Globally, the Artificial Intelligence market is forecasted to reach $5.05 Bn by 2020, at a CAGR of 53.65%. Ashwini Asokan who worked at Intel Labs as a Mobile Innovation Lead and her spouse Anand Chandrasekaran, a Neuromorphic Engineer – sighted this opportunity three years back, but soon realised what the hype is all about. They found out that most AI companies are focussed just on building tools for engineers while only a few are concerned about actual consumer problems.
“Our actual experience of AI is pretty terrible. Chatbots that don’t understand basic questions, confusing interfaces, and a plethora of AI products that aren’t actually solving problems we users have,” mentioned Ashwini in one of her articles.
The couple thus came up with Mad Street Den – a computer vision and Artificial Intelligence (AI) startup. The venture aims to bring AI into the daily lives of people across the globe by working with businesses and brands in specific verticals. This includes online fashion, mobile gaming, user engagement & analytics, IoT & connected cars, and photos & social media.
Today, the company announced that it has raised an undisclosed amount in Series A funding round from Sequoia India along with existing investors, Exfinity Ventures & growX ventures. Others who participated in this round are folks from Google and investors like Shruti Gandhi, Managing Partner, Array Ventures. Earlier, in January last year, it also raised a Seed round of $1.5 Mn (INR 9 Cr) from Exfinity Ventures & growX ventures.
The company has grown from 6 to 50 employees since the fundraise across San Francisco, Chennai, Bangalore & London. The team is a mix of neuroscientists, data scientists, computer vision experts, marketers and designers. Its flagship product Vue.ai also serves up brands across the globe today from Asia to Middle East to US and Europe. Some of its clients include Tata, Voonik, Craftsvilla, Zilingo, Wadi and many more.