New Delhi, Oct. 6 -- Artificial intelligence-focused startup GreyLabs AI, waste management company EcoEx, Bengaluru-based Morphing Machines and business intelligence platform Affluense AI have raised early-stage funding from venture capital and angel investors, the companies said Monday.
GreyLabs AI
GreyLabs AI, an agentic voice AI solution for banking and financial services sectors, has raised Rs 85 crore ($9.6 million) in Series A funding led by venture capital firm Elevation Capital, with participation from existing investor Z47 Partners and several angel investors.
The company plans to use the funding to expand its agentic voice AI platform into a complete AI-powered contact centre stack and scale voice agent adoption as the default interface for BFSI customer engagement, it said. It plans to grow its clientele to 300 customers from 50 currently.
The Mumbai-based startup was set up by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel. It has branch offices in Bengaluru and Delhi.
Besides its flagship voice AI agentic offering, it provides a comprehensive platform including analytics and email analytics integration. The company raised $1.5 million in its seed round in June 2024 from Z47 (formerly Matrix Partners).
EcoEx
EcoEx has pocketed $4 million in a funding round led by Dovetail Global Fund PCC, Navbharat Investment Fund, and Narnolia Velox Fund.
The startup will deploy the capital for technology enhancement, talent acquisition, expansion, and strengthening Clean Technology solutions, it said in a statement on Monday.
"With the support of global and domestic investors, we are accelerating our mission to build traceable, accountable, and profitable solutions for industries," said Nimit Aggarwal, founder and Director, EcoEx. "We are on track to cross $20 million in transaction value in financial year 25-26, transforming Waste into both a climate and economic opportunity."
Morphing Machines
Morphing Machines, a Bengaluru-based fabless semiconductor IP products company, has raised Rs 38.36 crore in a Series A funding round led by IAN Alpha Fund, with participation from Speciale Invest, IvyCap Ventures, and Navam Capital.
Previously, it had secured $2.76 million in seed capital in June 2024 from Speciale Invest, IvyCap, Navam Capital, Golden Sparrow Ventures, IIMA Ventures, and DeVC.
The fresh capital will be used to build and test its first chip, strengthen its product, and expand its team strength to 90 from about 50 currently. It also plans to start demos with customers and secure early adoption in data centres.
Incubated at the Indian Institute of Science (IISc), Morphing Machines is developing a processor for demanding compute environments, starting with data centres and high-performance compute infrastructure. It was founded by Deepak Shapeti, Ranjani Narayan, and SK Nandy.
Affluense AI
Affluense AI has raised Rs 3 crore in its pre-seed funding round led by Zeropearl VC. Cred founder Kunal Shah and Pravin Jadhav, founder and CEO of Dhan, and a group of early customers, also participated in the funding round.
The capital will be deployed for product development to sharpen AI capabilities and expand data integrations, market expansion to accelerate customer acquisition and build sales teams, technology infrastructure to scale cloud systems and strengthen security, and to hire AI engineers and data scientists, it said in a statement.
The startup, founded by Sumit Sahu and Rishi Kumar, offers a comprehensive intelligence platform to empower enterprises serving affluent customers to discover, understand and connect with high-net-worth individuals more effectively.
Finarkein
Finarkein Analytics, a data analytics platform, on Monday said it has extended its pre-Series A round, securing $1.5 million in primary and secondary capital.
The funding was led by DSP Group Family Office, while some of its existing investors like Capital 2B doubled down. While the round had a significant secondary component, the primary capital will be used to improve its data and FinAI (financial AI) platform, expand its team, and explore emerging data and AI opportunities.
Finarkein's data and workflow orchestration platform allows enterprises to co-create data products on India's digital public infrastructure like the account aggregator ecosystem, Open Network for Digital Commerce-Financial Services, and Open Credit Enablement Network.
It raised seed capital in 2022, co-led by IIFL's fintech fund and Info Edge's Redstart Labs. IIFL topped up its investment in August last year and took an exit earlier this year, generating a two-fold return on its investment.
Published by HT Digital Content Services with permission from VC Circle.