Image recognition start-up HyperVerge raises $1 million
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Bengaluru: HyperVerge Inc., a Silicon Valley-based start-up that uses image recognition to sort photos and videos on the cloud, said it raised $1 million in seed funding from US-based venture capital firms NEA, Milliways Ventures and Naya Ventures to expand its operations into the US.
The company, founded by Indian Institute of Technology Madras graduates, had developed technology for organising images by identifying people, places, scenes and events in them. It plans to launch a mobile application called Silver, which will help users automatically organise the images on their phone, identify and delete photos of poor quality and duplicate photos.
It hopes to expand through strategic partnerships and by growing its user base, with Dayakar Puskoor from Naya Ventures joining the board.
“Working with a budget of under Rs 6 lakh, we were able to create classifiers for identification of people, scenes, events and unique patterns in images,” Kedar Kulkarni, chief executive officer and co-founder of HyperVerge, said in a statement.
“They have strong ambitions and the potential to achieve them—the technology developed by the company can span out as useful applications for consumers, enterprises and developers,” said Kittu Kolluri, general partner at NEA.