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ParallelDots flagship product ShelfWatch helps CPG brands optimize their in-store execution and maximize sales by analyzing images of retail shelf displays.
ParallelDots, Inc., a leading artificial intelligence company that offers advanced image recognition solutions to CPG manufacturers and retailers, has completed its Series A funding round. Led by Btomorrow Ventures, the $4.5M fundraising also saw participation from ParallelDots existing investor Multipoint Capital. Btomorrow Ventures is the corporate venture arm of BAT.
The investment will help ParallelDots accelerate their product development roadmap and fuel global expansion. ParallelDots will also use the fresh capital for product innovations that bring simplicity, leverage evolving technology, and harness the power of artificial intelligence to help CPG manufacturers grow and navigate digital disruption better. ParallelDots aims to invest in new talent and expand its team across all verticals.
Vivek Chaudhri, BAT Group Head of DBS Marketing, said “BAT has a large global footprint, and we are excited to be partnering with ParallelDots on the journey to enhance retail execution.” Lukasz Garbowski, Btomorrow Ventures Investment Director added, “BTV’s investment in ParallelDots showcases our commitment to the technology space and we are excited to work with and support the team as the company continues to grow.”
Adding to this, Angam Parashar, Co-founder and CEO of ParallelDots said, “We welcome Btomorrow Ventures to the ParallelDots family. This financing not only adds fuel to the growth engine that we are building, it will also help us further strengthen our products in collaboration with BAT. We are excited about entering into the next growth phase of the company where we will double down on our vision to help our clients achieve excellence in their retail execution by deploying our cutting-edge technology at scale.”
Founded by Angam Parashar, Ankit Narayan Singh and Muktabh Mayank Srivastava in 2017, ParallelDots has one of the best artificial intelligence research teams in the world that is revolutionizing the world of retail - tech. ParallelDots is headquartered in the US with a major development center in India. ParallelDots works with companies around the world and specializes in Image Recognition. ParallelDots’ flagship product, ShelfWatch was launched in 2018, helping CPG manufacturers and retailers optimize retail execution and maximize sales. ParallelDots' clients include some of the leading CPG manufacturers globally.
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You can also read our complete press release with the Business Standard and VCCircle.
Want to see how your own brand is performing on the shelves? Click here to schedule a free demo for ShelfWatch.
