StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
The AI industry is a rapidly evolving force that is advancing machine learning and automation. It is driving innovation and transforming various sectors globally. From personalized user experiences to data analysis, AI is reshaping the way businesses operate and adapt to the digital age. The integration of intelligent technology represents a fundamental shift in various industries like healthcare and finance.
The global market for artificial intelligence was valued at $136.55 billion in the year 2022. It is projected to grow at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030 and is expected to reach an estimated value of $1,811.8 billion by 2030. By that time, AI is expected to contribute $15.7 trillion to the global economy, which is more than the current output of China and India combined.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Animesh Samuel, Co-founder and CEO of E42.ai. We investigated how E42.ai has been growing, overcoming challenges, learning valuable lessons, and planning for the future. Learn how their innovative approach is transforming the AI industry.
StartupTalky: What service does E42.ai provide? What was the motivation/ vision with which you started?
Animesh Samuel: E42.ai is a no-code Cognitive Process Automation platform to build AI co-workers that automate enterprise processes across functions—empowering humans and enterprises alike. From HR, marketing, and business development to finance, IT operations, and more—E42.ai’s AI co-workers are equipped to handle each process at a never-before speed and accuracy! E42.ai provides end-to-end automation to enterprises ranging from Fortune 500 companies to SMEs and startups across industries. By maximizing efficiencies and scalability while minimizing complexities and costs, E42.ai is disrupting the enterprise automation space to deliver seamless user experience across touchpoints. What sets E42.ai apart? High-impact simple solutions to complex problems—driven by simple, easy-to-deploy, and scalable technology.
When we started in 2012, we were chasing a crazy dream—to teach machines how to understand and comprehend human language, something that was considered impossible back then. We aimed to transform businesses through digital innovation, boosting efficiency by automating enterprise processes at scale. The idea was to empower organizations to redirect their focus toward strategic initiatives and heightened productivity. We wanted to focus on the global adoption of cognitive automation, bringing its manifold benefits to businesses across the world.
StartupTalky: What new features have been added in the past year? What is/are the USP/s of E42.ai?
Animesh Samuel: We are working on a new version of our platform to reduce the creation, training, as well as maintenance time for an AI co-worker, enhance models for better accuracy, intelligent document processing (IDP) with layout as well as natural language understanding, and Large Language Models (LLMs) constrained within the enterprise context. Currently, we’re working on some very interesting generative AI features—leveraging LLMs for business applications as well as conditioning them for domain-specific conditioned behavior.
The main difference between E42.ai and any other platform is what we call “All for one and one for all.” This means that every AI co-worker built on the platform can be clubbed with other AI co-workers built on the platform. For the enterprise, it means intelligence can be leveraged like never before. For e.g., based on the interaction of the AI Customer Care Executive, the AI Marketing Analyst can suggest changes in their campaign messaging. Or, based on the learnings from the AI Recruiter, AI HR exec, AI IT Operations Manager, etc., all catering to the same employees, the enterprise can better predict attrition, employee wellness, etc. The other USPs of E42.ai lie in the fact that it’s a no-code platform with multifunctional capabilities, provides an omnichannel interface, and is extremely easy to manage, unlike other technology-specific platforms that are heavily dependent on coding.
To elaborate—being a no-code platform, E42.ai requires no scripting and can be quickly deployed. Its ability to process both structured and unstructured data adds to its uniqueness, which also comes from the fact that each AI co-worker built on the platform can co-work with other AI co-workers as well as with humans. With drag-and-drop APIs, the flexibility to be deployed on-prem or on any cloud makes it extremely easy to manage and scale use cases on the fly. With a well-thought-through partnership network in place, E42.ai equips SIs and OEMs with AI capabilities and enables them to compete with industry leaders.
StartupTalky: How has the AI industry changed in recent years, and how has E42.ai adapted to these changes? Are there specific regulatory or technological shifts that have influenced your marketplace strategy?
Animesh Samuel: Over the past few years, AI-led enterprise automation has undergone significant evolution. At the outset, technology like RPA or Robotic Process Automation was used to automate simple, repetitive tasks, such as data entry and report generation. As AI has advanced, so has its ability to automate more complex business processes. Today, AI-led Cognitive Process Automation (CPA) can automate a wide range of tasks, from customer service to supply chain management. Furthermore, this technology can be integrated into enterprise systems, allowing for more seamless and efficient automation.
In addition, the proliferation of cloud computing has made it easier for companies to adopt AI automation solutions without the need for significant upfront investment. Looking ahead, it is likely that AI-led enterprise automation will continue to evolve as businesses seek to optimize their operations and stay competitive in an ever-changing landscape.
