Generative AI startup Simplismart is set to raise $7 million in funds in a round led by Accel backed by existing investors as reported by an anonymous source. The deal will be made public soon as Simplismart has reportedly received the term sheets.
With the incoming funding, the AI startup will be included in the list of generative AI startups that managed to secure effective funds in the current calendar year.
In the seed round, the Bengaluru-based startup had raised an undisclosed amount from Anicut Capital, Sunn91, First Cheque and Shastra VC.
Amritanshu Jain and Devansh Ghatak, co-founded Simplismart in 2022, which helps businesses build a scalable production-grade AI system and manage the development lifecycle of the company without needing to write a code.
The platform claims that its ML monitor models can be trained and monitored collaboratively on any kind of data or use case by both an expert and an amateur.
As per the sources, the company will be valued at around $35 million post-allotment. While Simplismart gave no response on the story, Accel refused to share any insights.
Simplismart was chosen by AWS and Accel launched as part of the AWS ML Elevate program launched in July 2023, which selected 35 generative startups from India.
With the increased funding in generative AI startups since December 2023, a recent NASSCOM study reports that the number of generative AI startups in India has doubled in the span of two years between 2021 and 2023.
The startup data intelligence platform, TheKredible, has reported that some early-stage generative AI startups exceeding half a dozen in numbers, have raised nearly $100 million in funding in the last six months. Sarvam AI raised the most in Series A with $41 million, Ema and Neysa raised $25 million and $20 million in their seed round respectively, while Vodex, KonProz, Dubpro.ai, PlanckDOT and Ayna are some of the other names in the list.
Credit: Entrackr
