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Gen AI startup Neysa raises $20 Mn from Matrix, Nexus and NTTVC

EntrackrEntrackr · 1y ago
Gen AI startup Neysa raises $20 Mn from Matrix, Nexus and NTTVC
Medial

Neysa, an AI cloud and platform-as-a-service startup, has secured $20 million in seed funding led by Matrix Partners India, Nexus Venture Partners, and NTTVC. The funding will help drive the Generative-AI-cloud platform as a service and observability for India and global markets, the company said in a press release. Co-founded by Sharad Sanghi and Anindya Das (CTO), Neysa aims to help its clients discover, plan, deploy, and manage their Generative AI projects cost effectively and secure their AI landscapes in the cloud and at the edge in a consumption-based model. Neysa says its integrated approach and industry vertical solutions will help accelerate Generative AI adoption in enterprises across India and globally. The Mumbai-based company is planning to roll out its services in Q3 2024. “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,” said Neysa founder and CEO Sanghi. CTO Das added that the firm is building a future where AI integration is seamless, intuitive, and fundamentally changes the way we interact with technology. Following the popularity of ChatGPT and several other generative AI platforms, VCs are now shifting their focus to this new space. This is also evident from the steady growth in VC fundings, especially in the early stage firms, over the past few months. In December 2023, Sarvam AI raised $41 million in a Series A round led by Lightspeed while Ema scooped up $25 million which is the second largest funding for an early-stage startup operating in this space. Another company operating in this segment, Vodex raised $2 million in its seed round from Unicorn India Ventures and Pentathlon Ventures. Earlier this year, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs scooped up $50 million to achieve the unicorn tag, and also became the fastest one to do so. Entrackr was first to report about the funding round in August last year.

Decoding Neysa’s Series A round, valuation and shareholding pattern

EntrackrEntrackr · 1m ago
Decoding Neysa’s Series A round, valuation and shareholding pattern
Medial

Generative AI startup Neysa raised $30 million in its Series A round led by NTT Venture Capital with the participation of Nexus Venture Partners, Z47, and others. The Neysa’s board has allotted 1,11,532 Series A compulsory convertible preference shares at an issue price of Rs 20,430 and also allotted 12,592 equity shares to collectively raise Rs 252 crore or $30 million, according to its regulatory filing accessed from Registrar of Companies (RoC). NTT Ventures led the round with Rs 75.67 crore or $8.9 million, followed by Nexus Venture Partners and Z47 (formerly Matrix Partners India), each contributing Rs 67.26 crore ($7.9 million). Anchorage Capital invested Rs 16.8 crore, while Sharad Sanghi also allotted Rs 25.22 crore worth of equity shares. The new capital will help Neysa scale its AI infrastructure, enhance research and development, and prepare for the launch of its Gen AI acceleration cloud service. According to Entrackr’s estimates, the company will be valued at around Rs 1,090 crore or $128 million (post-allotment). Neysa is an AI cloud and platform-as-a-service (PaaS) startup that enables users to manage and scale Generative AI projects in the cloud. Its offerings include Nebula, a platform for deploying and scaling AI workloads; Palvera, which streamlines network intelligence; and Aegis, designed to secure AI/ML ecosystems against emerging threats. Mumbai-based startup Neysa has raised $50 million to date, including its $20 million seed round. According to startup data intelligence platform TheKredible, Nexus Venture Partners and Z47 are the largest external shareholders in the company, each holding a 16.22% stake, with NTT VC and Anchorage Capital holding 14.83% and 4.32% respectively. The company’s founders, Sharad Sanghi and Aninya Das, collectively own a 43.09% stake. Neysa has not reported any operating revenue till FY24 but earned interest income from fixed deposits with banks and security deposits amounting to Rs 13.87 lakhs during the fiscal year ending March 2024. The company incurred a net loss of Rs 3.1 crore in the same period.

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