We’ve invested significantly in research and development to ensure that our AI solutions remain relevant to the dynamic needs of our clients. We’ve closely monitored and adapted to evolving regulations, ensuring that our practices align with compliance standards.
In terms of marketplace strategy, we’ve been agile in responding to trends and customer demands. Our approach involves a blend of flexibility and strategic foresight, allowing us to pivot when necessary and capitalize on emerging opportunities. This adaptability has proven crucial in maintaining a competitive edge in a rapidly changing landscape. By staying ahead of industry changes, we position ourselves not just as a participant but as a leader, shaping the future of AI and its applications in the business realm.
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Artificial Intelligence (AI). With its undeniable effect, AI is actually taking
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Damini Bhandary
StartupTalky: How do you stay up-to-date on the latest trends and developments in the AI industry?
Animesh Samuel: Firstly, we maintain active engagement with industry publications, research papers, and reputable news sources. By regularly reviewing and analyzing the latest articles and reports, we gain valuable insights into emerging technologies, market trends, and evolving customer needs.
Networking is another key component of our strategy. Attending industry conferences, seminars, and workshops provides us with the opportunity to connect with thought leaders, experts, and professionals. These interactions not only broaden our perspective but also enable us to forge meaningful partnerships and collaborations.
We also foster a culture of continuous learning within our organization. This involves encouraging our team members to participate in training programs, webinars, and online courses. By investing in the professional development of our workforce, we ensure that our collective knowledge base remains cutting-edge.
StartupTalky: What key metrics do you track to check E42.ai’s growth and performance? How do you use these metrics to identify areas for improvement and guide strategic decisions for future growth?
Animesh Samuel: We closely monitor key performance indicators such as revenue growth, customer acquisition costs, usage patterns, retention rates, and product adoption. These metrics guide us in pinpointing areas for improvement, informing strategic decisions, and ensuring sustained growth. By analyzing these data points, we can swiftly adapt strategies, optimize operations, and align our focus with market demands, fostering continuous improvement and future expansion.
StartupTalky: What were the most significant challenges E42.ai faced in the past year, and how did you overcome them?
Animesh Samuel: Over the past year, we encountered several hurdles that demanded strategic finesse and innovative solutions. One notable challenge was navigating the hiring process; it was a bit tricky to find the right people for our tech and sales teams among a lot of applicants. Capturing the attention of the right audience posed another significant hurdle in our marketing endeavors. Selling our products also had its challenges—we had to really understand what our customers liked and use smart sales techniques.
Another thing we worked on was making sure everyone in the company knew who was responsible for what—establishing clear process ownership across the organization. Despite these challenges, our team tackled them head-on, coming up with clever solutions, adjusting our plans, and staying strong as a team.
StartupTalky: Trust among all the stakeholders is very important for a marketplace. How do you ensure it?
Animesh Samuel: We prioritize transparency and open communication to build and maintain trust. We implement robust security measures to protect user data and financial transactions, fostering a secure environment. We actively seek and value feedback from our users. Regularly updating and improving our services based on user input demonstrates our commitment to meeting their needs and concerns. We facilitate clear terms of service, fair dispute resolution mechanisms, and reliable customer support to address any issues promptly. By consistently delivering on our promises and creating a positive user experience, we aim to cultivate trust among all stakeholders in our marketplace.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Animesh Samuel: We believe in the dynamic evolution of our marketing strategy in tandem with the ever-changing digital landscape. Our approach is a spectrum of tactics, ranging from targeted paid ads on platforms like LinkedIn and Google to the personalized touch of email marketing. We place significant emphasis on a robust off-page and on-page SEO strategy, ensuring our online presence is optimized for maximum visibility.
Moreover, we actively engage in industry events, fostering meaningful connections and staying ahead of trends. It’s this holistic approach that enables us to not only adapt but thrive in the competitive digital space. Our growth hack lies in the synergy of these elements, creating a comprehensive and effective marketing strategy that resonates with our audience and keeps us at the forefront of innovation.
StartupTalky: Keeping up with supply and demand is important. How do you keep both in order while ensuring a seamless experience for users?
Animesh Samuel: Our R&D team at stays at the forefront of AI research, encouraging innovative ideas and experimentation with various architectures, training methodologies, and datasets. This iterative process allows us to identify the most effective solutions for specific challenges and continuously refine our models.
In our development process, we’ve introduced new evaluation benchmarks to assess the capabilities of emerging models more accurately. Leveraging the latest hardware, including GPUs and TPUs, is integral to our strategy, enabling us to scale up training and inference processes efficiently.
Moreover, our commitment to compliance is reflected in our autoscaling PaaS cloud, which meets data residency requirements. This cloud-native infrastructure is also deployable on-prem or in private clouds, ensuring adaptability for sectors with specific compliance needs, such as BFSI and healthcare.
