Exclusive: Flipkart backs deeptech startup NeuroPixel.AI

Yet to be launched deeptech startup NeuroPixel.AI has raised fresh capital from Walmart-owned Flipkart in the ongoing seed round. 

The board at NeuroPixel.AI has passed a special resolution to issue 876 CCPS at an issue price of Rs 27,204 per share to raise Rs 2.28 crore, regulatory filing filed with the Registrar of Companies (RoC) show.

Following the fresh infusion, Flipkart India will hold 5.15% of the stake in the company. As per Fintarckr’s estimates, the company has been valued at Rs 46.27 crore (post allotment of this tranche).

Bengaluru-based NeuroPixel.AI is a deep tech startup that works in the application of advanced AI/ML and statistical learning theory in computer vision and image processing areas for online stores. According to its website, the company enables AI-powered fashion cataloging, synthetic model generation, and high fidelity virtual try-ons for e-commerce companies.

In September last year, the company raised $825K in a seed round led by Inflection Point Ventures and participated by Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee. NeuroPixel.AI was also a part of the ISB D-Labs incubator and Huddle accelerator

NeuroPixel.AI has passed another special resolution to create an employee stock option (ESOP) pool with 1,250 options worth Rs 3.4 crore.

NeuroPixel.AI was a pre revenue stage company in the fiscal year ending March 2021. According to its annual financial statement with the RoC, it had zero operating revenue in FY21 with losses of Rs 12 lakh.