Racetrack.ai raises $5 M, proves AI for sales and support models work in India
Racetrack.ai - India's first AI Innovation Hub for sales and support, recently announced it had raised $5 million. The list of investors’ participation includes both national and international names. After the announcement, Racetrack.ai also becomes the first company in the AI chatbot applications space to hit the $5 million in funding. Its competitor is Activ.AI, which raised upwards of $11.8 million. Niki.AI had earlier raised $2.5 million is another company in the race.
Racetrack.AI has 29 paying clients and all large commercial transactions. This week, Girish Mathrubootham’s Freshworks raised $100 million (total of $250 million) with a valuation of $1 billion and is one of the largest customer engagement platforms in the world that have AI based projects. So, for a three-year-old team, raising a Series-A round is a validation of its business.
Subrat Parida, Founder & CEO Racetrack.ai, says, “This is an overwhelming and positive moment for us. We are now looking forward to and are excited to announce our next overseas operation base in the US, Mauritius, and Singapore.”
Racetrack.ai has an estimated worth of $21 million. In Pre-Series A, the AI startup had successfully raised a total funding of $5 million funding. The investors include Murali Krishna (ex-President & Founding Member, Biocon), Dov Kagan (a US-based investor). The list also has investors from Singapore, Mauritius, and most of its existing ones.
“This move will help us delve into newer business verticals like retail, banking, and healthcare. This boost in our physical presence will open new doors to partner with intercontinental brands and decision makers while helping us to create global footprint in the AI industry,” says Subrat.
Racetrack.ai offers two flagship products - MARVINTM & TURINGTM. While MARVINTM is a smart bot for sales and support, while TURINGTM is the world’s smartest online and offline business accelerator that helps in better business planning and execution. With these two products, Racetrack.ai claims to be targeting the $100 billion AI industry.
"AI promises to be the most disruptive class of technologies in the next 10 years due to advances in computational power, volume, velocity and variety of data, as well as advances in deep neural networks (DNNs),” says John-David Lovelock, Research Vice President at Gartner.
Investors are positive on their recent moves and have high expectations from Racetrack.ai.
As the global AI market is rocketing up, Racetrack.ai is focussing on business verticals like BFSI, education, health, hospitality, and real estate. With the possibilities, capabilities, and scope getting wider, Racetrack.ai is all set to expand its operations to the US, Singapore, and Mauritius.