BANGALORE, India, Sept. 30, 2020 /PRNewswire/ -- Infilect, a Retail Visual Intelligence SaaS provider to the worldwide Retail Industry, today announced a $1.5 million pre-series A financing led by Mela Ventures and 1Crowd, with participation from The Chennai Angels (TCA). With the investment, Infilect will expand its go-to market programs, and will continue to invest in the areas of Image Recognition (IR) for retail execution, supply-chain optimization, store personalisation, and category planning.
Infilect was started by Anand Prabhu Subramanian (former Bell Labs and IBM Research) and Vijay Gabale (former IBM Research, PHD IIT Bombay), with the vision of digital transformation of worldwide retail through Image Recognition (IR) and Artificial Intelligence (AI). In the past 18 months, Infilect has super-charged decision making in some of the global Retail Brands in FMCG, Consumer Electronics, Food & Beverages, Home Improvement sectors across geographies.
"Globally today, Retail Brands lack visibility into presence, placement, positioning, and performance of retail products across a large number of retail stores. The final frontiers, the retail shelves, largely remain undigitized, resulting in out-of-stocks and overstocking; a trillion dollar inefficiency worldwide," said Anand Prabhu Subramanian, CEO and co-founder of Infilect. "InfiViz, our flagship product, leverages IR & AI to process pictures of retail shelves from thousands of retail stores in Modern Trade and General Trade markets. InfiViz instantly generates revenue optimising action plans, reduces stock-outs, and consequently, improves same-store sales by 2% to 5%."
"We are excited to be partnering with Mela Ventures, 1Crowd, and TCA. The investment and mentorship will help us build cutting-edge Deep Technology products and boost our enterprise sales in global markets," added Vijay Gabale, CTO and co-founder of Infilect.
"Infilect's products automate traditional retail processes with speed, accuracy, and on a large scale. Thereby, Infilect empowers decision makers in the entire organization, from associates to category owners to sales leaders, with unprecedented insights and actions. We see a great potential in 'team Infilect' to build a world-class Enterprise SaaS company out of India, and we are thrilled to be partnering with Anand and Vijay through our maiden investment," said Parthasarathy N.S, Managing Partner, Mela Ventures.
"Computer Vision technology has the potential to unlock significant value in the retail sector in the areas of retail execution, customers insights and marketing. We are pleased to see Infilect gain confidence of Indian as well as global consumer brands. We are excited to be supporting Anand and Vijay in their quest to digitally transform retail operations worldwide," said Girichandra Kuchangi, Partner, 1Crowd.
"For superior delivery of retail products across multiple channels, Retail Brands need deep insights from visual data in offline stores. Infilect's founders have unique research and technology background to create magical experiences and extract meaningful actions from visual data captured in diverse retail environments," added Lakshmi Narayanan, Co-Founder, Cognizant and a Chennai Angel investor. In conjunction with the investment round, Rostow Ravanan, an IC Member of Mela Ventures, will be joining Infilect's board of directors.
Infilect is an Enterprise SaaS provider for retail manufacturers, retail brands, and retailers. With innovations In Image Recognition and AI, Infilect's products empower the retail industry with unprecedented visibility into omni-channel sales, in-store merchandising and store operations. Infilect is trusted by global customers and partners, and is backed by Mela Ventures, 1Crowd, The Chennai Angels. Infilect is part of Nasscom Deep Tech Club, Intel India's Maker Lab Program, IITB-SINE's Plugin Accelerator, and NVIDIA's Inception program. For more information, visit https://www.infilect.com.
About Mela Ventures
Mela Ventures Trust is a SEBI-approved AIF Category-2 fund for the early stage companies. With a goal to build next-gen entrepreneurs, the fund focuses on building a portfolio in areas, such as AI/ML, AR/VR, IoT, Cloud Migration and Deep Technologies. Mela Ventures was founded by Industry veterans, Krishnakumar Natarajan and Parthasarathy NS who have co-founded Mindtree and taken it from a startup to a multi-billion- dollar market cap enterprise.
1Crowd is an early-stage venture capital fund and an angel platform that offers an institutionalized approach to investing in start-ups. Over the last 5 years, 1Crowd has created a unique ecosystem that brings together accredited investors and mentors with rich experience and expertise, to support founders at various stages of their start-up journey. 1Crowd manages investments of over â‚ą 100 crores in 31 exciting start-ups across sectors ranging from enterprise-tech and deep-tech to B2C. The targeted AUM of its maiden sector-agnostic fund from which it is currently investing is â‚ą 75 crores. For more information, visit https://www.1crowd.co/.
The Chennai Angels (TCA), is one of India's most active angel investing groups. Founded in the year 2007, it is comprised of successful entrepreneurs and business leaders with a track record of starting and scaling large enterprises. Additionally, several seed and venture capital firms hold institutional membership in the group. TCA portfolio companies benefit from the collective expertise and rolodex of its members.