Airwoot raises funding from KAE Capital and angels, comes out of Private Beta
Memetic Labs is a New Delhi based startup that has developed a social customer support product called Airwoot. The company which was a part of the 8th batch of The Morpheus has today raised an undisclosed amount in funding from KAE Capital and prominent angel investors Rajan Anandan, Sunil Kalra and Samir Sood. The funding will be used to further develop the technology and hire world class talent.
Airwoot, also one of the CitySparks at YourStory’s TechSparks was founded by two PhD dropouts (Saurabh Arora and Prabhat Saraswat) who were aiming for a moonshot and then later added their third co-founder Achal Aggarwal. The product enables businesses to engage with their customers in real-time and deliver customer support on social media. Airwoot has developed a proprietary semantic engine which uses sophisticated natural language processing (NLP) and machine learning techniques to funnel actionable conversations from social media in real-time.
Airwoot co-founder Prabhat Saraswat says “NLP for noisy text (such as on Twitter) is not trivial. Traditional approaches which are apt for well structured text fail miserably for social media. We have built our technology from scratch to analyze this new kind of language which is informal, short and witty.”
“We believe that there is a huge need for social customer care and the team at Airwoot has done a great job of building a great product with a very small amount of capital. We look forward to working with them to build a truly valuable company,” said Sasha Mirchandani of Kae Capital.
Airwoot has finished pilots with few of the top brands in India and claims to have achieved 3x faster response and issue resolution times, more effective and higher quality of responses along with 2.5x better customer satisfaction.
“The funding gives us confidence in our vision and long term potential. The investment provides us a valuable opportunity that will help us bring our service to the market and grow fast,” says Saurabh. Airwoot also comes out of beta and is making the product accessible to a larger set of brands including ecommerce, retail, banking, travel and FMCG brands who have already setup a social presence online.