US-based FrontdeskAI, a developer of AI assistants for small businesses, announced that it closed an additional $2 million in its Pre-Series A round led by Bengaluru-based AI-focussed VC firm pi Ventures. This brings FrontdeskAI's total seed funding to $4.2 million.
According to a statement, these funds will be used by FrontdeskAI to accelerate its product development, increase customer acquisition and expand into new vertical markets.
The company had raised a seed funding of $1.1 million in June 2018 led by Blue Pointe Capital and $1.1 million in November 2018 led by Speciale Invest.
Headquartered in California, FrontdeskAI develops AI assistants for small businesses that focus on appointment-based products and services. It was founded by Srivatsan Laxman and Supriya Rao in 2016.
The company’s current AI assistant portfolio serves the wellness market including the spa, salon and fitness industries.
Co-founder and CEO Srivatsan said,
“Our customers report a 30 percent increase in revenue, 20 percent increase in new client registrations, and a significant reduction in class drop-outs. With the additional funding and the partnership with pi Ventures, we are now in a position to deepen our IP and competitive barriers to market entry."
Abishek Surendran, Partner at pi Ventures, will join the company's board, that already includes Sandeep Sardana and Vishesh Rajaram, managing partners of BluePointe Ventures and Speciale Invest respectively.
Abishek Surendran of pi Ventures, said, “We are excited about partnering with FrontdeskAI. Their deep learning-based AI engine means that companies can provide superior customer experiences at very low costs. We look forward to supporting Srivatsan and the FrontdeskAI leadership team to accelerate and expand upon the market advantage they have created.”