- Alchemyst AI is revolutionizing the Gen-AI SaaS landscape, building highly intelligent human-like virtual employees for mid – to large enterprises.
- The startup has developed its own fine-tuned Large Language Model, AlchemystC1, and a Large Action Model (LAM) called AlchemystX1, positioning it as a leader in advanced intelligent automation for enterprise operations.
- Funds will be used for the development of GPU and tech infrastructure, team development, and scaling operations.
- Alchemyst AI has been honored with the Emerging Startup of the Year Award 2024 by Head Start Foundation, recognizing its exceptional growth & performance among over 3,000 startups across India.
- So far, Inflection Point Ventures has invested over INR 790 Cr across 210+ startups.
Bengaluru, 16th October 2024: Gen-AI SaaS start-up Alchemyst AI has raised $300K in a pre-seed round led by Inflection Point Ventures, along with 100Unicorns & Early Seed Ventures.
Alchemyst AI will use the funds to enhance GPU (graphics processing unit) and technology infrastructure, support team development, scale operations, and drive growth.
Founded in 2023 by Uttaran Nayak and Anuran Roy, Alchemyst AI is disrupting AI automation & enterprise productivity developing digital employees that work together to create intelligent functional components for mid-sized to large enterprises.
Uttaran Nayak, Co-Founder & CEO, Alchemyst AI, said, “At Alchemyst AI, we are pioneering the development of fully autonomous gen-AI digital employees which can interact with each other & perform highly intelligent functional components across enterprise teams. We are crafting the future of workforce and spearheading the next industrial revolution. These gen-AI digital employees democratize the entire workforce without human intervention at any stage. Over the past 12 months, we have had a unique vantage point as we have watched the bot/agent/AI digital employee landscape evolve and transform. We also observed that most of the application layer companies are dependent on generic foundational models to carry out automation in the workforce. These dependencies often slow down a company’s scalability and make it defenseless and vulnerable. Alchemyst AI was born to solve these challenges, with a strong technological understanding & non-dependency on any generic LLM models.”
Alchemyst AI features adaptive and continual learning, enabling its digital employees, or “Alchemysts,” to autonomously gather context based on the data provided by users, who control this input to influence performance.
Vikram Ramasubramaniam, Partner, Inflection Point Ventures said, “In this rapidly moving world, businesses face significant challenges in managing team productivity and delivering exceptional customer experiences, with traditional methods work produced may be inefficient, leading to missed opportunities and stagnant growth. Alchemyst AI addresses these pressing issues by harnessing the power of generative AI to develop digital employees that automate routine tasks, allowing teams to focus on high-value activities. Furthermore, it understands that for its solutions to be scalable and effective, it needs robust security. By prioritizing these aspects, Alchemyst AI has positioned itself to revolutionize the way businesses operate, by supporting the future of work.”
To this Dr. Apoorva Ranjan Sharma, Cofounder, 100Unicorns added, At 100unicorn, we strongly believe in the impact of Generative AI in transforming everyday lives. We have further strengthened our investment strategy in this space with Alchemyst AI. The startup has created virtual employees with human-like capabilities that can seamlessly integrate into business workflows, creating a smarter, more intelligent, and more efficient workforce in the future. We are thrilled to support a startup that is genuinely reshaping automation with Generative AI and solving the problem of a dearth of tech talent for mid to large-size businesses.”
Alchemyst AI is about to expand across major global markets, including India, the USA, MENA (Middle East), and South East Asia even as the global market for Generative AI is expected to grow substantially to $330 billion by 2030.
The current market size is estimated at $3 billion in India and $37 billion globally. This upward trajectory underscores the immense potential and demand for innovative solutions within the Generative AI industry, positioning startups like Alchemyst AI for substantial opportunities in the coming years.
About Alchemyst AI
Founded in 2023, Alchemyst AI is pioneering advancements in Generative AI (Gen-AI SaaS) by crafting digital employees that work collaboratively to provide intelligent functional components for mid-sized to large enterprises. The firm has unveiled its proprietary Large Language Model, AlchemystC1, and a Large Action Model (LAM) called AlchemystX1. This innovative framework positions Alchemyst AI to redefine enterprise processes through sophisticated AI-driven automation.
Alchemyst AI has achieved remarkable recognition for its innovation in the Generative AI space. It was named the National Winner at NAVISHKAR 2024, hosted by NRIIC & XLRI Jamshedpur, India’s largest young innovator’s summit, out of 1000+ startups.
The startup also secured a spot in Conquest 2024 by BITS Pilani as one of the top 27 disruptive startups from over 3000 applicants, as well as NSRCEL IIM Bangalore. Additionally, Alchemyst AI won the National Winner title at ENNOVATE 2024 in Mumbai and was recognized as the Most Disruptive Generative AI Startup at the Gen AI Expo and Summit 2024, held at Radisson Chennai.
About Inflection Point Ventures and Physis Capital
Inflection Point Ventures (IPV) is an angel investing platform with over 18,000+ CXOs, HNIs, and Professionals to invest together in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has launched a $25 Mn CAT 2 VC fund, Physis Capital, to invest in Pre-Series A to Series B growth-stage start-ups. The fund has already deployed capital in two startups so far, with a few deals in advanced stages of pipeline.
