaking about the importance of this collaboration, Mr. 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. FLASH is a very innovative AI-driven product and am sure it will help achieve the goals of NRICH-geniSIGHTS JV, which is being launched with a goal to capture the Canadian market.”
geniSIGHTS Pvt Ltd was founded by Mr. 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.
Highlighting the opportunities for startup through this collaboration, Mr. Rajesh Kumar, Managing Director, geniSIGHTS Pvt Ltd, said,“NRICH Group is an influential organization 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 organizations, 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. Worldwide revenues for BI, business analytics and Forecasting Big data will grow from US$ 130.1 billion in 2016 to Statistical analysis Adhoc reports Prediction Analytics for business more than US$ 203 billion in 2020, an increase of more than 50 per cent (Source: International Data Corporation).
Speaking about this collaboration, Ms. Parvathy Sarath, Chief Analytics Officer, geniSIGHTS Pvt Ltd., said,“We have seen a lot of traction for AI products in the Canadian and North American markets before. FLASH is first of its kind AI-powered dashboard with voice support from geniSIGHTS. With this collaboration, we are confident that we will be able to create a wonderful synergy between both the markets. ”
geniSIGHTS expects to grab a significant pie of the Business Analytics market and is focusing on North America, European and Asia Pacific market. The organization has set up its North American subsidiary to fuel this ambition. The founders are planning a fully functional office at the Bay Area as well to support this growth.
The FLASH engine is built on top of the genisights platform. geniSIGHTS enables organizations to build big data analytics projects much faster with its innovative foreSee (4C) approach:
- Connect to any data source (including BigData, Cloud, IoT etc)
- Compute analytical insights from simple metrics to Predictive Analytics
- Customize define/restrict/control the insights specific to the user’s roles/responsibilities
- Consume insights through APIs, Dashboards, Mobile devices, etc.
Customers can pick up any-one/all of the 4C components to build their analytical component. This way geniSIGHTS extend and complete their product architecture by utilizing the current tools and technologies. GeniSIGHTS has a strong pedigree in the US and Indian markets.