Mela Ventures and Athera Venture Partners led a $5 million Series A round of funding for AI-based VuNet
- ByStartupStory | November 17, 2022
With participation from Dallas Venture Capital and TVS Capital Funds, VuNet Systems, a supplier of AI-based Business Journey Observability, VuNet, obtains $5 million in Series A funding, which is led by Mela Ventures and Athera Venture Partners (previously Inventus India). Over $100 billion is lost to the global economy each year due to payment failures, which also significantly reduce customer loyalty and financial inclusion throughout the ecosystem. The cash will be used to speed up the research and development of new AI and ML-led product offerings as well as the expansion of global operations throughout India, Asia, and the US, with a potential size of $55 billion.
Ashwin Ramachandran, Bharat Joshi, and Jithesh Kaveetil, co-founders of VuNet Systems, have more than 20 years of experience in developing deep-tech corporate products for global markets.
As companies move toward complicated workloads, the cloud, microservices, and more API interconnect, VuNet’s unified observability platform marks a fundamental shift in monitoring complex application systems at scale. Several significant financial institutions now use the platform to provide real-time visibility into financial transaction journeys such as rapid payments, lending, and so on, totaling more than 9 billion transactions per month.
“VuNet is excited to count some of the most well-known names in financial institutions among our customers. We will continue to focus on expanding our customer growth and our product base to create more intelligent, actionable insights for operations, business, and CXOs to accelerate their digital transformation,” VuNet Systems Co-Founder and CEO Ashwin Ramachandran stated.
Mela Ventures’ Managing Partner, Krishnakumar Natarajan, commented, “Real-time and in-depth visibility into the customer and business journeys is fast becoming a key differentiating factor between realizing and missing the digital dreams. VuNet’s AI-based observability platform provides that missing intelligence for businesses. The fact that leading financial institutions trust VuNet is proof of its growing importance and potential. We are excited to partner with VuNet. The leadership team has great vision and goals to be the category leader.”
“In today’s hyper-interconnected world, real-time observability is key to ensuring smooth transactions. VuNet has the unique ability to stitch together siloed views and present business journeys in a unified view for end-user context. The technology solidity of VuNet’s team, their strong domain expertise, and marquee customers is what excited us about the value creation opportunity here”, remarked Samir Kumar, GP at Athera Venture Partners (formerly Inventus India)
“We are excited by the opportunity to bring DVC Advantage to play a transformative role in VuNet’s growth strategy, which is centered around revenue acceleration from expansion in Asian and US markets,” said Gokul Dixit, Venture Partner at DVC.
VuNet has received numerous awards, including inclusion in the Gartner Market Guide for AI-driven IT Operations platform, designation as an HFS Hot Vendor, leader in the AIOps Data Quadrant Software Reviews, the NASSCOM AI Gamechanger’s Award, and participation in Microsoft ScaleUp for Startups and CISCO Launchpad.
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