Gurugram-based deeptech startup FlixStock has raised $2.5 Mn in a funding round led by early-stage venture capital firm Wavemaker Partners. Singapore-based Seeds Capital and Leo Capital also participated in the funding round.
With the recently raised funds, FlixStock is planning to open a research centre in Singapore which will enhance its artificial intelligence (AI) based image creating platform. FlixStock, which also has an office in Los Angeles, is also planning to ramp up its presence in the US as well.
Founded by Harindar Keer, FlixStock helps its clients create catalogue images based on their products. The company leverages AI to automate the selection of photography for products. The deep learning algorithms of FlixStock create model images which can be uploaded on major ecommerce websites. All of this happens without the huge costs that are typically associated with commercial photo shoots.
Flixstock claims that a product photo is made available to its customers within two hours which otherwise can take over a full day. “FlixStock offers a suite of solutions to help retailers create images in large scale, at a fraction of the existing costs,” CEO Keer was quoted as saying by VCCircle.
The company offers products such as Flixshoot, Flixedit, Flixmodel, Flixbag, Flixtag, and Flixsocial, which help in creating ecommerce-ready catalogues and images at comparatively lower prices and saves time for sellers.
While the company was founded in 2015, it started its operations in 2018. It claims to have over 60 retailers as its clients. Besides India and the US, the company is also operating in Singapore, France, and Germany.
A recent study by Accenture estimates that AI applications could add $957 Bn to the Indian economy with the potential to increase the country’s total income by 15% by 2035. In India, AI is been used in almost every segment and with startups bringing unique propositions with this technology, its adoption is going to further increase in the future.
Moreover, investors and large corporates have also shown the appetite to partner with such tech startups to stay ahead of the curve as tech penetration and adoption increases. Recently, AI-based wealth management platform Krystal.AI bagged $6 Mn in Series A round from Chiratae Ventures (formerly IDG Ventures India), and Desai Family Office. In December 2019, Voice AI platform Observe.AI raised $26 Mn in Series A round led by Scale Venture Partners.