- Leading enterprise commerce AI provider sees over 400% ARR growth and 5X YoY customer growth
- The funding round is evaluated at $200MM, more than quadrupling the valuation of its last round in March 2020
- Company announces former Microsoft and BNY Mellon leader, Kumar Srivastava as Chief Technology officer to manage India operations
Hypersonix, leading Enterprise AI platform for Commerce, today announced the closing of a $35 Million Series B funding round at a valuation of $200 million. The Series B investment round was led by existing investor B Capital Group with participation from Intel Capital, Firebolt Ventures, Magicus Ventures and Gokul Rajaram, among others.
Talking about the Series B raise, Rama Rao, Co-founder and Chief Product and Data Officer at Hypersonix said, “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. Being a leader in implementing state-of-the-art technology, we are planning to use the raised amount in accelerating and deepening our Commerce AI infrastructure while also focusing on expanding sales and marketing footprint globally. This will enable us to deliver more data driven business solutions and strategies for enterprises across commerce verticals.”
The company has now raised over $50 million in capital, and the latest financing more than quadruples the valuation of its Series A round in March 2020.
“Hypersonix has built a mission-critical Commerce Intelligence platform which 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, driving business growth. Various top brands and retailers like Giant Eagle, Intel, Armada, Global Partners today trust Hypersonix to help them on their AI journey and drive productivity and unlock growth,” said Rashmi Gopinath, General Partner at B Capital Group.
Hypersonix also recently announced the onboarding of Kumar Srivastava as Chief Technology Officer at the company. An industry veteran with over two decades of experience at both established enterprises and nimble start ups, Kumar has a proven track record of overseeing the management, development, and deployment of products, spanning artificial intelligence, machine learning, data analytics, financial services, and more. At Hypersonix, Kumar will be focused on leading the development team to roll out new offerings while overseeing the implementation of on-going improvements to existing products. He will also be leading and managing its India operations.
Hypersonix forayed into India in 2018 and since then has been growing at a steady rate. The company currently employs over 100 employees in Bengaluru and Coimbatore and is planning to double it by FY 2022.
Detailing plans in India, Rama 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.”7