Chennai based MadStreetDen, a start-up in the field of artificial intelligence has raised a $1.5 Million round led by Reservoir Investments’ Exfinity Fund and GrowX Ventures. MadStreetDen uses AI to predict a user’s choice and then offer the closes choice for the product by searching through e-commerce platforms.
The company, which started over an year ago by Anand Chandrasekaran, a neuroscientist who graduated from Stanford and his wife Ashwani Asokan. Ashwani is an Intel veteran, who worked at the chip manufacturer’s research arm, Intel Labs.
The company currently offers services in varied domains like e-commerce, analytics, cloud and certain indigenously built services.
However, its the e-commerce offering which has been gaining traction. MadStreetDen offers an e-commerce product which you may call something like a ‘Visual Search’ for fashion products. If you thing a dress looks good to you, you click a picture, upload it to MadStreetDen’s platform and it will bring to you the closest matching contenders to that dress.
Moreover, it;s just the right time to bring about such an innovative product into India’s e-commerce segment (apart from just another e-commerce site). Flipkart last year raised close to $2 Billion from numerous investors and has since been valued at over $10 Billion. Amazon on the other hand infused an equal amount into its Indian arm.
One of the other products, called the MADstack is a cloud based platform that offers several AI and Computer Vision modules, just an API call away. The API includes platform for several functions like Object recognition, gaze tracking, emotion-expression detection, head and facial gestures, 3D facial reconstruction etc., to give a more visually dynamic experience to consumers.
MadStreetDen is also looking to offer certain indigenous services like this AI powered games. The boot-strapped company currently employs six full timers and wasn’t actually looking to raise money. However founders thought of this as an opportunity to accelerate product development.
The fresh funding will be used to hire in new people, particularly senior executives and double the employee head count.