Mukesh Bansal, the founder and CEO of India's largest fashion e-commerce site Myntra, has announced that his latest AI startup, Nurix AI, has successfully secured $27.5 million in seed and Series A funding.
Product Entry: https://www.nurix.ai/
This round of financing was co-led by renowned venture capital firms General Catalyst and Accel, with participation from Bansal's startup studio, Meraki Labs.
Nurix AI focuses on creating customized AI agents for businesses, primarily offering AI-driven customer service solutions, particularly suited for call centers and outbound sales scenarios.
The company enriches its product line by integrating large language models from major companies such as OpenAI, Google, Meta, and Anthropic. Additionally, Nurix AI is developing voice AI models that support Indian regional languages to better meet local market needs.
Bansal noted that AI solutions required by enterprises often need deep integration with existing processes and customization to address AI "hallucinations" and security issues. Nurix AI's custom AI agents are designed to integrate into business workflows, with initial pilot tests showing potential efficiency improvements of 30% to 50%, especially in fintech and retail sectors.
Nurix AI was incubated by Meraki Labs, which collaborates with entrepreneurs to establish companies, providing funding and operational guidance. Bansal will serve as CEO until a long-term leader is found, overseeing the company's daily operations.
The funds raised will be used to scale operations, increase R&D investment, and meet the growing demands of the Asian and North American markets. Nurix AI is expected to start generating revenue in the last quarter of 2024.
General Catalyst and Accel, both seasoned investors, highlighted the significance of Nurix AI in helping businesses adopt AI at scale, noting the company's balance between technology and human oversight. Nurix AI's launch will see it compete in a crowded market with global tech giants like Google, as well as domestic players like Haptik and Gupshup.
Key Points:
🌟 Nurix AI secures $27.5 million in funding, primarily for AI agent development and market expansion.
🤖 The company focuses on providing customized AI solutions for businesses, aiming to boost efficiency by 30%-50%.
🌍 Plans to achieve initial revenue in the last quarter of 2024, targeting Asian and North American markets.