AI-based dating startup Betterhalf.ai has raised a seed funding of $500K from angel investors including former MD of Google India Shailesh Rao, FirstPenguin Capital’s Rehan A Khan former Investment Director at Flipkart Vina Subramanian, and other senior executives from Google, Uber, and Amazon.
Founded by MIT alumni, Pawan and Rahul Namdev, the compatibility-based partner search platform has raised $750K till date, and the freshly raised capital will be utilized to improve the AI technology and hire new talents. The startup uses artificial intelligence, machine learning and predictive analysis to match users using compatibility scores through multiple data points including relationship dimensions and interactions on the platform.
“The AI revolution is bringing better decisions in every industry, be it self-driving cars, e-commerce, music or watching videos online; and transforming the matchmaking space is something we are excited about. Our 6-levels of rigorous profile verification system serves genuine profiles only. We mean it. Analytics based on thousands of married couples relationship data to delight your journey,” said Pawan Gupta, Co-founder and CEO, Betterhalf.ai.
The AI-platform dives deep into an individuals personality to understand the preferences and curate hand-picked profiles. The platform is backed by clinical psychologists to improve the quality of matches.
Startups including TrulyMadly, Banihal, Plus and Aisle are the major competitors of Betterhalf.ai and has raised several rounds of funds from venture capitalists in the last few years. International dating startups including Tinder and OkCupid has also set foot into the Indian market.
Revenue in the Online Dating segment amounts to the $7 mn in 2018. In the Online Dating segment, the number of users is expected to amount to 45.9m by 2023. The average revenue per user (ARPU) in the Online Dating segment amounts to $0.2 in 2018. In the year 2017 a share of 52.5% of users is 25-34 years old.