AI-powered martech startup Pixis has raised $85 Mn as part of its Series C1 funding round led by Touring Capital.
The round also saw participation from the startup’s existing and new investors, including Grupo Carso, General Atlantic, Celesta Capital and Chiratae Ventures.
Founded in 2017 by BITS Pilani dropouts Shubham Mishra, Vrushali Prasade, and Harikrishna Valiyath, Pixis positions itself as a codeless AI infrastructure provider for marketing sector. The startup offers a full-stack AO-powered product suite that helps enterprises enhance different aspects of marketing and augment their decision-making.
The startup’s codeless infrastructure, boasting of more than 200 proprietary AI models, offers plug-and-play AI products, ranging from campaign optimisation to creative asset generation.
Pixis will deploy the funding to accelerate global expansion and deepen the platform’s AI capability. A part of the capital will also be utilised to invest in research and development (R&D) to launch a generative AI-powered creative studio (in beta phase).The funding will also be used to build a strategic product and forge business partnerships.
This year, Pixis successfully beta-tested its generative AI-powered creative studio and has introduced new products focused on cross-platform growth marketing. The company has also initiated live deployment of its AI solutions specifically tailored for B2B enterprises in 2023.
“This is shaping up to be an exciting year for Pixis as we welcome Touring Capital as investors… With this capital raised, we will continue to concentrate on strategic channel partnerships with renewed vigour, and invest heavily in our R&D efforts,” Mishra said.
Commenting on the fundraise, cofounder and general partner at Touring Capital Nagraj Kashyap said, “We passionately believe in the power of generative AI to transform enterprise software use cases. We see Pixis as a pioneer in this category and have been thoroughly impressed by the platform’s powerful technical capabilities translating into rapid customer adoption…”
With this fundraise, the startup has raised $209 Mn in capital since its inception. Pixis claims to work with more than 200 global and domestic brands such as DHL, Carsome, JOE & THE JUICE, Kavak, HDFC Bank, among others.
As digital reach expands in India due to growing smartphone and internet usage, martech tools are becoming increasingly vital for brands to achieve precise digital marketing objectives. While global spending on martech solutions averages around 25% of the total marketing budget, Indian enterprises allocate less than 15% of their budgets to this segment, according to Mirum India MarTech Report.
This indicates significant growth potential for the industry. By 2026, the Indian martech sector is projected to reach a market size of $35 Bn to $50 Bn.
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