Mad Street Den, a company that focuses on artificial intelligence (AI), has raised $30 million in its Series C round, which was headed by the growth stage investment firm Avatar Growth Capital and included previous backers Sequoia Capital and Alpha Wave Global.
The business plans to utilise the additional funding to expand its financial, logistics, insurance, and retail divisions throughout the US, UK, India, the Middle East, and Latin America. A portion of the capital will also be utilised to diversify and develop its product offerings.
Ashwini Asokan and Anand Chandrasekaran founded Mad Street Den in 2016, and its main product, Vue.ai, targets the retail industry to offer automation and inventory management solutions.
Through its AI stack Blox, the business has also entered new industries including banking, insurance, healthcare, pharma, and logistics.
By utilising data, the automated platform increases the return on investment for its clients while also assisting with scalability, speed, accuracy, and considerable cost savings. Mad Street Den has increased its employment to 275 individuals worldwide since its most recent fundraising round in 2019. The organisation has a sizable workforce in Chennai and its corporate office is in California.
Over $50 million has been raised for Mad Street Den to far, including $17 million in its Series B round in 2019 which was headed by Alpha Wave. Additionally, the independent venture capital fund Global Brain, located in Tokyo, supports it.
The firm states that over the past 24 months, there has been a significant demand for its AI platform. It has had 100% year-over-year growth and anticipates continuing this trend in 2023. Mad Street Den purchased Inturn last year, which aids businesses in quickly turning over overstock and slow-moving merchandise.
