Deep tech SaaS start-up NeuroPixel.AI has raised $825,000 in a seed funding round led by premier angel investing platform Inflection Point Ventures.
The funding round also saw participation from Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee. According to the start-up, the proceeds would be utilized towards expanding its R&D team in order to accelerate the transition of its product from beta to production, and for expanding its ‘training set.’
Founded last year by Arvind Nair, who is currently the start-up’s CEO, and Amritendu Mukherjee, the CTO of the firm, NeuroPixel.AI focuses on apparel cataloging. It helps clients to shoot any apparel on a mannequin and generate lifelike catalog images as if those clothes were modeled by professional models. In simple terms, it provides the apparel on the figures of models without actually using models. It was among the six start-ups 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.
It claims to provide a hyper-flexible, hyper-responsive, customer-oriented process while saving costs up to 30% and a 90% reduction in process time. The vision of NeuroPixel.AI is to solve challenging problems at the intersection of AI and e-commerce over the next few years.
In the long run, its tech has wide applications, including catalog image-based personalization (basis size, ethnicity, and age) and enabling high-fidelity virtual try-on solutions where customers can visualize themselves in the apparel they are considering purchasing, that is, trying on the apparel virtually.
This comes at a time when global expenditure on apparel cataloging comes at nearly $7 billion and grows at a CAGR of 16%, and the virtual fitting room market is valued at approximately $2.5 billion with a CAGR of 25%. Most of the decisions made during online purchase of apparel is influenced by catalog imagery, and thus, NeuroPixel.AI’s technology is set to be revolutionary as it aims to make its appearance onto the high-value international arena.
“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,” said Arvind Nair, Co-founder & CEO, NeuroPixel.AI.