SaaS firm Simplismart, based in Bengaluru, has raised $7 million in a Series A fundraising round headed by Accel, with additional funding from Titan Capital, Shastra VC, and other investors.

In July of this year, Entrackr exclusively reported on the funding. The company will be valued at approximately $35 million, according to sources.

Simplismart stated in a press statement that the money raised will be utilized to accelerate growth and increase research and development (R&D) projects.

Simplismart is an AI-based no-code machine learning platform that enables customers to train unique machine learning models using their data, powering applications and decisions without writing code. Amritanshu Jain and Devansh Ghatak co-founded the company in 2022.

By offering a high-performance, reasonably priced platform that tackles typical obstacles in enterprise AI deployment, such as performance trade-offs and the complexity of standardized procedures, Simplismart seeks to make AI adoption easier for businesses.

The firm wants to get rid of problems with excessive expenses, low return on investment, data security, and the requirement for customization to prevent downtime.

AWS and Accel chose 35 generative businesses from India for the AWS ML Elevate initiative, which was launched in July 2023. Simplismart was included in the cohort.

Expressing to this, Anand Daniel, Partner at Accel says, “As GenAI undergoes its Cambrian explosion moment, developers are starting to realise that customizing & deploying open-source models on their infrastructure carries significant merit; it unlocks control over performance, costs, customizability over proprietary data, flexibility in the backend stack, and high levels of privacy/security. Not only did Simplismart identify this opportunity early, but with a small team, they have already begun serving some of India’s fastest-growing AI-powered companies in production”.