IIT Bombay, one of India’s institutions renowned for its technological education and research, and CloudMojo Tech Private, a Mumbai-based cloud AI FinTech startup, have officially entered a Memorandum of Understanding.
The signing ceremony took place at the IIT Bombay campus in Powai, Mumbai.
The MoU establishes a collaborative partnership for a period of three years, focusing on the development and deployment of FinTech products, emphasizing digitization, digital transformation, and automation using artificial intelligence.
The MoU was signed by the dean R&D IIT Bombay, Prof. Sachin Patwardhan, and CEO, CloudMojo, A. Parvez Banatwala in the presence of COO, Captain M.S. Kapoor & professor in-charge Mahesh Hanawal of the Technocraft Centre for Artificial Intelligence (TCA2I), IIT-Bombay and Sr. VP, Technology, CloudMojo, Milind Patil.
Key areas of collaboration include leveraging AI/ML technologies for the transformation of unstructured digital data into structured databases, hyper-automation of digitization projects, and extracting valuable data insights.
As part of the partnership, CloudMojo will establish an AI lab within TCA2I, IIT Bombay, dedicated to fostering knowledge exchange. This center will adeptly address complex industry use cases, collaborating on joint projects harnessing the combined technical proficiency of IIT Bombay and CloudMojo’s technical team.
In a joint statement, the signatories expressed their enthusiasm for the collaboration, highlighting the potential for research, technological innovation, and the development of skilled professionals in the ever-evolving landscape of digitization and artificial intelligence.
The MoU is a testament to the commitment of both institutions to contribute significantly to technological advancements and further strengthen the collaboration between academia and the FinTech industry.
Arun Vaz, Co-founder of CloudMojo, shared, “Our integrated capability to extract valuable insights from unstructured resources and present them in a structured format across multiple languages is poised to significantly boost efficiency within defence forces and expedite decision-making at all levels. D-JINN is gearing up to extend these benefits across diverse domains such as healthcare, culture, finance, education and will soon be able to process unstructured audio, video, news, and social media feed besides text.”