Neysa has raised $20 million in a seed funding round led by Matrix Partners India, Nexus Venture Partners, and NTTVC, the newest AI startup riding the wave to raise significant funds at seed level.
The capital will be used to expand Neysa's infrastructure and accelerating its research and development initiatives, the Mumbai-based AI cloud and platform-as-a-service startup said on April 10.
"Our goal is to leverage this funding to push the limits of innovation, assisting our clients with the power of our end-to-end generative AI PaaS ecosystem and our AI-engineered Observability Platform, in a way that provides demonstrable and tangible outcomes for their business,” Neysa founder and CEO Sharad Sanghi said.
Sanghi, the chairman of data centre major NTT India's global data centres and cloud infrastructure business, co-founded Neysa with Anindya Das, who is the CTO, and BV Jagadeesh, the chairman.
He also founded Netmagic Solutions, which was later acquired by NTT.
Neysa will offer a suite of generative AI platform and services to help customers discover, plan, deploy, and manage their generative AI projects cost effectively and securely in a cloud and at edge manner, the startup said.
Its solutions are expected to launch in the September quarter of this year and will be available both in India and globally.
"Neysa was conceived from a deep understanding of the day-to-day challenges faced in managing and scaling cloud and the transformative potential of AI. This funding boosts our mission to democratize AI, empowering companies of all sizes to ignite innovation and drive growth,” Das said
Avnish Bajaj, Founder and MD, Matrix Partners India, said, “Having known Sharad and Andy for a long time, it is our privilege to partner with them on their next venture.”
Generative AI is key topic of every board room discussion, Neysa will help enterprises gain competitive advantage by accelerating new era of productivity, Vab Goel, Founding Partner NTTVC and Board Member of NTT Data Inc, said.
“We are excited to continue our partnership with Sharad and Andy,” Goel said.
The funding marks a trend in technology industry veterans starting up AI ventures.
In March, former Coinbase chief product officer and a senior Flipkart executive Surojit Chatterjee announced the launch of Ema, a generative AI assistant tool for workplaces, which had raised $25 million in a seed round from Accel, Prosus and Wipro, and prominent angel investors including Yahoo founder Jerry Yang and former Facebook COO Sheryl Sandberg.
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