January 14, 2016, Bangalore: Snapshopr, the leading visual intelligence platform powered by Artificial Intelligence, announced today that they have raised an undisclosed amount in angel funding from top technology executives. The funding was lead by Amod Malviya, former CTO, Flipkart and saw participation from other angel investors including Pallav Nadhani, Apurva Dalal, Saran Chatterjee, Rahul Chari, Bikas Barai and Bragadish Sureshkumar. With this funding, they will double down on product innovation and continue to build out their visual intelligence platform for online retailers. Earlier, the firm had announced its first investment from Amod Malviya as part of its ongoing round in September last year.
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Snapshopr helps its customers improve the search and discovery experience of their users using its visual search and recognition products as part of its cloud-based visual intelligence platform. 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.
Having a strong product, technology and business team of 8 members, the firm plans to hire a few more engineers and strengthen its technology platform with new capabilities and expand their customer base globally through this round of funding.
“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,” says Amod Malviya, ex-CTO, Flipkart.
The association of technology leaders and founders from different kinds of companies from search to e-commerce to SaaS will further assist Snapshopr to get more insights into the industry as well as provide suitable connections as they grow.
“Solving image search, understanding and analytics with Deep Learning is a complex computer science area which is ripe for innovation and has a number of very interesting applications in ecommerce. Beyond Google, very few companies have been able to make tangible leaps in this area. I found the IP, tech team talent and disruption potential of Snapshopr’s approach to be quite unique,” says Apurva Dalal, a former Googler and now CTO, Urban Ladder.
“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,“ states Navneet Sharma, Co-Founder & CEO of Snapshopr.
Recently, Snapshopr was awarded NVIDIA Innovation Award 2015 for its work in deep learning and computer vision. It has previously been recognized by both Google and IBM. Their research team currently holds the top rank among independent AI companies in the highly competitive AI competition called MS COCO challenge.
While the team is intent on expanding in different verticals, they want to tread slowly into them as the market matures for a paradigm shift in search and discovery of products. “We don’t want to dilute our value proposition at this stage of the market. But we believe that the scope of AI and Deep Learning is ubiquitous,” adds Navneet.