Simplismart is an online no-code machine learning platform that raised 7 million USD from Accel in its ongoing series A funding round. The funding round saw participation from various new and existing investors including Shastra VC and Titan Capital. The company plans to use these fresh proceeds to scale its operations, expand its research & development team, enhance its platform, and develop its market presence.
The SaaS startup provides an artificial intelligence-based platform that allows users to train custom machine learning models using data and provide decisions without writing code while powering applications. Entrackr reported the development first.
The company aims to transform and simplify the adoption of artificial intelligence for enterprises by offering high-performance and cost-effective platforms to address challenges faced in enterprise AI deployments like standardization workflow or performance trade-offs without the need for coding.
The data intelligence platform, tracxn mentioned that the Bengaluru-based company has raised over 7.52 million USD across three funding rounds since its inception, including $7.28 million secured during its seed funding round from existing investor Accel, and others. Earlier this year, the company also received prize money from Google for startups. According to reports the company’s valuation is expected to be around 35 million USD. This new investment shows investor’s trust in Simplismart’s business model and market potential.
The company offers a platform that uses advanced technologies and artificial intelligence to collect user data and provides them with custom machine-learning models. This investment will enable the startup to improve its performance capability and expand its services.
The platform allows individuals or enterprises to address challenges in AI deployments. The startup aims to transform AI adoption using its cutting-edge technology. The company intends to remove the issues related to poor return on investments, high costs, the need for customization, and data privacy to avoid downtime.
Simplismat to have provided artificial intelligence-based data models to its users. The startup will use some of this investment to enhance its resources, expand its offerings, advance its technologies, expand its categories, and improve its platform to offer a nest user experience.
This funding round will enable the startup to develop and offer more innovative software solutions globally. The development came just after the software market segment saw increased investor interest. The company faces competition from other providers of AI-based data models such as DataRobot and Veritone.
Conclusion :
The Bengaluru-based SaaS startup SimpliSmart secured 7 million USD in its ongoing series A funding round from Accel with the participation of other investors including Shastra VC and Titan Capital. The startup intends to use fresh capital to expand its R&D team, scale its operations, expand its offerings, enhance its platform, accelerate growth, and develop market presence.
The platform provides an online no-code machine learning platform for enterprises and users to train custom machine learning models. The company offers a platform that allows users to custom models and use them to power decisions and applications without code.
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