Flixstock India Pvt. Ltd, which runs a fashion-focussed image technology startup, has raised $2.5 million (approximately Rs 18.10 crore at current exchange rates) in a funding round.
The round has been led by Wavemaker Partners, an early-stage venture capital firm based in Los Angeles and Singapore. Others that participated in the funding include the Singapore-based Seeds Capital and the India-focussed Leo Capital, FlixStock said in a statement.
The Gurugram- and Los Angeles-based company will use the funds to open a generative artificial intelligence research centre in Singapore and expand its presence in the US.
“With FlixStock’s technology, products are now ready to go online in a matter of hours, instead of weeks. We offer a suite of solutions to help retailers create images in large scale, at a fraction of the existing costs,” Harindar Keer, founder at FlixStock, said.
Separately, Leo Capital founder and managing partner Rajul Garg said the firm was confident of committing again to FlixStock because of its technological infrastructure and operational achievements.
FlixStock, founded by Keer and set up in 2015, says it uses deep learning algorithms to create website-ready model images at scale without the need for cost-intensive photoshoots.
The company was previously in stealth-mode before formally beginning operations in 2018. It primarily provides its end-to-end image solutions for e-commerce companies and says it has expanded its global presence to over 60 retailers and seven offices in countries such as India, Singapore, the US, France, and Germany.
Deals in the AI segment
Overall investor and strategic interest in startups employing frontier technologies such as artificial intelligence and machine learning has risen in the past several years. Such startups are applying their platforms to several sectors, seeking to augment existing processes, bring down operating costs and allow for product innovation.
Last month, the Mumbai-based Triton Investment Advisors invested in CamCom, a deep learning-based startup focussed on quality assessment, defect and damage detection. The startup says it intends to become a top player in the quality assurance segment through its computer vision-based platform.
In January, field service automation startup Zinier Inc. raised $90 million (around Rs 638.52 crore) in a Series C funding round led by the US-based investment management firm ICONIQ Capital. Tiger Global Management, Accel, Founders Fund and the Nokia-backed NGP Capital were also among those that took part in the investment.
In December, AI-based voice conversations startup Observe.ai raised $26 million from a clutch of investors, including California-based VC firm Scale Venture Partners, Nexus Venture Partners, and Steadview Capital. In November, Cogniphi Technologies Pvt. Ltd, an AI-based cognitive technology startup, raised funding from UST Global Inc.