Bengaluru-based startup joins growing list of generative AI companies attracting significant investment in 2024
Introduction:
Simplismart, a Bengaluru-based generative artificial intelligence (AI) startup, is set to raise $7 million in a new funding round led by venture capital firm Accel, with participation from existing investors. The deal, which values Simplismart at approximately $35 million, underscores the growing interest and potential of generative AI in transforming industries by automating content creation, enhancing creativity, and streamlining time-consuming processes.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build scalable, production-grade AI systems and manage the development lifecycle without writing a single line of code. The company’s platform allows both amateurs and experts to collaboratively train and monitor machine learning models on a wide range of data and use cases.
“We are thrilled to have Accel lead this funding round and are grateful for the continued support of our existing investors,” said Amritanshu Jain, co-founder and CEO of Simplismart. “This investment will enable us to further develop our technology, scale our operations, and expand our team to meet the growing demand for generative AI solutions across industries.”
Simplismart’s AI-powered solutions help businesses save time and reduce costs by automating tasks, allowing for more personalized interactions between companies and their customers. The startup’s technology analyzes vast amounts of data to generate insights that facilitate the creation of high-quality digital content at scale, enhancing businesses’ digital presence and operational efficiency.
According to a recent study by NASSCOM, the number of generative AI startups in India has more than doubled between 2021 and 2023. This growth is reflected in the surge of funding for such startups since December 2023. Data from startup intelligence platform TheKredible reveals that over half a dozen early-stage generative AI startups have raised nearly $100 million in the past six months alone.
“Generative AI is poised to revolutionize the way businesses operate and interact with their customers,” said Prayank Swaroop, Partner at Accel. “Simplismart’s innovative technology and strong team position them well to capitalize on this rapidly growing market. We are excited to partner with them as they continue to push the boundaries of what’s possible with generative AI.”
The funding will be used to accelerate Simplismart’s go-to-market strategy, expand its customer base across various industries, and enhance its marketing and sales efforts to showcase the capabilities of its generative AI solutions. The investment will also enable the startup to further refine its AI models, explore new applications, and drive adoption across a wide range of sectors.
Conclusion:
Simplismart’s success in securing this funding round is a testament to the transformative potential of generative AI and its ability to reshape the Indian startup ecosystem. As more businesses recognize the value of automating content creation and streamlining processes, the demand for innovative generative AI solutions is expected to continue growing. With Accel’s backing and the ongoing support of its existing investors, Simplismart is well-positioned to lead the charge in this exciting and rapidly evolving space.
