Ecommerce Giant Flipkart Backs Deeptech Startup NeuroPixel.AI

Deeptech startup NeuroPixel.AI has raised INR 2.3 Cr ($299K) in its pre-Series A round from ecommerce giant Flipkart. Post the fundraising, NeuroPixel.AI is valued at $5.8 Mn (INR 46.39 Cr).

NeuroPixel.AI has issued 876 pre-Series A1 compulsorily convertible preference shares (CCPS) at a price of INR 27,194 apiece to Flipkart India Pvt Ltd, according to the former’s regulatory filings. 

Besides this, NeuroPixel.AI has also issued 1,250 employee stock options as part of its employees stock option plan (ESOP 2022). 

Founded in 2020 by Arvind Nair and Amritendu Mukherjee, NeuroPixel.AI deploys advanced AI/ML and statistical learning theory in computer vision and image processing area for online retail storefronts. It plans to offer AI-enabled fashion cataloging, synthetic model generation and virtual try-ons. The Bengaluru-based deeptech SaaS startup startup is yet to launch its services which will be offered to ecommerce companies, according to its website. 

Last year, NeuroPixel.AI secured $825K in a seed funding round led by Inflection Point Ventures. The round also saw participation from Entrepreneur First, Huddle, Dexter Angels and Rishaad Currimjee. 

In August this year, Flipkart’s investment division Flipkart Ventures announced that it would infuse $500K in six startups as part of its accelerator program, Flipkart Leap Ahead. NeuroPixel.AI was one of the startups shortlisted for it.

NeuroPixel.AI will compete with the likes of OSlash, Chargebee, and SaaS Labs, among others. 

According to a Bain report, the Indian SaaS industry is likely to become a $30 Bn market by 2025. It will account for 8-9% share of the global SaaS market. 

The Indian SaaS industry has seen a slew of fundraises in 2022 so far. While Toplyne raised $15 Mn in Series A funding in May, BarRaiser also raised seed funding of $4.2 Mn in the same month. Meanwhile, WebEngage bagged $20 Mn in its Series B funding round in August this year.