Mad Street Den, a Redwood City, CA-based computer vision and artificial intelligence company that provides AI solutions for the retail industry, announced that it raised $30 million in Series C funding.
The round was led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital).
The investment will enable Mad Street Den to expand its artificial intelligence offerings across industries.
The funding allows the company to double down on scaling the business across a wide range of verticals while holding the firm as the leader in retail AI.
Enterprises are buying the company's AI stack, Blox, across these industries to solve three very complex problems with a single platform. The company also recently acquired INTURN, a New York-based enterprise solution that helps retailers monetize slow-moving and excess inventory, faster.
"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", says Ashwini Asokan, CEO & Founder.
Company: Mad Street Den Inc.
Raised: $30.0M
Round: Series C
Funding Month: January 2023
Lead Investors: Avatar Growth Capital
Additional Investors: Sequoia Capital and Alpha Wave Global
Company Website: https://www.madstreetden.com/
Software Category: AI Solutions
About the Company: Mad Street Den, founded in 2016, is a computer vision and artificial intelligence company with a mission to make people all over the globe AI natives. The team’s mission is to build models of generalizable intelligence and create actionable ways to contextualize AI on a scale, helping millions of people across the globe to become "AI natives." The company’s first vertical, under its flagship brand, Vue.ai®, aims to bring this mission into the retail industry. The image and video recognition platform transforms traditional stores and online retail businesses with intelligent retail automation. The company has over 220+ employees across the US, Japan, and India.
Source: https://www.prnewswire.com/news-releases/mad-street-den-raises-30m-in-series-c-as-it-establishes-itself-as-a-leader-ushering-in-ai-transformation-for-large-enterprises-301721778.html