PyxisPM Inc., which operates artificial intelligence (AI)-based marketing cloud startup Pyxis, says it has raised $7 million (Rs 52 crore) in a Series A funding round.
The round in the US and Bengaluru-based startup was led by Chiratae Ventures, with participation from Pi Ventures and Exfinity Venture Partners, which is an existing investor in the company.
Pyxis – set up in 2017 by Shubham Mishra, Vrushali Prasade, and Harikrishna Valiyath – says its marketing cloud platform enables the automation of creative campaign management and generation. The platform also provides insights based on the data generated.
In a statement, the three founders said the company will use the funding to expand its global presence as well as strengthen its AI capabilities. It will also start rolling out its integrated predictive marketing ecosystem to clients.
Boutiqe investment bank Sprout Capital Advisors LLP advised Pyxis on the transaction.
“The Pyxis team has leveraged AI in extremely innovative ways to address some very vexing problems faced by marketing teams universally. We believe, as the marketing function evolves in the modern age, solutions like Pyxis will become indispensable tools,” Chiratae Ventures executive director Venkatesh Peddi said.
Pyxis says it competes with established marketing-technology firms such as Sprinklr, Celtra, and Bynder. Clients of the company include HDFC Bank, Bajaj Auto, Tata AIG, BookMyShow, Swiggy, and Cure.Fit.
It is among the several AI-based startups that have raised funding in recent months, with ongoing digitisation and automation drives by companies of all sizes contributing to the funding boost in the space.
Last month, Rephrase Corp. raised $1.5 million (Rs 11 crore) in seed capital. The round in the Bengaluru-based startup was led by Lightspeed Ventures and AV8 Ventures. The company uses its platform to simplify the creation of media.
In May, business photography firm Spyne raised funding as part of a pre-Series A round that was led by AngelList, with participation from the Smile Group.
In the marketing and marketing-technology segment, ClanConnect.ai in September raised Rs 5 crore ($680,000 at current exchange rates) in a seed funding round. The exercise was led by startup incubator and accelerator Venture Catalysts, along with participation from angel investors.
In July, customer intelligence firm Zeotap Gmbh raised $42 million (about Rs 315 crore) in a Series C funding round. Investors that took part in the round included venture firm Neue Capital; Coparion, a Berlin and Cologne-based fund; Kathaka, the family office of Caroline Rupert; and MathCapital, a marketing-tech investment firm.