SUMMARY
Dallas Venture Capital and TVS Capital Funds also have participated in the funding round
VuNet plans to use the funding in accelerating research and development activities to build new products and also expand operations across India, Asia and the US
VuNet’s founders cumulatively hold more than 20 years of experience in building deep-tech offerings in the international market
AI startup VuNet has secured $5 Mn in its Series A funding round led by Mela Ventures and Athera Venture Partners.
Dallas Venture Capital and TVS Capital Funds also have participated in the funding round.
Founded in 2014 by Ashwin Ramachandran, Bharat Joshi and Jithesh Kaveetil, VuNet’s product vuSmartMaps is a full-stack solution that helps businesses monitor their processes and also improve users’ payment experience.
VuNet said that it is offering services to banks, payment gateways and financial institutions and thus, helping improve their digital payments workflow as well as enhance customer experience.
“VuNet has the unique ability to stitch together siloed views and present business journeys in a unified view for end-user context. The technology solidity of VuNet’s team, their strong domain expertise, and marquee customers is what excited us about the value creation opportunity here,” said Samir Kumar, GP at Athera Venture Partners.
VuNet’s founders cumulatively hold more than 20 years of experience in building deep-tech offerings in the international market.
The startup claims that several large financial institutions are using its services to get real-time visibility into financial transactions.
“VuNet is excited to count some of the most well-known names in the financial institutions among our customers. We will continue to focus on expanding our customer growth and our product base to create more intelligent, actionable insights for operations, business and CXOs to accelerate their digital transformation,” said Ashwin Ramachandran, cofounder and CEO of VuNet Systems.
VuNet plans to use the funding in accelerating research and development activities to build new products and also expand operations across India, Asia and the US.
As per the startup, global payment volumes will grow to 1.9 Tn by 2025 and thus, the need for real-time visibility to improve user experience and reduce payment failure rates is growing.
According to a report, the global AI industry will become a $1,811.8 Bn market by 2030. The industry is expected to grow at a CAGR of 38.1% by the forecasted period (2030).
Recently, a good number of funding activities have been reported in the segment. Rephrase.ai raising $10.6 Mn, Aarav Solutions acquiring Froot Research for $4 Mn, Navikenz bagging $4 Mn and Detect Technologies securing $28 Mn are a few examples here.
