Eyeing Product Innovation, SaaS Startup Neuron7 Raises $44 Mn From Smith Point Capital

Enterprise tech startup Neuron7.ai has raised $44 Mn as part of its Series B round led by US-based investment firm Smith Point Capital.

The round also saw participation from existing investors Nexus Venture Partners and Battery Ventures. The California-based startup will utilise the funding to accelerate product innovation and go-to-market (GTM) growth initiatives. 

“We are grateful for our investors’ support and thrilled to welcome Smith Point and the expertise of enterprise software stalwarts like Keith Block to the Neuron7 business. Their extensive industry experience… will help propel us forward as we continue to address the toughest challenges in service and support,” Neuron7.ai cofounder and CEO Niken Patel said.

Commenting on the fundraise, Smith Point Capital founder and CEO Keith Block added, “Neuron7 delivers industry-leading, domain-specific results to an impressive roster of customers and establishes impressive strategic partnerships with major cloud platforms – milestones rarely seen in a company at this stage. We are excited to partner with Neuron7 on its next chapter of growth”.

Founded in 2020 by Patel and Vinay Saini, California-based Neuron7’s AI tools enable enterprises to parse through data from multiple sources and provide answers in seconds and turn-by-turn guidance to resolve issues faster. 

With this, the SaaS startup claims to have raised more than $63 Mn in funding to date. Neuron7 also featured in the August 2021 edition of Inc42’s 30 Startups To Watch. 

The company claims to have increased its annual recurring revenue (ARR) by 300% in the past 12 months and added “top-tier” enterprise customers from the medical device, high-tech device, and industrial equipment industries to its kitty during the period.

The fundraise comes at a time when the Indian enterprise tech sector continues to see rapid investor action on account of the highly skilled and affordable talent pool in the country. Earlier this month, SaaS startup Spry Therapeutics secured $15 Mn in a round led by Flourish Ventures. 

Last month, SaaS startup Pepsales bagged $1.1 Mn in a pre-seed round led by Chiratae Ventures. Meanwhile, in June, customer onboarding platform Rocketlane raised $24 Mn as part of its Series B round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.

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