Indian SaaS startup bags $20m to help businesses manage genAI models

Neysa founder and CEO Sharad Sanghi / Photo credit: Neysa

India’s service industry contributes over 50% to the country’s GDP, and the IT sector plays a significant role within it. But as the world catches up with generative AI, the sector must also gear up with new solutions – some of the country’s top IT firms are training as many as 400,000 employees in AI-specific roles.

One player eyeing this space is Neysa, an India-based AI cloud and platform-as-a-service startup. The company has landed US$20 million in seed funding in a round led by Matrix Partners India, Nexus Venture Partners, and NTTVC.

Founded in 2023 by Sharad Sanghi and Anindya Das, Neysa plans to roll out services aimed at making AI project management efficient and secure. Essentially, it’s a cloud-based platform for businesses to easily deploy, train, and manage generative AI models.

“Neysa was conceived from a deep understanding of the day-to-day challenges faced in managing and scaling cloud and the transformative potential of AI,” said Das in a statement. “This funding boosts our mission to democratize AI, empowering companies of all sizes to ignite innovation and drive growth.”

The company is targeting a Q3 2024 launch for its services.

AI is fast becoming a priority in India’s tech space, with the country’s government recently launching a US$1.2 billion AI mission that aims to increase innovation in the space through public-private partnerships.

Of that amount, US$240 million has been earmarked for financing deeptech startups, with a focus on accelerating R&D in these firms.

See also: Mapping the key genAI chip and components makers in SEA