India’s leading publicly listed fintech company, Infibeam Avenues Ltd. announces its second major initiative in the Artificial Intelligence space, as it enters into collaboration with academic institutions to extend and enhance AI adoption and growth in India. The company has signed a Memorandum of Understanding (MoU) with the prestigious Entrepreneurship Development Institute of India (EDII), Ahmedabad, aimed at fostering AI adoption among enterprises, start-ups, and MSMEs.
Entrepreneurship Development Institute of India (EDII), Ahmedabad, an autonomous and not-for-profit institution, is an acknowledged National Resource Institute for entrepreneurship education, research, training, startups, MSME growth, incubation, innovations & institution building. It is sponsored by apex financial institutions – the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd., the State Bank of India (SBI) and the Government of Gujarat.
As part of the MoU, Infibeam Avenues Ltd has successfully implemented and deployed its THEIA Platform, an advanced video AI Developer Platform, at the Entrepreneurship Development Institute of India (EDII) campus in Gandhinagar. This deployment will provide EDII’s students and entrepreneurs with cutting-edge tools to develop their own AI products using the THEIA platform, thereby enhancing business efficiency and capabilities.
Dr. Sunil Shukla, director-gleneral, EDII is hopeful that this collaboration with Infibeam Avenues Ltd aligns perfectly with the Institute’s mission of fostering innovations and entrepreneurship. “By integrating advanced AI technologies like the THEIA Platform and AI Facility Manager at EDII, it will equip our students, start-ups, and MSMEs with the tools they need to thrive in a digital-first world. This partnership not only enhances the learning experience at EDII but also empowers entrepreneurs to leverage AI for sustainable growth and business excellence. EDII & Infibeam Avenues Ltd will pave the way for a future where AI and digital solutions are integral to entrepreneurial success,” he said.
Infibeam has deployed its recently developed Artificial Intelligence (AI) facility management product, ‘AI Facility Manager’, at the EDII campus. In the initial phase, ‘AI Facility Manager’ will collate various datasets along with visual data from campus CCTVs, facilitating the monitoring of authorised and unauthorised entries or exits. Over time, ‘AI Facility Manager’ will expand to include security management, resource management, occupancy or space monitoring, workforce compliance, energy management, concierge services, cost management, and risk management at the institute’s campus.
“Phronetic AI stands unrivaled in empowering organisations to seamlessly integrate the principles of activity-based management into their daily operations, unlocking unprecedented operational efficiencies. The AI Facility Manager is a game-changer for campus management teams, prioritising issues and identifying deviations from standard procedures swiftly, thus driving heightened efficiency,” said Rajesh Kumar, CEO of Phronetic.AI, the Artificial Intelligence business unit of Infibeam Avenues Ltd.
“Take, for example, a sprawling campus like the EDII Campus. Here, a relatively small team of facility managers faces the monumental task of overseeing every aspect of maintenance across the entire campus. By harnessing AI, we enable these professionals to concentrate on crucial tasks. The AI system dynamically adjusts the distribution of activities among the workforce based on daily visitor fluctuations, ensuring seamless operations and impeccable maintenance of the EDII facilities. This intelligent approach not only streamlines operations but also ensures that campus is well-maintained, regardless of the day’s challenges.”
This collaboration with EDII positions Infibeam Avenues Ltd to deliver a comprehensive technology platform encompassing infrastructure, AI integration, and implementation expertise. Alongside, EDII will contribute its problem-solving capabilities, business and entrepreneurial support, human resources, and essential infrastructure facilities, under this collaborative arrangement.
“This collaboration aims to inject a dynamic factor into entrepreneurial ventures by integrating AI and tech solutions. In the future, only those entrepreneurs who embrace digitalisation and Artificial Intelligence as integral parts of their business operations will thrive and achieve sustainable growth. And this collaboration aims to make them future ready,” stated Vishal Mehta, chairman and managing director, Infibeam Avenues Ltd.
According to the MoU, the development of AI software solutions and other technological innovations will be guided by specific use cases identified collaboratively by EDII and Infibeam. This collaboration designates Infibeam as the sole and exclusive technology partner, responsible for providing technological support, infrastructure, and expertise in developing open-source AI models, software integration, and implementation, as well as AI-powered solutions tailored to various industry verticals.
A unique aspect of this MoU is Infibeam Avenues Ltd’s exclusive role not only in delivering tech assistance but also in facilitating commercial and business development opportunities for start-ups, MSMEs, and EDII beneficiaries utilising the AI solutions developed under this initiative.
The collaboration will initially focus on three key programmes: the ‘Start-up Accelerator Programme’, the ‘AI Implementation Programme’, and the ‘MSME Support Programme’.
The Start-up Accelerator Programme aims to nurture and accelerate early-stage tech start-ups that are developing innovative solutions to address real-world challenges.
The AI Implementation Programme will focus on creating tailored AI prototypes for start-ups and MSMEs, enhancing their efficiency, productivity, and decision-making processes.
The MSME Support Programme is designed to promote AI adoption among MSMEs by providing technical support through open-source AI software solutions developed by Infibeam.
Additionally, Infibeam Avenues Ltd will support EDII by implementing ‘EDII Campus Solutions’. These solutions will include digital monitoring and AI-based security measures, such as facial recognition and guest management systems for the EDII campus. The Institute has also expressed its intention to establish a dedicated unit within Gujarat International Fin-Tech City (GIFT City) to facilitate the activities outlined in this MoU.
This collaboration underscores a shared commitment to advancing AI technology and fostering an entrepreneurial ecosystem that leverages cutting-edge solutions for business excellence and sustainable growth.
Headquartered in Gandhinagar, Infibeam Avenues Ltd. is a leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s international operations are based in the United Arab Emirates, Kingdom of Saudi Arabia, Australia, and the United States of America. To learn more, visit https://www.ia.ooo/.
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