ParallelDots APIs also help in multilingual analysis, keyword generation, text classification, entity extraction, and semantic, emotion and intent analysis

ParallelDots, a deep learning solutions company based in India and the US, has raised additional US$1.4 million from existing investor and US-based investment firm Multipoint Capital to bring its total funding to US$2 million.

The startup will use the funds scale its technology team, expand its global footprint, and general operational expenses, ParallelDots CEO Angam Parashar said.

Multipoint had invested US$600,000 in the company in early 2016.

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Founded in 2014 by Parashar, Ankit Narayan Singh and Muktabh Mayank Srivastava, ParallelDots offers AI-based application programming interfaces (APIs) to analyse large amounts of unstructured textual content. The company was incubated at TLabs, run by Times Internet.

ParallelDots offers users an idea of the social sentiment of the brand, product or service while monitoring online conversations. Besides, its APIs also help in multilingual analysis, keyword generation, text classification, entity extraction, and semantic, emotion and intent analysis.

Its clients include The Indian Express, Vidooly and InShorts.

“We are serious about developing winning AI products. That is why we start with research and build our own algorithms and datasets. We are AI-first and vertical agnostic: AI is universal, it will impact everything. We look for high impact real-world problems. We drive a virtuous cycle of well-defined problems, well-selected algorithms, and well-developed solutions,” added Parashar.

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