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Neysa Secures $30 Million in Series A Funding

Generative AI startup Neysa has successfully raised $30 million in its Series A funding round. This round was led by NTT Venture Capital, with participation from Nexus Venture Partners, Z47 (previously known as Matrix Partners India), Anchorage Capital, and Rajesh Kumar Dugar. The announcement, made in October of the previous year, saw contributions from the company’s founder and CEO Sharad Sanghi, along with CPO Karan Kirpalani.

Neysa’s board has granted 1,11,532 compulsory convertible preference shares from Series A at an issue price of Rs 20,430. Additionally, the company has issued 12,592 equity shares, collectively raising Rs 252 crore or $30 million, as per its regulatory filing with the Registrar of Companies (RoC).

In this round, NTT Ventures led the funding with an investment of Rs 75.67 crore or $8.9 million. Both Nexus Venture Partners and Z47 (formerly Matrix Partners India) contributed Rs 67.26 crore ($7.9 million) each. Anchorage Capital added Rs 16.8 crore to the mix, while Sharad Sanghi allocated Rs 25.22 crore in equity shares. Other individual investors contributed to the remaining amount.

This new funding will enable Neysa to enhance its AI infrastructure, boost research and development efforts, and prepare for the introduction of its Gen AI acceleration cloud service, according to the company.

Recently, Neysa issued equity shares worth Rs 20 crore to founder Sharad Sanghi and Anchorage Capital. The shareholding and valuation figures are based on data following this latest issuance.

It is noteworthy that the conversion terms for Series A shares will be 1:2. According to estimates from Startup Superb, the company’s valuation post-allotment is expected to reach around Rs 1,090 crore or $128 million.

Neysa’s Offerings in Generative AI

Neysa is focused on providing AI cloud solutions and platform-as-a-service (PaaS) for users to effectively manage and scale Generative AI projects. Its product lineup includes Nebula, a platform for deploying and scaling AI workloads; Palvera, which enhances network intelligence; and Aegis, designed to secure AI/ML ecosystems against new and emerging threats.

Based in Mumbai, Neysa has raised a total of $50 million so far, which includes a $20 million seed round. Data from various startup intelligence platforms indicates that Nexus Venture Partners and Z47 each hold a 16.22% stake, making them the largest external shareholders in the company. NTT VC and Anchorage Capital hold stakes of 14.83% and 4.32%, respectively. The founders, Sharad Sanghi and Aninya Das, collectively maintain a 43.09% share of the company.

Financial Performance

As of FY24, Neysa has not reported any operating revenue. However, the company did accrue interest income amounting to Rs 13.87 lakhs through fixed deposits with banks and security deposits during the fiscal year ending March 2024. In the same timeframe, Neysa recorded a net loss of Rs 3.1 crore.

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