Snapshopr, an artificial intelligence backed visual intelligence platform which we’ve been closely tracking ever since it first appeared in Pitch Off Bangalore, has today announced closure of an undisclosed amount of funding in its angel funding round, led by Amod Malviya, former CTO of Flipkart.
Apart from Amod, other angel investors including Pallav Nadhani, Apurva Dalal, Saran Chatterjee, Sameer Nigam, Sanat Rao and Bragadish Sureshkumar also participated in this funding round.
The money raised in this round will be utilized by the company on product innovation and it will continue to build out visual intelligence platform for online retailers.
Amod Malviya, ex-CTO, Flipkart, who is also an investor in the company, said,
The role of AI in solving day-to-day issues is often underestimated by companies. I liked the fact that Snapshopr goes about solving these day-to-day problems that matter, instead of confining themselves to labs alone. They bring immediate value to companies, thanks to their specialised AI talent.
Founded in 2014 by Navneet Sharma, Debashish Pattnaik and Vivek Gandhi, Snapshopr has developed visual search and recognition products that helps its clients to improve the experience of their users. Earlier, in September 2014, the company had announced its first investment from Amod Malviya as part of its ongoing round.
Instead of using text to describe visually rich categories of items like fashion and home decor, the end users of its visual search solution can simply use images taken from their camera or uploaded from their devices for search based on visual content of the image.
The proceedings of this funding round will also be used by the company to expand its technology team which currently has 8 members. It is also looking to expand its reach globally.
Navneet Sharma, Co-Founder & CEO of Snapshopr, said,
We have been working with some of the largest internet companies in india and have built out the next generation visual intelligence platform for online retailers. We have seen very promising growth in last year, becoming the platform of choice for companies that want to delight their users with visual search and recommendation capabilities. With this funding, we will double down on product innovation and team necessary to deliver an unmatched experience to our customers.
AI, pegged to be the future of technology already, has attracted a clutch of Indian startups, trying to build their own AI products and stay ahead of their competition. The ones to have raised significant amount of funding include Mad Street Den, Clarifai, Nervana Systems, Entilic, etc.