Mate Labs, a Machine Learning Platform engineered for business professionals has secured a seed funding of worth $550,000 led by Omphalos Ventures India LLP firm.
“We believe that this is a gap offers up a huge white space. And, Mate Labs is well positioned to filling some of these critical gaps. What they have built is truly transformative,” said Omphalos Ventures.
Other investors participating in the seed round were Eagle 10 Ventures, 91Springboard, ex-Chairman of CITI Bank - Deepak Sharma, Khattar Holding, co-founder of Docuvity - Tejan Timblo, Kristy’s Kitchen co-founder Sumit Sinha among others.
Pramod D’Souza co-founder of Eagle 10 Ventures asserted that Mate Labs are transforming the platforms in which Machine learning model for businesses are limited to those who can afford a team of Data Scientist.
Owned and operated by Matelabs Innovations Private Limited, the company has developed fully automated systems called Mateverse that assists non-technical and non-developer professionals to develop a Machine Learning (ML) system without a need to write a code.
Founded by graduates of Maulana Azad National Institute of Technology Bhopal, Rahul Vishwakarma and Kailash Ahirwar in 2015, the Bengaluru-based company has zeroed on the startups and SMEs to help them build machine learning products easily. Mate Labs released a statement saying, “Guiding the user step-by-step through the simple process (using a few API calls) to train and deploy a model, anyone can scale the BI and Analytics department though the platform, without the burden of demands unmet.”
Realizing a market opportunity in creating a platform for the non-developers to incorporate their business models without hassle Rahul Vishwakarma said, “We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers. So, after tinkering with several ideas since college, Kailash and I, finally landed on this vertical for Mate Labs, knowing how fundamental it is for the inexperienced lot of business people in India and all over the world, who wanted to implement machine learning into their analytics, but had scarce resources available to them.”