Mad Avenue Den, one of many distinguished names in Enterprise AI panorama, introduced a contemporary spherical of Sequence C funding of $30 million, led by Avatar Development Capital, with participation from current buyers, together with Sequoia Capital and Alpha Wave World (previously generally known as Falcon Edge Capital).
With this newest funding, the corporate appears to broaden its AI choices throughout industries.
Based in 2013 by Ashwini Asokan, Mad Avenue Den is a pc imaginative and prescient and synthetic intelligence firm that powers retail, training, healthcare, media, finance & extra with its picture recognition platforms, Vue.ai and Blox.ai.
The corporate has its headquarters in California with workplaces throughout the globe. Vue.ai and Blox.ai each work with marquee retailers, edtech, media firms, and types throughout the globe, reworking operations by means of clever automation. Now, the corporate appears to broaden into new verticals spanning finance, insurance coverage,pharma, healthcare and logistics by means of its AI stack Blox.
The automated platform helps within the scale of operation, pace, accuracy, and aids in considerably lowering value financial savings whereas bettering the return on funding of its clients by leveraging information. Since its final funding spherical in 2019, Mad Avenue Den has tripled its workforce to 275 workers throughout geographies.
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Mad Avenue Den has raised over $50 million thus far together with $17 million in its Sequence B spherical led by Alpha Wave in 2019.
The corporate can also be backed by World Mind, a Tokyo-based unbiased enterprise capital fund.
“We are going to proceed to convey AI with large-scale impression to enterprises in 2023. Our mission has been to result in significant impression by means of AI transformation to enterprises everywhere in the world, sans all of the hype, serving to each workforce member and group grow to be AI-Native.” mentioned Asokan.
In 2022, Mad Avenue Den acquired Inturn which helps retailers monetise their slow-moving and extra stock quicker.
