Indian Angel Network (IAN) has invested an undisclosed amount in Staqu, a Gurgaon-based research startup focused on Artificial Intelligence (AI), working in automated image understanding technology.
Bikky Khosla, Neeraj Singal and Ajay Gupta led the round on behalf of IAN. With this, Bikky Khosla will join the Staqu board.
Founded by Atul Rai, Anurag Saini, Chaitan Rexwal, Pankaj Sharma in 2015, Staqu enables automation of some of the crucial tasks for ecommerce companies which include image search, tag generation, real time recommendation. The solutions include the VGrep API Suite that comprises of products such as visual search engine and hybrid recommendation engine.
Staqu uses AI and engineering for image processing, deep learning, computer vision, NLP and overall improvement of users’ daily mobile experience.
“Search is becoming very complex and consumer experience demands precise results of articles being searched. Staqu’s AI engine can increase the sales of its e-commerce customers and can also create alternate revenue streams for its original equipment manufacturer (OEM) customers,” said Bikky Khosla, lead member, IAN.
The newly raised funding would be utilized by the startup to further build and democratize technology and strengthen the team.
The firm has partnered with mobile phone companies to service the software on cameras, instead of the hardware. Staqu will also partner with financial institutions to offer services such as thumb impression and face recognition for know-your-customer (KYC) processing.
We plan to invest this round to expand the computational strength of our VGrep Lab (AI research lab at Staqu) and fuel it with clusters of GPUs and other technical resources. Currently, we are applying our research to solve pressing problems in the e-commerce sector. In the near future, we are planning on use it to address issues across other market segments, too,” said Atul Rai, co-founder and CEO said
Staqu currently collaborates with companies like Paytm and YepMe and is looking to increase its tie-ups to provide a wider base for its applications and a wider stream for revenue generation.