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AI SaaS cloud startup Neysa raises $20mn in funding

Mumbai’s Neysa, an AI cloud and platform-as-a-service startup, secured $20 million (around Rs 166 crore) in funding. Matrix Partners India, Nexus Venture Partners, and NTTVC led the funding round. 

Founded by Sharad Sanghi, the founder of data centre services provider Netmagic, Neysa plans to use the funds to expand its infrastructure, strengthen its research and development team, and boost its sales and marketing efforts.

“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.” 

Established in 2023 by Sanghi and Anindya Das, the company provides a range of generative AI platforms and services, aiding clients in managing their AI projects while ensuring security across cloud and edge environments.

According to Sanghi, the company has already secured infrastructure and intends to unveil the platform in July. He mentioned many potential clients in the AI cloud platform and network observability segments.

“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.” 

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