Artificial intelligence (AI) focused firm Mad Street Den has raked in $30 million in its Series C round led by growth stage focused investment firm Avatar Growth Capital with the participation of existing investors Sequoia Capital and Alpha Wave Global.
The company intends to use the fresh capital for the growth of its finance, logistics, insurance, and retail categories across the US, UK, India, the Middle East, and Latin America. A part of the fund will also be used to expand its offerings across industries and growth.
Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den’s core product Vue.ai focuses on the retail segment to provide automation and inventory management solutions. The company has also forayed into new verticals like finance, insurance, healthcare, pharma, and logistics through its AI stack Blox.
The automated platform helps in the scale of operation, speed, accuracy, and significant cost savings while improving the return on investment of its customers by leveraging data. Since its last funding round in 2019, Mad Street Den has tripled its workforce to 275 employees across geographies. The company is headquartered in California with a large team in Chennai.
Mad Street Den has raised over $50 million to date including $17 million in its Series B round led by Alpha Wave in 2019. It is also backed by Tokyo-based independent venture capital fund Global Brain.
The company claims to have had a strong demand for its AI platform over the past 24 months and witnessed 100% year-on-year growth and expects the same in 2023. Last year, Mad Street Den acquired Inturn which helps retailers monetise slow-moving and excess inventory faster.