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AI startup Assessli has raised INR 44.4 Cr (about $5 Mn) from Foxhog Ventures in its first institutional round to expand into new global markets, including the UK and the US, boost technology for commercialisation, and hire additional tech talent.
Founded in 2022 by Suraj Biswas, Sourabh Gupta, and Aruna Dey, Assessli claims to be developing the world’s first large behavioural models (LBMs) – AI models that combine genomics, psychology, and digital life data. These LBMs are capable of creating highly accurate digital twins of individuals.
The startup has filed patents in India and has started training its models on over 20 Mn proprietary data points. The LBMs find applications in sectors such as education, healthcare, finance, HR, and robotics.
Notably, Assessli was also part of the first cohort of BIGShift, an accelerator programme by Inc42 and India Accelerator for early-stage deeptech startups.
Prior to this funding round, the Kolkata-based startup had raised $250K since its inception.
With its focus to target multiple sectors, Assessli is eyeing a share in the global AI market, which is expected to become a more than $3 Tn opportunity by 2033.
The funding comes at a time when investors are bullish on AI and have been providing steady capital to boost India’s AI ecosystem. Indian AI startups have raised over $1.5 Bn in the last five years. However, investment in the foundational AI space has been sluggish at $120 Mn. This can threaten India’s strategic sovereignty in critical sectors.
To counter this, the Centre launched the IndiaAI Mission last year with an aim to build indigenous AI models and boost R&D efforts. The initiative has a total outlay of more than INR 10,000 Cr. As part of the programme, homegrown AI startups such as Sarvam AI, Soket, Gnani.ai, Fractal Analytics, among others, have been selected to build such models for the country.
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