Summary
Investment to scale-up infrastructure and fuel R&D to democratize access to scalable AI solutions
Mumbai, October 22, 2024 — Neysa, a pioneering AI Acceleration Cloud System provider, today announced it has raised $30 million in Series A funding. The round was co-led by existing investors NTTVC, Z47 (fka Matrix Partners India) and Nexus Venture Partners. This investment builds on Neysa’s successful $20 million seed round earlier this year, underscoring strong investor confidence in the company’s mission to accelerate Gen AI innovation, for Indian enterprises and public sector
Since the seed funding round, Neysa has made significant strides in advancing its technology and market presence. The company’s flagship platform, Neysa Velocis, launched in July 2024, which enables on-demand access to high-performance computing infrastructure, is now generally available. Neysa has secured orders from paying customers across various sectors, including AI-first digital natives, media and entertainment companies, service providers, software vendors, and the public sector. This traction highlights the growing demand for scalable AI-native solutions and Neysa’s ability to meet diverse industry needs.
With AI demand in India projected to triple to $22 billion by 20271, Neysa is strategically positioned to meet the growing need for scalable AI solutions. Over 60% of Indian enterprises are already exploring AI applications2, and as the country boasts the world’s second-largest AI talent pool3, the potential for widespread adoption is significant. However, access to purpose-built AI-native infrastructure continues to be a challenge. Neysa aims to bridge this gap by providing localized, scalable AI infrastructure.
The new funding will enable Neysa to scale its AI infrastructure, advance research and development, and gear up for the launch of its integrated Gen AI Acceleration Cloud Service, “This investment brings us closer to our vision of democratizing access to Gen AI and AI solutions for organizations across the world,” said Sharad Sanghi, Co-Founder and CEO of Neysa. “We’re thrilled with the progress we’ve made since our seed round. The general availability of Neysa Velocis and the onboarding of customers across key sectors validate our approach. By offering purpose-built, cost- effective AI-native solutions, we empower organizations to innovate confidently in a world that is being reshaped by AI.”
“We are excited to co-lead the Series A round and deepen our partnership with Neysa”, said Vab Goel, Founding Partner at NTTVC and Board Member of NTT DATA, Inc. “The team’s innovation and commitment to accelerating Gen AI solutions are creating a significant impact in the region’s tech ecosystem. We have seen firsthand how Sharad built India’s largest datacenter company from inception. His experience and track record are a critical differentiator in building and scaling the next- generation Gen AI cloud provider.”
Avnish Bajaj, Founder and Managing Director, Z47 added, “Sharad, Andy and Neysa team’s remarkable progress in a short period of time has been inspiring. Neysa finds itself in the enviable position of having more demand than any other company I have seen at a similar stage and is a catalyst for digital transformation not just an AI provider. We’re privileged to support the company’s journey in empowering organizations to harness the full potential of AI with their world class AI technology platform and capabilities.”
Jishnu Bhattacharjee, Managing Director, Nexus Venture Partners noted, “By building out AI-native compute infrastructure and making that easily and securely accessible, Neysa is accelerating the adoption of Generative AI by the enterprises. We are thrilled to double-down on our partnership with Sharad, Andy and team, in their journey of building one of the most advanced AI clouds out of India for the world.”
Neysa’s mission centers on putting the power of AI within reach for businesses, eliminating complexity, and unlocking innovation and growth. The company’s “Power of More” approach emphasizes delivering more value, while “Leading the Change” reflects its role in driving AI-led digital transformation in emerging AI adoption markets.
In addition to scaling its technology, Neysa is strengthening collaborations with global system integrators, cloud service providers, and AI-focused software providers. These alliances will help advance its mission to democratize AI and bridge the digital divide. Through participation in government initiatives and industry collaborations, Neysa is shaping public discourse on AI adoption and innovation.
1 According to a Nasscom-BCG report, India’s AI market is projected to reach $17-22 billion by 2027, growing at a CAGR of 25-35%.
2 According to the ‘IBM Global AI Adoption Index 2023’, 59% of large Indian enterprises have actively deployed AI, while an additional 27% are
actively exploring using the technology
3 India has the second highest installed AI talent base with 420,000 employees working in AI job functions, according to a NASSCOM-BCG report.
