Maruti Suzuki India has announced an investment of around Rs 2 crore in Sociograph Solutions Private Limited, a company that specialises in Artificial intelligence. The investment is part of Maruti Suzuki’s MAIL initiative to support startups with promising mobility solutions. The carmaker has acquired a 12.09 per cent stake in the startup and says that this is the first investment made through the Maruti Suzuki Innovation Fund.
Maruti Suzuki plans to use the Visual Artificial Intelligence (AI) platform of SSPL called Dave.AI, to enhance the digital sales experience of its customers. Dave.AI was the winner of Cohort 2 of Maruti Suzuki’s Mobility & Automobile Innovation Lab (MAIL) program.
The Dave.AI technology will offer 3D visualisation to enhance the customer experience. The software enables a real-time personalised product/brand discovery experience on the web and drives business efficiency.
Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki said, “Maruti Suzuki is committed to empowering the mobility startup ecosystem in the country. Towards this, we have undertaken the ambitious MAIL program since 2019. Our investment in SSPL demonstrates our resolve toward improving business metrics using contemporary technology. The Maruti Suzuki Innovation Fund is set up to invest in early-stage startups which are part of Maruti Suzuki programs. We intend to encourage innovation and promote the entrepreneurial spirit of the startups. We strongly believe in the philosophy of ‘Innovate – Collaborate and Co-Create’ to develop solutions for the industry and society. Our endeavour to support the startup ecosystem in the country is aligned to the Government of India’s #StartupIndia initiative.”
Talking about the investment, Sriram P. H., Co-founder & CEO, Dave.AI and Dr Ananth, Co-founder & CTO of Dave.AI said, “We are fortunate to get associated with a market leader like Maruti Suzuki, at an early phase of our startup journey. This collaboration immensely helped us by not only validating our concepts but also learning and imbibing the skills that are required to scale up our operations in a sustainable manner. Post our collaboration with Maruti Suzuki under the MAIL program, we registered 300% growth in revenues and are on track to achieve USD 1 Million annual revenue milestone this financial year.”