Alchemyst AI Raises $300K in Pre-Seed Round Led by Inflection Point Ventures

• ByStartupStory     |    October 16, 2024

Alchemyst AI, a Generative AI (Gen-AI SaaS) start-up, has successfully raised $300,000 in a pre-seed funding round led by Inflection Point Ventures. The round also saw participation from 100Unicorns and Early Seed Ventures. The funds will be utilized to bolster the company’s GPU (graphics processing unit) and technology infrastructure, enhance team development, scale operations, and drive growth.

Founded in 2023 by Uttaran Nayak and Anuran Roy, Alchemyst AI is revolutionizing AI automation and enterprise productivity by developing digital employees, also known as “Alchemysts,” which perform intelligent functional tasks across mid-sized to large enterprises.

Uttaran Nayak, Co-Founder & CEO of Alchemyst AI, explained the company’s mission: “At Alchemyst AI, we are pioneering the development of fully autonomous gen-AI digital employees which can interact with each other & perform highly intelligent functional components across enterprise teams. We are crafting the future of workforce and spearheading the next industrial revolution. These gen-AI digital employees democratize the entire workforce without human intervention at any stage. Over the past 12 months, we have had a unique vantage point as we have watched the bot/agent/AI digital employee landscape evolve and transform. We also observed that most of the application layer companies are dependent on generic foundational models to carry out automation in the workforce. These dependencies often slow down a company’s scalability and make it defenseless and vulnerable. Alchemyst AI was born to solve these challenges, with a strong technological understanding & non-dependency on any generic LLM models.”

Alchemyst AI’s digital employees feature adaptive and continual learning capabilities, autonomously gathering context from the data provided by users to influence performance. This innovation is positioning the startup as a key player in reshaping enterprise productivity.

Vikram Ramasubramaniam, Partner at Inflection Point Ventures, shared his perspective on Alchemyst AI’s impact: “In this rapidly moving world, businesses face significant challenges in managing team productivity and delivering exceptional customer experiences, with traditional methods work produced may be inefficient, leading to missed opportunities and stagnant growth. Alchemyst AI addresses these pressing issues by harnessing the power of generative AI to develop digital employees that automate routine tasks, allowing teams to focus on high-value activities. Furthermore, it understands that for its solutions to be scalable and effective, it needs robust security. By prioritizing these aspects, Alchemyst AI has positioned itself to revolutionize the way businesses operate, by supporting the future of work.”

In line with this, Dr. Apoorva Ranjan Sharma, Cofounder of 100Unicorns, highlighted the startup’s potential: “At 100unicorn, we strongly believe in the impact of Generative AI in transforming everyday lives. We have further strengthened our investment strategy in this space with Alchemyst AI. The startup has created virtual employees with human-like capabilities that can seamlessly integrate into business workflows, creating a smarter, more intelligent, and more efficient workforce in the future. We are thrilled to support a startup that is genuinely reshaping automation with Generative AI and solving the problem of a dearth of tech talent for mid to large-size businesses.”

Alchemyst AI is poised for expansion across major global markets, including India, the USA, MENA, and South East Asia, as the global generative AI market is projected to reach $330 billion by 2030. The current market size is estimated at $3 billion in India and $37 billion globally, indicating immense opportunities for startups like Alchemyst AI in the near future.

About Alchemyst AI

Founded in 2023, Alchemyst AI is at the forefront of the generative AI revolution, developing digital employees that collaborate to provide intelligent functional components for enterprises. The startup’s proprietary Large Language Model, AlchemystC1, and Large Action Model (LAM), AlchemystX1, are transforming enterprise processes through advanced AI-driven automation.

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