Bangalore: Mate Labs, an AI based startup from Bangalore that focuses on providing easy solutions for non-developers and businesses, has announced a seed funding of $550,000 from lead investor Omphalos Ventures India LLP and other global. Among other notable investors include Eagle 10 Ventures (a group of serial entrepreneurs and industry veterans from around the globe), 91Springboard (Coworking community, India), Deepak Sharma (previously Chairman of CITI Bank, Global Private Banking, and present board member of 91Springboard), Khattar Holding Pte Ltd., Sumit Sinha (of Kristy’s Kitchen acquired by Cure Fit foods), and Tejan Timblo (Co-founder at Docuvity), among others.
Accelerated by Zeroth (Hong Kong), who are pioneers in AI/ML investments in Asia, Mate Labs acquired the necessary resources to spearhead their mission in building a fully automated Machine Learning platform called Mateverse. It is designed for data scientists as well as analysts to build custom ML Models without writing a single line of code and is by far the easiest solution out there, for building complex Data Science and Machine Learning models within the thinnest of time frames. Aimed to cut down time and cost required (which are usually at a range of several weeks, and over six-figure sums of dollars, respectively), the platform can be a groundbreaking utility for small and medium-sized enterprises (SMEs), and data analysts at bigger firms that work in segregated silos.
“We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models. 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 ML into their Analytics, but had scarce resources available to them. We are excited and humbled by this new move, and will be focusing on putting all the resources in our upcoming project,” said Rahul Vishwakarma, CEO and Co-Founder, Mate Labs.
Having understood the pain points of those in the industry, Mate Labs took up the task of creating something so easy to use, that there isn’t a need to code. 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. Mate Labs built this platform through their proprietary technology which makes the automation possible. The team have spent months developing a technology which is intelligent in itself and also keeps learning how to do the defined tasks even better – something that was unknown in the BI and Analytics domain.
The startup is currently focused on developing their SME and enterprise business pipelines belonging to BFSI and Retail sectors. Its forthcoming product is designed to not only to augment businesses with AI capabilities but also help them handle their data and prepare it for training a model on it. They have automated the data cleaning process which includes handling missing values, outliers and complex formatting.
“There is a huge pent-up demand for data science teams that have to perform data mining, statistics, analysis, modeling, programming, and interpretation. It’s extremely difficult (if not nearly impossible), to find all of these skills within one individual. Even for a team, it’s hard to gather so many different skills at one place. We believe [that] this is a gap (shortage) that 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,” commented Omphalos Ventures.
“We are very happy to join hands with Mate Labs’ team in their journey. Machine learning models for businesses [are] currently limited to those who can afford a team of data scientists. MateLabs is changing this model. All business decision makers can leverage their platform, to build, train and deploy their models in simple steps. It suddenly opens up a huge market and Mate Labs is taking right strides to capture [the] major part of it,” said Pramod of Eagle10 Ventures.
“Mate Labs is one of those companies with a great combination of pushing the envelope in tech and a strong-willed founding team. That trait, with this round of investors, sets Mate Labs in a great direction for the future,” said Tak Lo, Zeroth