Gen AI startup Neysa raises $20 Mn from Matrix, Nexus and NTTVC

Neysa, an AI cloud and platform-as-a-service startup, has secured $20 million in seed funding led by Matrix Partners India, Nexus Venture Partners, and NTTVC.

The funding will help drive the Generative-AI-cloud platform as a service and observability for India and global markets, the company said in a press release.

Co-founded by Sharad Sanghi and Anindya Das (CTO), Neysa aims to help its clients discover, plan, deploy, and manage their Generative AI projects cost effectively and secure their AI landscapes in the cloud and at the edge in a consumption-based model.

Neysa says its integrated approach and industry vertical solutions will help accelerate Generative AI adoption in enterprises across India and globally. The Mumbai-based company is planning to roll out 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 Neysa founder and CEO Sanghi.

CTO Das added that the firm is building a future where AI integration is seamless, intuitive, and fundamentally changes the way we interact with technology.

Following the popularity of ChatGPT and several other generative AI platforms, VCs are now shifting their focus to this new space. This is also evident from the steady growth in VC fundings, especially in the early stage firms, over the past few months.

In December 2023, Sarvam AI raised $41 million in a Series A round led by Lightspeed while Ema scooped up $25 million which is the second largest funding for an early-stage startup operating in this space. Another company operating in this segment, Vodex raised $2 million in its seed round from Unicorn India Ventures and Pentathlon Ventures.

Earlier this year, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs scooped up $50 million to achieve the unicorn tag, and also became the fastest one to do so. Entrackr was first to report about the funding round in August last year.