We are thrilled to announce a significant milestone for Algomage, an AI-powered SaaS platform revolutionizing image post-production processes for professional applications. Algomage has successfully concluded its Pre-Series A funding round, securing $500k in investments, with Flipkart Ventures leading the funding charge.
About Algomage
Founded by Anand Rathi, an accomplished engineer and distinguished photographer ranked among the Top 100 photographers globally, Algomage is at the forefront of innovation. Leveraging cutting-edge AI and ML technologies, the platform offers a suite of deep-tech solutions that streamline the post-production journey of digital images—encompassing image selection, editing, and sharing. This groundbreaking algorithm empowers professional photographers, online marketplace vendors, and event organizers to effortlessly transform raw images into studio-quality masterpieces, eliminating the need for extensive time and financial investments in traditional studio procedures.
The effectiveness of Algomage’s algorithms is unmistakable: they can meticulously sift through approximately 4,000 unedited images, pinpointing the best ones, and swiftly edit up to 3,000 images within a single hour. With an impressive track record of processing over 100 million photographs for more than 800,000 customers across 50,000+ events, Algomage has achieved an impressive annual recurring revenue (ARR) of $400k.
Global Acclaim & Expansion Efforts
Algomage’s impact spans continents, catering primarily to the Indian and USA markets. Its innovation has garnered admiration from photography experts worldwide, including luminaries like Cory Goldberg, Canon Ambassador from Goa, and Sam Stanton, of Redbutton Studio, Texas, USA. The company’s rapid ascent also extends into the events domain, as evidenced by its official photographer roles at prestigious events like the Lollapalooza India Music Festival and Jio Hamley’s Wonderland 2022 held in Mumbai.
Beyond its current domains, Algomage has its sights set on venturing into e-commerce marketplaces. The latest infusion of capital from Flipkart attests to the compelling potential of the Algomage platform to reshape image post-production paradigms.
About The Transaction
The investment injection of $500k from Flipkart Ventures will be instrumental in furthering Algomage’s market presence in the USA while fortifying its position in India. This strategic capital injection positions Algomage to pioneer novel and more efficient modules, redefining the landscape of image post-production processes.
Among the existing investors that have recognized Algomage’s immense potential are PitchRight Ventures, Samyakth Capital and notable high-net-worth individuals (HNIs) including Ravi Saxena (Founder of Wonderchef Home Appliances), Mukul Kumar (Co-Founder of PubMatic), Mahesh Damani (CMD of K.M Global Finserv), Shreyans Khemka (MD of Polytech Industries) and Alisha Mashruwala (CEO of OnCourse Vantage).
Key Venture acted as the exclusive financial advisor for the transaction.
Commenting on the achievement, Anand Rathi, Founder & CEO of Algomage, expressed enthusiasm for Flipkart’s involvement, framing it as an endorsement of their ambition to establish themselves as a pivotal software solution for automating image editing processes. He also acknowledged the value brought by the new investors, underscoring the commencement of an exciting new chapter for Algomage.
Amit Patel, Managing Director, PitchRight Ventures, expressed his gratitude, saying, “Nidhi and Hars – Key Ventures Team helped our portfolio company secure a remarkable deal which stands as a testament to their unwavering dedication and expertise. The fusion of Hars’ keen financial insights with Nidhi’s exceptional interpersonal skills has led to the cultivation of robust partnerships. I extend my heartfelt commendation for their exceptional contributions and eagerly look forward to the promise of future collaborations.”
Hars Saraf, COO & Founder of Key Venture lauded Algomage’s rapid progression, highlighting how it has swiftly supplanted manual image editors with a uniquely advanced product. The investment, according to her, speaks volumes about Algomage’s distinctive software capabilities that position it at the forefront of its industry peers.
About Key Venture
Key Venture is an Investment Bank specializing in mergers and acquisitions and fundraising from institutions, venture capitalists (VCs), private equity firms (PEs), corporations, family offices, and high-net-worth individuals (HNIs) for early and growth-stage companies.
For inquiries, please contact:
Nidhi Saraf, Founder & CEO – [email protected]
Hars Saraf, Co-Founder & COO – [email protected]