An Artificial Intelligence (AI)-based software firm, Mad Street Den has raised $30 million in its Series-C round led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital).
The firm plans to utilise the funding to expand its artificial intelligence offerings across industries and product development.
Founded in 2016 by Asokan and Anand Chandrasekaran, Mad Street Den has created AI-based solutions, through its Vue.ai business unit, that help retailers grow their business by reducing operational costs through automation and increasing revenue with personalised customer experiences. The company is hiring for specific roles, not at scale.
“Now, it's all about scaling and there are a few areas where the funds will be deployed. We will be focussing on winning top ten or fortune 500s and other enterprise clients in different sectors. We have always maintained caution even when money was freely available we did not hire aggressively and even now we will hire for specific roles but it has nothing to do with the fundraise, “said Co-Founder and CEO Ashwini Asokan.
