Former Infosys chief’s AI startup nabs another $53M
The Palo Alto startup says it has landed multiple seven-figure enterprise contracts within months of launch.
Hang Ten Systems, an AI startup founded by former Infosys CEO Vishal Sikka, has secured an additional $53 million in funding, bringing its total to $85 million. Led by Temasek's investment platform Xora, the round closed just five weeks after the initial $32 million investment, according to TechCrunch. The startup, established in May, advises large companies on AI strategy and helps modernize software, focusing on reducing the cost and time required for software development.
Within 25 days of the first customer meeting, Hang Ten signed a multimillion-dollar contract to build a mission-critical software system, a deal that has become common within 25 days of initial contact. The company serves a diverse group of 21 major enterprises across the U.S., Europe, the Middle East, and Asia, including Fresenius Kabi, Saudi Aramco, and Siemens Energy.
The funding round, which took place just months after its founding, allows Hang Ten to expand its teams across the U.S., Middle East, and Australia, with plans to hire in Europe and India. With a focus on adapting AI to large enterprise software development processes, Hang Ten competes with traditional systems integrators, promising customers significant improvements in cost and speed.
Despite receiving acquisition offers from major companies, Sikka declined to discuss potential buyers, choosing to focus on business expansion.
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