Neysa Bags $20 Mn To Accelerate GenAI Adoption For Enterprises

Mumbai-based AI cloud and platform-as-a-service startup Neysa has secured $20 Mn (INR 166.4 Cr) as a part of its seed funding round led by Matrix Partners India, Nexus Venture Partners and NTTVC.

The startup will deploy the fresh proceeds in expanding its Gen AI-cloud platform-as-a-service offerings and boosting observability tools for both Indian and global markets.

The capital will also be used to further expand Neysa’s infrastructure and speed up its research and development efforts. 

Founded in 2023 by Sharad Sanghi and Anindya Das, Neysa provides a range of generative AI platforms and services aimed at assisting clients in overseeing their AI projects. These offerings ensure security across both cloud and edge environments.

The startup is also planning to release 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 Sanghi.

Das added, “…This funding boosts our mission to democratise AI, empowering companies of all sizes to ignite innovation and drive growth. We are building a future where AI integration is seamless, intuitive, and fundamentally changes the way we interact with technology.”

Avnish Bajaj, MD, Matrix Partners India, said, “Having known Sanghi and Das for a long time, it is our privilege to partner with them on their next venture. Enterprises globally, and even more so in India, are eager for expertise in helping them transition to AI native cloud computing and there is no better and more experienced team in India for them to partner with.”

Jishnu Bhattacharjee, MD, Nexus Venture Partners, said, “Meteoric rise of demand for AI globally calls for AI-native cloud platform that Neysa is all set to offer.”

Vab Goel, founding partner NTTVC and Board Member of NTT Data Inc. said, “Generative AI is key topic of every board room discussion, Neysa will help enterprises gain competitive advantage by accelerating new era of productivity. We are excited to continue our partnership with Sharad and Andy.”

Recently, Gen AI, or Generative Artificial Intelligence, is rapidly gaining traction as a transformative force across various industries. A recent report by EY highlights the significant impact of Gen AI on India’s economy, projecting a potential boost of $1.2 Tn to $1.5 Tn over the next seven years.

Startups in the Gen AI space are attracting investor interest, with Bengaluru-based Vodex securing $2 Mn in seed funding from Unicorn India Ventures and Pentathlon Ventures in April.

As per Inc42 data, the country is home to more than 100 native startups (as of October 2023) that have raised $600 Mn+ since 2019.

Earlier in January, Krutrim, the third startup founded by Ola’s Bhavish Aggarwal, became India’s first AI unicorn after raising $50 Mn in funding led by Matrix Partners India and other investors. 

Similarly, in December last year, Bengaluru-based Sarvam AI, operating in the GenAI domain, raised $41 Mn in Series A funding led by Lightspeed Venture Partners.