A SaaS based and AI cloud platform startup Neysa has secured $20 million in seed funding led by Matrix Partners India, Nexus Venture Partners, and NTTVC. Neysa has decided to use this freshly grabbed funds to expand infrastructure, accelerate research and development initiatives, and launch its services by the third quarter of 2024.

The fund will also help the company drive the Generative-AI-cloud platform as a service and observability for India and global markets. It claims that it can help enterprises to save over 60% when deploying their GenAI projects and help deploy them 8X faster.

The Mumbai based AI based startup was founded by Sharad Sanghi and Anindya Das in 2023 aims to assist its clients to discover, plan, deploy, and manage their Generative AI projects cost effectively and secure their AI landscapes in the cloud and at the edge in a consumption-based model. It works as AI platforms and services aimed at assisting clients in overseeing their AI projects.

The company has secured $20 million or Rs.166.4 Cr as a part of its seed funding round led by Matrix Partners India, Nexus Venture Partners and NTTVC.

The Co-founder and CEO Sharad Sanghi added, “Our goal is to leverage this funding to push the limits of innovation, assisting our clients with the power of our end-to-end Generative AI PaaS ecosystem and our AI-engineered Observability Platform, in a way that provides demonstrable and tangible outcomes for their business.”

On the other hand, CTO and Co-founder Anindya Das added, “This funding boosts our mission to democratize AI, empowering companies of all sizes to ignite innovation and drive growth. We are building a future where AI integration is seamless, intuitive, and fundamentally changes the way we interact with technology.”

Avnish Bajaj, MD, Matrix Partners India, mentioned, “Having known Sanghi and Das for a long time, it is our privilege to partner with them on their next venture. Enterprises globally, and even more so in India, are eager for expertise in helping them transition to AI native cloud computing and there is no better and more experienced team in India for them to partner with.”

Earlier this year, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs extracted $50 million to achieve the unicorn tag, and also became the fastest one to do so. Entrackr was first to report about the funding round in August last year.

Similarly, in December last year, Bengaluru-based Sarvam AI, operating in the GenAI domain, raised $41 Mn in Series A funding led by Lightspeed Venture Partners.