Indian software startup Stelae Technologies announced they had completed a pre-Series A funding round on Wednesday led by the UK’s Earlsfield Capital. The company has bases in Bangalore (Bengaluru) and Chennai. Cross Border Angels, the Saha Fund, and former Infosys veteran Mohandas Pai also joined the round. Past investments have come from members of the Indian Angel Network.
Their AI-dependent solution Khemeia flips through files with ease, analyzing docs using pattern recognition algorithms for PDF, Word, Excel, ASCII, and HTML according to their website. Their program will also semantically tag meta data and generate tables of content. The company boasts a number of corporate customers in its press release, including Rolls Royce Aerospace, DCNS (France), Wolters Kluwer, the UK branch of Deutsche Bank, and “a large defense customer in India.”
Optimal character recognition (OCR) is a niche but valuable industry that extracts information from non-text files and images. It is part of a larger image recognition market, which one study by Markets and Markets estimates will be worth $25.65 billion by 2018.
The company is also part of the SAP Start-Up Focus and has been recognized as a startup to watch by CIO Review Magazine and won the NASSCOM Emerge 10 award in 2015, IBM Global Entrepreneur Smart Camp for India and Asia Pacific as well as Techsparks 30 in 2013.
Supporting women entrepreneurs
One of their investors, the Saha Fund, was particularly interested in investing in Stelae Technologies because it supports women entrepreneurs such as Co-Founder and CEO Aruna Schwarz. “We are investing in the best women talent in the country that are creating services and products leveraging technology to scale up. Aruna and Stelae are perfect examples of this. With the use of artificial intelligence and smart algorithms, Khemeia™ is able to provide information management solutions to multiple industries,” said Saha’s founder and CEO Ankita Vashistha.
Founders of the company are CEO Aruna Schwarz and VP Operations Sandeep Raizada in Bangalore, VP Business Development Maria Shiao in London, and CTO Pierre Fraisse in Lyon, France. The amount raised in the pre-Series A funding round was undisclosed.
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