Generative artificial intelligence startup Simplismart is preparing to raise a new round of funding led by Accel, according to sources familiar with the matter. The Bengaluru-based company is poised to join the ranks of generative AI startups that have secured significant funding this year.
“Accel is leading a $7 million round in Simplismart with backing from existing investors,” a source requesting anonymity told Entrackr. “Simplismart has received the term sheets, and the deal is set to be public soon.”
Simplismart previously secured seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC, although these investments were not announced publicly.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build scalable, production-grade AI systems and manage the development lifecycle without writing any code. The company’s platform allows both amateurs and experts to train and monitor machine learning models collaboratively on various types of data and use cases.
Sources indicate that Simplismart’s valuation will be around $35 million following this funding round.
Accel declined to comment on the story, and queries sent to Simplismart did not elicit a response.
In July 2023, AWS and Accel launched the AWS ML Elevate program, which selected 35 generative AI startups from India, including Simplismart.
A recent study by NASSCOM highlighted that the number of generative AI startups in India has more than doubled from 2021 to 2023, reflected in the surge of funding for such startups since December 2023.
