Amazon enters generative AI space with AI startup accelerator
Amazon has now entered the growing generative artificial intelligence (AI) market, with launching an AI accelerator to help startups working in the field.
Local language technology platform VerSe Innovation on Tuesday announced that it has acquired Cognirel Technologies, a Bengaluru-based AI solutions provider.
VerSe will bring on board Cognirel Founder Ram Prakash to head its newly instituted AI Lab, it said in a statement.
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Financial details of the transaction were not disclosed.
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“This acquisition bolsters VerSes commitment to creating cutting-edge digital capabilities to serve the emerging content needs of millions of consumers using technology”, it said.
“Today, VerSe Innovations proprietary technology platform powers 300 million-plus users to consume content in their local language on Dailyhunt”, the statement said.
The acquisition of Cognirel is Bengaluru-headquartered VerSes first since becoming a Unicorn in December 2020.
Earlier this month, VerSe Innovation raised USD 100 million-plus in a funding round led by Qatar Investment Authority, the sovereign wealth fund of the State of Qatar and Glade Brook Capital Partners, close on the heels of a USD 100 million-plus fundraise in December last year led by Alpha Wave, Google and Microsoft.
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