Gen AI startup Simplismart to raise $7 M from Accel in new round: Reports
Two people familiar with the situation told the media that Accel is leading a new funding round for Simplismart, a startup focused on generative artificial intelligence. This Bengaluru-based startup will become part of an expanding group of generative AI startups that have raised a respectable amount of capital this year.
“Accel is leading $7 million round in Simplismart with backing from existing investors,” said a source requesting anonymity. “Simplismart has received the term sheets and the deal is set to be public soon.”
Before, Anicut Capital, Sunn91, First Cheque, and Shastra VC provided seed funding to Simplismart; however, the company kept the agreement a secret from the press.
Simplismart, founded in 2022 by Amritanshu Jain and Devansh Ghatak, helps companies to manage the development lifecycle and create scalable, production-grade AI systems without writing a single line of code.
The platform allows both novices and experts to train and monitor machine learning models together on nearly any type of data or use case, according to the company.
The company is expected to be valued at approximately $35 million, according to sources.
While Simplismart did not respond to inquiries, Accel declined to comment on the story.
AWS and Accel selected 35 generative startups from India for the AWS ML Elevate program, which was launched in July 2023. Simplismart was included in the cohort.
The number of generative AI startups in India has more than doubled from 2021 to 2023, according to a recent NASSCOM study. The increase in funding for these kinds of startups since December 2023 is another indication of this.
In the last six months, over half a dozen early-stage generative AI startups have raised almost $100 million in funding, according to data compiled by the media. Sarvam AI is at the top of the pack, having raised $41 million in Series A, followed by $25 million raised in their seed round and $20 million raised by Ema and Neysa. Ayna, PlanckDOT, Vodex, KonProz, and Dubpro.ai are also on the list.
