AI Startup 'Simplismart' under-talks to raise 7 million from Accel


AI Startup 'Simplismart' under-talks to raise 7 million from Accel
Simplismart, an inventive generative AI startup, is all set to raise a new round led by Accel. The company with its headquarters in Bengaluru will join a growing number of generative AI startups that have received substantial funding this year, two people who are aware of this subject stated.
A source who requested anonymity stated, "Accel is leading $7 million round in Simplismart with backing from existing investors." The terms sheets have been received by Simplesmart, and the deal will soon be made public. 
Anicut Capital, Sunn91, First Cheque, and Shastra VC provided Simplismart with considerable funding in a seed funding round previously but the company did not disclose the transaction to the media. Simplismart, which was established in 2022 by Amritanshu Jain and Devansh Ghatak, enables businesses to manage the development lifecycle and construct a scalable AI system of production-grade quality without writing a single line of code. 
The company says that its platform lets experts and amateurs train and monitor ML models together on almost any data or use case. According to sources, the company will be worth about $35 million. 
The AWS ML Elevate program, which was launched in July 2023 by Accel and AWS, selected 35 generative Indian startups, including Simplismart. 
A new report by NASSCOM said that the quantity of generative AI intelligence startups in India has dramatically increased from 2021 to 2023. 
This can also be seen in the rise in startup funding since December 2023. More than half a dozen early-stage generative AI startups have raised nearly $100 million in funding in the past six months, according to data compiled by startup data intelligence platform TheKredible. Sarvam AI leads the pack with $41 million in Series A funding, followed by Ema and Neysa, which raised $25 million and $20 million in seed funding, respectively. Vodex, KonProz, Dubpro.ai, PlanckDOT, and Ayna are also on the list.