Infibeam Avenues Ltd, a fintech company specializing in AI, announced a significant partnership with the Gujarat Government at the Vibrant Gujarat Global Summit 2024. The agreement involves a Memorandum of Understanding (MoU) for a proposed Rs 2000 crore investment in an Artificial Intelligence (AI) Hub, focusing on developing AI technology for retailers.
- Infibeam Avenues Ltd signs a Rs 2000 crore MoU with the Gujarat Government to establish an AI Hub.
- The MoU is part of the Vibrant Gujarat Global Summit 2024, aiming to bolster AI technology in the retail sector.
- The AI Hub, named ‘Phronetic.ai,’ is located at GIFT city, Gandhinagar.
- The hub’s initial focus will be on Visual AI solutions, expanding to other sectors including defense by 2030.
- Infibeam’s flagship AI product for retailers, ‘Theia’, is a video intelligence platform with multiple features aimed at enhancing retail operations.
The signing ceremony, attended by the Chief Minister of Gujarat, Mr. Bhupendra R Patel, and other officials, marked a significant step in strengthening India’s AI landscape. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, emphasized the partnership’s potential to drive growth in the retail sector and establish Gujarat as a leading AI hub.
The AI Hub ‘Phronetic.ai’ will play a key role in fostering collaboration among government, private enterprises, and tech startups. The company’s AI solutions, initially focusing on the financial and business sectors, are expected to address various needs including security and detection.
Infibeam Avenues Ltd is developing ‘Theia’, a comprehensive video intelligence platform for retailers. This platform aims to assist with inventory management, security, and customer tracking through advanced image and video analysis. Theia’s features include inventory management, theft detection, heatmap generation for customer interaction zones, and enhanced decision-making through video analysis.
The collaboration also includes plans to work with approximately 100,000 retailers to improve operational efficiencies, security measures, and customer experiences. This initiative is expected to create over 5,000 job opportunities in the next five years.
The MoU also ensures the Gujarat Government’s support in facilitating necessary permissions and approvals for Infibeam Avenues Ltd, in line with existing policies. This partnership underscores the Vibrant Gujarat Summit’s role in driving economic growth and innovation in the state and the country.