SAKS launches transformative Artificial Intelligence unit

The IT landscape in Sri Lanka is changing. The pressure to incorporate data-driven intelligence is high, and disruptive companies are on the rise to compete with more traditional solutions. With the onset of disruptive technologies, industries are going through even more change than ever before. It has become glaringly evident that help is needed to guide companies through this change and AI, being one of these disruptive technologies, needs innovative and professional companies to help with the journey.

Veracity AI – a subsidiary of SAKS that specialises in data and machine learning technologies to drive AI applications – fills this void by fuelling the drive to prioritise data science and AI in the country. Veracity AI transforms companies by providing personalised, intelligent AI business models that always stay ahead of market changes, anticipate customer desires, and forecast faster and more accurately than competitors.

What started off as a skunkworks project for SAKS, has now evolved into an independently run and highly sought-after business. Veracity AI has already developed several customised AI algorithms and models for a diverse portfolio of clients in Norway, the US, and Australia, successfully delivering unique solutions to navigate a range of complex problems. In Sri Lanka, the company has made headway into the banking, insurance, and medical sectors, amongst others, working with clients to evolve predictive models to produce tangible results and breakthrough solutions faster and more effectively. Veracity AI hopes to soon explore the application of its AI and data science expertise on the manufacture of agricultural products.

“The potential economic impact from data science and AI has proven to exceed the more traditional forms of information and technology services,” said Jeevan Gnanam, Managing Director of Veracity AI, from the company’s HQ at Hatch. “Our goal is to help shape the future of AI in Sri Lanka by offering, through our collective expertise, business-critical AI technology solutions that will prove invaluable, leading us towards a highly skilled and competitive knowledge-based economy.”

Employing a grassroots approach to developing the AI potential of a society, Veracity AI has set in place structured internship programs for university graduates, taking advantage of the strong local talent pool. Students from universities such as the Informatics Institute of Technology (IIT), University of Moratuwa, and University of Colombo will benefit greatly from this skills development, experiential learning and accelerator programme, which serves the greater goal of developing the workforce of tomorrow.

Veracity AI has also initiated Veracitate (AI co-creation) – a specialized unit of industry experts which will work closely with start-ups and local companies to incubate, co-create and eventually launch their AI ideas and products. It will place a special focus on computer vision, machine learning, deep learning, reinforcement learning, and Natural Language Processing (NLP).

On having established its footing in Sri Lanka, Veracity AI has its sights currently set on regional deployment of its AI technology solutions, with a potential Singapore office on the cards.


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