Mumbai-based artificial intelligence (AI) startup Arya.ai has raised $750,000 (around Rs 5 cr) in pre-Series A round of funding from YourNest Angel Fund and VentureNursery members.
The company will use the funds to accelerate product development, it said in a statement.
Arya.ai was started by IIT Mumbai researchers Vinay Kumar Sankarapu and Deekshith Marla. It offers deep learning algorithms and advanced tools for developers to build AI systems.
"Using AI, developers can build applications that can solve most complex problems. However, the biggest pain point in building reliable AI applications is solving multiple challenges they encounter in the process," says Kumar, who is also CEO of Arya.ai.
Arya.ai claims it works with developers across travel, research, e-commerce, customer care, medicine and banking verticals. It plans to start working with developers in verticals such as automobile, military and defence.
Another AI startup that recently received funding is Niki.ai, which was backed by Ronnie Screwvala's Unilazer Ventures.
VentureNursery is an angel-backed startup accelerator. It provides capital to young and pre-revenue startups. The firm seeks to invest in media and entertainment, retail, e-commerce, consumer technology, education and clean-tech sectors.
This is the third time VentureNursery members have put in money in Arya.ai.
YourNest CEO and founder Sunil Goyal recently told Techcircle.in that the next Indian unicorn could be a startup dabbling in artificial intelligence or digital advertising. "We believe AI is here to change the way machines operate for us. That is going to create disruptions in every sphere of life and we will be going with anybody who has wonderful solutions in that area," Goyal said.