Key Takeaways
- • Simplismart, a Bengaluru-based generative AI startup, is raising $7 million in Series B funding led by Accel Partners with backing from existing investors, valuing the company at approximately $35 million.
- • Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart operates a no-code platform enabling businesses to build production-grade AI systems and manage ML model development lifecycles without coding expertise.
- • The startup was previously selected for AWS and Accel's AWS ML Elevate program in July 2023, positioning it within a cohort of 35 generative AI startups from India.
- • Simplismart's prior seed-stage backers included Anicut Capital, Sunn91, First Cheque, and Shastra VC, with this Series B round marking a significant step toward institutional capital validation.
- • The fundraise reflects broader momentum in India's generative AI sector, where the number of AI startups has more than doubled between 2021 and 2023, with funding acceleration following December 2023.
Summary
Simplismart, a generative artificial intelligence startup based in Bengaluru, is closing a Series B funding round of $7 million led by Accel Partners, according to sources familiar with the matter cited by Entrackr. The round includes participation from the company's existing investors, and the startup is expected to achieve a post-money valuation of approximately $35 million upon close. Both Accel and Simplismart declined to comment on the announcement.
The company, founded in 2022 by Amritanshu Jain and Devansh Ghatak, provides a no-code platform that allows businesses to build scalable, production-grade AI systems and manage machine learning model development lifecycles without requiring engineering expertise. According to the company's positioning, the platform enables both amateur and expert users to train and monitor ML models collaboratively across diverse data types and use cases, democratizing access to enterprise-grade AI infrastructure.
Simplismart's fundraising trajectory began with seed-stage backing from Anicut Capital, Sunn91, First Cheque, and Shastra VC, though these earlier rounds were not publicly disclosed. The startup gained further institutional validation when it was selected as part of the AWS ML Elevate program, a joint initiative launched by AWS and Accel in July 2023 that identified 35 generative AI startups from India. This selection signals alignment with major cloud infrastructure players and established venture capital, strengthening the startup's positioning in a competitive market.
The funding round occurs within a context of rapid expansion in India's generative AI ecosystem. According to research from NASSCOM, the number of generative AI startups in India more than doubled between 2021 and 2023, with funding activity notably accelerating since December 2023. Simplismart's Series B close represents part of this broader investment wave in India-based AI infrastructure and tooling companies targeting enterprise customers.
The company, founded in 2022 by Amritanshu Jain and Devansh Ghatak, provides a no-code platform that allows businesses to build scalable, production-grade AI systems and manage machine learning model development lifecycles without requiring engineering expertise. According to the company's positioning, the platform enables both amateur and expert users to train and monitor ML models collaboratively across diverse data types and use cases, democratizing access to enterprise-grade AI infrastructure.
Simplismart's fundraising trajectory began with seed-stage backing from Anicut Capital, Sunn91, First Cheque, and Shastra VC, though these earlier rounds were not publicly disclosed. The startup gained further institutional validation when it was selected as part of the AWS ML Elevate program, a joint initiative launched by AWS and Accel in July 2023 that identified 35 generative AI startups from India. This selection signals alignment with major cloud infrastructure players and established venture capital, strengthening the startup's positioning in a competitive market.
The funding round occurs within a context of rapid expansion in India's generative AI ecosystem. According to research from NASSCOM, the number of generative AI startups in India more than doubled between 2021 and 2023, with funding activity notably accelerating since December 2023. Simplismart's Series B close represents part of this broader investment wave in India-based AI infrastructure and tooling companies targeting enterprise customers.
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