[Funding alert] Monet Networks raises $500,000 in bridge round led by SenseAI Ventures
Monet Networks, an AI powered data analytics startup founded by Anurag Bist, has secured $500,000 in bridge funding in a round led by Gurugram headquartered VC firm SenseAI Ventures.
The startup said it will use the bridge round of funding to create new applications for sectors such online education and gaming.
The US-headquartered startup, which has a technology centre in India, has patented technology that captures conscious and subconscious behaviour of consumers, which allows businesses to have a better understanding of the market.
The startup has already deployed its technology in the media industry and has clients such as NBC Universal, Viacom CBS, Warners Brothers, MTV, HBO Europe, etc.
The technology platform of Monet for the media industry can provide granular insights at frame by frame levels to content creators. It can identify positive and negative emotional peaks by audience cohort for quick editing decisions.
Anurag Bist is a serial entrepreneur and was earlier the co-founder of Vx-Tel, which was acquired by Intel for around $550 million.
Commenting on the investment, Rahul Agarwalla, Managing Partner, SenseAI, said,
“We are excited to partner with Anurag and join him in Monet’s journey to revolutionise consumer insights and personalisation in TV, OTT, politics, education, and beyond.”
According to Rahul, Monet Network’s patented video analytics technology and a proven product market fit is very relevant in the current times as watching and communicating using video has become the new normal.
SenseAI Ventures is an AI focussed fund that invests in early stage startups in these segments. The venture fund’s investments are spread across India and the US, with a portfolio like Cureskin, Jovian.m, Vernacular.ai, Tripeur, Niveshi, etc.
AI is projected as the next frontier of technology and the government is also keen to take it forward. Prime Minister Narendra Modi, at the recent RAISE 2020 summit, underlined of a new India that aspires to become a global leader in digital revolution by leveraging the potential of AI.
Edited by Megha Reddy