AI company ParallelDots bags $4.5M in series A round led by Btomorrow Ventures
- ByStartupStory | May 17, 2022
ParallelDots is one of the leading AI company works on image recognition tool that helps FMCG firms increase sales by executing in-store campaigns.
Founded by Angam Parashar, Ankit Narayan Singh, Muktabh Mayank Srivastava, ParallelDots has Raised $4.5 M in Series A funding round led by Btomorrow Ventures. Multipoint Capital, an existing investor, also took part in this round. Btomorrow Ventures is the corporate venture arm of BAT.
According to the press announcement, the investment would allow ParallelDots to gear up its product development pipeline and expand globally. ParallelDots will utilize the new funding to develop product innovations that are simple to use, use a harness and develop the Technology potential of AI to help CPG companies thrive and better manage digital disruption, according to the company. ParallelDots wants to hire new people and expand its workforce in all areas.
ShelfWatch, the company’s primary product, was released in 2018 to assist CPG producers and retailers improve retail execution and increasing sales. ParallelDots’ clientele has some of the world’s most well-known consumer goods companies from more than 20 countries.
The company is located in the United States, although it has a significant development center in India. ParallelDots specializes in Image Recognition and works with enterprises all around the world.
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