Deeptech SaaS startup NeuroPixel.AI has raised $825k in a Seed round led by Inflection Point Ventures. Other investors in the round include Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
The funds raised will be used to scale up their R&D team to accelerate the transition of their product from beta to production and expand their ‘training set’, a crucial piece of the puzzle for every machine learning algorithm.
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“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 & CEO, NeuroPixel.AI.
Founded in 2020 by Arvind Nair (CEO) and Amritendu Mukherjee (CTO), the startup works to apply advanced AI/ML and statistical learning theory in the Computer Vision and Image Processing area for online retail storefronts.
Ankur Mittal, Co-Founder, Inflection Point Ventures, says, “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. 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.”
NeuroPixel.AI’s 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, the company aims to reduce cataloguing spends by 30% and reduce process times by 90%.
It 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. In addition, the startup has also been selected into the Huddle accelerator, which will commence from the closure of this round of funding.