Vue.ai will use the fresh funds to increase the team, delivering on product roadmap and enhance the existing customer base
Vue.ai, a computer vision and artificial intelligence (AI) start-up, announced that it has raised US$ 17 million in a Series B funding round. The start-up will utilise the funds for its retail automation product Vue.ai.
The fresh funding has been led by venture capital and hedge fund Falcon Edge Capital along with the start-up’s existing investors Global Brain (a GP of KDDI Innovation Fund) and Sequoia Capital India. With the fresh round of funding, the total capital raised by the company came to US$ 27.5 million.
The start-up witnessed a fourfold increase in its annual revenue. The investment will be used to increase the team, delivering on product roadmap and enhance the existing customer base. The company already have leading retailers as its customers from across the globe such as Mercadolibre, Macy’s and Tata.
Commenting on the development, Ashwini Asokan, CEO and Founder of Vue.ai, said, “The future of retail is entertainment. The experience economy we see today is the start of that era. Brands are shifting to designing worlds that consumers want to be a part of and that has to integrate with the new ways people shop. Vue is the electricity that powers all these complicated and important retail functions so retailers can focus on the business of entertaining you.”
Value across multiple functions
Anandamoy Roychowdhary, CTO and Director of Sequoia Capital India, said, “The Vue.ai team is on a mission to put AI and intelligent automation in the hands of teams across the globe in ways that improve productivity and growth multi-fold. We’ve seen incredible growth in how they’ve brought this value across multiple functions in the retail industry in just two years since we started this journey with them. Sequoia India is excited to partner with Falcon Edge in this round, enabling Ashwini and Anand to scale Vue.ai globally.”
In September 2018, the AI start-up had raised an undisclosed amount of fund from KDDI Corporation of Tokyo, Japan. The investments have been directed through KDDI’s investment subsidiary, KDDI Open Innovation Fund 2, run by Global Brain.
Vue.ai, headquartered in California with an office in Chennai, was launched in 2016 by Ashwini Asokan and Anand Chandrasekaran as the first AI brand from its parent firm Mad Street Den.