Bengaluru-based Deeptech SaaS startup Neuropixel.Ai today announced it has raised $825,000 (about Rs 6 crore) in a seed funding round led by angel investment firm Inflection Point Ventures. The round also saw participation from Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
According to a statement, Neuropixel.Ai will use the raised funding to scale its R&D team to accelerate the transition of its product from beta to production. Additionally, The startup will also be focusing on expanding its ‘training set’, a crucial piece of the puzzle for every machine learning algorithm.
Inflection Point Ventures is a Gurugram-based angel investment firm that plans to invest Rs 155 crore this year across 60 plus startups. So far, the firm has invested Rs 242 crore in 87 startups.
Speaking on the investment, Ankur Mittal, Co-Founder, Inflection Point Ventures, said:
“Artificial intelligence (AI), as well as Machine Learning (ML) technologies, are omnipresent across sectors where digital transformation is making inroads. Online commerce is at the forefront of this transition. As e-commerce will expand, so will the need to put up quality and realistic product pictures online. In fashion commerce, it is a big part of the buyer’s purchase decision. However, it is not a seamless process and is both time-consuming and expensive, especially for SMEs and social sellers, two segments that are growing exponentially"
"NeuroPixel is trying to solve this problem by building a product that can transform online fashion storefronts through catalog image-based personalization and virtual try-on, helping the average consumer make a far more informed purchase decision. It will save the businesses both time and money and will allow them to bring their products faster to the market helping them generate higher revenue and lower returns. The product has huge international appeal as well," he said.
"The strong founding team, the uniqueness of the approach adopted by NeuroPixel, and their high-caliber R&D team comprising PhDs and postgraduates from The Indian Institute of Science (IISc) were key factors influencing our decision to invest in the company,” he adds.
Founded in late 2020 by Arvind Nair (CEO) and Amritendu Mukherjee (CTO), Neuropixel.AI works at the intersection of artificial intelligence and ecommerce to transform online fashion storefronts through catalog image-based personalization and virtual try-ons.
The startup has developed an AI-powered cataloguing tool that enables clients to shoot any apparel on just a mannequin, and their technology will render the apparel on models of different sizes in different poses. In the near term, they will reduce cataloguing spends by 30%, and reduce process times by 90%.
Neuropixel.ai in a statement said that in the long term their technology can pave the way for catalog image-based personalization (basis size, ethnicity, and age), and can also enable a high-fidelity virtual try-on solution where customers can visualize themselves in the apparel they are considering purchasing.
Commenting on the development, Arvind Nair, Co-founder & CEO, NeuroPixel.AI, said: “We are extremely excited at the opportunity to work with IPV as we scale our young startup. Having access to such an accomplished and diverse pool of industry veterans amplifies the value of the seed investment raised many times over, and this access to industry veterans is clearly where IPV stands apart.”
NeuroPixel.AI was also among the six startups selected for investment by the ISB D-Labs incubator, under their Seed support program in collaboration with The Department of Science and Technology, Government of India. Apart from this, The has also been selected into the Huddle accelerator, which will commence from the closure of this round of funding.
With global spends on apparel cataloguing estimated to be roughly $7B today and growing at 16% CAGR, and the virtual fitting room market valued at approximately $2.5B today and growing at 25% CAGR, NeuroPixel.AI is confident of tapping into a large, high-value international market with their technology soon, it adds.