Simplismart, a Bengaluru-based startup specializing in generative artificial intelligence, is gearing up to secure a new round of funding led by Accel, according to sources familiar with the matter. The startup will join a growing list of companies in the generative AI sector that have seen significant funding activity this year.
Accel is reportedly leading a $7 million funding round in Simplismart, with participation from existing investors. The deal, which has received term sheets, is expected to be finalized and publicly announced soon. Previously, Simplismart raised seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build scalable AI systems for production without the need for coding. Their platform allows both beginners and experts to collaboratively train and monitor machine learning models across diverse data types and use-cases.
In July 2023, Simplismart was selected as part of the AWS ML Elevate program, a collaboration between AWS and Accel aimed at supporting generative AI startups in India. A recent study by NASSCOM highlights a substantial increase in the number of generative AI startups in India from 2021 to 2023, with a corresponding surge in funding since December 2023.
According to data, more than half a dozen early-stage generative AI startups have collectively raised nearly $100 million in funding over the past six months. Sarvam AI leads the pack with $41 million in Series A funding, followed by Ema and Neysa with $25 million and $20 million respectively in seed funding.
