VEP News

Vacancy, Employees, & Pension News

MadStreetDen expands into new segments with its AI platform

Chennai: MadStreetDen is expanding its artificial-intelligence platform Blox.ai into newer segments such as education, entertainment, finance and healthcare.

The platform is pioneering a new category of digital transformation, focused on empowering companies to become AI-native, said Ashwini Asokan, the founder and chief executive of the Sequoia-backed computer vision and AI startup. It is designed for three major functions: create and maintain data, create and maintain customer experiences, and automate business processes, she said.

The Chennai-based firm, which counts Tata Cliq, Macys and Nordstrom as clients, was earlier using the AI platform to power its retail solutions.

The Covid-19 pandemic has accelerated the digital transformation journey of companies. In addition, a large amount of “unstructured data” is available now. Data is the foundational block of AI.

Companies can use Blox.ai to structure data, do something meaningful with it and use it to automate business processes, Asokan said. “Now that everything is ready, we have the opportunity to take what we have built for retail to everyone else,” she said. “This was always part of the plan. We have always said that we are going to go horizontal and build this platform for everyone. It was a question of when the data was available and market readiness.”

“The world was not ready for large-scale AI platforms. Today, we are at a point where we have been able to build models, tools and systems that can go very quickly from recognising data that is about education like subject data to clothing data, images or videos of entertainment from social channels to images of diseases or a health condition,” she said.

Top education players in Indonesia, top multi-category conglomerates in India and leading consulting and healthcare players in the United States have already signed up for Blox.ai, Asokan said.

Systems of the last decade were specific to a domain since they would not be able to adapt to different types of data. However, now there are tools and systems in place wherein this is possible.

Blox.ai provides companies with computer vision and NLP (Natural Language Processing) led enterprise solutions that solve problems ranging from data organisation and structuring to prediction and personalisation. The company has clients in the United States, Latin America and Southeast Asia.

India has become an important market because its clients generally fall into two brackets – fast growing, early stage startups and large-scale conglomerates and enterprises.

India is seeing massive activity on both these fronts and the company has an extensive list of customers, especially in the startup space, she said.

Opening up Blox.ai to other sectors was only the second step of the company’s journey.

The third step, Asokan said, revolves around developers and developer tools.

The focus will then shift to no-code and low-code tools for people who don’t code. This will happen in a span of two years and will help the company achieve its goal of pushing the AI-native narrative.

“…the dream we have had as founders before we started the company was to make sure that everybody across the globe will be AI-native. Being AI-native is almost like citizenship. And it is where you are not just passive consumers of AI but creators of AI,” she said. The developer platform releases in the upcoming quarter and the company has just started sign-ups for the same.

Source link