Deeptech SaaS Startup NeuroPixel.AI Raises $825,000 In Seed Round Led By Inflection Point Ventures The funds raised will be used for scaling up the research and development (R&D) team to accelerate the transition of products from beta to production
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Bengaluru-based deeptech Software-as-a-Service (SaaS) startup NeuroPixel.AI on Monday announced to have raised $825,000 in a Seed round led by angel investment platform Inflection Point Ventures. Other investors in the round include Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
"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," said Arvind Nair, co-founder, and chief executive officer, NeuroPixel.AI.
The funds raised will be used for scaling up the research and development (R&D) team to accelerate the transition of product from beta to production, and for expanding the "training set', a crucial piece of the puzzle for every machine learning algorithm.
"Artificial intelligence (AI), as well as machine learning (ML) technologies, are omnipresent across sectors where digital transformation is making inroads. Online commerce is at the forefront of this transition. As e-commerce 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 that 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-on, helping the average consumer make a far more informed purchase decision. 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. The strong founding team, the uniqueness of the approach adopted by NeuroPixel, and their high-caliber 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," shared Ankur Mittal, co-founder, Inflection Point Ventures.
NeuroPixel.AI's first product – an AI-powered cataloging 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. In the near term, they will reduce cataloguing spends by 30 per cent, and reduce process times by 90 per cent, the company claims.
"What Arvind and Amritendu are building today is a world-class, innovative, technology-led startup that can change the way consumers shop online. I'm excited to see how NeuroPixel.AI evolves and disrupts the online fashion ecosystem to pave the way for more intuitive solutions and much-needed disruption of the online customer experience. It is a matter of great pride and joy for us to see startups conceived at EF build the most impactful tech companies of the future," noted Esha Tiwary, general manager, EF India.
With global spends on apparel cataloging estimated to be roughly $7 billion today and growing at a 16 per cent compound annual growth rate (CAGR), and the virtual fitting room market valued at approximately $2.5 billion today and growing at 25 per cent CAGR, NeuroPixel.AI is confident of tapping into a large, high-value international market with their technology soon, reads the press release.