With a star product that uses computer vision to analyse images of shelf displays that generate KPI (key performance indicators) insights in real-time, ParallelDots is significantly improving retail execution for customers around the world. It’s not just its technology that has made it one to watch, but also its customer-first approach that prioritises understanding when it comes to complicated artificial intelligence (AI) applications. Here, co-founder and CEO, Angam Parashar, talks to BTV about his vision, mission and ambition – as well as the importance of having a team you trust.
For those who haven’t heard about ParallelDots before, can you give us an elevator pitch on the brand and products?
“ParallelDots is an AI platform, based in India and the U.S., that provides solutions for global retailers and other consumer packaged goods (CPG) companies. Our primary product, ShelfWatch, helps our customers measure, and subsequently improve, their retail execution in offline retail stores. We achieve this by analysing pictures and videos of retail shelves and then extracting information from them, such as data about out-of-stock products, brand visibility and how their space compares with that of their competition, for example.”
What are you doing differently from other AI groups in terms of the technology behind the product?
“As an applied AI research group, we’re solely focused on retail computer vision applications. All our research work is primarily done to solve some of the unique challenges that we encounter in building our product roadmap. Being vertical-focused – that is, a company that focuses on a specific sector – allows us to solve retail computer vision challenges that would be harder for horizontal AI companies (those offering solutions that apply to multiple industries) building generic solutions.”
How does ParallelDots differ from competitors in the market?
“We differentiate ourselves from competitors in two ways.
Firstly, technology. We have superior technology that enables us to deliver 95%+ accuracy to our customers. Our foundational models, trained on terabytes of visual shelf image data, allow us to train our AI models in a few hours instead of weeks, therefore expediting our go-live process.
Secondly, customer empathy. This is an incredibly important quality to have when you are building AI software for businesses. Often, our customers are not experts in AI – that means it’s incredibly important to maintain transparency and simplify the solution deployment process for them. I’m proud to say that we’ve built a culture that’s always ‘customer-first’.”
Why do you think the retail industry needs transforming through innovative technology like yours?
“Offline retail is a multi-trillion-dollar industry that has been disrupted heavily in the last two decades with the advancement of e-commerce. While e-commerce companies have excelled at leveraging data to gain market share, traditional retailers and CPG manufacturers have been left behind as they struggle to adapt. Technology like ours allows our customers to improve shopper experience, increase sales and drive cost efficiency.”
As the co-founder and CEO, can you tell us your story, from the spark of the idea to the launch of the product and brand with your co-founder, and where you currently are on your journey?
“I started this company with two of my friends as co-founders in 2017. Our previous AI product start-up hadn’t worked out, so we ventured out into AI services for enterprises. It was here that we stumbled into the use-case of retail computer vision in 2019 through a couple of our customers. We’ve come a long way since and have raised our Series A financing and are currently at pre-Series B stage. We’ve grown into a team of 120 full-time people globally. ShelfWatch has been deployed in 40 countries around the world and we work with some of the biggest CPG manufacturers today.”
Why was having a co-founder to collaborate with important?
“Having co-founders is paramount. As a founder, you’re wearing so many hats – sales, marketing, product, engineering, data science, customer success and finance, amongst others. It’s almost impossible for one person to lead all these functions. A complementary founding team is greater than the sum of its individuals. Additionally, being an entrepreneur is often a lonely and tiring journey, meaning it’s always a good idea to have reliable and trustworthy companions. I’ve been very lucky to have amazing co-founders in Ankit (our CTO) and Muktabh (our Chief Scientist).”
Why did you choose BTV as a partner for accelerating your brand?
“BTV has been pivotal in accelerating our journey. Not only have the team there been a consistent support for us as investors, they’ve also helped improve our product and achieve greater scale by connecting us with experts from BAT. This has made our company mature faster. Looking back, partnering with BTV has been one of our best decisions.”
What’s next for ParallelDots?
“We have a very exciting product development roadmap in front of us. We’re venturing into augmented reality, on-device processing and generative AI to further improve our product in the coming quarters. We believe that these technologies will transform the retail execution space in the coming years. We’re also exploring new AI use cases with our existing use case that will allow us to grow faster in future. Other than that, we continue to build on our global presence. We now have offices in India, the U.S., U.K. and Mexico.”
Any words of wisdom to aspiring entrepreneurs out there?
“Embrace failure as a stepping stone to success. Every setback offers invaluable lessons that pave the way for growth. Stay adaptable; the business landscape is ever-changing and flexibility can be your greatest asset. Surround yourself with a supportive network of mentors and peers who inspire and challenge you. Prioritise your passion as it fuels perseverance during tough times. Finally, maintain a customer-centric approach; understanding their needs will guide your innovations and drive your success. Remember, entrepreneurship is a journey, not a destination – so enjoy the ride!”
To find out more, visit paralleldots.com
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