Gurugram-based AI and deep learning solutions provider ParallelDots has announced that it has secured around ₹9.1 crore ($1.4 million) in a new funding round. The investment comes from U-based VC firm Multipoint Capital.
The newly infused capital will be use by the startup to increase the headcount of its technology team, as well as to support its expanding global footprint. The money will also be spent on general operational expenses.
Commenting on the investment, Gayatri Sondhi, Managing Director of Multipoint Capital, said,
The company fits our interest in making highly selective early-stage venture investments in emerging technologies. We have been impressed by ParallelDots technology, team, operational capability, and results orientation in the last eighteen months. We look forward to continuing to work with the Company.
Parallel Dots was launched in January 2014 and was incubated at TLabs, the start-up incubator managed by Times Internet. The company was started by Angam Parashar along with Ankit Narayan Singh and Muktabh Mayank.
Last year, Multipoint Capital had invested around ₹3.9 crore ($600,000) in the company. The startup, which has offices in Gurugram and Delaware, US, is an applied AI research firm that licenses its technology to enterprise clients. Its the solutions are used by companies in financial technology, insurance, healthcare, and market research.
According to a recent report by MarketsAndMarkets, the global deep learning market is expected to be worth $1.72 billion by 2022, growing at a CAGR of 65.3 percent between 2016 and 2022.