MulticoreWare, a global technology company offering software products and AI analytics solutions, is seeing a huge growth opportunity in the Indian market as it is looking to add newer business verticals and reduce its dependence on the US market.
“Honestly, India is my big hope,” AGK Karunakaran, President & CEO of MulticoreWare told businessline during his recent visit to India.
Started by a group of researchers in 2009, San Jose, California-headquartered MulticoreWare offers compilers (computer programs), audio-video solutions (including encoders for OTT platforms), artificial intelligence (AI) application and tools, sensor data, and autonomous mobility software solutions covering industries such as media and advertising, automotive and transportation, and security and surveillance.
Currently, the US contributes 65 percent of MulticoreWare’s revenue. The company is looking to diversify its business concentration to other geographies.
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Karunakaran said India has become a major consumer of technology because of the huge jump in mobile and internet penetration. He also added that while the country was buying third party technologies from different parts of the world to assemble end products here, the country has now begun to build its indigenous manufacturing capabilities for some of the high-end tech products. This, Karunakaran added, offers a big opportunity for technology supply to local companies.
However, he observed that supply chain is one of the key challenges in the Indian market.
“Whether it is an iPhone or computer or cameras, there is something called Class A, B and C components. Only when all the three components are manufactured in India, will we have a smooth supply chain,” Karunakaran said.
On the prospective industry focus, Karunakaran said retail, agricultural technology (agtech), and education technology (edtech) will be some of the key focus areas in India.
Karunakaran said the company is planning to expand into Korea, Japan and Taiwan in the next 2-3 quarters.
In 2012, the company started its India operations in Chennai and had since grown into 300 employees with delivery centers in Chennai and Coimbatore. Karunakaran said the idea is to become a 1,000-people company in the next three years.
Currently, media and AI analytics (MAIA), and autonomous vehicles and automotive (AVA) are the two major business units for MulticoreWare. Karunakaran said the company may go in for a few new verticals, including healthcare and industrial among others.