AI startup Clootrack has raised $500K in a seed funding round led by Indian Angel Network. The Bengaluru-based startup also saw participation from IAN Fund, Unicorn India Ventures, SEA Fund, and Malabar Angel Network.
Anthony Thomas, Global CIO, Nissan Motors and Salliel Gupta have led the round on behalf of IAN with Anthony joining the company’s board.
The two-year-old startup will deploy the proceeds towards product marketing and geographical expansion to the US, Europe, and Southeast Asia.
A brainchild of Shameel Abdulla and Subbakrishna Rao, Clootrack is an AI-driven data analytics platform that discovers and measures brand perceptions in real time. The startup runs on proprietary deep learning algorithms based on mathematical models and has two pending patents.
Clootrack team consists of data scientists, programmers, and industry experts excited about the immense capabilities of data and its impact on driving growth.
Clootrack currently operates a subscription model and operates in 6 domains – Pharma, FMCG, retail, finance, travel and automotive, said the company’s press statement.
The company’s clientele includes SMEs to Fortune 500 companies in North America, Europe, Asia & Africa.
The lead investor and early stage focused venture capital consortium Indian Angel Network, has launched a Rs 450 Crores VC fund to support startups.
The fund is aimed at investments ranging anywhere between Rs 25 lakh to Rs 50 crore, across sectors such as agriculture, healthcare, education, retail, financial services, and gaming among others.
Some of IAN’s marquee investee companies include Wow! Momo, WebEngage, Druva, Stayzilla, Box8, Pretty Secrets, Fab Alley, and Consure among several others.