SaaS startup Simplismart raises $7 Mn in Series A funding

Entrackr · 8m

Bengaluru-based SaaS startup Simplismart has secured $7 million in a Series A funding round led by Accel, with participation from Shastra VC, Titan Capital, and others. Entrackr exclusively reported about the funding in July this year. As per sources, the company will be valued at around $35 million. The proceeds will be used to expand research and development (R&D) initiatives and accelerate growth, Simplismart said in a press release. Co-founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart offers an AI-based no-code machine learning platform that allows users to train custom machine learning models using their data, powering applications and decisions without writing code. Simplismart aims to simplify AI adoption for enterprises by providing a high-performance, cost-effective platform that addresses common challenges in enterprise AI deployment, such as performance trade-offs and the complexities of standardized workflows. The startup seeks to eliminate issues related to high costs, poor ROI, data privacy, and the need for customization to avoid downtime. In July 2023, AWS and Accel launched the AWS ML Elevate program which selected 35 generative startups from India and Simplismart was a part of the cohort.