Deeptech SaaS startup NeuroPixel.AI has raised $825k in a Seed round led by Inflection Point Ventures, angel investment platform. Other investors in the round include Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
The funds raised will be used for scaling up their R&D team to accelerate the transition of their product from beta to production, and for expanding their ‘training set’, a crucial piece of the puzzle for every machine learning algorithm.
Ankur Mittal, Co-Founder, Inflection Point Ventures said, “Artificial intelligence (AI) as well as Machine Learning (ML) technologies are omnipresent across sectors where digital transformation is making inroads. However, it is not a seamless process and is both time-consuming and expensive, especially for SMEs and social sellers, two segments which are growing exponentially. NeuroPixel is trying to solve this problem by building a product that can transform online fashion storefronts through catalog image-based personalization and virtual try-ons, helping the average consumer make a far more informed purchase decision.”
NeuroPixel.AI was founded in late 2020 by Arvind Nair (CEO) and Amritendu Mukherjee(CTO). The venture originated at Entrepreneur First, an international talent investor which helps aspiring entrepreneurs find co-founders and supports them to build technology companies. The vision for the company is to solve challenging problems at the intersection of AI and E-Commerce which promises to be an action-packed space over the next few years.
Esha Tiwary, General Manager at EF India, noted, “What Arvind and Amritendu are building today is a world-class, innovative, technology-led startup that can change the way consumers shop online.”
The startup claims its first product – an AI powered cataloguing tool – will enable clients to shoot any apparel on just a mannequin, and their technology will render the apparel on models of different sizes in different poses. In the near term, they will reduce cataloguing spends by 30 percent, and reduce process times by 90 percent, it says.
Arvind Nair, Co-founder and CEO, NeuroPixel.AI, sa, “We are extremely excited at the opportunity to work with IPV as we scale our young startup.”
NeuroPixel.AI was also among the six startups selected for investment by the ISB D-Labs incubator, under their Seed support program in collaboration with The Department of Science and Technology, Government of India. The startup has also been selected into the Huddle accelerator, which will commence from the closure of this round of funding.
With global spends on apparel cataloguing estimated to be roughly $7bn today and growing at 16 percent CAGR, and the virtual fitting room market valued at approximately $2.5bn today and growing at 25 percent CAGR, NeuroPixel.AI is confident of tapping into a large, high-value international market with their technology soon, it said.
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