Flipkart Ventures to invest $500k in Mumbai-based AI post-production startup Algomage in a pre-series A funding round to fuel company’s growth and expansion plans.
Algomage provides professional AI tools and services for digital imaging to enterprises, retail industry and photographers. It’s cost-effective and fast delivery model is used to select pictures, edit and share them in real time. The company’s services are used across a wide range of sectors including large enterprises, retail industry, concerts, theme parks, schools, conferences, award shows, sports, cruises, Photographers Media Agencies, SMB, night clubs, among others.
In the recent past, Algomage has extended its services to events like Lollapalooza, Jio Wonderland, Bharat Jodo Yatra, Lakme Fashion Week, Akash Ambani’s wedding, Sonam Kapoor’s wedding, Gujrat Titan team for IPL matches among many more events. Algomage was one of the finalists on Shark Tank India.
Algomage aims to fill the gap in the Digital imaging industry where 90% of the time is spent on post production. It offers automated image processing and delivery via a suite of interconnected machine learning modules – Algocull, Agoedit, Algoshare. These modules are designed to not only cut short post production time but deliver the images real fast. Its modules are designed to analyse users’ suggestions, editing style and previous record to come up with better and faster images.
They use a combination of machine vision and deep learning tech to cut down image delivery time by 8x, boost image visibility by 15x and save thousands of dollars’ worth of human effort while at it. It has a record of near real time image sharing with 99.2% accuracy.
The proceeds from the latest funding will be used to expand its sales and marketing team to expand its reach and replicate what it has achieved in its home turf across geographies. The company is on track to achieve its business objectives along with its strategic roadmap.
Anand Rathi, Founder & CEO, said, “It’s truly an honor to be funded by some of the most respected investors. Algomage has been contributing significantly to the automate post production segment and has become a crucial element in the ecosystem. Association with Flipkart Ventures,, will go a long way in deepening relationships with all stakeholders in the Digital images ecosystem. This fundraiser will help expand the company’s operations into newer geographies and yield significant business growth and value in the future.”
He added that this infusion of capital will open up several opportunistic avenues for the company.
“We are eager to embrace what lies ahead. I am sure this development will motivate every member of Algomage and further ignite their zeal and enthusiasm to do better in the business.”
Rathi’s engineering background and vast experience in the photography world has helped him make strong strides in this segment.
Lubna Ahmed, Head of Flipkart Ventures, said, “Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart’s resources and guidance to bring their innovative ideas to life. We are pleased to invest in Algomage as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program.”
