News · AI & Deep Tech
Assessli denies funding deal with Foxhog Ventures
By Startup Enthusiast ·
- Date
- Company
- Assessli
- What it does
- AI behavioural model startup
- Kind
- News
- Sector
- AI & Deep Tech
What they do
Assessli builds AI models using personal data to create digital twins
What happened
The startup rejected a reported INR 44.4 Cr investment from Foxhog Ventures
Why it matters
Foxhog claimed the deal failed due to poor due diligence checks
The details
- Assessli issued a public notice denying any investment agreement with Foxhog Ventures.
- The startup stated that no term sheet or transaction was executed with the venture firm.
- A reported funding amount of INR 44.4 Cr (~$5 Mn) was disputed by Assessli.
- Foxhog Ventures claimed the investment did not materialise due to due diligence failures.
- Assessli attributed the initial announcement to an unauthorised press release without its consent.
- The dispute centres on whether this first institutional round actually occurred.
- Prior to this event, Assessli had raised only $250K since its inception.
The bigger picture
- This conflict highlights risks in early-stage startup funding announcements.
- Unverified press releases can damage relationships between startups and investors.
- Due diligence failures often lead to withdrawn investment commitments.
About the business
- Assessli develops large behavioural models (LBMs) for various industries.
- These models combine genomics, psychology, and digital life data inputs.
- The company creates highly accurate digital twins of individual users.
- Training data includes over 20 million proprietary data points.
- Applications span education, healthcare, finance, HR, and robotics sectors.
- Assessli has filed patents for its technology in India.
- The startup is part of the BIGShift deeptech accelerator cohort.
What happens next
- Reported plans included expansion into UK and US markets.
- Startup intended to boost technology for commercialisation efforts.
- Hiring tech talent was listed as a use of funds.
Investors
- Foxhog Ventures (buyer) — Venture capital firm involved in disputed funding claim.
Founders
- Suraj Biswas, co-founder
- Sourabh Gupta, co-founder
- Aruna Dey, co-founder
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