Artificial intelligence (AI)-solutions provider Neysa Networks plans to build not only for India but also for global markets, CEO Sharad Sanghi said at the 15th edition of Yourstory’s flagship event Techsparks.
Sanghi revealed that it has received an infusion from NTT’s venture capital (VC) arm to fund its plans to go to markets such as Japan, the Middle East and Europe.
“This time, we are not doing it only for India. We plan to take this overseas as well” Sanghi said during a fireside chat with Shradha Sharma, Founder and CEO, YourStory.
Neysa, which provides AI cloud and platform-as-a-service, recently raised $20 million in its seed fundraising in a round led by Matrix Partners India, Nexus Venture Partners, Menlo Park, and NTT’s venture capital arm, NTTVC.
At TechSparks, Sanghi noted that while India lags behind countries such as China and the US in terms of AI usage and digital penetration, the country is on track to catch up to its global peers.
On the topic of building an AI company from India, Sanghi said data servers are a capital-intensive business, with a typical GPU server from a player like NVIDIA costing as much as Rs 2.2 crore. Creating such a capital-intensive business requires raising capital ambitiously, figuring out ways to finance capital creatively, and relying on a reliable client network to scale globally.
Sanghi highlighted his success with creating capital-intensive businesses such as Netmagic Solutions, a company he founded in 1998 and successfully sold to Japan’s NTT Limited.
Neysa plans to use the newly raised funds to expand infrastructure, accelerate research and development initiatives, and launch its services by the third quarter of 2024. It plans to close its Series A round soon.
Sanghi co-founded Neysa in 2022 with Anindya Das, who serves as the company’s CTO. Neysa primarily helps businesses discover, plan, deploy and manage their generative AI projects cost-effectively.
