Mad Street Den, an enterprise artificial intelligence (AI) startup, has raised $30 million in a Series C round led by Avatar Growth Capital, with existing investors Sequoia Capital and Alpha Wave Global also participating (formerly known as Falcon Edge Capital).

The capital will be used to expand the company’s offerings across industries as it focuses on scaling the business across verticals.

Ashwini Asokan and Anand Chandrasekaran founded the company in 2016 with the launch of its artificial intelligence platform Vue.ai, which focuses on the retail segment. Through its AI stack Blox, the company has since expanded into new verticals such as finance, insurance, healthcare, pharma, and logistics.

The automated platform helps in scale of operation, speed, accuracy, and significant cost savings, while improving return on investment of its customers by leveraging data. The startup is based in California with a presence in Chennai.

In November 2022, the startup paid an undisclosed sum for Inturn, a New York-based enterprise solution that helps retailers monetize excess inventory. In 2019, Mad Street Den raised $17 million in a Series B round of funding led by Alpha Wave. Global Brain, a Tokyo-based independent venture capital fund, is also a shareholder.

Avatar Growth Capital’s portfolio includes companies such as customer engagement platform Blueshift, cloud solutions firm CoreStack, and contract management software Sirion Labs.