AI Firm Mad Street Den Secures $30 Mn in Series C Funding

Mad Street Den, one of the prominent names in Enterprise AI landscape, announced a fresh round of Series C funding of $30 million, led by Avatar Growth Capital, with participation from existing investors, including Sequoia Capital and Alpha Wave Global (formerly known as Falcon Edge Capital). 

With this latest investment, the company looks to expand its AI offerings across industries. 

Founded in 2013 by Ashwini Asokan, Mad Street Den is a computer vision and artificial intelligence company that powers retail, education, healthcare, media, finance & more with its image recognition platforms, Vue.ai and Blox.ai. 

The company has its headquarters in California with offices across the globe. Vue.ai and Blox.ai both work with marquee retailers, edtech, media companies, and brands across the globe, transforming operations through intelligent automation. Now, the company looks to expand into new verticals spanning finance, insurance,pharma, healthcare and logistics through its AI stack Blox.

The automated platform helps in the scale of operation, speed, accuracy, and aids in significantly reducing cost savings while improving the return on investment of its customers by leveraging data. Since its last funding round in 2019, Mad Street Den has tripled its workforce to 275 employees across geographies. 

Mad Street Den has raised over $50 million to date including $17 million in its Series B round led by Alpha Wave in 2019. 

The company is also backed by Global Brain, a Tokyo-based independent venture capital fund.  

“We will continue to bring AI with large-scale impact to enterprises in 2023. Our mission has been to bring about meaningful impact through AI transformation to enterprises all over the world, sans all the hype, helping every team member and organization become AI-Native.” said Asokan.

In 2022, Mad Street Den acquired Inturn which helps retailers monetise their slow-moving and excess inventory faster.