AI Startup Mate Labs gets $550000 in seed funding
Bengaluru-based AI startup Mate Labs has raised ₹4 crores in seed funding round led by Omphalos Ventures India.
The round also saw participation from other investors including Eagle10 Ventures, 91Springboard, Deepak Sharma, former chairman of CITI Bank, Khattar Holding, Sumit Sinha, Co-Founder of Kristy’s Kitchen, and Tejan Timblo, Co-Founder of Docuvity, among others.
The funds raised will be used to propel business growth by hiring talent across engineering, marketing, and business development. A portion of the funds will also be used for R&D, to further develop the product.
The startup last raised an undisclosed amount of funds from Zeroth, a Hong Kong-based artificial intelligence and machine learning accelerator in November 2016.
Mate Labs was founded by two NIT graduates Rahul Vishwakarma and Kailash Ahirwar in 2016. The AI-based startup provides a machine learning platform called Mateverse to enable business professionals to create customized machine learning and deep learning solutions without the need for coding.
Talking about the product, Rahul Vishwakarma, CEO and co-founder of Mate Labs, said.“We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models… Mate Labs took up the task of creating something so easy to use, that there isn’t a need to code.”
Currently, the startup is focused on developing SME and big enterprise pipelines for banking, financial services, insurance, and retail sectors.
All business decision makers can leverage Mate Labs’ platform to build, train, and deploy easy and quick machine learning models to enable their business. It provides a nice opportunity for businesses with little coding experience, also giving the startup an opportunity to grow.
Omphalos Venture India is an early-stage venture capital firm set-up in June last year. It has made around 10 investments across sectors including healthcare, e-commerce, AI, ML, and power and energy.
In May 2018, e-commerce platform Arzooo raised $2,00,000 from Omphalos Ventures India.