NeuroPixel.AI, a Bangalore-based Deeptech SaaS company, has secured US$825,000 in a seed round funding led by Inflection Point Ventures (IPV). Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee were among the other investors in the round.
The capital raised will be used to scale the R&D team in order to speed up the transition of their products from beta to production and expand their ‘training set,’ which is a critical component of any machine learning algorithm.
Founded by Arvind Nair (CEO) and Amritendu Mukherjee (CTO) in 2020, the Deeptech startup specializes in garment cataloging, which is one of the most time-consuming tasks that any fashion shop or e-commerce platform must complete on a regular basis. According to the company, its proprietary DeepNet framework would allow customers to photograph any outfit on simply a mannequin, and its technology will recreate the fashion on models of various sizes and positions. NeuroPixel.AI claims that its software would save 30 percent on cataloging costs and 90 percent on processing times.
According to Ankur Mittal, co-founder of Inflection Point Ventures, with the increase in the number of online shoppers, the requirement for realistic and high-quality product images would also increase. In the fashion industry, it plays a significant role in a buyer’s choice to buy. The procedure is cumbersome, time-consuming, and expensive, especially for SMEs and social sellers, two categories that are rapidly expanding. Ankur points out that using catalog image-based customization and virtual try-ons, NeuroPixel.AI is aiming to tackle this challenge by developing a solution that can change online fashion shops, allowing the typical customer to make a far more informed purchasing choice.
Read More: Peak AI Raises $75 million in Series C Funding Round
Prior to the recent funding investment, it had received a pre-seed investment of US$440,000 by Global talent investor Entrepreneur First (EF) during its fourth cohort in India, along with seven tech startups.
“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,” said Esha Tiwary, general manager at EF India.
The ISB D-Labs incubator, in partnership with the Department of Science and Technology, had also selected NeuroPixel.AI as one of six businesses for funding as part of their seed support program. In addition, the startup has been accepted into the Huddle accelerator, which will begin when this round of investment is completed.
