SUMMARY
The funding round was led by Matrix Partners India and Blume Ventures, and also saw participation from Neon Fund and multiple angel investors
Founded by Manisha Raisinghani, SiftHub leverages LLMs to help companies generate personalised responses to the queries received by their sales and pre-sales teams
As per Inc42 data, the enterprise tech sector emerged as the third-most funded sector in the first quarter of 2024, securing $305 Mn across 28 deals
LogiNext cofounder Manisha Raisinghani’s new GenAI SaaS startup SiftHub has raised $5.5 Mn in its seed funding round, led by Matrix Partners India and Blume Ventures.
The round also saw participation from Neon Fund and angel investors such as Razorpay founders Harshil Mathur and Shashank Kumar, SuperOps founder Arvind Parthiban, ex-Cloudflare general manager Manish Jindal, and Superhuman senior executive Andrew Johnston.
There was no clarity on how the startup plans to utilise the fresh proceeds from the funding round.
Founded by Raisinghani, SiftHub is an enterprise tech platform that leverages large language models (LLMs) to help companies generate personalised responses to the queries received by their sales and pre-sales teams.
“We are excited by SiftHub’s vision to use AI to manage product knowledge so that sales can focus on relationships,” said managing director at Matrix Partners India Pranay Desai.
Chiming in, partner at Blume Ventures Sanjay Nath said, “SiftHub is Manisha’s second venture in the SaaS space. Armed with over a decade of entrepreneurial cross-border experience and an impressive track record, Manisha and her team are building a game-changing AI platform to transform the entire sales and presales process. We are excited to back the SiftHub team as they seek to build premium SaaS from India, for the world.”
Available for integration with CRMs and content repositories, SiftHub sifts through the content of its clients scattered across multiple repositories and tools, and brings all the data into a single, accessible hub. It then leverages GenAI to answer queries of its clients’ internal teams.
Headquartered in the US, SiftHub also has an office in Mumbai and is the second venture of Raisinghani in the SaaS space. She previously founded LogiNext Solutions and is also an angel investor.
SiftHub’s fundraise comes at a time when the enterprise tech sector continues to rake in big bucks despite the funding winter. Enterprise tech emerged as the third-most funded sector in the first quarter (Q1) of 2024, securing $305 Mn across 28 deals.
Earlier in the day, Bengaluru-based SaaS startup Vodex raised $2 Mn in seed funding from Unicorn India Ventures and Pentathlon Ventures. In February, B2B SaaS startup Rupyz raised $1.2 Mn in a seed funding round from Merak Ventures and other angel investors.
Right after that, fintech SaaS startup Signzy also acquired fraud risk management (FRM) solutions provider Difenz in a cash and equity deal at a valuation of $5 Mn.
