Bengaluru: HyperVerge, a California-based image recognition startup, raises $1 million in a seed funding round led by several U.S.-based VC firms like NEA, Milliways Ventures and Naya Ventures. The company plans to shell-out the newly raised capital to expand its business operations in the U.S. and Indian markets and as a part of this deal, Dayakar Puskoor, General Partner at Naya Ventures will be joining HyperVerge’s board to mentor the team.
Co-founded in 2014 by five IIT-Madras students – Sai Venkatesh Ashokkumar, Praveen Kumar, Kishore Natarajan, Vignesh Krishnakumar and Kedar Kulkarni, HyperVerge has developed a patent-pending technology which systematically organizes the images by identifying the people, places, scenes and events in them. The company is also planning to launch their new product ‘Silver’ – a mobile app that will help the users to automatically organize all the images on their phone. This is done by using deep-learning and complex neural networks to identify, categorize and process large amounts of image data.
The app also assists the users to recognize and delete low resolution photos, duplicates and other unwanted photos from their mobiles. Using optimized self-learning algorithms, it produces real-time results that are highly accurate and ensure that the users find the photos that they are looking for within a few seconds. Their system is currently capable of processing 75,000 images in a minute, reaching to more than a couple of million images in an hour.