California-based artificial intelligence (AI) driven start-up Mad Street Den raised $30 million in a Series C funding round led by Avatar Growth Capital. Sequoia Capital and Alpha Wave Global also joined the round.
The company will utilise the newly-raised capital to grow its logistics, finance, retail categories and insurance in countries like the United States (US), the United Kingdom, the Middle East, Latin America and India. Additionally, the firm wants to increase its AI offerings and scale its business in the coming time.
Prior to this, it raised $17 million in a Series B funding round led by Alpha Wave in 2019. Since then, it has claimed to triple its employee numbers in the US, the Middle East, Europe and Asia.
In 2016, it launched Vue.ai, a platform for the retail segment. Later it ventured into sectors like pharma, insurance and logistics with AI stack Blox.
Last year, it acquired INTURN, an inventory management platform, which has its headquarters in New York.
Talking about the latest development, Ashwini Ashoka, the CEO, said, “At Mad Street Den, we’ve gone step by step... in building a truly general AI platform, taking a vertical-first approach into retail, and then scaling that horizontally across several industries and use cases."
"What we needed at this stage of the company was partners that would help us bring discipline to the scaling and a very strong understanding of the GTM levers that get unlocked with building a horizontal AI platform for large-scale enterprises," she added.
Abhay Havaldar, the founder and managing partner of Avatar Growth Capital, said, “Blox’s ability to solve business problems across industries and use cases while maintaining efficacy at scale and low cost is highly differentiated. Further, its 30-60-90 days framework ensures customers do not need to wait for months to see results. We are very excited to partner with Ashwini, Anand, Costa, and the entire MSD team.”