Generative artificial intelligence startup Simplismart is poised to raise $7 million in a new funding round led by Accel, according to two sources familiar with the matter. The Bengaluru-based startup is joining a growing number of generative AI companies securing significant investments this year.
“Accel is leading a $7 million round in Simplismart with backing from existing investors,” said a source requesting anonymity. “Simplismart has received the term sheets and the deal is set to be public soon.”
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart empowers businesses to build scalable, production-grade AI systems and manage development lifecycles without writing any code. The platform allows both amateurs and experts to collaboratively train and monitor machine learning models on various types of data and use cases.
The company, previously backed by Anicut Capital, Sunn91, First Cheque, and Shastra VC in an undisclosed seed round, will now be valued at approximately $35 million, sources added.
Accel declined to comment on the story, and Simplismart has yet to respond to queries.
In July 2023, Simplismart was selected for the AWS ML Elevate program, a joint initiative by AWS and Accel, which included 35 generative AI startups from India.
A recent study by NASSCOM highlighted that the number of generative AI startups in India has more than doubled from 2021 to 2023, with a significant increase in funding for these startups since December 2023.