VuNet raises $5 Million in Series A Funding led by Mela Ventures and Athera Venture Partners
- Dallas Venture Capital and TVS Capital Funds also participated in the funding.
- The funding will help VuNet focus on global expansion and accelerate growth in India & other key global markets to expand the pioneering work with leading Banks and financial institutions.
- As global payment volumes are set to grow to 1.9 trillion by 2025, the need for real-time visibility to improve user experience and reduce failure rates is accelerating.
National, November 16, 2022: VuNet Systems (www.vunetsystems.com), a leading provider of AI-based Business Journey Observability, today announced a $5 million Series A funding led by Mela Ventures and Athera Venture Partners (formerly Inventus India), with participation from Dallas Venture Capital and TVS Capital Funds. Payment failures cost the global economy over $100 Billion, causing significant inefficiencies and affecting customer loyalty and financial inclusion across the ecosystem. With an opportunity size of 55B$, the funding will be used to accelerate the research and development of new AI/ML led product offerings and the expansion of global operations across India, Asia and the US.
VuNet Systems is co-founded by Ashwin Ramachandran, Bharat Joshi, and Jithesh Kaveetil, with more than 20+ years of extensive experience in creating deep tech enterprise products for global markets.
VuNet’s unified observability platform signals a radical shift in monitoring complex application systems at scale as enterprises move towards complex workloads, cloud, microservices, and more API interconnects. Today, several large financial institutions use the platform to provide real-time visibility into financial transaction journeys such as instant payments, lending etc., to the tune of 9+ Billion transactions per month.
Ashwin Ramachandran, Co-founder and CEO of VuNet Systems, said, “VuNet is excited to count some of the most well-known names in the financial institutions among our customers. We will continue to focus on expanding our customer growth and our product base to create more intelligent, actionable insights for operations, business and CXOs to accelerate their digital transformation.”.
Krishnakumar Natarajan, Managing Partner at Mela Ventures, said, “Real-time and in-depth visibility into the customer and business journey is fast becoming a key differentiating factor between realizing or missing the digital dreams. VuNet’s AI-based observability platform provides that missing intelligence for businesses. The fact that leading financial institutions trust VuNet is proof of its growing importance and potential. We are excited to partner with VuNet. The leadership team has great vision and goals to be the category leader.”
“In today’s hyper-inter-connected world, real-time observability is key to ensuring smooth transactions. VuNet has the unique ability to stitch together siloed views and present business journeys in a unified view for end-user context. The technology solidity of VuNet’s team, their strong domain expertise, and marquee customers is what excited us about the value creation opportunity here”, said Samir Kumar, GP at Athera Venture Partners (formerly Inventus India)
“We are excited by the opportunity to bring DVC Advantage to play a transformative role in VuNet’s growth strategy, which is centered around revenue acceleration from expansion in Asian and the US markets,” said Gokul Dixit, Venture Partner, DVC
VuNet has won several accolades, including being listed in Gartner Market Guide for AI-driven IT Operations platform, being named as an HFS Hot Vendor, Leader in AIOps Data Quadrant by SoftwareReviews, NASSCOM AI Gamechanger’s Award and part of Microsoft ScaleUp for Startups and CISCO Launchpad.
About VuNet Systems
VuNet’s flagship product, vuSmartMapsTM is next generation full stack observability solution built using big data and machine learning in innovative ways to monitor business journeys and improve payment experience of users. Using a unique business-centric AI approach, the platform is helping the largest Banks, Payment Gateways and financial institutions to improve their digital payments workflow and deliver a superior customer experience.
About Mela Ventures
Mela Ventures Trust is a SEBI-approved AIF Category-2 fund for early-stage companies. With a goal to build next-gen entrepreneurs, the fund focuses on building a portfolio in areas, such as AI/ML, AR/VR, IoT, Cloud Migration and Deep Technologies. Mela Ventures was founded by Industry veterans, Krishnakumar Natarajan and Parthasarathy NS who have co-founded Mindtree and taken it from a startup to a multi-billion-dollar market cap enterprise. Visit www.melaventures.in for more details.
About Athera Venture Partners (formerly Inventus India)
Athera’s goal is to back passionate entrepreneurs who leverage technology to resolve significant friction points for enterprises/society at large. Managed by experienced professionals – Samir Kumar, Parag Dhol and Rutvik Doshi, they bring 75+ years of combined experience, including 30 years of operating and entrepreneurial experience, and 45+ years of early-stage venture expertise and have backed more than 50 Indian entrepreneurs.
Athera has three prior funds through which it currently has INR 1040 Cr (US$ 142 Mn) of capital under management with an active portfolio of 20 companies. For more information, visit www.atheravp.com
Bharat Joshi (Bharat@vunetsystems.com)
Kiran Mohan (email@example.com)