Alchemyst AI secures USD $300,000 for generative AI growth

Alchemyst AI has secured USD $300,000 in a pre-seed funding round led by Inflection Point Ventures, with participation from 100Unicorns and Early Seed Ventures.

The funds raised will be directed towards enhancing the company's GPU and technology infrastructure, workforce development, and scaling operations for increased growth. Founded in 2023 by Uttaran Nayak and Anuran Roy, Alchemyst AI is focused on enhancing AI automation and enterprise productivity by developing digital employees that perform intelligent functions within mid-sized to large enterprise operations.

Uttaran Nayak, Co-Founder and CEO of Alchemyst AI, explained, "At Alchemyst AI, we are pioneering the development of fully autonomous gen-AI digital employees which can interact with each other and 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 democratise 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."

The company has developed its proprietary systems, AlchemystC1, a fine-tuned Large Language Model, and AlchemystX1, a Large Action Model, to provide next-level intelligent automation for enterprise applications.

Alchemyst AI features adaptive and continual learning systems, allowing its digital employees, termed "Alchemysts," to autonomously gather context from user-provided data and subsequently influence performance outcomes.

Vikram Ramasubramaniam, Partner at Inflection Point Ventures, stated, "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 prioritising these aspects, Alchemyst AI has positioned itself to revolutionise the way businesses operate by supporting the future of work."

Dr Apoorva Ranjan Sharma, Co-Founder of 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 preparing to expand its operations across various global markets, including India, the USA, MENA, and South East Asia. The global market for generative AI is predicted to reach USD $330 billion by 2030, with India currently holding a market size of USD $3 billion out of a global USD $37 billion.

The startup's focus on generative AI has garnered it considerable recognition. It has been awarded the Emerging Startup of the Year Award 2024 by the Head Start Foundation and has been named the National Winner at NAVISHKAR 2024. Additionally, it was a finalist in Conquest 2024 by BITS Pilani, and won the National Winner title at ENNOVATE 2024 in Mumbai. The company was also recognised as the Most Disruptive Generative AI Startup at the Gen AI Expo and Summit 2024.