Bengaluru-based SaaS company Simplismart has successfully raised $7 million in its Series A funding round, with Accel leading the investment, alongside contributions from Shastra VC, Titan Capital, and other investors.
This funding round, places the company’s valuation at approximately $35 million, according to insider sources.
The startup plans to allocate the funds toward expanding its research and development (R&D) efforts and accelerating its growth trajectory, as detailed in a recent press release.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart specializes in an AI-driven no-code machine learning platform. This innovative tool enables users to develop custom machine learning models utilizing their own data, thus empowering applications and decision-making without the need for coding skills.
Simplismart’s mission is to facilitate AI adoption among enterprises by delivering a high-performance, cost-effective platform that tackles common hurdles in enterprise AI implementation, including performance compromises and the intricacies of standardized workflows.
The startup is focused on addressing challenges such as excessive costs, low returns on investment (ROI), data privacy concerns, and the necessity for customization to minimize operational downtime.
In July 2023, AWS and Accel unveiled the AWS ML Elevate program, which selected 35 generative startups from India, including Simplismart as part of its inaugural cohort.