Within our architecture, proprietary multimodal networks and LLM models for generative AI, facilitated through LLMOPs, play a crucial role. The platform’s continuous enhancements bring about highly scalable, human-level cognition, covering a range of functionalities like image and document understanding, conversational AI, intelligent extraction, audio-video transcoding, and face recognition. What sets us apart is our user-friendly, no-code interface, empowering users to configure AI co-workers effortlessly. Through these innovations, we not only meet supply and demand challenges but elevate the overall user experience with a platform that evolves at the forefront of AI capabilities.
StartupTalky: What are the important tools and software you use to run E42.ai smoothly? Are there any emerging technologies or tools you are considering integrating into your marketplace operations?
Animesh Samuel: We rely on a robust set of tools and software for the smooth running of our operations—for example, Python serves as a cornerstone for our development, providing versatility and efficiency in crafting innovative solutions. MongoDB plays a pivotal role in managing our data, offering scalability and flexibility in handling diverse information.
For large-scale data processing, we leverage the capabilities of Hadoop, enabling us to efficiently analyze and derive insights from extensive datasets. Collectively, these tools contribute to the efficiency and reliability of our operations, fostering a streamlined business environment. Exploring the integration of advanced analytics tools, AI-driven platforms, and blockchain solutions is part of our forward-looking strategy and we’re committed to staying at the forefront of technological advancements to ensure the seamless operation of our business.
StartupTalky: What opportunities do you see for future growth in the AI industry in India and the world? What kind of difference in market behaviour have you seen between India and the world?
Animesh Samuel: Of the many technologies with the potential to deliver significant value in the near future, AI seems to be at the top of the list. AI can potentially add US$957 billion, or 15 percent of India’s current gross value, in 2035. It is believed that shortly, the focus will shift more toward AI-enabled transformation that solves more significant business problems with enterprise-focused solutions. Be it in the area of IT services, marketing, sales, operations, legal, or finance—through AI; enterprises can predict functionalities like the time of errors, get ROI in real-time, drive revenue, generate leads, and provide a unified experience to customers.
Market behavior between India and the rest of the world exhibits nuances shaped by regional dynamics, regulatory frameworks, and industry maturity. While the global market showcases a mature landscape with widespread AI adoption, India is in the phase of rapid adoption and experimentation. Understanding these distinctions is crucial for tailoring AI solutions to meet the unique needs of each market. As AI continues to evolve, bridging these gaps and fostering collaboration on a global scale will be pivotal for maximizing growth opportunities and driving innovation across borders.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Animesh Samuel: One prominent lesson revolves around the importance of agility and adaptability in the face of unforeseen challenges. This reinforces our commitment to building a resilient organizational structure that can swiftly pivot when required. Fostering a strong team culture, even in virtual settings, has been our focus for the past few years. Our future plans include reinforcing collaborative tools, communication channels, and development initiatives to ensure our team remains cohesive and adaptable.
Crucially, as we look ahead, our organization is adopting a ‘sales-first’ approach in the coming year. Recognizing the paramount importance of driving revenue, we are aligning our strategies to prioritize sales initiatives. This approach entails leveraging data-driven insights, refining our sales processes, and equipping our sales teams with the tools and resources needed to thrive in a competitive market.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Animesh Samuel: There are a bunch of things we are focussing on—our partner ecosystem, a ‘land and expand’ strategy, we have a marketplace with ready-to-hire AI co-workers that are easy to deploy and deliver significant value to the end customer in terms of cost saving, insights, and enhanced user experience. We’re using the marketplace to land accounts, and once the enterprise is a customer, they can hire other AI co-workers. Partners are able to get certified and build AI co-workers for their domain of interest and list it on the marketplace for selling by themselves and other partners.
We’re also prepping for the series B of funding and are actively working on expanding our footprint globally and in the US in particular. While we’re building an on-filed team in the States as we speak, one of our co-founders will be co-located in India and the US.
Ashwini
StartupTalky: One tip that you would like to share with another marketplace company founder?
Animesh Samuel: The marketplace can get tricky as it needs a flywheel of offerings and buyers. At E42.ai, we try to ensure that there are enough AI co-workers built by our partners that our customers can “hire.” We see E42.ai helping create a few Unicorns in the AI era. Our platform is open to startups and entrepreneurs to come and build solutions in AI catering to consumers and enterprises worldwide. We see ourselves going IPO and bringing on great leaders to drive the enterprise to the next level by making enterprises all over the world intelligent!
One tip for founders—come build for the future, and we’ll help at every step of the way.
StartupTalky extends its gratitude to Mr. Animesh Samuel for dedicating his valuable time and generously sharing his insights with all of us.
