PALO ALTO, Calif., Aug. 17, 2015 /PRNewswire/ -- HyperVerge, a deep-learning startup from India, announced today that it has raised a million dollars in seed funding from several U.S. venture capital firms, including NEA, Milliways Ventures and Naya Ventures. HyperVerge uses the technology of deep-learning to analyze and organize photos across all devices. This capital will enable HyperVerge to expand in the U.S. and position itself as a strong contender in the space of image recognition.
The company, founded in 2014, started as a small team of undergraduate students from Indian Institute of Technology Madras, located in Chennai, India. During their time at the university, the team worked on several computer vision and machine-learning solutions for manufacturing automation and robotics applications. The group created the prototype for their cloud-based image recognition technology while at the college's Incubation Cell. With advisors from MIT Media Labs and the IIT alumni community, the team has been able to attract multiple investors from the Silicon Valley.
With seed funding from NEA, Milliways Ventures and Naya Ventures, HyperVerge has taken their technology and platform stateside to Palo Alto. HyperVerge is looking to tap into the Bay Area ecosystem for strategic partnerships and rapid user growth in the US market. Dayakar Puskoor from Naya Ventures has also joined the Board to mentor the young team.
"Working with a budget of under $10,000 we were able to create classifiers for identification of people, scenes, events and unique patterns in images," said Kedar Kulkarni, CEO and co-founder of HyperVerge. "With our core team and investors in place, we have our sights set on taking our technology to the next level. We believe that our image recognition engines will be the foundation for several breakthrough consumer applications in the near future."
"The innovation we've seen from HyperVerge has been extremely impressive," said Kittu Kolluri, General Partner at NEA. "They have strong ambitions and the potential to achieve them—the technology developed by the company can span out as useful applications for consumers, enterprises and developers. We are thrilled to partner with HyperVerge to bring innovative deep-learning solutions to users and prospective partners."
Their upcoming mobile application (Silver) will help users automatically organize all the images on their phone. It utilizes deep-learning and convolutional neural networks to recognize, classify and process vast amounts of image data. These systems accurately recognize faces, scenes, documents, business cards and other patterns within images to categorize photo albums based on context. They also assist in identification and deletion of poor quality photos, duplicates and other unwanted photos.
HyperVerge, Inc. is a Silicon Valley based deep learning startup funded by NEA, Milliways Ventures and Naya Ventures. HyperVerge has developed patent-pending technology for organization of images by identification of people, places, scenes and events in images. Silver, the first smartphone application developed by the company helps users automatically organize their photos, eliminate poor quality photos and duplicates, and share their best photos. Optimized self-learning algorithms produce results that are real-time and highly accurate to ensure users find the photo(s) they are looking for within just a few seconds. To learn more visit -www.hyperverge.co.