AI-based solutions start-up Parallel Dots raises $1.4 million from Multipoint Capital
Parallel Dots plans to use the funds to expand the technology team, increase its global footprint through sales and marketing outreach and develop new products
New Delhi: Parallel Dots, a three-year old start-up developing artificial intelligence-based solutions for different industry verticals, has raised $1.4 million from US-based Multipoint Capital, the company said on Tuesday.
Multipoint Capital had earlier invested $600,000 in the company last year. Parallel Dots was launched in January 2014 and was incubated at TLabs, the start-up incubator managed by Times Internet.
Parallel Dots, which has offices in Gurugram and Delaware, US, is an applied AI research firm that licenses its technology to enterprise clients.
In an interview, co-founder Angam Parashar said the solutions are used by companies in financial technology, insurance, healthcare, and market research. Its clients are spread across India, Europe and the US.
While the technology has found varied use-cases, Parashar elaborated on two of them: text analytics and computer vision.
One of the solutions the start-up offers helps firms analyze and make sense of unstructured text, for instance in feedback of survey forms, and determine the user sentiment or flag it as spam. Another piece helps improve the quality of blurred and hazy pictures.
Parashar said Parallel Dots, having grown to a team of 35, has thus far operated in stealth mode and now plans to market its products and research.
It plans to use the funds from the latest round to expand the technology team, increase its global footprint through sales and marketing outreach and develop new products.
The start-up will focus on high-impact problems that can be solved using AI, he said.
Parallel Dots was started by Parashar along with his Indian Institute of Technology, Kharagpur batch-mate Ankit Narayan Singh, and Birla Institute of Technology and Science graduate Muktabh Mayank.