Deep-Learning startup by IIT-M grads announce seed funding
HyperVerge, a deep-learning startup by IIT-Madras graduates, announced that it has raised a million dollars in seed funding from several US venture capital firms, including NEA, Milliways Ventures and Naya Ventures.
HyperVerge uses the technology of deep-learning to analyse and organize photos across all devices. This capital will enable HyperVerge to expand into the U.S. and position itself as a strong contender in the space of image recognition.
The company, founded in 2014, started as a student R&D group at IIT Madras. During their time at the institute, the team represented India in several international robotics competitions. They also developed several computer vision and machine-learning solutions for manufacturing automation. The team started working on a prototype for their innovative cloud-based image recognition technology while at IIT Madras’ Incubation Cell. They developed patent-pending technology for organization of images by identification of people, places, scenes and events in images. With advisors from MIT Media Labs and the IIT Alumni community, the team has now been able to attract multiple investors from the Silicon Valley.
With seed funding from NEA, Milliways Ventures and Naya Ventures, HyperVerge plans to rapidly grow their technology and platform on a global scale. This expansion will be achieved through strategic partnerships and rapid user growth for their consumer application in the US and Indian market. Dayakar Puskoor from Naya Ventures has also joined the Board to mentor the young team.
“Working with a budget of under 6 lakhs, we were able to create classifiers for identification of people, scenes, events and unique patterns in images,” said Kedar Kulkarni, CEO and co-founder of HyperVerge. “IIT Madras’ Incubation Cell and Alumni community have provided tremendous support to our team. With our core team and investors in place, we believe that our image recognition technology can be the foundation for several breakthrough consumer applications in the near future.”
“The innovation we’ve seen from HyperVerge has been extremely impressive,” said Kittu Kolluri, General Partner at NEA. “They have strong ambitions and the potential to achieve them – the technology developed by the company can span out as useful applications for consumers, enterprises and developers. We are thrilled to partner with HyperVerge to bring innovative deep-learning solutions to users and prospective partners.”
Their upcoming mobile application (Silver) will help users automatically organize all the images on their phone. It utilizes deep-learning and convolutional neural networks to recognize, classify and process vast amounts of image data. These systems accurately recognize faces, scenes, documents, business cards and other patterns within images to categorize photo albums based on context. They also assist in identification and deletion of poor quality photos, duplicates and other unwanted photos.
Source: Deep-Learning startup by IIT-M grads announce seed funding
Via: Google Alert for Deep Learning