10 October 2017, India:
ParallelDots, Inc., an artificial intelligence company developing novel algorithms and high impact solutions for real-world problems, announced it has raised additional funding of $1.4 Million, bringing its total funding to $2 Million from Multipoint Capital.
“We have raised $1.4 Million in additional funding from Multipoint Capital to enable us to pursue our vision and opportunities,” said Angam Parashar, CEO of ParallelDots, Inc. “This follows Multipoint’s earlier investment of $600K in early 2016 and brings our total funding to $2 Million. The funds will be used to add to our technology team, support our expanding global footprint, and general operational expenses.”
“We are pleased to extend our investment in ParallelDots, Inc.” said Gayatri Sondhi, Managing Director of Multipoint Capital, LLC. “The company fits our interest in making selective early stage venture investments in significant emerging technologies. We have been impressed by ParallelDots technology, team, operational capability, and results orientation in the last eighteen months. We look forward to continuing to work with the Company.”
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“We are excited about our strong suite of proprietary AI technologies, novel products, and growing revenues, said Parashar. We are serious about developing winning AI products. That is why we start with research and build our own algorithms and datasets. We have robust proprietary datasets and AI-enabled operating platforms.”
He further added, “We are AI-first and vertical agnostic: AI is universal, it will impact everything. We look for high impact real-world problems. We drive a virtuous cycle of well-defined problems, well-selected algorithms, and well-developed solutions.”
Multipoint Capital, LLC is a U.S. based investment firm. Multipoint Capital invests private capital globally, primarily in secondary markets. Multipoint Capital makes selective early-stage venture investments in emerging technologies. Multipoint Capital and its predecessor entities have been in operation since 2000, founded by ex-partners of the Boston Consulting Group, a leading management consulting firm.