Light Information Systems, an artificial intelligence-based platform, has raised $5.4 million in its Series A round of funding led by Pavestone Capital.
The company will utilise the capital to boost R&D to maintain the tech advantage, build its partner ecosystem, and engage businesses globally.
The company has developed no code AI platform E42 to automate complex, time-consuming, and resource-intensive processes so that they no longer require human intervention.
The Pune-based startup, launched in 2012 by Animesh Samuel and Sanjeev Menon, makes process-centric and people-centric automation easier across verticals by driving human-like cognition across these processes. The platform has been recognised by industry giants like Microsoft, SAP, Oracle, IDC, NVIDIA, NASSCOM, SaaSBhoomi, etc.
“We want to help these organisations in mapping out this strategy with the help of our multifunctional cognitive agents / AI Co-worker which will help these businesses succeed by optimising profits while reducing time-consuming and difficult processes,” said Samuel.
Pavestone Capital is said to have hit the road to raise corpus to invest in companies operating in the deep technology domains that will provide products, platforms and solutions, largely to the B2B segment across sectors. Pavestone Technology Fund is a INR 500 crore SEBI registered fund. They partner with growth stage firms building enterprise-focused platforms/products and leveraging deep technology for sustainable value creation. The fund team intends to provide significant operational & strategic support and not just financial investments to their portfolio companies.
Companies in the AI space have secured cheques of various sizes in recent months from both institutional and strategic investors. Earlier this month, Extrapolate Advisors Pvt Ltd, which runs the Kolkata-based AI startup Data Sutram, has raised funding for an undisclosed amount from the IIFL Fintech Fund.
Also other AI-based startups which secured funding include aautomated security platform for homes and enterprises 56 Secure, data analytics firm Tredence Inc, marketing cloud startup Pyxis and medical records platform HealthPlix Technologies Pvt Ltd.