India News | Research in AI, Synthetic Biology Will Be Game-changing for Emerging Tech: Wadhwani Foundation

New Delhi, Apr 29 (PTI) The Wadhwani Foundation, which has tied up with government-backed Anusandhan National Research Foundation (ANRF) and other institutions under multiple agreements worth Rs 1,400 cr, on Tuesday said research in artificial intelligence (AI) and synthetic biology will be game-changing for emerging technology development in the next 10-15 years.

The Wadhwani Foundation on Tuesday signed agreements worth Rs 1,400 crore with various entities, including ANRF, at an event titled 'YUGM', which was attended by Prime Minister Narendra Modi.

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The Wadhwani Foundation will contribute over Rs 700 crore with matching funds coming from ANRF, IIT Kanpur and IIT Bombay to set up two superhubs, AICTE, and 10 Wadhwani Innovation Network (WIN) centres of excellence.

"We are looking at emerging technologies such as AI, advanced AI, synthetic biology, quantum computing, space tech, mining, Wadhwani Foundation President and Global CEO Ajay Kela told PTI in an interaction ahead of the agreement-signing event.

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"These are some of the key areas where a lot of research is going on within the universities, but most of these research today sits on the shelf and our goal is to... convert them into products like startups and job creations," he said.

He further said the two areas that are going to be game-changing in emerging technologies in the next 10-15 years are AI & advanced AI, and synthetic biology.

The ANRF has been established by the Government of India with an aim to promote research and development (R&D) and foster a culture of research and innovation throughout India's universities, colleges, research institutions, and R&D laboratories.

The ANRF aims to receive Rs 50,000 crore during 2023-28 in the form of ANRF Fund, Innovation Fund, Science and Engineering Research Fund, Special Purpose Funds. Out of the entire corpus, Rs 14,000 crore will be provided by the government, while private entities will fund the rest.

"What we are trying to do with our contribution is to catalyse all other industries and philanthropists to be able to make investments because no single organisation will be able to fill the gap of Rs 36,000 crore," Kela explained.

"At IIT Kanpur we are setting up a superhub on AI & advanced AI where bachelors to post-doctoral programmes will be offered. Similarly, we are setting up a superhub in IIT Bombay and that will be on biosciences, biotechnology, healthtech, and we will follow a similar kind of model," he said.

Each of these superhubs will in turn support 50 other hubs.

According to Kela, in research, TRL (technology readiness level) goes from 1 to 9. "The level from 1 to 3 is primarily around basic research, 4 to 7 is around taking some of that research and getting ready for translation and getting ready for institutional and corporate investors to come in.

"There is a huge gap today between level 4 and 7 and that's why all of our research sits in shelves. So this is where we are focussing on in our partnership with the ANRF where we will jointly fund projects that the ANRF has brought up to level 3," he said.

As part of the multiple agreements, Wadhwani Foundation will fund Rs 700 crore, while the rest will be through matching grants.

"So, the matching grants... either they will raise from other foundations or the government or corporates. But they are required to raise those to be able to continue to receive our funding," Kela said, adding that this mapping will trigger more impactful collaborations.

Kela admitted that India's R&D ecosystem is "fairly nascent", and added that recent government steps like cheaper access to graphics processing units (GPUs) will help in AI expansion in the country.

About the funding crunch to startups and Union Commerce Minister Piyush Goyal recently raising concerns over foreign companies acquiring smaller Indian firms, Kela said, "There's a cycle of boom where everybody wants to fund and they are all funding the same thing... and then there is a correction that happens."

"So what we have seen in the last 2-3 years is a correction... And not just in India, it's happening globally... In terms of foreign companies buying or foreign capital coming in, I think it's a good thing," Kela added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)