[Funding alert] B2B SaaS startup GenY Labs closes seed round led by BVR Mohan Reddy, others
This funding will be used by SaaS startup GenY Labs for further development of its unique IP and business expansion in North America.
Hyderabad- and Toronto-based GenY Labs, which operates Auris, an AI platform that curates consumer insights in real time, on Thursday announced that it has raised a seed round of funding totaling approximately $700,000.
The round was led by BVR Mohan Reddy, Executive Chairman of Cyient and other Indian and Canadian investors. Devdatt Shah, former Managing Partner of Brookfield Asset Management and former CEO of ICICI Securities, and Vikram Khurana, a serial entrepreneur, participated from Canada.
BVR Mohan Reddy, Founder and Executive Chairman of Cyient Ltd, said,
“We're excited to participate in the seed round of GenY Labs. We are impressed by what the team accomplished in a short time and look forward to supporting their vision. GenY Labs joins several India-based B2B SaaS players who have hit their fundraising milestones this year.”
Founded in 2016 by IIT alumni Ravi Jain, Giridhar Rao Apparusu, and Yashwant Kumar, GenY Labs operates in the B2B SaaS space with its platform Auris, which empowers CMOs with curated industry specific customer insights to improve their customers' experience and customer engagement. These insights are generated with Auris' artificial intelligence engine and analytics, which act on unstructured consumer data.
Commenting on the development, Ravi Jain, CEO at GenY Labs said,
“It's fantastic to have the support of such accomplished investors as we look to grow the company. Our aspiration is to build a global product company driven by innovation and IP.”
This funding will be used by GenY Labs for further development of its unique IP and business expansion in North America.
Auris is already being used by industry-leading brands across financial services, healthcare, ecommerce, education and consumer goods and services domains, among others, globally, the company added.
This November, B2B SaaS unicorn Freshworks, which was set up in Chennai and is headquartered today in San Bruno, California, signed definitive agreements for a $150 million Series H round of funding at a post-financing valuation of $3.5 billion. The round was led by existing investors Sequoia Capital, CapitalG, and Freshworks’ first investor Accel, to further Freshworks’ worldwide expansion as well as accelerate investments in its integrated SaaS platform.
(Edited by Evelyn Ratnakumar)