Parallel Dots Raises $4.5 Million in Series A round

ParallelDots Inc completed its Series A funding round. The startup announced that the $4.5 million in funding was led by Btomorrow Ventures along with the participation of existing investor, Multipoint Capital. Btomorrow Ventures is BAT's corporate venture division.

The press release states that this investment will help accelerate startups' product development roadmap and drive global expansion. ParallelDots will use the new capital to bring simplicity, leverage evolving technology, harness the power of artificial intelligence to help CPG makers grow, and innovate products that navigate digital disruption better. ParallelDots is also aiming to invest in new talent and expand its team to all industries.

Founded in 2017 by Angam Parashar, Ankit Narayan Singh, and Muktabh Mayank Srivastava, ParallelDots holds one of the best artificial intelligence research teams in the world, revolutionizing the world of retail tech. 

The company is headquartered in the United States and has a large development center in India. ParallelDots works with companies around the world to specialize in image recognition.

Launched in 2018, its flagship product, ShelfWatch, helps CPG manufacturers and retailers optimize retail execution and maximize revenue. ParallelDots customers include major CPG manufacturers in about 20 countries.