ParallelDots, Inc, a leading artificial intelligence company that offers advanced image recognition solutions to CPG (consumer packaged goods) manufacturers and retailers, has completed its Series A funding round. The company said in a press release that the $4.5 million funding was Led by Btomorrow Ventures, with participation from the firm's existing investor Multipoint Capital. Btomorrow Ventures is the corporate venture arm of BAT.
The release said the investment will help ParallelDots accelerate its product development roadmap and fuel global expansion. It added that ParallelDots will use the fresh capital for product innovations that bring simplicity, leverage evolving technology, and harness the power of artificial intelligence to help CPG manufacturers grow and navigate digital disruption better. ParallelDots aims to invest in