Mate Labs, an AI-based start-up from Bangalore that focuses on providing easy solutions for non-developers and businesses raised a seed funding of $550,000 from lead investor Omphalos Ventures India LLP and other investors from around the world. Other notable investors include Eagle 10 Ventures, 91Springboard, Deepak Sharma, Khattar Holding Pte Ltd., Sumit Sinha, and Tejan Timblo, among others.
Accelerated by Zeroth (Hong Kong), who are pioneers in AI/ML investments in Asia, Mate Labs acquired the necessary resources to spearhead their mission in building a fully automated Machine Learning platform called Mateverse. It is designed for Data Scientists as well as Analysts to build custom ML Models without writing a single line of code and is by far the easiest solution out there, for building complex Data Science and Machine Learning models within the thinnest of timeframes.
Aimed to cut down time and cost required (which are usually at a range of several weeks, and over six-figure sums of dollars, respectively), the platform can be a groundbreaking utility for Small and Medium-sized Enterprises (SMEs) and Data Analysts at bigger firms that work in segregated silos.
Rahul Vishwakarma, CEO and Co-Founder, Mate Labs said, “We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models. So, after tinkering with several ideas since college, Kailash and I, finally landed on this vertical for Mate Labs, knowing how fundamental it is for an inexperienced lot of business people in India and all over the world, who wanted to implement ML into their Analytics but had scarce resources available to them. We are excited and humbled by this new move, and will be focusing on putting all the resources in our upcoming project”.
Having understood the pain points of those in the industry, Mate Labs took up the task of creating something so easy to use, that there isn’t a need to code. Guiding the user step-by-step through the simple process (using a few API calls) to train and deploy a model, anyone can scale the BI and Analytics department through the platform, without the burden of demands unmet.
“We are very happy to join hands with MateLabs’ team in their journey. Machine learning models for businesses [are] currently limited to those who can afford a team of Data Scientists. MateLabs is changing this model. All business decision makers can leverage their platform, to build, train and deploy their models in simple steps. It suddenly opens up a huge market and MateLabs is taking the right strides to capture [the] major part of it.” – said Pramod of Eagle10 Ventures.
Mate Labs built this platform through their proprietary technology which makes the automation possible. The team have spent months developing a technology which is intelligent in itself and also keeps learning how to do the defined tasks even better – something that was unknown in the BI and Analytics domain.
“Mate Labs is one of those companies with a great combination of pushing the envelope in tech and a strong-willed founding team. That trait, with this round of investors, sets Mate Labs in a great direction for the future.”– says Tak Lo of Zeroth
The start-up is currently focused on developing their SME and Enterprise business pipelines belonging to BFSI and Retail sectors. Its forthcoming product is designed to not only to augment businesses with AI capabilities but also help them handle their data and prepare it for training a model on it. They have automated the Data Cleaning process which includes handling missing values, outliers and complex formatting.
“There is a huge pent-up demand for data science teams, that have to perform data mining, statistics, analysis, modelling, programming, and interpretation. It’s extremely difficult (if not nearly impossible), to find all of these skills within one individual. Even for a team, it’s hard to gather so many different skills at one place. We believe [that] this is a gap (shortage) that offers up a huge white space. And, Mate Labs is well positioned for filling some of these critical gaps. What they have built is truly transformative.” – Omphalos Ventures.
Mate Labs was founded by friends and fellow-graduates from NIT-B, Rahul Vishwakarma and Kailash Ahirwar, both having over 6 years of experience in AI/ML and open-sourced technologies.
Vishwakarma has a background in Chemical Engg. and shifted to working for an Oil/Gas conglomerate in UAE for two years whereas, Ahirwar is an Energy Engineer who headed tech start-ups in India before the duo dived into their dream venture, a solid platform that will transform the AI/ML space for novices and entrepreneurs.
Ritesh Singh joined the team as the Head of Engineering. Singh sold his flagship start-up project to ICCI Bank, and his last venture was a Peer-to-Peer lending space. Sachin Unni, the partner at Zeroth.AI, is also a serial entrepreneur, who is Mentor and Investor to the team, with experience in analytics, and has invested in a series of 3 start-ups before Mate Labs.
Mate Labs pioneer venture is an end-to-end Machine Learning and Data Science platform called Mateverse, that allows anyone to create custom, competitive ML and DL models without writing a single line of code. They primarily aim to make the solution available to Data Analysts and Scientist to build a model using Mateverse, in just a few hours.