Nexus-backed Blueshift Labs bags Series C funding
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Nexus-backed Blueshift Labs bags Series C funding

By Joseph Rai

  • 25 Feb 2021
Nexus-backed Blueshift Labs bags Series C funding
Credit: 123RF.com

San Francisco-based Blueshift Labs Inc, which offers an AI-powered customer data platform, on Thursday said it has raised $30 million (Rs 217 crore) as part of its Series C funding round.

The funding was led by US-based Fort Ross Ventures and Avatar Growth Capital, said Blueshift in a statement.

Existing investors including SoftBank Ventures Asia, Storm Ventures, Conductive Ventures and Nexus Venture Partners participated in the round, it added.

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Blueshift was founded in 2014 by Vijay Chittoor, Manyam Mallela and Mehul Shah, all former employees of Kosmix, a US-based social media data analytics firm that was acquired by Walmart.

The company's clients include LendingTree, Discovery Inc, Udacity and BBC. The firm’s platform has been shown to deliver 781% return on investment (RoI) for clients, according to a study conducted by Forrester Research, the statement noted.

Blueshift had raised $2.6 million in its seed round of funding in 2014, led by Nexus Venture Partners and New Enterprise Associates (NEA). 

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Homegrown Nexus Venture Partners has made a significant portion of its investments in startups based in the US having some Indian presence.

Its US bets have worked as a hedge against lack of exits from India portfolio.

Last year, German software company SUSE Group said it is acquiring California-headquartered Rancher Labs Inc. in a deal that will help Nexus Venture Partners strike an exit.

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Last year, Nexus Venture Partners’ US-based portfolio firms Postman Inc and Observe.AI raised significant funding.

Nexus Venture Partners also led a Series A funding in Sibros Technologies Inc., a Silicon Valley and Pune-based startup that is focused on connected vehicle software, last year.

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