Pune-based machine learning startup, Hugefly which provides online search services to eCommerce firms, has raised an undisclosed amount of angel funding from Mayank Singhal, Director at Temasek Holdings’ and others. Raj Iyer, CEO and CMD of icustommadeit and Mohit Gulati, co-founder of Oliphans Capital also participated in the round.
The money will be used in hiring more employees, ramping up the existing sales team, and for upgrading company’s systems and operations, Dhruv Chaudhari, founder and CTO of Hugefly said.
“This round will also allow us to accelerate outreach to more e-commerce platforms across the world that can benefit from Hugefly’s core solution,” said Dhruv Chaudhari, founder and CTO of Hugefly.
Founded by brothers Dhruv and Amit Chaudhari in January 2015, Hugefly’s platform offers technology-enabled solutions to eCommerce companies to reduce search time on the platform with the help of data analytics and pattern recognition techniques. Also, it enables them to develop targeted and customised recommendations on a real-time basis for users. Currently, the firm has 12 members in its team and plans to scale up to about 40 people in the next five months.
Hugefly was launched with an aim to help eCommerce firms with improved customer engagement while increasing buyer conversion. Prior to starting this venture, Dhruv and Amit were working with Inyo Ventures.
The company is talking to other e-tailers like FirstCry, Zivame, and LocalBanya to made a partnership, and is already working closely with icustommadeit.com. In addition to eCommerce-site search and real-time recommendation, it also offers solutions including rationalization engine, search integration, and in-depth analysis.
Hugefly competes with the likes of Nosto, SLI Systems and Swiftype, and also count Endeca (acquired by Oracle) and Autonomy among its competitors.
In the next five years, machine learning might be added in just about every app to make it different from others, and already marked its presence in to a wide array of industries such as healthcare with personalised medicine, to behavioural targeting in marketing, to smart warehousing and smart urban planning. Whether it’s booking a ride, or finding the next song or movie, machine learning can be embedded in just about every single app.
eCommerce firms like Amazon, Netflix, eBay, Flipkart, and Snapdeal are already using machine learning and artificial intelligence on their platform in areas like Visual Search and Image Recognition, Product Recommendation, Intelligent Agent, Voice Powered Search among others.