FIRST BATCH AVISHKAR DEEP-TECH ACCELERATOR STARTUP FABULYST RAISES $225K angel funding

Hyderabad: Fabulyst, an early stage startup from the first batch of IIIT-Hyderabad’s AVISHKAR deep tech accelerator program raises $225K angel funding from iB Hubs, a pan India startup hub.

Founded in June 2016 by Komal Prajapati, Vikas Jethnani, Vishal Chitravanshi and Raj Parakh, Fabulyst is an AI that enables styling theory assisted shopping at fashion commerce stores. The system uses proprietary algorithms that combine deep learning and 40000+ styling rules to work in tandem.It addresses natural user intents and queries in shopping workflow, enhancing the user engagement and overall sales.

Looking back on their experience of being part of the first batch of AVISHKAR, Raj Parakh said, “When we started out with just an idea of a digital personalised stylist, the tech validation we received by being part of the AVISHKAR program was incredibly motivating. With help from IIIT’s research labs, mentoring from its professors and the deep diligence that went into automating the basic process of our AI-based idea, we gained a lot of support for our idea from the market. Given IIIT-Hyderabad’s credibility and reputation, our association with the institute made it easier to convince the industry about us”.

The startup plans to use the raised funds in refining its existing technology and acquiring global e-commerce clients. Part of the funds will be used to upgrade the consumer interfaces for global demographics.

Commending this success story from the AVISHKAR deep tech accelerator program, Prof Ramesh Loganathan, Head of Research, Outreach and Co-innovation said, “It’s heartening to see another AVISHKAR program startup raise angel round funding. As an early/seed stage accelerator, this is the near-term success factor. Very happy to see many of the 10 startups in the three cohorts we have had so far, doing well. Looking forward to similar success from the present fourth cohort too”.

The 6-month deep-tech accelerator programme is specially designed for early stage startups building products in the areas of Machine Learning, Image Processing, Robotics, AR/VR, NLP and other sub domains of AI. Selected startups can win between 10-25 lakhs seed fund from the IIIT Seedfund Network. They also gain strategic business coaching, market access and tech mentoring from IIIT-Hyderabad’s research labs.

AVISHKAR is facilitated by CIE@IIITH, IIIT-Hyderabad and Co-creation Consulting. It brings together the deep-tech expertise of IIIT Research Labs and resources of the startup ecosystem of IIIT-Hyderabad. The startups go through a structured strategic business mentoring from Co-creation Consulting, Market Access and Investor Connections for the higher round of investments. A number of other ecosystem partners of IIIT-Hyderabad also contribute toward the programme with business development services and tools.