Infibeam Avenues Ltd’s Strategic Partnership with EDII for AI Adoption

On June 24, 2024, Infibeam Avenues Limited announced a strategic partnership with academic institutions to advance the adoption and growth of Artificial Intelligence (AI) in India, marking its second major initiative in this field. The company has signed a MoU (Memorandum of Understanding) with the Entrepreneurship Development Institute of India (EDII), Ahmedabad. This partnership strives to promote the adoption of AI among enterprises, startups, and MSMEs.

Established in 1983, the Entrepreneurship Development Institute of India (EDII), Ahmedabad, is an autonomous, not-for-profit institute recognised as a national resource for entrepreneurship education, research, training, startup support, Micro, Small and Medium Enterprises (MSME) growth, incubation, innovation, and institution building. Sponsored by apex financial institutions such as IFCI Ltd, IDBI Bank Ltd, the State Bank of India (SBI), ICICI Bank Ltd, and the Government of Gujarat, EDII fosters entrepreneurial talent.

As part of the MoU, Infibeam Avenues Ltd has implemented its THEIA Platform, an advanced video AI Developer Platform, at the EDII campus in Gandhinagar. This deployment equips EDII’s students and entrepreneurs with state-of-the-art tools to develop AI products using the THEIA platform, thereby enhancing business efficiency and capabilities.

Infibeam has also introduced its new AI facility management product, ‘AI Facility Manager’, at the EDII campus. Initially, ‘AI Facility Manager’ will integrate various datasets and visual data from campus CCTVs to monitor authorised and unauthorised entries and exits. Over time, this solution will expand to include security management, resource management, occupancy monitoring, workforce compliance, energy management, concierge services, cost management, and risk management at the institute’s campus.

Through this collaboration with EDII, Infibeam Avenues Ltd is poised to provide a holistic technology platform comprising infrastructure, AI integration, and implementation expertise. Concurrently, EDII will leverage its problem-solving capabilities, business and entrepreneurial support, human resources, and essential infrastructure facilities within this cooperative agreement.

As per the MoU, EDII and Infibeam will jointly identify specific use cases to guide the development of AI software solutions and other technological innovations. Infibeam, designated as the exclusive technology partner, will provide technological support, infrastructure, and expertise for developing open-source AI models, integrating software, and implementing AI-powered solutions tailored to various industries.

An exceptional feature of this collaboration is Infibeam Avenues Ltd’s exclusive responsibility for providing technical assistance and fostering commercial and business development opportunities for start-ups, MSMEs, and EDII beneficiaries using the AI solutions developed under this initiative.

Initially, the partnership will focus on three key programs: the ‘Start-up Accelerator Programme’, the ‘AI Implementation Programme’, and the ‘MSME Support Programme’. Furthermore, Infibeam Avenues Ltd will deploy ‘EDII Campus Solutions’ to support EDII, incorporating digital monitoring and AI-driven security measures like facial recognition and guest management systems at the EDII campus. The institute also plans to establish a dedicated unit at Gujarat International Fin-Tech City (GIFT City) to facilitate the activities outlined in the MoU.

On June 24, 2024, the share price of Infibeam Avenues opened at ₹31.70, touching the day’s high at ₹32.34, as of 12:38 PM on the NSE.

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