AI startup Neysa: AI SaaS cloud startup Neysa bags $20 million from Matrix, Nexus, others

Neysa, a Mumbai-based artificial intelligence (AI) cloud and platform-as-a-service startup, has raised $20 million (about Rs 166 crore) in a funding round led by Matrix Partners India, Nexus Venture Partners and NTTVC.

The company, the second venture of data centre services provider Netmagic founder Sharad Sanghi, said it will use the funds for expanding infrastructure required for strengthening its research and development team, and for sales and marketing.

“When it comes to infrastructure and graphics processing units (GPUs), the rate of technological change is unimaginable, but that’s where players like us come in,” said chief executive Sanghi. “So, we will keep up with the latest and continue adapting as technology evolves. In fact, this creates a bigger demand from enterprises because the rate of obsolescence is so fast that they need someone who can handhold them.”

Founded in 2023 by Sanghi and Anindya Das, the company offers a suite of generative AI platform and services to help clients manage their AI projects, ensuring security across cloud and edge environments.

Sanghi said the company has already secured infrastructure and plans to launch the platform in July. It has a substantial number of potential clients in both the AI cloud platform and network observability segments, he said.

“We are creating intellectual property, and we want to use this to build a global company in the future,” said Sanghi. “We are focused on the Indian market itself as it is huge and a little less mature than the US market. But once we get the initial traction in India and deploy our products and services, there is no reason why we cannot take this to the rest of the world.”

Commenting on the launch, Avnish Bajaj, managing director, Matrix Partners India, said, “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, “Meteoric rise of demand for AI globally calls for 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.”