Myntra founder Mukesh Bansal launches AI start-up with $27.5M fundraise
Mukesh Bansal, the founder of Myntra and Cult.fit, has launched a new artificial intelligence (AI) venture named Nurix AI. The start-up has successfully raised $27.5 million in one of the largest seed funding rounds from Accel and General Catalyst, a Silicon Valley fund. Nurix AI was developed within Meraki Labs, Bansal's start-up incubator, and currently employs around 20 individuals.
Nurix AI's focus and performance
Nurix AI specializes in creating custom AI agents for enterprise services such as sales and customer support. The start-up has collaborated with five firms, utilizing its unique human-like voice and reasoning capabilities to enhance efficiency by 25-50% and reduce costs. Bansal did not disclose the names of these firms but confirmed they operate within the financial services sector.
Bansal's vision for AI and future plans
Bansal envisions a significant transformation in enterprise operations due to AI over the next four to five years. He aims to build a top-tier AI team in India, capitalizing on the country's robust services advantage in the tech sector. The start-up is also exploring potential acquisitions of US-based AI start-ups, which explains the substantial seed funding round.
Nurix AI's ownership structure and US expansion plans
The ownership of Nurix AI is divided among investors, founding team members, and employees. Bansal's stake in Nurix is held through Meraki Labs, which also participated in this funding round. The start-up plans to use the funds from this round to establish a presence in the US and accelerate its operations there.
Industry leaders endorse Nurix AI's approach
Subrata Mitra, a partner at Accel, praised Nurix AI for addressing the critical challenges enterprises face in adopting AI at scale. Deep Nishar, a partner at General Catalyst, also expressed his belief in Nurix's focus on practical and scalable implementations. He highlighted the start-up's entrepreneurial team's proven track record as a key factor in making it an essential partner for companies looking to harness the true power of AI.
