Delaware- and Gurgaon-based ParallelDots, Inc., an artificial intelligence (AI) and deep learning solutions provider, has raised $1.4 million (about Rs 9 crore) in fresh funding from existing investor Multipoint Capital LLC, it said in a statement.
Angam Parashar, co-founder and CEO of the three-year-old startup, said it will use the funds to ramp up technology, expand operations, and to meet its working capital requirements.
The latest round takes the total funding raised by the company to $2 million (over Rs 13 crore). In April last year, it had raised $600,000 from Multipoint, the statement added.
“The company fits our interest in making selective early-stage venture investments in significant emerging technologies,” said Gayatri Sondhi, managing director of Multipoint Capital.
US-based Multipoint Capital typically invests in early-stage ventures operating in the emerging technologies space. It was founded in 2000 by former partners at Boston Consulting Group.
Founded in 2014 by Parashar, Ankit Narayan Singh and Muktabh Mayank Srivastava, ParallelDots offers AI-based application programming interfaces (APIs) to analyse large amounts of unstructured textual content. The company was part of the spring 2014 batch of TLabs, the startup incubator run by Times Internet Ltd (TIL).
ParallelDots offers users an idea of the social sentiment of the brand, product or service while monitoring online conversations. Besides, its APIs also help in multilingual analysis, keyword generation, text classification, entity extraction, and semantic, emotion and intent analysis.
The company counts NASSCOM, The Indian Express, Vidooly and news app Inshorts among its customers, according to information on its site.
An IIT Kharagpur alumnus, Parashar has earlier worked at Opera Solutions and Ecozen Solutions. Co-founder Singh, who is also an IIT Kharagpur graduate, has earlier worked with mining and metals giant Rio Tinto. Srivastava, the third co-founder, is a BITS graduate and has earlier worked at Packt publishing and Algoscale Technologies.