Artificial Intelligence Startup Mate Labs Raises $500,000

Bangalore based artificial intelligence (AI) startup Mate Labs has raised a seed fund amount of $550,000 from multiple investors led by Omphalos Ventures India.

Other investors include Eagle 10 Ventures, 91Springboard, Deepak Sharma (former Chairman of CITI Bank), Khattar Holding Pte Ltd., Sumit Sinha (of Kristy’s Kitchen acquired by Cure Fit foods), and Tejan Timblo (Co-founder at Docuvity), among others.

The startup was accelerated by Zeroth, an artificial intelligence and machine learning (AI and ML) firm based in Hong Kong. Now Mate Labs has developed an automated ML platform called Mateverse. This platform is designed for data scientists as well as analysts to build custom ML Models without writing a single line of code.

The company claims the platform is by far the easiest solution for building complex data Science and machine learning models within the thinnest of timeframes. Developing solutions based on its platform also helps in cut ting down time and cost, the firm claimed.

Mate Lab says its platform is primarily meant for small and medium-sized enterprises (SMEs), and Data Analysts at bigger firms that work in segregated silos.

Rahul Vishwakarma, CEO and Co-Founder, Mate Labs said, “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, we, 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”

Mate Labs 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.

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