ConsCent secures $1.75 million to expand its AI & ML capabilities

ConsCent, one of the leading content monetization platforms, has recently secured $1.75 million (Rs 14 crore) in a funding round headed by Inflection Point Ventures with participation from early-stage funds including Varanium Capital, PitchRight Ventures, AngelList, SucSEED Innovation Fund, RiSo Capital, and Sigurd Ventures.

Additionally, angels like Gazal Kalra - former Rivigo Co-founder, Quess Corp's Vijay Sivaram, etc. took part in the round.

While speaking on the funding, Sunny Sen, ConsCent co-founder and CEO, said that the company is planning to utilize these funds for recruiting technology talents, expanding its sales and marketing team and investing in AI (artificial intelligence) and ML (machine learning) tools for developing in-house technology for content monetization.

He said that at the beginning of April 2021, when ConsCent started its commercial operations, there was rarely any content behind the paywall, but now, many big media houses are putting 1% of their content behind a paywall.

The firm expects to grow by 3% to 4% after the end of this fiscal year. He said that at ConsCent, the firm is reducing friction for users to access content via several platforms at an affordable price based on a pay-per-use model while simultaneously providing the content creators optimal value of their content.

This round is said to be the second funding round of ConsCent as it raised another seed capital round of Rs 4 crores ($502,255) in August 2020.

At present, the startup provides technology to Indian Retailer, India Today Group (Business Today & India Today, Cosmopolitan), MidDay, Tinkle Comics, Outlook India Group (Outlook India & Outlook Business), Udayavani, Amar Ujala, EPIC On, Amar Chitra Katha, and New Indian Express.

Additionally, ConsCent claims that it holds a consumer base of 500,000 people. The next six months will be crucial for ConsCent as the venture is planning to expand its operations outside India and strengthen its penetration into the subcontinent of India, said Sen.

Source Credit - https://www.zeebiz.com/small-business/news-conscent-raises-usd-175-mn-in-funding-round-led-by-inflection-point-ventures-189272