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Adopt AI raises $6 Mn in seed round led by Elevation Capital

EntrackrEntrackr · 9m ago
Adopt AI raises $6 Mn in seed round led by Elevation Capital
Medial

Agentic AI startup Adopt AI has raised $6 million in a seed funding round led by Elevation Capital. The round also saw participation from Foster Ventures, Powerhouse Ventures, Darkmode Ventures, and other angel investors. Founded by Deepak Anchala, Rahul Bhattacharya, and Anirudh Badam, Adopt AI assists businesses in transforming applications into AI-driven interfaces. Its platform automates workflows and executes complex actions using natural language commands. The firm integrates with existing applications, allowing users to perform tasks through natural language commands, enhancing retention and engagement. CEO Deepak Anchala stated that the platform enables B2B and consumer applications to evolve into intelligent agents without restructuring existing systems. Adopt AI has recruited talent from Microsoft and Google, with Chief AI Officer Anirudh Badam bringing over a decade of experience from Microsoft, and founding AI engineer Vijay Sagar contributing a decade of machine learning expertise from Google. Its platform includes a no-code agent builder that learns application workflows and generates actions automatically, along with a conversational AI interface that executes tasks through natural language.

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Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 8m ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

Wishlink raises $17.5 Mn in Series B round led by Vertex Ventures

EntrackrEntrackr · 3d ago
Wishlink raises $17.5 Mn in Series B round led by Vertex Ventures
Medial

Wishlink raises $17.5 Mn in Series B round led by Vertex Ventures Creator-focused commerce startup Wishlink has raised $17.5 million in a Series B funding round led by Vertex Ventures Southeast Asia & India. Existing investors Fundamentum and Elevation Capital also participated in the round. The new round comes after a gap of two years. In February 2024, Wishlink had raised a $7 million round from The Fundamentum Partnership Fund and Elevation Capital. It also closed its seed round of $3 million in October 2022. The fresh proceeds will be used to expand its creator and brand partnerships and strengthen its technology stack across consumers, creators and brands. Founded in 2022 by Shaurya Gupta, Divyansh Ameta and Chandan Yadav, Wishlink operates a creator commerce platform that enables product discovery through influencers. The platform helps creators monetise content while allowing brands to drive sales and customer acquisition. Wishlink currently works with over 40,000 monthly active creators who generate more than 300,000 pieces of content every month. The platform facilitates over 6 million orders and drives more than Rs 350 crore in monthly sales for partner brands and e-commerce platforms. It uses data-driven tools to help brands track performance across the funnel while improving shopping experiences for consumers. It also enables creators to earn commissions through product-linked content. According to its annual financial statement, Wishlink saw its revenue from operations surge 356% YoY to Rs 53.80 crore in FY25 from Rs 11.79 crore in FY24, while losses remained nearly flat at Rs 18.79 crore, compared to Rs 18.22 crore a year earlier.

Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

AI apps building platform Portkey raises $15 Mn in Series A led by Elevation

EntrackrEntrackr · 7d ago
AI apps building platform Portkey raises $15 Mn in Series A led by Elevation
Medial

Artificial intelligence apps building platform Portkey has raised $15 million in a Series A round led by Elevation Capital, with participation from existing investor Lightspeed. Portkey had secured $3 million in a seed funding round led by Lightspeed in August 2023. The company will use the capital to expand its AI control plane and scale go-to-market operations. The proceeds will be used to enhance support for agent-based systems with additional controls around permissions, identity, and budget management, while improving performance for low-latency use cases. Founded by Rohit Agarwal, Portkey builds a unified control plane for production AI systems. The platform combines an AI gateway with governance, observability, reliability, and cost management features. Its system sits in the path of AI traffic and helps enterprises manage model usage, enforce policies, and track spending in real time. According to Portkey, it already processes over 500 billion LLM tokens across 125 million requests per day. The platform manages more than $500,000 in AI spend daily for over 24,000 organisations globally. Its customers include Postman and Snorkel AI. The firm has also made its core enterprise gateway available for free, aiming to lower the barrier for teams to implement governance and observability controls early in their AI deployments. In August last year, Elevation Capital launched a new $400 million fund focused on backing companies over the long term, including those preparing for IPOs. For early-stage investments, it continues to deploy capital from Fund VIII, a $670 million vehicle launched in April 2022 that typically invests $2–5 million in startups.

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