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Mad Street Den raises $1.5 million from Exfinity and GrowX

Chennai based AI company Mad Street Den has raised $1.5 million in funding from Exfinity Technology Fund and GrowX Ventures, reports the Times of India. The startup will use the funds for product development and to set up an office in the Bay Area later this year. However, according to a Techcrunch report, the company will use the capital to hire “very senior people in the valley” and double its headcount this year, but there are no plans for a US office yet. Mad Street Den currently offers one product, MADstack, a cloud based platform that offers AI and computer vision modules using an API. The modules include object recognition, gaze tracking, head and facial gestures, emotion-expression detection and 3D facial reconstruction among others. As an example, for fashion retailers the AI platform can use object recognition and facial recognition, to detect the sex and clothing of a person in an image a user takes, to display back similar clothing on a fashion website. Similarly using the platform’s modules, mobile games can change gameplay based on gestures and expression detection. The company currently markets its product as consumer engagement solutions for online fashion, mobile gaming, robotics, IOT, analytics, hospitality and automotive verticals among others. It also claims to be in talks with “several” e-commerce companies to introduce its technology in their services in India this year. MADstack currently makes money for each API call made, but the company will model its pricing based on verticals in the future, for example,…

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