Mad Street Den, an enterprise artificial intelligence (AI) startup, has raised $30 million in its Series C funding round led by Avatar Growth Capital.
The funding round also saw participation from existing investors Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital).
As per the startup, the raised funds will be used to expand its offerings across industries as it doubles down on scaling the business across verticals.
Mad Street Den | Making Businesses AI-Native
Mad Street Den was founded by Ashwini Asokan and Anand Chandrasekaran in 2016, with the launch of its artificial intelligence platform Vue.ai, focusing on the retail segment.
Since then, the enterprise artificial intelligence (AI) startup has forayed into new verticals like finance, insurance, healthcare, pharma, and logistics through its AI stack Blox.
Speaking about the development, Ashwini Asokan, chief executive and founder of Mad Street Den, said,
“At Mad Street Den, we’ve gone step by step to build an AI platform, taking a vertical-first approach into retail and then scaling that horizontally across several industries and use cases.”
Vue.ai is a unified visual AI platform that uses image recognition and data science to help retailers generate product and customer intelligence and combine these with market insights to power growth.
Blox.ai is an AI stack that businesses around the world solve some of the hardest problems with image, video and text-based intelligence.
Commenting on the development, Abhay Havaldar, Founder and Managing Partner at Avatar Growth Capital, said,
“Enterprises today need to not only do things faster (automate processes and workflows) but also make decisions faster. Rule-based automation is not enough for tomorrow. Blox’s ability to solve business problems across industries, use cases while maintaining efficacy at scale and low cost is highly differentiated.”
In 2019, Mad Street Den raised $17 million in its Series B round of funding) led by Alpha Wave. Recently, the firm acquired INTURN, a New York-based enterprise solution that helps retailers monetize slow-moving and excess inventory faster.
Last year, several AI-based startups raised funds showing the increasing interest of investors in the segment. In December 2022, Hexo, a generative AI startup, raised $270,000 as pre-seed funding led by Antler India via its Residency initiative. Also, Detect Technologies raised $28 Mn as part of its Series B funding round to further expand and strengthen its sales and operations across international markets in North America and Europe.
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, CFO Services, or other startup related legal services, contact us.