Bengaluru-based AI startup Parentof has raised $1 Mn in a seed funding round led by V Srinivas and other existing investors. With this, total funding raised by Parentof is $2 Mn.
The funds will be used towards further evolving their technology, as well as expanding their partner network.
Swaroop Madhavan, founder and CEO, Parentof said that with fresh funds, they will also be piloting a system, which can help parents discover and engage with experts and services (paediatricians, psychologists, hobby classes, sports coaching, etc.) based on the unique growth needs of their child.
Founded in 2015 by Swaroop Madhavan, Dr. Manohar Chikkanna and Dhananjay Prabhu, Parentof uses artificial intelligence for its ARC Engine (analysis, recommendation, and curation) platform. It claims to have impacted over 2 Lakh children and is supported by over 500 schools.
The ARC engine uses next-gen technologies such as AI and machine learning with the knowledge of a child specialist to identify and assess each child’s unique growth and developmental journey. The company’s product— Mai — gets the information about a child from parents and then recommends methods to improve the child’s skills and abilities. The platform also helps parents experience anxiety free parenting through decision sciences.
The company aims to help a million parents across India, by 2020. At present, the company claims to have a revenue of $500K, and aims to reach $1.5 Mn revenue in 2020.
Parentof had recently acquired Pupilpod, an education management platform from Value Point Group. It believed that this will help in enhancing the ARC engine’s capabilities and make AI personalised for every child.
Madhavan said, “The acquisition has provided us with 250 million data points to train our machine learning system, and draw anonymised patterns of child and parent behavior. This is a big step forward in our goal of creating an AI which truly understands how to help a parent.”
The company claims to serve over 500 partners which include schools, vocational institutions, and e-Learning platforms. It is aiming to increase partner base to over 1000 in the next 12 months.
“Interestingly, we have been able to run successful O2O models building a great experience for partners and parents alike. Especially considering how parenting decision are being fuelled extensively by online reviews and expert opinions, we are one of the few startups focused on creating a new system to sustain healthy parenting e-habits,” he added.
Today, parenting has been the focus of the technology revolution as startups identify the need for communication and support for parents and kids alike.
India has been slowly coming to terms with the potential market capabilities of women who account for 48% of its 1.3 Bn population. Some of the players in parenting network include Healofy, BabyChakra, Parentune, MamaEarth etc.