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 AI cloud and platform-as-a-service (PaaS) startup Neysa on Wednesday said it has raised $20 million (nearly Rs 166 crore) led by Matrix Partners India, Nexus Venture Partners and NTTVC investment firms.

The funding will help drive the Generative AI cloud platform as a service and observability for companies in India and global markets, said the startup, co-founded by Sharad Sanghi (CEO) and Anindya Das (CTO).

“Our goal is to leverage this funding to push the limits of innovation, assisting our clients with the power of our end-to-end Generative AI PaaS ecosystem and our AI-engineered Observability Platform”, said Sanghi.

Neysa is planning to release its services in the third quarter (Q3) this year.

“This funding boosts our mission to democratise AI, empowering companies of all sizes to ignite innovation and drive growth,” said Das.

Neysa said it will help enterprises keep control of their data and intellectual property.

“Enterprises globally, and even more so in India, are eager for expertise in helping them transition to AI native cloud computing and there is no better and more experienced team in India for them to partner with,” said Avnish Bajaj, MD, Matrix Partners India.