Enterprise AI startup Parallel Loop raised $6.6 million in a seed funding round led by 3one4 Capital, with participation from Picus Capital, Flourish Ventures, and Economic Development Innovations Singapore, according to inc42.com. The round also included investments from Paytm founder Vijay Shekhar Sharma, CRED founder Kunal Shah, and former Singapore Economic Development Board chairman Philip Yeo. Founded in June this year, Parallel Loop aims to use the capital to expand its team, strengthen its go-to-market strategy, and scale operations, focusing on Western markets.
Parallel Loop was founded by Prateek Jogani and Yujun Chean, who previously cofounded FairDee, an insurtech startup acquired by Qoala. The startup helps mid-market and large enterprises integrate AI into their existing technology systems, processes, and workflows. It has a team of 30 employees spread across Singapore, Bengaluru, Bangkok, London, and Dubai, with 85-90% of its workforce based in India. The company currently works with over 12 global enterprises, including Indian clients Licious and Havells, and Tokio Marine Safety Insurance in Thailand.
The funding round positions Parallel Loop to compete in the growing enterprise AI sector, where companies are increasingly adopting AI to enhance operational efficiency. The startup’s approach combines its AI platform with engineering teams that collaborate closely with clients. This model follows a trend seen in other AI-driven startups that focus on integrating AI into existing workflows rather than building standalone AI products. The involvement of prominent investors and founders from the Indian tech ecosystem underscores the rising interest in enterprise AI solutions.
Parallel Loop plans to deploy the new capital to scale its operations and expand its presence in Western markets. The startup’s cofounder Prateek Jogani shared these plans in an interview with inc42.com. The company’s next milestones include growing its client base beyond the current 12 enterprises and increasing its workforce across its global offices.