With participation from previous investors Sequoia Capital and Alpha Wave Global, enterprise artificial intelligence (AI) firm Mad Street Den has secured $30 million in its Series C round, which was led by Avatar Growth Capital (formerly known as Falcon Edge Capital).
As it intensifies its focus on growing the business across verticals, the company will use the funding to diversify its product offerings across industries, as per reported by VCCircle.
“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,” said Ashwini Asokan, chief executive and founder, Mad Street Den.
Ashwini Asokan and Anand Chandrasekaran founded the firm in 2016, along with the release of their retail-focused artificial intelligence platform Vue.ai.
“Enterprises today need to not only do things faster, automate processes and workflows but also make decisions faster,” said Abhay Havaldar, Founder and Managing Partner, Avatar Growth Capital.
“Blox’s ability to solve business problems across industries, use cases while maintaining efficacy at scale and low cost is highly differentiated,” he added.
About Mad Street Den
The goal of Mad Street Den®, a company that specialises in computer vision and artificial intelligence, is to turn everyone in the world into an A.I. native. The team’s goal is to help millions of people all around the world become AI native by developing models of generalizable intelligence and practical means of contextualising AI on a large scale.
Vue.ai® has succeeded in becoming one of the most well-known, value-driven retail A.I firms within the industry in a short span of 3 years. With the accelerated growth of its first vertical, the firm has now begun its expansion into other verticals including healthcare, education, finance, and more, inching closer to it’s bigger mission.