On April 17, 2017, Innefu Labs, Artificial intelligence startup, has got a fund of USD 2 million from capitalist IndiaNivesh Venture Capital fund.
Funds will be used for AI upgradation
As per the startup, investor IndiaNivesh owns a small part of stake of the company in Series A funding round. The deal was done under the guidance of SweatEquity Partners. The funds would be primarily used to upgrade the Artificial Intelligence platform which is currently being used by various legal agencies for facial recognition and predictive intelligence.
It also said about funding that, “It will also invest in talent acquisition and expansion into markets like Bangladesh and Sri Lanka”.
About Innefu Labs
Abhishek Sharma and Tarun Wig had founded this company in 2011. The startup works with the co-operation of Corporates, law enforcement agencies and government agencies. Some of its clients are: Border Security Force (BSF), CRPF, DRDO, Mahindra & Mahindra, etc.
Company is completely a Made In India Company
Abhishek Sharma said about the company, “We are a completely ‘Made in India’ company providing indigenous product solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world”.
IndiNivesh Venture Capital has invested in five startups till date. The company is currently evaluated at 150 crore.