Artificial intelligence (AI)-based software company Mad Street Den has raised $30 million in Series C funding round led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly Falcon Edge Capital).

The company plans to utilise the funding to expand its AI offerings across industries and product development.

Founded in 2016 by Asokan and Anand Chandrasekaran, Mad Street Den, through its Vue.ai business unit, creates AI-based solutions that help retailers grow their businesses by reducing operating costs through automation and increasing revenue through personalised customer experiences.

The company also offers products under Blox.ai, providing solutions for data management, intelligent document processing, lead generation, and more.

Fearing a global recession, SaaS companies have slowed hiring and started rationalising costs.

In 2019, MSD raised $17 million in Series B round led by Falcon Edge Capital, with participation from investors Sequoia Capital India and Global Brain. As of 2019, the company has raised $27.5 million.

Mad Street Den recently bought INTURN, a New York-based enterprise solution that helps retailers monetise slow and excess inventory faster.