Former Infosys CEO’s AI Start-Up Vian Systems Raises US$ 50 Million
Vian Systems was incorporated earlier this year with Vishal Sikka listed as the director and chief executive officer (CEO), as per SEC filing
Vian Systems, an artificial intelligence (AI) start-up set up by former Infosys CEO, Vishal Sikka, has raised US$ 50 million in the first round of funding, according to the documents filed at the Securities and Exchange Commission (SEC) in the US.
Two investors have participated in the funding. However, the details of the investors were not disclosed by the company.
The start-up was incorporated earlier this year with Vishal Sikka listed as the director and chief executive officer (CEO), according to the filing made with SEC in March.
“Vishal Sikka is receiving no compensation for his role in the offering beyond his usual and customary salary as an officer of the corporation,” the filing noted.
Deal through sale of equity
The start-up has offered US$ 50 million by way of sale of equity and the sale has been concluded already. This also includes the contribution of some specific intellectual property assets, as per the filing.
Till now, Vian Systems had listed revenues of up to US$ 1 million. The website of the company, which is still under construction, mentioned that the objective of start-up is to build a world full of life and intelligence.
After Sikka left Infosys in 2017, following a clash over corporate governance with the company’s founder NR Narayana Murthy, it was reported that he was working on an AI project that will be leveraging technology to enhance human creativity.
Investors have been betting big on the AI start-ups. Venture capital funding for AI start-ups increased 72 per cent to reach a record US$ 9.3 billion in 2018, as per a report by PwC and CB Insights. While the overall number of venture capital-backed AI deals fell in 2018, a decrease of 13 per cent from a year earlier, the funding in the domain almost doubled during the same period.
source : http://electronicsofthings.com