Bengaluru-based Generative AI Startup Simplismart Secures $7M Funding Led by Accel
Simplismart, a Bengaluru-based generative artificial intelligence startup, is set to raise $7 million in a new funding round led by Accel, according to sources familiar with the matter, Entrackr reports. This positions Simplismart among the rising number of generative AI startups securing significant investments in 2024.
“Accel is spearheading a $7 million round for Simplismart, with support from existing investors,” revealed a source wishing to remain anonymous. “The term sheets have been issued, and the deal will be announced soon.”
Simplismart previously received seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC, though these investments were not publicly disclosed. Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart empowers businesses to develop scalable, production-grade AI systems and manage the entire development lifecycle without coding. The platform is designed to accommodate both novices and experts in training and monitoring machine learning models across various data types and use cases.
Sources estimate Simplismart’s valuation to reach approximately $35 million. Accel declined to comment, and Simplismart has not responded to queries.
In July 2023, Simplismart was selected for the AWS ML Elevate program, launched by AWS and Accel, which included 35 generative AI startups from India.
According to a recent NASSCOM study, the number of generative AI startups in India has more than doubled from 2021 to 2023, correlating with a surge in funding for these startups since December 2023. Data from startup intelligence platform TheKredible indicates that over half a dozen early-stage generative AI startups have collectively raised nearly $100 million in the past six months. Sarvam AI leads with $41 million in Series A funding, followed by Ema and Neysa with $25 million and $20 million in seed rounds, respectively. Other notable startups include Vodex, KonProz, Dubpro.ai, PlanckDOT, and Ayna.