Ascendion Expands AI Operations In India With Major Investment In Chennai
The US-based company plans to quadruple Chennai-based workforce as AI demand grows
US-based software engineering company Ascendion on Monday unveiled a cutting-edge AI innovation hub in Chennai in a strategic manoeuvre to fortify its foothold in India and lead global advancements in artificial intelligence (AI).
Ascendion CEO and Board Member Karthik Krishnamurthy revealed in an exclusive interview with BW Businessworld that the company has channeled significant investments, estimated in the “millions of dollars” range, into its AI initiatives based out of Chennai.
This move comes from the New Jersey-based company after seeing a 260 per cent jump in the demand for AI projects in last one year, prompting Ascendion to quadruple its workforce in Chennai. Currently, over 30 per cent of the 1,800 Chennai-based workforce is dedicated to AI, pointing to a strong focus on AI-driven innovation out of the city.
“Our hope is that we are able to bring our clients and our ‘Ascenders’ together under one roof to innovate and identify new ways by which artificial intelligence can impact lives,” said Krishnamurthy.
Ascendion caters to clients across various industries, including banking, financial services, healthcare, and hi-tech. Its noteworthy projects include AI solutions implemented for a global banking giant to enhance call centre efficiency by about 40 per cent and collaborations with leading hi-tech companies to integrate AI models into core platforms.
The company revealed that it has 57 fully-funded ongoing AI projects across diverse sectors.
Krishnamurthy explained that his vision for Ascendion is to become the world’s first generative AI enterprise, with Chennai being the hub of AI innovation globally. The company currently has 300 dedicated Generative AI engineers, with 60 of them holding special expertise.
“Our AI-powered platforms ensure transparency, velocity, quality, and productivity, freeing up capital for innovation and providing clients the flexibility to meet modern business needs. Now, at our new GenAI Studio, they can experience GenAI co-engineering as we solution together in real-time,” added Prakash Balasubramanian, Executive Vice President, Engineering Solutions at Ascendion.
Hiring Plans And Growth Strategy
With India serving as the primary delivery hub, Ascendion said it is aggressively scaling its workforce in Chennai to capitalise on the abundant digital talent pool in the region. Krishnamurthy revealed that the company hires about 300 freshers annually and will continue to do so as a way of giving back to the city he grew up in before moving to the US.
“With a current AI workforce of 500 in Chennai, our plan is to quadruple this number." - Karthik Krishnamurthy, CEO and Board Member, Ascendion
“Ascendion’s current commercialisation strategy is driven by the AVA+ platform and the ‘Digital Ascender Platform’ offering, which is driving tangible business outcomes through AI,” added the CEO during an exclusive tour for BW Businessworld of the newly unveiled Chennai AI hub.
For the future, Krishnamurthy said Ascendion will look to further scale its AI expertise in Chennai, with the goal of having 25 per cent of overall business driven by AI in the near term and aiming for 50 per cent over the years. The company presently earns over USD 500 million in revenue.
