ParallelDots, a Gurugram-based AI and deep learning startup has secured a funding of $2 million from US-based investment firm Multipoint Capital. The firm had earlier invested $600K on the startup, in 2016.
With a total funding of $2 Mn, ParellelDots, a 2014 founded company plans to utilize the funds to expand its technology team and support its global expansion plan along with taking care of general operational expenses.
The brainchild of Angam Parashar, Ankit Narayan Singh, and Muktabh Srivastava, ParellelDots was a part of Times Group’s venture accelerator, TLabs, and is into developing novel algorithms and high impact products to solve real-world problems and analyse customer behaviour. They work with enterprises globally to tackle challenging business problems and provide AI consulting services to explore the “what, why, how and who” about deploying AI in businesses.
Gayatri Sondhi, managing director of Multipoint Capital, that makes early stage venture investments into startups, was reportedly quoted as saying that the company fits their interest in making selective early stage venture investments in significant emerging technologies. “We have been impressed by ParallelDots technology, team, operational capability, and results orientation in the last eighteen months”, she further added.
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Later in September, Intel had invested $1Bn in AI companies to fuel adoption and innovation. The investments came through the Intel Capital investment fund and financed a number of AI startups, including Data Robot, Mighty AI, and Lumiata.