AL firm Mad Street Den scoops $30 Mn in Series C Funding led by Avatar Growth Capital
- ByStartupStory | January 18, 2023
Mad Street Den, a California-based enterprise AI company, raised $30 million in a Series C funding round led by Avatar Growth Capital. Existing investors Sequoia Capital and Alpha Wave Global (formerly Falcon Edge Capital) joined the round as well.
The funds will be used to expand the startup’s finance, logistics, insurance, and retail categories across geographies such as the United States, United Kingdom, India, the Middle East, and Latin America.
Mad Street Den will also use the funds to expand its artificial intelligence offerings across industries and to double down on scaling its business across a variety of verticals.
The company claims that its AI platform has been in high demand over the last 24 months. It also stated that it has experienced 100% year-on-year growth and anticipates the same in 2023.
According to Mad Street Den, this growth was driven by both the retail segment (Vue.ai) and the company’s expansion into new verticals such as finance, insurance, healthcare, pharmaceuticals, and logistics (getblox.ai).
“At Mad Street Den, we’ve gone step by step… in building a truly general AI platform, taking a vertical-first approach into retail, and then scaling that horizontally across several industries and use cases,” CEO and Founder Ashwini Asokan said.
“What we needed at this stage of the company was partners that would help us bring discipline to the scaling and a very strong understanding of the GTM levers that get unlocked with building a horizontal AI platform for large-scale enterprises,” she added.
Mad Street Den has tripled its headcount to 275 employees across the US, Middle East, Europe, and Asia since its last funding round in 2019.
Follow Startup Story
Related Posts
