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ParallelDots raises $4.5 mn in Series A round led by Btomorrow Ventures

Firm will use proceeds for product innovations leveraging evolving technology, and harness the power of AI to help CPG makers grow and navigate digital disruption better

Startup | funding | Series A funding

BS Reporter  |  New Delhi 

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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 round. The company said in a press release that the $4.5 million 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 new talent and expand its team across all verticals.

Founded by Angam Parashar, Ankit Narayan Singh and Muktabh Mayank Srivastava in 2017, ParallelDots has one of the best artificial intelligence research teams in the world that is revolutionizing the world of retail-tech.

The firm is headquartered in the US with a major development centre in India. ParallelDots works with around the world and specialises in Image Recognition.

Its flagship product, ShelfWatch was launched in 2018, helping CPG manufacturers and retailers optimise retail execution and maximise sales. ParallelDots' clients include some of the leading CPG manufacturers in about 20 countries.

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First Published: Mon, May 16 2022. 20:01 IST