San Francisco and Bengaluru based Artificial Intelligence (AI) startup Actionable Science has raised $1 million seed funding led by California-based funds Globevestor and Tri-Valley Ventures. The funds will primarily be used to accelerate product development, get a strong customer reach and focus on client delivery.
This round also saw participation from - Shyam Maheshwari, Partner, SSG Capital, Jai Mirpuri, MD, Redwood Group, Sukeert Shanker, COO Digital Banking, East West Bank, Puneet Kaushik, Partner, Auctus Advisors, Abhijeet Harolikar, Head of Global Analytics Centre, Paypal and Bhahmanand Hegde, Founder, Vistaar Finance.
Actionable Science was founded by Saurabh Kumar, Manish Sharma and Udaya Reddy, IIM Bangalore alumni and industry veterans with 20 years of experience in the likes of Accenture, Bank of the West, Capgemini, IBM, and Wells Fargo.
Actionable Science builds AI-powered "Virtual People", which makes it easy for enterprise support teams to improve productivity, enhance customer experiences, increase employee satisfaction and lower costs.
The platform helps build and create purpose-built, skilled, digital employees for specific job functions that help enterprises save huge costs on simple, repetitive tasks done by humans for employee and customer interfacing.
Saurabh says during their time working for different large organisations and consulting firms, they saw several IT-driven improvement programmes measure human performance with metrics that are better suited for machines.
Yet, the real outcomes millions of dollars later had not changed by much. So, the trio founded Actionable Science, where they thought to apply artificial intelligence, natural language processing and robotics technologies, to help make sure human employees can focus on value-added work like creative problem solving, relationship building and innovative thinking.
While the sales team is in the US and Bengaluru, the company’s engineering and development centre is housed in Dehradun.
"It's great for the ecosystem. Dehradun has great connectivity, best schools, nice weather, and high employee stability. We should see more influx of startups there,” says Ankur Shrivastava of Globevestor.
The company claims to be already working on several pilots with leading clientele in US, Mexico and Europe in the financial services and banking, healthcare and several other industries. It currently offers AI-powered digital agents for IT, HR and customer support, as well as for employee helpdesks.
In a press statement shared by the company, PN Raju, Co-founder and Partner at Globevestor said:
"There's a lot of noise around AI/ML globally and it's tough for enterprises to sift to the right solution. This is where Actionable Science's approach of building products around tangible skills, real outcomes and measurable dollar savings is a big advantage. They're already delivering about 35 to 45 percent net savings on relevant spends for their clients. With annual enterprise spend on just IT & HR support in North America estimated at about $7 to $8 billion, the company is targeting a huge market. ”