Mate Labs raises $550,000 from Omphalos Ventures India, others

Mate Labs, an artificial intelligence-based start-up, Monday said it has raised USD 550,000 in funding led by Omphalos Ventures India LLP.

The pre-series A round of funding also saw participation from other investors, including Eagle 10 Ventures, 91Springboard, Deepak Sharma (ex-Chairman of CITI Bank), Khattar Holding, Sumit Sinha and Tejan Timblo among others, it said in a statement.

"We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models... Mate Labs took up the task of creating something so easy to use, that there isn't a need to code," Rahul Vishwakarma, CEO and co-founder of Mate Labs, said.

The Bengaluru-based start-up is currently focused on developing their SME and enterprise business pipelines for banking, financial services and insurance (BFSI) and retail sectors.

"Our singular focus at the moment is to build and grow the business. Therefore, a significant portion of this funding will go into hiring the right talent in terms of engineers, marketers, and business developers to accelerate our business growth. We are also investing in R&D to ensure our customers get the best in the business in terms of technology innovation," he said.

The company's flagship product - Mateverse - offers advanced data analytics platforms, catering to enterprises for private and on-premise deployments. Over the course of the next few months, the company will be launch the public version of the platform to handle increased and diverse requirements of its existing and new clients, Vishwakarma said.

"We will also be expanding our product line-up with the sole objective of significantly reducing the time taken by data analytics teams to create a solution," he added.