Bengaluru-based artificial intelligence (AI) startup Avaamo announced today that it has raised a $14.2 million Series-A financing round led by Intel Capital, with additional investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This round brings the company's total fundraise to $23.5 million to date.
The platform enables enterprises to deploy omnichannel intelligent assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory. Operating under the radar for the past three years, Avaamo has built fundamentally new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer queries with a very high degree of accuracy, even with sparse training data.
The AI-driven company specialises in conversational interfaces to solve specific high-impact problems in enterprises. Avaamo will use the latest funding to expand its sales and marketing to meet demand in the enterprise for conversational AI solutions in the growing global market. Ram Menon and Sriram Chakravarthy founded Avaamo. They previously worked together at TIBCO. They have assembled a team with over 150+ years of experience in enterprise software.
In a press statement, CEO Ram said,
Avaamo’s conversational intelligent assistants are already deployed globally in more than 40 countries and even greater global expansion is on the horizon as enterprises seek an AI-based conversational computing solution to improve last mile automation.
Avaamo’s full-stack conversational AI platform, with a specific focus on vertical machine learning, has enabled the company to acquire customers in the finance, mutual funds, telco, retail and healthcare industries, while providing RoI to enterprises driven by high volumes, intense regulatory oversight and stringent security guidelines. Intelligent assistants in these industries require deep domain machine learning, as well as integration to proprietary data residing in legacy systems with support for security, encryption and addressing GDPR and HIPAA requirements.
Parag Shah, Managing Partner at Mahindra Partners, said, "We were impressed with Avaamo’s strong focus on execution, the partnerships and emerging ecosystem Avaamo is building in the conversational AI market for large enterprises and are excited to partner with them to support further expansion."
"We took an early position in Avaamo after being impressed with their technology. Since then, we have achieved significant joint customer traction in the Finance, Telco and Retail verticals worldwide. We continue to be excited about Avaamo’s technology and customer traction and pleased to support in expanding their footprint," said Venu Pemmaraju, co-head of Wipro Ventures.
Albert Kim, Head of Ericsson Ventures, stated that they are very excited to partner with other strategic investors in supporting Avaamo’s journey going forward. He added, "Avaamo continues to disrupt large existing markets while creating a differentiated technology stack."
"Intelligent agents are an emerging area that’s already impacting how consumers interact with enterprises, while reducing costs and improving workforce productivity," said Fiaz Mohamed, Head of Industry Solutions, Artificial Intelligence Products Group at Intel Corporation.
Director Arun Chetty led the investment for Intel Capital and will join Avaamo’s board soon. He said,
Because Avaamo’s secure architecture allows for easy integration with existing enterprise systems, combining its emerging conversational technology with Intel’s platform focus on AI has the potential to provide a disruptive platform for large enterprises. Additionally, Intel is excited to add Avaamo as a member of the recently launched AI Builders programme, opening up new channels for marketing and sales enablement.