AI Startup Octo.ai Raises $200K
Artificial Intelligence Reaches the Next Level!
About the funding
Founded by Akshaya Aaron and Dipankar Sarkar, a Delhi-based AI startup, Octo.ai recently raises $200K from early stage investor Outbox Ventures, Rahul Khanna, managing partner of venture debt fund Trifecta Capital and Jaspreet Bindra, head of e-commerce at Mahindra & Mahindra. Arjun Malhotra and Rohan Malhotra of Investopad, Sidharth Rao, co-founder of WebChutney and US-based angel Rakesh Agrawal were among the other investors who participated in the round. The startup plans to use the funds for enhancing technology.
Octo.ai (Aurora Borealis Pvt. Ltd) is an open-source analytics platform built for machine learning. It helps companies to retain their data and apply machine learning to power real-time insights, recommendations and personalized feeds on their platform. Personalized push messages play a vital role in creating more active users and a greater engagement. Octo has built in an advanced rule engine and a routing mechanism to handle marketing communication. Moreover, the platform lets marketplaces power their seller analytics. The system can provide sellers with recommendations for products and insights on how their products are doing.
The basic platform comes free of cost, Octo will charge companies for customizations or hosted solutions of their open-source offering and consult. Octo looks forward to pushing the internet marketing to the next level, where the machines are autonomously taking actions based on the user behavior insights. Currently, the available tools are used by marketing teams to make inferences and perform actions. An artificial intelligence should perform these actions as it will be more efficient and obviously more personalized.
By 2016 end, the startup plans to target 100 clients.
How far is the Indian AI market expected to go? Please share your thoughts in the comments section below.
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