LTIMindtree To Invest $40-50 Million on AI Capabilities in FY24

CIOTechOutlook Team | Thursday, 22 June 2023, 03:06 IST

  • No Image
As per the senior corporate official, LTIMindtree intends to spend $40–50 million on artificial intelligence (AI) capabilities and offers in the current fiscal year to establish a reliable revenue stream from the developing technology.
 
“If you’re looking at three to five years (timeframe), this (AI-related spend) will only increase as the monetisation opportunities increase,” Nachiket Despande, chief operating officer of LTIMindtree.
 
Additionally, he stressed, these investments will only be utilised to develop skills; they do not include the money set aside for making investments in firms with an AI focus.
 
The launch of Canvas.ai, a platform that will assist businesses in accelerating generative AI capabilities and aid in business creativity and engineering productivity, was announced on Wednesday by the IT services and consulting division of L&T Group.
 
Based on Despande, the platform has three capabilities to address the three main issues clients have with AI.
 
By tackling data privacy issues and leaks, it makes the technological environment secure for businesses to function in. It incorporates an ethical layer through limitations to stop abuses. Thirdly, the platform may be integrated into any business via application programming interfaces (APIs), such as Salesforce to improve the customer journey or SAP to take advantage of supply-chain use cases.
 
Major IT businesses have been hurrying to jump on board in recent weeks to take advantage of AI.
 
Accenture stated this week that it would invest $3 billion in its AI and data practise. As part of this investment, Accenture plans to double the size of its AI workforce to 80,000 people through hiring, acquisitions, and training. Others have expanded their generative AI relationships with Microsoft and Google Cloud, including Infosys, Wipro, HCLTech, and Cognizant.
 
Canvas.ai has already been integrated with 12 large language models (LLMs), including Hugging Face, Azure OpenAI, Bard, and DallE.
🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...