Deep-tech startup Assessli raises Rs 44.4 crore from Foxhog Ventures
Deep-tech startup Assessli has raised Rs 44.37 crore from Foxhog Ventures, according to an official statement today, September 30. The investment will make it one of India’s highest-valued seed-stage AI ventures.
The startup plans to utilise the fresh funding to expand their reach in the US markets and further augment the technology for the product commercialisation and hire tech talent to bolster the team.Â
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Assessli, was founded in 2022 by Suraj Biswas, Sourabh Gupta, and Aruna Dey, redefining AI well beyond Large Language Models (LLMs). The company’s proprietary LBMs leverage data from genomics, psychology, and digital life to build extremely accurate digital twins of individuals. The company has claimed to have 99 per cent personalisation accuracy compared to other existing systems, which have an accuracy of around 60 per cent. Â
The company has filed patents in India and begun training its models on more than 20 million data points of proprietary data. Their transformative technology can be applied in education, healthcare, HR, finance, and robotics, with expansion into other industries already underway in the UK and US, with the global AI market growing to be more than $10 trillion in value.
Commenting on the investment, Tarun Poddar, CEO of Foxhog Ventures, said, “Artificial intelligence stands on the precipice of an inflection point. The next decade will be driven by technologies that go beyond processing language to real comprehension of human behavior. Assessli is leading the way with Large Behavioral Models, a blue ocean opportunity that can potentially disrupt every industry from healthcare to finance.”
Foxhog Ventures is an India-US venture capital fund founded on March 7, 2020, to support early-stage startups. Focused on empowering entrepreneurs in tier 2 and tier 3 cities, provides seed funding and mentorship to promising founders. The company has invested in over 100 start-ups to date.
In the startup space last week, Vedantu, an online tutoring firm, received $11 million funding from its existing investors through a convertible equity round, the company said in an official statement today, September 26. The round saw participation from ABC World Asia, Accel India, and Omidyar Network India. Read more
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