[Funding alert] Deeptech SaaS startup NeuroPixel.AI raises $825K in a seed round led by Inflection Point Ventures
Deeptech SaaS startuphas raised $825K in a seed round led by . Other investors in the round include Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
NeuroPixel said that it will use the fresh capital for scaling up its R&D team to accelerate the transition of its product from beta to production, and for expanding its ‘training set’, a crucial piece of the puzzle for every machine learning algorithm.
Started in late 2020 by Arvind Nair (CEO) and Amritendu Mukherjee (CTO), NeuroPixel.AI, the venture, originated at Entrepreneur First, a global talent investor which helps aspiring entrepreneurs find co-founders and supports them to build technology companies. NeuroPixel.AI aims 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.
Ankur Mittal, Co-founder, Inflection Point Ventures, said that Artificial intelligence (AI), as well as Machine Learning (ML) technologies, are omnipresent across sectors where digital transformation is making inroads, and that online commerce is at the forefront of this transition.
"As ecommerce will expand, so will the need to put up quality and realistic product pictures online. In fashion commerce, it is a big part of the buyer’s purchase decision. 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 personalisation and virtual try-ons, helping the average consumer make a far more informed purchase decision," he added.
Ankur added that it will save the businesses both time and money, and will allow them to bring their products faster to the market helping them generate higher revenue and lower returns. "The product has huge international appeal as well. Strong founding team, the uniqueness of the approach adopted by NeuroPixel, and their high-calibre R&D team comprising PhDs and postgraduates from The Indian Institute of Science (IISc) were key factors influencing our decision to invest in the company," he said.
NeuroPixel.AI’s first product – an AI-powered cataloguing tool – will enable their clients to shoot any apparel on just a mannequin, and their technology will render the apparel on models of different sizes in different poses. According to the company, in the near term, they will reduce cataloguing spends by 30 percent, and reduce process times by 90 percent. In the longer term, this technology can pave the way for catalog image-based personalization (basis size, ethnicity and age), and can also enable a high-fidelity virtual try-on solution where customers can visualize themselves in the apparel they are considering purchasing, it adds.
Arvind Nair, Co-founder & CEO, NeuroPixel.AI, said, “we are extremely excited at the opportunity to work with IPV as we scale our young startup. Having access to such an accomplished and diverse pool of industry veterans amplifies the value of the seed investment raised many times over, and this access to industry veterans is clearly where IPV stands apart.”
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.
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Edited by Anju Narayanan