Two-year-old Clootrack startup will use the funds raised towards the expansion of its business to various geographies like the US, Europe and Southeast Asia.
Bengaluru-based artificial intelligence (AI) startup Clootrack Software Labs Private raised $500K in its seed funding round led by Indian Angel Network with participation from IAN Fund, Unicorn India Ventures, SEA Fund and Malabar Angel Network.
The IAN investor group included Kris Gopalakrishnan (Co-founder of Infosys), Anthony Thomas, Global CIO of Nissan Motors and Salliel Gupta. The funding round also saw Anthony joining the company board.
Founded in April 2017 by Shameel Abdulla and Subbakrishna Rao, Clootrack is the first of its kind AI-driven data analytics platform. It discovers and measures brand perceptions in real-time based on the analysis of customer conversations in various online media and customer care tickets. Clootrack runs on proprietary deep learning algorithms based on proven mathematical models and has two pending patents.
Co-founder and CEO Shameel said,
“We are glad to have kept our burn ratio low and built the business where healthy traction, better algorithms and deeper use of Machine Learning is showing near real-time results to our customers.”
Shameel, an ISB drop out, holds two patents and founded Jiffstore (which was acquired by PepperTap) and Kode Blink, a mobile app company that had apps topping App Store charts. CTO Subbakrishna also has close to two decades of experience in the tech sector.
Anthony Thomas said,
“Understanding customers fast is key in today’s rapidly changing markets. Clootrack depicts a unique combination of making this happen with superior technology and rapid adoption in enterprises with smart go to market.”
At present, Clootrack operates a subscription model and operates in 6 verticals - Pharma, FMCG, retail, finance, travel and automotive, and works with more than 150 enterprises including several Fortune 500 companies.