Fractal, the New York-based SaaS unicorn, has introduced Kalaido.ai, an innovative artificial intelligence model designed to generate images from text prompts in 17 Indian languages. The startup claims that Kalaido.ai is the first-of-its-kind text-to-image creation model, showcasing its prowess in English as well as languages such as Hindi, Sanskrit, and Tamil. Trained on a massive dataset of 70 million images, the model demonstrates superior efficiency, realism, and detail.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal specializes in delivering advanced analytics and artificial intelligence solutions to Fortune 500 companies. According to internal trials, Kalaido.ai has exhibited a 40% higher efficiency in image generation compared to existing solutions. The model employs “training-free” techniques and minimal training, resulting in faster image generation, reduced GPU costs, and a lower carbon footprint.
During internal trials, Kalaido.ai reportedly reduced the cost of creating images for a global soup brand by 79%, translating to a savings of around Euro 5000 per image. The tool is versatile and can be utilized for various purposes, including food photography, campaign images, banners, product one-pagers, and game development.
Fractal’s financial success has been notable, with the company turning profitable in the fiscal year ending March 31, 2023. In FY23, Fractal reported a profit of INR 194.4 Cr, a significant turnaround from the INR 148.4 Cr loss in the previous fiscal year. Backed by private equity firm TPG, Fractal achieved unicorn status after 21 years, securing $360 Mn at a valuation exceeding $2 Bn.
With marquee investors like TPG Capital, Apax Partners, and Khazanah Nasional, Fractal competes against industry players such as Unsupervised, Prevedere, and Wave Computing. The generative AI market in India is poised for substantial growth, with projections indicating an increase from $1.1 Bn in 2023 to over $17 Bn by 2030, boasting a compound annual growth rate (CAGR) of 48%. India currently hosts over 70 generative AI startups, contributing to the dynamic evolution of the AI landscape.
