Ed-tech platform upGrad has announced to invest Rs 30 crore in its brand ‘TuringMinds’, set up last year with the aim to cater to the traction from enterprises for outsourced research and product development.
With this investment, TuringMinds operates with over 15 offline facilities in the United States (US), India, Europe, UK, and Middle East, an official release said. Their offices in Hyderabad, Bengaluru and Detroit operate with a professional workforce of 250 product engineers and the business further aims to double this in the next quarter, the release added.
TuringMinds aims to build an ecosystem of senior Data Scientists and ML engineers through campus recruitments in India, the release said. It further added that the team will work to incubate 50 prototypes including products and accelerators and file eight to 10 patents to support small and medium-scale industries in the next eight months.
“We have witnessed good response from industries globally to develop products and services in emerging technology areas such as AI and ML,” Anuradha Sharma, president, TuringMinds, said.
In addition to the company’s LifeLongLearning suite, it is hiring bachelor’s to doctorate degree holders in large numbers to fuel their mission of developing full-fledged marketable products, Ronnie Screwvala, co-founder and chairperson, upGrad, said. He added this will further give ‘One upGrad’ an edge over its peers and strengthen its stature in the market.
Furthermore, the release mentioned that TuringMinds aims to expand its global footprint with a business goal of incubating and designing 50 plus prototypes every year. It has set out a target to become the market leader building Rs 800 crore business in the next five years.