Mad Street Den raises $30M, led by Avatar Growth Capital, in Series C Funding to accelerate growth and leadership with its Enterprise-grade AI offerings4 min read
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Mad Street Den, a leader in Enterprise AI, today announced a fresh round of Series C funding led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Falcon Edge. The investment will enable Mad Street Den to expand its artificial intelligence offerings across industries.
Mad Street Den has seen strong demand for its AI platform over the past 24 months. New growth has been powered by both the retail segment (Vue.ai) as well as its foray into new verticals like finance, insurance, healthcare, pharma, and logistics (getblox.ai). Since its last funding in 2019, Mad Street Den has grown in revenue and headcount across the U.S., the Middle East, Europe, and Asia. The new funding allows the company to double down on scaling into insurance, finance, BPO, and logistics while holding firm as the Leader in Retail AI.
Enterprises are buying the company’s AI stack, blox, to create clean & enriched data, power hyper-personalized customer experiences and automate end-to-end workflows and processes (10x improvement vs status quo), versus buying and using siloed AI tools previously, across the customer’s organization.
Blox helps enterprises to significantly accelerate the process of creating and managing data model drift through automated AI / ML capabilities, enabling real-time decision-making and enhanced consumer experience. Further, its computer vision capability to understand and infer all types of data (image, text, video, voice, etc.) and in any form (structured, semi-structured or unstructured) has allowed Mad Street Den to provide business solutions to extend to a true horizontal AI platform.
Mad Street Den’s data-centric approach (vs. model-centric) has exhibited strong operating leverage for its enterprise customers. Blox bridges the gap of short supply of skilled data scientists and data engineers with its automated platform and in the process adds scale of operation, speed, accuracy, and significant cost savings. With its 30 – 60 – 90 days framework, MSD focuses on showing quick ROI to customers and then growing with the customers.
With a 3-layer architecture that includes a large private marketplace of models for instant-on applications, a data science hub and toolkit for enterprise engineering teams and a data platform to allow a variety of integrations including on-prem or private cloud, the company has been edging ahead of competition across multiple verticals by being an end-to-end AI provider rather than a point solution. The 3-layer architecture now empowers partners to embed the Blox platform in their SAAS offering to accelerate growth.
Recently, the company 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.”, “Ashwini Asokan, CEO & co-founder, MSD
“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. MSD platform’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 super excited to partner with Ashwini, Anand, Costa and the entire MSD team,” said Abhay Havaldar, Founder and Managing Partner, Avatar Growth Capital.
About Avatar Growth Capital
Avatar Growth Capital is a specialist and thematic private equity firm investing in high-growth technology and software companies that are leveraging India to drive global digital transformation. Our team has over four decades of investing experience including 30 years at General Atlantic Partners and Goldman Sachs, further augmented by technology operations and investment banking advisory & consulting experience. Avatar’s mission is to identify, invest and work with visionary tech entrepreneurs and executives to build engines for growth and scale for long-term success.