SaaS Startup Simplismart Secures $7 Mn (Around INR 59 Cr), Round Was Led by Accel, To Streamline AI Adoption

Manvendra HadaOctober 18, 2024

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Three points you will get to know in this article:

Accel led the funding round, which also included participation from Shastra VC, Titan Capital, and others.
Startup intends to use the extra funding to enhance its R&D projects and accelerate growth.
Simplismart, founded in 2022, helps organizations simplify AI adoption by providing a high-performance and cost-effective platform.

Saas Startup Simplismart Bagged $7 Mn (Around INR 59 Cr) In Series A Round, Aims Big

Simplismart, a Bengaluru-based SaaS business, has raised $7 million (Around INR 59 Cr) in its Series A round, headed by Accel. Shastra VC, Titan Capital, and other investors also participated in the round.

The business intends to use the new funding to extend its research and development (R&D) projects and expedite expansion.

What Does Simplismart Do?

Simplismart, founded in 2022 by Amritanshu Jain and Devansh Ghatak, seeks to simplify AI adoption for organizations by providing a high-performance, cost-effective platform for building machine learning models.

The platform is intended to address issues with enterprise AI adoption, such as performance compromises, and to make AI-powered projects more practical.

Cofounder and CEO Jain emphasised the growing need for enterprises to manage AI workloads, saying, “It’s because enterprises struggle with four bottlenecks: lack of standardised workflows, high costs leading to poor ROI (return on investments), data privacy, and the need to control and customise the system to avoid downtime and limits from other services.”

Latest Funding Developments in Indian B2B AI Sector

The fundraise comes at a time when the indigenous B2B AI field is gaining traction among investors. Data Science Wizards, a platform-as-a-service (PaaS) firm, raised seed money earlier this month from an undisclosed number of investors.

In April, another AI-focused enterprise tech firm, Assert AI, raised INR 30 crore in a Series A investment from Latent View’s Ramesh Hariharan, Prashant Purker of ICICI Ventures, Arya.ag, and others to provide integrated AI-powered B2B solutions.

A month later, in May, martech firm Highperformr.AI raised $3.5 million in a venture round headed by Venture Highway to develop its native AI capabilities and distribution network.

According to a report, India presently has over 100 generative AI (GenAI) businesses that have collected more than $600 million in funding between 2019 and the first half (H1) of 2024. Krutrim, an Ola-owned GenAI unicorn, and SarvamAI are leading the way.