Bangalore-based Mate Labs, an artificial intelligence (AI) based startup that focuses on providing easy solutions for non-developers and businesses, has announced raising $550,000 in pre series-A funding led by Omphalos Ventures India.
The other investors who participated in this round include Eagle 10 Ventures, 91Springboard, Deepak Sharma (ex-Chairman of Citi Bank), Khattar Holding, Sumit Sinha and Tejan Timblo among others.
Founded in 2016, by Kailash Ahirwar and Rahul Vishwakarma, Mate Labs aims to democratise Machine Learning and Deep Learning by making it available for one and all irrespective of whether a user knows how to code or not.
In its bigger goal, the early-age AI startup has built an “Emotional AI” and contextually aware search engine called MateVerse. Mateverse is a Machine Learning Platform for dummies, and enthusiasts who want to get a first hand experience of building custom Machine Learning models, without writing a single line of code, saving an enormous amount of time.
Metaverse also works with IFTTT so that one can automatically set up models to run based on conditional statements. Working with Metaverse is quite similar to Yahoo! Pipes of past, which too did not require coding skills and worked by enabling users to “pipe” information from different sources and then set up rules for how that content should be modified. Yahoo! Pipes shut down in 2015.
“We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models,” said CEO and co-founder, Mate Labs, Rahul Vishwakarma.
“We are excited and humbled by this new move, and will be focusing on putting all the resources in our upcoming project,” added Vishwakarma.
Both the co-founders are engineering graduated from Maulana Azad National Institute of Technology, Bhopal.
Mate Labs built this platform through their proprietary technology which makes the automation possible. The team have spent months developing a technology which is intelligent in itself and also keeps learning how to do the defined tasks even better – something that was unknown in the BI and Analytics domain.
“We believe that this is a gap offers up a huge white space. And, Mate Labs is well positioned to filling some of these critical gaps. What they have built is truly transformative,” said Omphalos Ventures. In May, Omphalos had invested undisclosed amount in Pre-Series A funding round of FreightBazaar, a Hyderabad-based startup that connects Truck suppliers with Truck users online.
“We are very happy to join hands with MateLabs’ team in their journey. Machine learning models for businesses currently limited to those who can afford a team of Data Scientists. MateLabs is changing this model. All business decision makers can leverage their platform, to build, train and deploy their models in simple steps,” said Pramod of Eagle10 Ventures.
“Mate Labs is one of those companies with a great combination of pushing the envelope in tech and a strong-willed founding team. That trait, with this round of investors, sets Mate Labs in a great direction for the future,” said Tak Lo, Zeroth.
[Top Image – Mate Lab’s co-founders Rahul (left) and Kailash | Credit – techinasia.com]