NEW DELHI, Jul 2: Enterprise AI platform for commerce Hypersonix on Friday said it has raised USD 35 million (about Rs 261.3 crore) in funding at a valuation of USD 200 million.
The series B investment round was led by existing investor, B Capital Group, with participation from Intel Capital, Firebolt Ventures, Magicus Ventures and Gokul Rajaram, among others, a statement said.
The US-based company has now raised over USD 50 million in capital, and the latest financing more than quadruples the valuation of its series A round (USD 15 million) in March 2020, it added.
Now more than ever, AI is emerging as a key enabler for all commerce enterprises, offering business growth possibilities with the ability to adapt to customer preferences and navigate the dynamically evolving market landscape, Hypersonix co-founder and Chief Product and Data Officer Rama Rao said.
“…We are planning to use the raised amount in accelerating and deepening our Commerce AI infrastructure while also focusing on expanding sales and marketing footprint globally,” Rao added.
This will enable the company to deliver more data driven business solutions and strategies for enterprises across commerce verticals, Rao stated.
“Various top brands and retailers like Giant Eagle, Intel, Armada, Global Partners today trust Hypersonix to help them on their AI journey and drive productivity and unlock growth,” Rashmi Gopinath, General Partner at B Capital Group, said.
Hypersonix also recently announced the onboarding of Kumar Srivastava as Chief Technology Officer at the company.
Srivastava, who has over two decades of experience at both established enterprises and nimble start ups, will be focused on leading the development team to roll out new offerings while overseeing the implementation of on-going improvements to existing products, the statement said.
He will also be leading and managing its India operations.
Hypersonix forayed into India in 2018 and since then has been growing at a steady rate. The company currently employs over 100 employees in Bengaluru and Coimbatore and is planning to double it by FY 2022.
Outlining its plans in India, Rao said, “We built our AI platform here and are elated to be expanding our operations even further”.
“India will remain a talent focus for Hypersonix as we scale up over the next few years. We are actively looking to expand our footprint here, and are looking for exceptional talent to join our team,” Rao added. (PTI)
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