Mad Street Den raises $30 million, aims to double down on scaling up its expansion
Mad Street Den, an AI-based startup has raised $30 million in its series C round of funding. The round was led by investment capital firm Avatar Growth Capital. Investors such as Sequoia Capital and Alpha Wave Global were also present for this Series of funding. Mad Street Den aims to utilize the capital raised to further expand its offerings to different industries. It plans to double down on scaling its business in all kinds of markets.
The startup was founded by Ashwini Asokan and Anand Chandrasekaran in 2016 when they launched an AI-based platform called ‘Vue.ai’. It initially focused its platform on the retail industry. Although the founders realized its potential and began to explore and penetrate other industries such as insurance, healthcare, finance, pharma, and logistics. Mad Street Den has its head office in California and has a working space in Chennai, India too.
The automated platform specialized in improving speed and accuracy and in turn saved cost helping its users improve of their return on investment by harnessing data. Ashwini Asokan chief executive and founder of MSD (Mad Street Den) said “At MSD, we’ve gone step by step of building an AI platform, taking a vertical-first approach into retail and then scaling that horizontally across several industries and use cases.”
Abhay Havaldar, Founder and Managing Partner of Avatar Growth Capital said “Enterprises today need to not only do things faster, automate processes and workflows but also make decisions faster.” He further added, “Blox’s ability to solve business problems across industries, and use cases while maintaining efficacy at scale and low cost is highly differentiated”.
