Computer vision and artificial intelligence (AI) startup Madstreet Den is a startup accelerator initiative of shipping giant FedEx to develop and use advanced technologies for smarter supply chains for logistics companies. Formed a partnership with FedEx Innovation Lab (FIL).
Through this partnership, FedEx will invest in Mad Street Den. The company did not disclose the total amount raised, but sources told Moneycontrol that the investment is in the range of $2 million to $5 million.
With offices in Chennai and California, Madstreet Den plans to use the investment to expand its capabilities across the industry, particularly the logistics industry.
“This collaboration is huge for Madstreet Den. Supporting FedEx means that we will be able to serve FedEx customers,” co-founder Ashwini Asokan said in an exchange with Money Control.
Founded in 2016 by Asokan and Anand Chandrasekaran, Mad Street Den creates AI-based solutions through its Vue.ai and blox.ai business units to reduce operating costs through automation and data management, Helped retailers grow their business.
“Retail is one of our main areas, BFSI and logistics are our second biggest focus, and we plan to double down on those areas and leverage the fund as well,” Asokan said.
In January 2023, Mad Street Den raised $30 million in a Series C round led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global (formerly Falcon Edge Capital).
FedEx will launch the FedEx Innovation Lab in May 2023 to incubate early stage start-ups in India and help build smart logistics.
“This partnership will enable FedEx to differentiate its portfolio of products to meet the needs of modern supply chains and logistics,” said Kami Viswanathan, Senior Vice President, Middle East, Indian Subcontinent and Africa (MEISA), FedEx. As it continues, it will also help expand the company’s advanced digital capabilities.” Express.
