Lead investor was Avatar Growth Capital with participation from existing investors Sequoia Capital and Alpha Wave Global. Mad Street Den (MSD) will use the funding to expand its AI offerings across industries.
Mad Street Den, an AI company that provides an Intelligent Document Processing (IDP) solution through its proprietary AI platform Blox.ai, announced January 18 that it has raised $30 million in a Series C funding round. The round was led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global.
The company has seen strong demand for its AI offerings over the past two years, driven in part by its platform Blox.ai and its foray into new industries such as finance, insurance, healthcare, pharma and logistics. Blox.ai helps enterprises to accelerate the process of creating and managing data model drift through automated AI/ML capabilities, enabling real-time decision-making and enhanced consumer experience. Its capability to understand and infer all types of data (including image, text, video, voice and in any form – structured, semi-structured or unstructured) has allowed MDS to provide business solutions to extend to a horizontal AI platform.
Ashwini Asokan, Founder & CEO of Mad Street Den, said: “At MSD, we’ve gone step by step in this vision we’ve had from day 0, of building a truly general AI platform, taking a vertical-first approach into Retail and then scaling that horizontally across several industries. 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. Abhay Havaldar & Vishal Bakshi from Avatar Growth Capital were everything Anand and I could have asked for, at this stage of the company’s growth. We’re very excited to have such veterans from the industry give us a strong guiding hand.”
Abhay Havaldar, Founder and Managing Partner at Avatar Growth Capital, commented: “Enterprises today need to not only do things faster (automate processes and workflows) but also make decisions faster. Rule-based automation is not enough for tomorrow. Blox’s ability to solve business problems across industries, use cases while maintaining efficacy at scale and low cost is highly differentiated. Further, its 30-60-90 days framework ensures customers do not need to wait for months to see results. We are very excited to partner with Ashwini, Anand, Costa and the entire MSD team.”
Headquartered in Redwood City, California, Mad Street Den is an artificial intelligence company founded with the mission of turning people around the world into AI Natives. Mad Street Den offers AI solutions for a wide range of industries, including retail, finance, insurance, healthcare, pharma and logistics.
The full press release can be found here.
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