01 September 2016, India :
Artificial intelligence start-up Mad Street Den Systems Pvt. Ltd has raised an undisclosed amount in a Series A funding round from Sequoia Capital and its existing investors Exfinity Venture Partners LLP and GrowX Venture Management Pvt. Ltd.
Mad Street Den employs neuroscientists, data scientists, computer vision experts, marketers and designers across India and the US, plans to deploy the funds to expand further into global markets.
“The business of retail needs fresh thought and approach,” said Asokan, chief executive officer at Mad Street Den. “On the one hand, retail is losing money in various parts of the world. But on the other hand, the industry has not changed too much in the last 10 years. Be it in the US or Europe, there hasn’t been anything that is fundamentally different. AI has the power to change that.”
Launched at MobileSparks 2013 by husband-wife duo Anand Chandrasekaran and Ashwini, Mad Street Den was first based out of Chennai, but now has a physical presence across the US, Europe, and India with employees who are a mix of neuroscientists, data scientists, computer vision experts, marketers, and designers.