StepOut Secures $500K Seed Funding From Rainmatter, Misfits Capital Among Others StepOut, an Indian sports performance analysis and ecosystem technology startup, has successfully raised $500,000 in a seed funding round led by Rainmatter, founded by Nithin Kamath, CEO of Zerodha. The round also saw participation from Misfits Capital, founded by Amit Singh, co-founder of Shuttl, along with other notable investors, including IndigoEdge and Marwah Sports Group
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StepOut, an Indian sports performance analysis and ecosystem technology startup, has successfully raised $500,000 in a seed funding round led by Rainmatter, founded by Nithin Kamath, CEO of Zerodha. The round also saw participation from Misfits Capital, founded by Amit Singh, co-founder of Shuttl, along with other notable investors, including IndigoEdge and Marwah Sports Group, as per a press release.
StepOut is working on talent identification and development in sports through advanced data-driven performance analysis. Currently working with elite clubs such as AFC Ajax from the Eredivisie and Rayo Vallecano from La Liga, the company aims to democratize access to sports analytics, bridging the gap between grassroots and professional levels. "Sports performance analysis technology is typically available only to top-tier teams, leaving grassroots and youth levels underserved. StepOut bridges this gap by making advanced technology accessible and affordable across the entire pyramid," said Jeet Karmakar, co-founder of StepOut.
Founded by NIT Durgapur alumni Jeet Karmakar and Sayak Ghosh, StepOut leverages Artificial Intelligence (AI) and Machine Learning (ML) to track every event on the field with a 99 per cent data accuracy, as per the release. The platform automates the traditionally time-consuming manual data collection process, requiring only a video upload, thereby saving 80 per cent of the time and effort typically invested by coaches and analysts.
StepOut gained international recognition when it became the first Asian tech company to win the Reimagine Football competition, hosted by UEFA, AFC Ajax, The FA, KNVB, and City Football Group. This achievement led to a pilot project with AFC Ajax, which successfully transitioned into a long-term commercial partnership. Gabriël van Gastel, IT project manager at AFC Ajax, praised the collaboration saying, "For the past three years, we have enjoyed a great partnership with StepOut. Their expertise in AI and machine learning for football data and video analysis has provided valuable insights into player and team performance. The technical quality of their platform has been impressive, and we appreciate their professionalism and innovative approach."
The funds raised in this round will be directed toward international business expansion, particularly in the US, Australia, the Middle East, and Spain. Additionally, StepOut plans to enhance its AI capabilities and further develop its platform, which includes an admin web app for coaches and analysts, as well as a mobile app for players.
Rainmatter expressed confidence in StepOut's vision, stating, "We're excited to invest in StepOut, a sports analytics company transforming football with accessible and data-driven insights. Their innovation will open up new opportunities for footballers across India and beyond."
Having analyzed over 3,500 matches, covering 2,500 teams and more than 40,000 football players, StepOut continues to make significant strides in revolutionizing sports performance analysis, bringing cutting-edge technology to the forefront of athlete development.
