AI Cloud Startup Neysa raises $20 mn in Seed Funding

Neysa, India’s pioneering startup in AI cloud and platform-as-a-service, has successfully secured $20 million in seed funding, with leading contributions from Matrix Partners India, Nexus Venture Partners, and NTTVC.

Led by Sharad Sanghi, a recognized figure in India’s cloud computing landscape, Neysa marks his second entrepreneurial venture. Sanghi’s earlier venture, Netmagic Solutions, specializing in cloud and data center services, was acquired by the prominent Japanese data center player NTT Communication. This time, Sanghi co-founds the company with Anindya Das. The injected capital will drive the development of Neysa’s Generative AI cloud platform and observability solutions for both Indian and global markets. Neysa’s strategic focus encompasses AI on cloud, network observability, and security observability.

Founder and CEO Sanghi emphasizes that Neysa’s offerings will distinguish themselves in the Indian market. While existing players exist in the AI infrastructure sector, the network and security observability segments show rapid growth with limited competition within India. He states to Business Standard, “Each of these sectors holds significant growth potential.” The AI infrastructure sector is projected to grow at a compound annual rate of 30 percent, with over 20 percent growth anticipated in AI platform services and 11-15 percent in observability and remediation. Additionally, Neysa is actively developing its intellectual property within India.

Neysa plans to unveil a suite of Generative AI platform and services in the third quarter of 2024, facilitating clients in discovering, planning, deploying, and managing Generative AI projects cost-effectively, and securing their AI environments both in the cloud and at the edge through a consumption-based model.

The startup, which has operated in stealth mode for about 15 months, received initial funding from Sanghi himself. The latest funding round will be directed towards infrastructure development, accelerating research and development initiatives, bolstering engineering teams, and advancing its go-to-market strategy.

“Our aim is to leverage this funding to drive innovation,” Sanghi explains, “by empowering our clients with our comprehensive Generative AI Platform as a Service ecosystem and AI-engineered Observability Platform, delivering tangible outcomes for their businesses.

Co-founder and CTO Anindya Das adds, “Neysa was conceived to address the everyday challenges in managing and scaling cloud operations, harnessing the transformative potential of AI. This funding reinforces our mission to democratize AI, enabling businesses of all sizes to innovate and grow.

Avnish Bajaj, Managing Director, Matrix Partners India said, “Having known Sharad and Andy 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! We are excited about the future of Neysa and the journey ahead.

Jishnu Bhattacharjee, Managing Director, Nexus Venture Partners said, “The meteoric rise of demand for AI globally calls for an AI-native cloud platform that Neysa is all set to offer. Having known and backed Sharad and Andy previously at Netmagic, we are thrilled to partner with them again in Neysa’s journey, as they shape the future of AI cloud services!

Vab Goel, Founding Partner, NTTVC and board member of NTT Data Inc. remarked, “Generative AI is a key topic of every boardroom discussion, Neysa will help enterprises gain a competitive advantage by accelerating a new era of productivity. We are excited to continue our partnership with Sharad and Andy.

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