New Delhi: We profile two enterprise tech start-ups that are using Artificial intelligence (AI) to solve real world problems.

Faircent: Making lending more conducive

Faircent is a peer-to-peer (P2P) lending platform that leverages technology to connect borrowers directly with investors. “Our mission is to provide a marketplace that connects individuals in need for credit with individuals and institutions willing to lend their funds. We use technology to speed up the process and cut costs. Thus, we provide an opportunity to the borrowers to get their requirements funded at viable rates and help lenders get the best possible return on their investment," says Rajat Gandhi, founder and CEO, Faircent. The entire process on, starting from borrower registration to the disbursal of loans is carried out online.

The start-up employs data analytics, machine learning and Artificial Intelligence for credit profiling and assessment. The credit evaluation system is fully automated and verifies the identity of borrowers, assesses their creditworthiness and, based on the results, assigns them an interest rate and repayment tenure in accordance with their risk level and repayment ability. The whole process is completed within 2-3 days from submission of documents. Post listing, the loan request lenders can make offers to fund the same.

Staqu Technologies: Security solutions

Gurugram-based start-up Staqu has developed a proprietary AI technology stack comprising advanced image and video analysis tools, language and text independent speaker identification engine, speech recognition, facial recognition and text processing application programming interfaces (APIs).

Assisting the police force is a case in point. “Police forces at ground zero have largely remained isolated from the tech disruption of the present time. Thus, law enforcement agencies are not provided with any real-time tech-based assistance. We disrupted this status quo with the launch of our ABHED (Artificial Intelligence Based Human Efface Detection) app," says Atul Rai, CEO and co-founder of Staqu.

This app essentially provides police forces with a tool to digitize offline criminal records. These records can also be recalled easily, simply by matching the available biometrics–image, voice or text. Thus, by simply taking a picture and running it past Staqu’s AI-based algorithm, the police can locate any criminal record easily.

In the future, Rai says, he plans to branch out and provide security solutions to other industrial verticals such as educational institutions, banks and hospitality.