Abacus.AI to invest $50 mn in India, to hire 200 people in India R&D unit

New Delhi: Abacus.AI on Tuesday said the company will invest USD 50 million in its R&D (research and development) division in Mumbai over the next three years.

The company plans to initially hire 20 engineers and scientists, and this number will grow to 200 in the next three years, the company said in a statement said.

Located in Mumbai, the R&D division will cater to the AI (artificial intelligence) adoption by small and large firms, it added.

Founded by Bindu Reddy, Siddartha Naidu and Arvind Sundararajan, Abacus.AI offers a cloud AI platform that handles all aspects of machine and deep learning at enterprise scale. For repeatable use-cases such as churn prediction, time-series forecasting and deep-learning-based personalisation, the company offers customisable end-to-end autonomous AI services.

Launched in 2019, Abacus.AI has already raised USD 90 million in four rounds and are backed by Silicon Valley legends such as Eric Schmidt, Mike Volpi, and Ram Shriram. The company is looking to raise further funding for global expansion.

"Enterprises in India and all over the world are embracing cloud computing, AI, machine and deep learning to reduce costs and increase efficiency. AI is an incredibly powerful tool for rapid innovation which is crucial in meeting increasing consumer demands from billions of customers and skilled labour," Abacus.AI CEO and co-founder Bindu Reddy said.

India, with its large talent pool of software engineers and the growing number of start-ups, is the perfect location for the company's expansion, Reddy added.

"Establishing a division within India is critical as it becomes an integral asset of rapidly growing businesses and a talent hub for engineers who are passionate about AI," Reddy said.

Manish Vora, India Head of Abacus.AI, said that by having a unique AI platform within India, the company is providing customers and companies with the flexibility and opportunity for businesses to expand their AI infrastructure.