Ex-OpenAI researcher in talks to raise $15 million from Peak XV, Bessemer for new AI startup- Moneycontrol.com
The funding round, which would be Empirical Machines’ maiden institutional fundraise, is currently being negotiated at a valuation of around $80 million, sources told Moneycontrol
Shyamal Hitesh Anadkat
Shyamal Hitesh Anadkat, an Indian-origin researcher who spent nearly four years at OpenAI, is in talks to raise around $15 million from Peak XV Partners and Bessemer Venture Partners for his new AI startup Empirical Machines, people familiar with the developments told Moneycontrol.
The funding round, which would be the startup’s maiden institutional fundraise, is currently being negotiated at a valuation of around $80 million, one of the people cited above said.
Discussions are still ongoing and the deal contours, including the investor mix and valuation, could change as talks progress, the person added.
Empirical Machines, Peak XV Partners and Bessemer Venture Partners did not reply to Moneycontrol’s queries.
Empirical Machines: Chemical play
Empirical Machines is focused on accelerating scientific discovery, with its work including applications around chemical compounds, the people told Moneycontrol.
Anadkat returned to India earlier this year after leaving OpenAI, where he worked in Applied AI.
He joined the company in 2022 and described his work there as focused on bridging the gap between AI models and reliable real-world products – defining how AI systems should perform on real-world tasks, evaluating where they failed and using those learnings to improve them.
He was also identified as Head of Startup Solutions at OpenAI, where he worked with startups using the company’s AI technology, according to media reports.
During his stint at OpenAI, Anadkat was also a venture scout at Andreessen Horowitz (a16z), a role he held from 2023 to 2026, according to his LinkedIn profile.
Empirical Machines is Anadkat’s first startup following his return to India. The company website says
AI funding gathers pace
The fundraise at Empirical Machines comes as investor interest in Indian AI startups begins to pick up after a relatively cautious period for the sector.
Moneycontrol exclusively reported MStack AI, which is raising around $30 million and Simplismart is stitching together a $50 million round, are among a growing set of Indian AI startups that are either raising capital or actively in talks with investors.
Moneycontrol has also reported in recent months on a series of funding discussions involving AI startups, pointing to a broader increase in dealmaking across the sector.
Workplace AI startup Ema, for instance, raised $77 million in a fresh round from Creaegis and existing investors at a valuation of $800 million, the company announced. Moneycontrol was first to report on the deal.
Separately, at least half a dozen AI startups have been in discussions to raise capital, with investors including Claypond Capital, Accel, Arkam Ventures, Binny Bansal and Albinder Dhindsa exploring opportunities.
The activity marks a shift from the more cautious funding environment for Indian AI startups over the past couple of years, when investors were still trying to distinguish companies with genuine technological moats from the growing number of startups building applications on top of third-party foundation models.
Momentum began to pick up around the beginning of the year when Moneycontrol had reported on large fundraises by foundational AI startup Sarvam AI’s $300 million round and AI application-building platform Emergent, which raised $130 million. Both, Sarvam and Emergent, saw a sharp jump in valuation to $1.5 billion.
Both subsequently announced sizeable funding rounds and are among the larger AI fundraises in India this year.
The growing investor interest is also extending to venture capital funds looking to build dedicated exposure to AI.
Together Fund, the AI-focused venture fund founded by Freshworks founder Girish Mathrubootham, is in talks to raise around $150-170 million for its third fund, with discussions also underway to potentially take the corpus closer to $200 million, Moneycontrol exclusively reported earlier.
Similarly, Activate also raised $105 million for its new fund, higher than its initial plan of a $75 million fund as investors write large cheques and show more willingness to back AI companies from India.