The funding round was led by Powerhouse ventures and saw the participation of a host of other investors including Antler India, Blume Ventures, Cred's Kunal Shah, among others
Segwise was founded by Fampay’s former heads of product and growth and engineering Brijesh Bharadwaj and Shobhit Gupta in May 2023
The startup will be utilising the funds in the development of its AI Agents that can operate across product growth stack layers
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B2B SaaS AI-powered observability platform Segwise has raised pre-seed funding of $1.6 Mn (around INR 13.3 Cr) led by Powerhouse Ventures, with participation from Antler India, Blume Ventures, Everywhere Ventures, Saka Ventures and Untitled Ventures.
Cred’s Kunal Shah and executives from Microsoft, Amazon, SAP, Gojek, Flipkart, PhonePe and Groww among others also took part in the fundraise.
The startup will use the fresh funds in the development of its AI-tech stack.
Segwise was founded by ex-Fampay’s heads of product and growth and engineering Brijesh Bharadwaj and Shobhit Gupta in May 2023. The platform allows for deep integrations across multiple data sources and tools and is fine-tuning AI models tailored for tasks in the mobile product growth universe.
“We believe that highly specialised AI agents will be built for every industry-function combination. The differentiation in AI products will lie in customising large AI infrastructure products like large language models (LLMs) and large action models to data, context, actions and tools in each industry and function’s day-to-day workflow. That is how one can build defensibility in both product experience and go-to-market,” Gupta said on the occasion of the fundraise.
The startup adds to the increasing tally of Indian tech startups aiming to utilise generative AI in their offering. The market is seeing a sharp upswing with the country’s Gen AI market poised to grow to a size of over $17 Bn by 2030, clocking a CAGR of 48% between 2023-2030. According to an Inc42 report, India was home to over 70 GenAI startups last year.
The start of the new venture also adds to the trend of entrepreneurs and executives quitting their jobs and ventures to launch new startups in the third-largest startup ecosystem in the world. The past few years have seen eminent entrepreneurs like Times Internet veteran Gautam Sinha, Swiggy Instamart’s Karthik Gurumurthy, among others, raising funds to start their new ventures or announce their new business foray.
According to industry experts, investors tend to have more confidence in second and third-time founders, making them preferred choices for investment. And there is a simple explanation for this — such entrepreneurs are already well-versed in the industry cycles and the rules of the game.
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