Led by Accel, the round also saw participation from Shastra VC, Titan Capital, among others
The startup plans to utilise the fresh capital to expand its research and development (R&D) initiatives and accelerate growth
Founded in 2022, Simplismart enables enterprises to simplify AI adoption by offering a high-performance and cost-effective platform
Bengaluru-based SaaS startup Simplismart has raised $7 Mn in its Series A round led by Accel. The round also saw participation from Shastra VC, Titan Capital, among others.
The startup plans to utilise the fresh capital to expand its research and development (R&D) initiatives and accelerate growth.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart aims to simplify AI adoption for enterprises by offering a high-performance, cost-effective platform for deploying machine learning models.
The company’s platform is designed to address challenges in enterprise AI adoption such as performance tradeoffs and make AI-powered projects more viable.
Underlining the growing need for enterprises to manage AI workloads, cofounder and CEO Jain said, “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”.
The fundraise comes at a time when the homegrown B2B AI space is witnessing a lot of traction from the investors recently. Earlier this month, platform-as-a-service (PaaS) startup Data Science Wizards secured seed funding from a host of undisclosed investors.
In April, another AI-focussed enterprise tech startup Assert AI secured INR 30 Cr funding in its Series A round from Latent View’s Ramesh Hariharan, Prashant Purker of ICICI Ventures, Arya.ag and others to offer integrated AI-powered B2B solutions.
A month later in May, martech startup Highperformr.AI bagged $3.5 Mn in a seed funding round led by Venture Highway to build its native AI capabilities and expand distribution network.
As per an Inc42 report, India is currently home to over 100 generative AI (GenAI) startups that raised over $600 Mn in funding between 2019 and first half (H1) of 2024. Leading from the front are the likes of Ola-owned GenAI unicorn Krutrim and SarvamAI.
