Saas startup NeuroPixel.AI raises seed fund of $825,000 led by IPV

Deeptech SaaS startup NeuroPixel.AI has raised $825,000 in a seed round led by Inflection Point Ventures (IPV). Other investors in the round included Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.

The startup will use the funds raised for scaling up the R&D team to accelerate the transition of its product from beta to production, and for expanding its ‘training set’, a crucial piece of the puzzle for every machine learning algorithm.

Ankur Mittal, co-founder, Inflection Point Ventures, said, “As e-commerce will expand, so will the need to put up quality and realistic product pictures online. In fashion commerce it is a big part of the buyer’s purchase decision. However, it is not a seamless process and is both time-consuming and expensive, especially for SMEs and social sellers, two segments which are growing exponentially. NeuroPixel is trying to solve this problem by building a product that can transform online fashion storefronts through catalog image-based personalisation and virtual try-ons, helping the average consumer make a far more informed purchase decision.”  

NeuroPixel.AI was founded in late 2020 by Arvind Nair (CEO) and Amritendu Mukherjee (CTO). The venture originated at Entrepreneur First, a leading international talent investor, which helps aspiring entrepreneurs find co-founders and supports them in building technology companies.

NeuroPixel.AI’s first product – an AI powered cataloguing tool – will enable users to shoot any apparel on just a mannequin, and their technology will render the apparel on models of different sizes in different poses. In the near term, they will reduce cataloguing spends by 30%, and reduce process times by 90%, claims the company.

“What Arvind and Amritendu are building today is a world-class, innovative, technology-led startup that can change the way consumers shop online. I’m excited to see how NeuroPixel.AI evolves and disrupts the online fashion ecosystem to pave the way for more intuitive solutions and much-needed disruption of the online customer experience,” said Esha Tiwary, general manager at EF India.

NeuroPixel.AI was also among the six startups selected for investment by the ISB D-Labs incubator, under their seed support programme in collaboration with the Department of Science and Technology. The startup has also been selected into the Huddle accelerator, which will commence from the closure of this round of funding.

With global spends on apparel cataloguing estimated to be roughly $7 billion today and growing at 16 per cent CAGR, and the virtual fitting room market valued at approximately $2.5 billion today and growing at 25 per cent CAGR, NeuroPixel.AI is confident of tapping into a large, high-value international market with their technology soon.