Matrix Partners and Others Fuel Growth of Mumbai-based AI Startup
Neysa, a Mumbai-based AI cloud and platform-as-a-service startup, has successfully raised $20 million in a seed funding round led by Matrix Partners India, Nexus Venture Partners, and NTTVC. This substantial investment signals a significant stride for the burgeoning AI startup, which aims to disrupt the industry with innovative solutions.
The funding injection will fuel Neysa’s expansion plans, bolstering its infrastructure and accelerating research and development initiatives. Founder and CEO Sharad Sanghi expressed enthusiasm about leveraging this funding to propel innovation and deliver tangible outcomes for clients through the company’s generative AI PaaS ecosystem and AI-engineered Observability Platform.
Sharad Sanghi, renowned for his role as the chairman of NTT India’s global data centers and cloud infrastructure business, co-founded Neysa alongside Anindya Das and BV Jagadeesh. With a wealth of experience in the tech industry, Sanghi’s vision for Neysa revolves around democratizing AI and empowering enterprises of all sizes to drive innovation and growth.
Neysa is set to offer a comprehensive suite of generative AI platforms and services, enabling customers to efficiently manage and scale their AI projects in the cloud and at the edge. Anticipated to launch in the September quarter of this year, Neysa’s solutions will cater to both Indian and global markets, promising cost-effective and secure AI deployment.
The significance of this funding extends beyond Neysa’s immediate goals, marking a broader trend of technology industry veterans venturing into AI startups. Avnish Bajaj, Founder and MD of Matrix Partners India, emphasized the privilege of partnering with Sharad and his team, highlighting the transformative potential of Neysa’s mission to democratize AI.
Generative AI has emerged as a focal point in corporate strategies, with Neysa positioned to help enterprises gain a competitive edge in this evolving landscape. Vab Goel, Founding Partner of NTTVC and Board Member of NTT Data Inc., echoed excitement about the partnership with Neysa’s leadership, emphasizing the potential for driving productivity and innovation.
The funding round underscores the growing momentum in AI startups, with notable figures like former Coinbase chief product officer Surojit Chatterjee launching ventures such as Ema. As AI continues to shape industries worldwide, Neysa’s innovative approach signifies a promising chapter in the evolution of AI-powered solutions.
