Enterprise commerce AI provider Hypersonix has raised $35 million in Series B funding led by existing investor B Capital Group with participation from Intel Capital, Firebolt Ventures, Magicus Ventures and Gokul Rajaram among others.
The company’s valuation has now quadrupled to $200 million just a year after raising $11.5 million in Series A funding led by Intel Capital in March 2020. So far, Hypersonix has secured investments worth $50 million.
Hypersonix plans to use the funds to accelerate and deepen its platform’s artificial intelligence infrastructure while expanding sales and marketing globally.
Founded in 2018 by Prem Kiran and Rama Rao, Hypersonix began its operations in San Jose, California. Its artificial intelligence-driven enterprise commerce platform allows organizations to connect their various back-office operational systems and turn that into real-time intelligence across their enterprise to take proactive and adaptive actions to drive business growth.
On its website, the company says its platform has found application in sectors such as retail, e-commerce, restaurant, grocery, hospitality and consumer packaged goods companies. Some of the company’s key clients include Taco Bell, Intel, KFC and Amazon.
“Now, more than ever, AI is emerging as a key enabler for all commerce enterprises, offering business growth possibilities with the ability to adapt to customer preferences and navigate the dynamically evolving market landscape,” said Rama Rao, Co-founder & Chief Product and Data Officer, Hypersonix.
Hypersonix stepped into India in 2018. Since then, it has been growing at a steady rate. Currently, over 100 employees operate out of offices in Bengaluru and Coimbatore. The company is planning to double its workforce in India by FY22.
On further expansion plans in India, Rama Rao said, “We built our AI platform here and are elated to be expanding our operations even further. India will remain a talent focus for Hypersonix as we scale up over the next few years. We are actively looking to expand our footprint here and are looking for exceptional talent to join our team.”
Former Microsoft and BNY Mellon corporate leader, Kumar Srivastava has joined the company as its Chief Technology Officer with additional responsibility of managing the India operations.
(Edited by : Pranati Deva)
First Published: IST