92Angels backs document digitisation startup Ecobillz
Belgaum-based digitisation startup Ecobillz has raised an undisclosed amount in a pre-Series A round led by IIM Ahmedabad alumni-backed 92Angels, according to a statement issued by the funding platform.
Ghosal Ventures was among the other investors who participated in the round.
Ecobillz is a platform which leverages artificial intelligence (AI) and machine learning (ML) to digitise and aggregate information from documents.
The funding will be used by the startup for the expansion of the product and engineering teams and to augment the sales and go-to-market capacity, the statement said.
Ecobillz is part of Nasscom's 10,000 Startups Programme and is based at Nasscom Accelerator in Bengaluru.
"The fund will help us take Ecobillz to the next level and will be used for hiring A-level talent with clear focus on further developing our deep tech. We want to establish Ecobillz as a known brand in hospitality and retail segments," said Ameet Patil, CEO and founder, Ecobillz.
Founded in 2016 by Patil and Nitesh Signh Rathore, Ecobillz claims to have solutions that can digitise documents downloaded from any software. Apart from its capacity of aggregating information through AI/ML, Ecobillz's platform can derive insights from aggregated data through advanced analytics, the statement said.
92Angels is an angel network founded by Indian Institute of Management - Ahmedabad alumni from the 1992 batch. Apart from participating in pre-seed and seed-funding rounds, the network also mentors startups on strategic concerns and helps them gain wider access to senior professionals.
The angel network supports innovative ideas that harness advanced technologies such as AI/ML and blockchain to curb sustainability issues.
Among others who have joined 92Angels as investors include News Corp Mosaic Digital's Jaideep Mehta, Shailesh Paul from Visa and former Deutsche Bank executive Sanjay Sharma.
Last month, angel investor Sanjay Mehta launched a venture capital firm called 100X.VC. The platform aims to invest in 100 startups within 12 months of its launch.
AI-enabled interactive video platform Toch raised an undisclosed amount in its pre-Series A round led by Hyderabad Angels, Mumbai Angels and other high net-worth individuals.
Earlier this month, Risers Accelerators invested over Rs 11 crore (around $1.5 million then) in Cosmeto Food, Zeleno and Playtoome.