Artificial Intelligence and deep learning startup ParallelDots has recently raised $1.4 million (around Rs 9.1 crore) in a fresh round of funding from its existing investor Multipoint Capital LLC.
Delaware, US and Gurgaon, India based AI startup was founded in January, 2014 by Angam Parashar along with Ankit Narayan Singh and Muktabh Mayank and incubated at TLabs, a startup incubator managed by Times Internet.
The newly infused capital will be use by the startup to increase the headcount of its technology team, as well as to support its expanding global footprint. The money will also be spent on general operational expenses.
ParallelDots earlier raised a funding of $600K from Multipoint.
“The company fits our interest in making selective early-stage venture investments in significant emerging technologies,” said Gayatri Sondhi, managing director of Multipoint Capital.
US-based Multipoint Capital typically invests in early-stage ventures operating in the emerging technologies space.
The company claims to have NASSCOM, The Indian Express, Vidooly and news app Inshorts among its customers.
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