Intellect AI aims for USD 100 million by 2029 through their newly launched Purple Fabric

Bengaluru, India – August 13, 2024 – IntellectAI, a business unit of Intellect Design Arena Ltd focussing on cutting edge Artificial Intelligence technologies, announces the launch of Purple Fabric, a pioneering platform that accelerates enterprise AI adoption for financial institutions (FIs). Leveraging the potential of the First Principles Thinking based Composable and Intelligent Open Finance Platform eMACH.ai, Purple Fabric represents the next step in the evolution of AI, advancing from basic automation to Enterprise Connected Intelligence, enabling FIs to achieve substantial business impact.

“Purple Fabric is more than just a platform; it’s a productivity powerhouse that empowers financial institutions to harness AI for real business impact,” said Banesh Prabhu, CEO of IntellectAI. “Our vision is to enable Financial Institutions to seamlessly integrate AI into their operations, achieving new levels of accuracy, speed, and efficiency. With its modular design and advanced AI capabilities, Purple Fabric equips FIs to navigate the complexities of the financial landscape with confidence, paving the way for the future of work through Ethical AI.”

The true power of AI lies in enterprise-connected intelligence. Recognizing this, Intellect leveraged its three decades of domain expertise to develop Purple Fabric—a decision-grade AI platform designed to overcome data fragmentation and silos. The platform emphasizes Ethical AI, addressing data biases and ensuring traceability with a comprehensive audit trail.

Purple Fabric is a groundbreaking enterprise AI platform that transforms enterprise data into actionable AI insights and solutions. By making data RAG-ready (Retrieval-Augmented Generation) and enabling subject matter experts to quickly build and deploy AI-driven solutions, it creates a knowledge bank from six key sources: structured and unstructured enterprise data, policies, market data, and regulatory information, and tacit knowledge. This foundation allows the AI Expert Agent System to achieve precise, goal-driven outcomes with exceptional accuracy and speed. Additionally, Purple Fabric introduces SWARM (Situational Workflow Automation and Rapid Micromodeling) capabilities, enhancing human efficiency through adaptive and responsive automation workflows.

Purple Fabric offers FIs the opportunity to align their AI ambitions with an honest appraisal of enterprise readiness and adopt a modular transformation design journey. There are six powerful Purple Fabric products. PF Imagine, an ultimate AI solution builder for Product Managers to independently design and implement AI use cases without the need for Data Scientists. The PF Govern empowers organisations to maximize Generative AI’s potential while upholding strict governance standards. It addresses 14 key governance issues and provides detailed references for auditing data sources, verifies data integrity, and enforces user management policies. PF DIMS (Document Intelligent Management System) enables enterprises to create AI-based document intelligence and consume it as an API in various applications. This is achieved through a combination of four high-performance technologies – Document Ingestion, Classification, Extraction, and Trusted Data. PF Expert Agent utilises knowledge from various sources to drive actionable intelligence. It is also for the creation of autonomous user journeys with AI nudges and alerts. At a recent AI Bootcamp, five teams built their own expert agents in just three days. PF Triad embodies seven key regulations established by the European Union by ensuring unbiased decisions and recommendations for key enterprise roles. It has been successfully implemented in wealth advisory, complex investigations, and loss runs, setting a new standard for unbiased decision-making in financial services and PF LLM Benchmark assesses coding tasks, reasoning, and language understanding. It includes anonymous battles between LLMs, multi-turn questioning, common-sense reasoning questions, prompt effectiveness evaluation, leaderboards, and more.