Samya.ai Inc., which offers a software-as-a-service (SaaS) platform to help consumer packaged goods companies increase revenue, has raised $6 million (Rs 42.7 crore at current exchange rates) in a seed funding round.
The funding round was led by Sequoia Capital India, according to a tweet by the local arm of the US-based venture capital firm.
“Our goal here is to help build one of the leading cross-border AI (artificial intelligence) SaaS companies out of India,” Sequoia managing director Shailendra J Singh said in the tweet.
Other investors that participated in the round include Junglee.com and Helion Venture Partners founder Ashish Gupta, G100 Companies partner Deb Henretta, Kradle Ventures founder Arijit Sengupta, former Antuit Inc. CEO Deborah Kops, Marketsandmarkets Inc. founder Sandeep Sugla.
Samya.ai said it will use the funds to scale its team and gain business contracts in global markets.
The company’s headquarters is in Chicago but it also has a presence in London and Bengaluru, where it is operated by Samya AI Artificial Intelligence Technologies Pvt. Ltd.
US-based Mu Sigma had also previously raised funding from Sequoia. In fact, Sequoia’s Singh had led Mu Sigma’s Series C funding round in 2011 and had joined the company’s board.
“It’s special when as VC’s (sic) we can partner with the same teams that we already have trust, experience and chemistry with from prior startups,” Sequoia’s Singh tweeted.
Samya.ai says its AI-based platform can help unlock revenue growth potential up to 8%. Its service focusses on all major points of demand-supply interaction, including sales and distribution, pricing and promotions and inventory. The company is running proof-of-value concept engagements with Fortune 500 companies, its website shows.
AI startups in vogue
AI startups have seen a massive surge of investor interest and funding in the last few years, as companies and clients across sectors seek to address pain points in their operations. Startups are also using to open new product and service categories, and entire sectors.
Earlier this week, asset management platform Kristal.AI raised $6 million in its Series A funding round from investors including Chiratae Ventures and the Desai Family Office.
Also this month, field automation startup Zinier Inc. raised $90 million in a Series C funding round led by US-based investment management firm ICONIQ Capital.
Last month, Observe.ai, an artificial intelligence-based startup that focusses on voice conversations for customer service, raised $26 million from a clutch of investors, including California-based venture capital firm Scale Venture Partners, Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures.