HyperVerge said it has raised a million dollars in seed funding from several US venture capital firms, including NEA, Milliways Ventures and Naya Ventures.
HyperVerge uses the technology of deep-learning to analyze and organize photos across all devices. This capital will enable HyperVerge to expand in the US and position itself as a strong contender in the space of image recognition.
The company, founded in 2014, started as a small team of undergraduate students from Indian Institute of Technology Madras, located in Chennai, India. During their time at the university, the team worked on several computer vision and machine-learning solutions for manufacturing automation and robotics applications. The group created the prototype for their cloud-based image recognition technology while at the college´s Incubation Cell.
With seed funding from NEA, Milliways Ventures and Naya Ventures, HyperVerge has taken their technology and platform stateside to Palo Alto.
“Working with a budget of under USD10,000 we were able to create classifiers for identification of people, scenes, events and unique patterns in images,” said Kedar Kulkarni, CEO and co-founder of HyperVerge.