Mumbai-based Arya.ai, a platform-as-a-service business with a focus on banking and insurance, is expected to be acquired by Indian software company Aurionpro. As to Aurionpro’s announcement, the acquisition entails an all-cash purchase of 67% of the shares.
The agreement takes place in the midst of India’s national AI push, which also involves a government initiative to assist regional entrepreneurs and other interested parties in obtaining Nvidia processors.
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As an example, consider Arya.ai. The startup, which was founded in 2013, provides clients like Nvidia, Reliance General Insurance, and Forbes with plug-and-use AI APIs among other services.
It last received money in 2015 from Venture Nursery and Your Next Angel Fund, totaling US$750,000 in a pre-series A round. Vinay Kumar, CEO of Arya.ai, claims that the business has been successful and has grown three times yearly in the last couple of years.
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Through the acquisition, Aurionpro, a company that specializes in digital transformation for customers in the government, banking, and mobility sectors, will be able to enhance its fintech capabilities. The business intends to combine Arya.ai’s AI cloud platform with its own, so it will also gain from the latter’s AI capabilities.
“To make [AI] acceptable in a highly regulated industry like banking or insurance, it needs to be stable, reliable, explainable, auditable, compliant, and safe to use,” said Kumar. “Together with Aurionpro, we are going to build a new generation of enterprise AI software for banks and insurers that truly embed AI.”
About Aurionpro
Aurionpro Solutions Limited is a cutting-edge technology solutions provider serving the government, banking, mobility, and payments industries.
About Arya.ai
Arya.ai serves as the “AI Cloud” for Financial Services, Banks, and Insurers, accelerating the responsible, accurate, and auditable use of AI.
