Simplismart is a Generative artificial intelligence startup that plans to raise $7 million from Accel in a  new funding round. The source close to the deal told Entrackr, that the startup received an agreement terms sheet and will set the deal public soon. The company also secured seed money in a funding  round led by First Cheque, Shstra VC, and Anicut Capital. The startup plans to use this fresh capital to  scale its operations, enhance its platform, and meet general corporate purposes. 

This Generative AI startup is co-founded by Amritanshu Jain and Devansh Ghatak to offer gen AI  solutions. Simplismart allows businesses to develop a scalable production-grade artificial intelligence  system and manages a product development lifecycle without any coding. The startup provides a  platform that lets an individual train and monitor machine learning models on any type of use case or  data. The company is predicted to reach a valuation of $35 million. AWS and Accel collectively launched  an AWS ML Elevate program in 2023 that selected around 35 generative AI Indian startups and Simplismart is one of those 35 startups.  

The startup data intelligence platform, the kredible mentioned that in the past six months, more than  half a dozen early-stage gen AI startups in India have secured around $100 million in funding. Sarvam  AI secured 41 million USD in its funding round led by Lightspeed followed by Neysa which raised $20  million in the Series A funding round and Ema secured $25 million. The list also has other gen AI  startups including KonProz, Vodex, Dubpro.ai, Ayna, and PlanckDOT. The Bengaluru startup plans to revolutionize AI and offer a platform with the growing demand for innovative Gen AI solutions. 

The funding raised during the new funding round will probably be used to develop advanced  Generative Artificial intelligence solutions, team expansion, and advanced technologies. Some portion  of this investment will be used to increase the performing AI capability and market expansion. This  development came just after Generative AI startups were gaining a quick interest from investors in the  Indian startup ecosystem. The Generative Artificial Intelligence sector is expected to grow more in the  next five years. 

Conclusion: 

Simplismart is a Bengaluru-based generative AI startup that plans to secure $7 million in a new funding  round led by Accel. The company offers a platform that lets its users train and monitor machine  learning models on any type of use case or dataset. The startup will probably use this funding amount  to scale its team, enhance its platform, and expand its AI capabilities. The company aims to develop  high-quality gen AI solutions that allow businesses to manage a development lifecycle without any  prior coding knowledge. After this round, the startup is predicted to have a valuation of 35 million USD.  This funding round is part of a program launched by AWS and Accel in 2023. The AWS ML Elevate program selected around 35 generative AI Indian startups and Simplismart was one of those startups.