[Funding alert] Deep tech startup Agara Labs raises $2.5 M in Pre-Series A from Blume and RTP Global
Founded in 2017, the Bengaluru-based startup plans to use the funds for product development and to establish a sales team in North America.Sujata Sangwan
Bengaluru-based startup, Agara Labs which uses deep learning in speech and text to automate customer support, has raised $2.5 million in a pre-Series A round of funding from Blume Ventures and RTP Global.
The company, which counts Silicon Valley blue chip Kleiner Perkins as a seed investor, will use the latest funds for product development and establish a sales team in North America.
Launched in 2017 by Abhimanyu Singh, Pankaj Gupta and Arjun Maheswaran, Agara Labs automates end-to-end customer support operations for even the most complex kinds of queries. The startup is doing this by training sophisticated Deep Learning models on over 10 million historical customer support queries and other proprietary data sources.
Abhimanyu Singh, co-founder of Agara Labs said,
“By harnessing cutting-edge deep learning technology and massive volumes of data, we are turning customer support into a pleasurable and satisfying experience for everyone.”
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Agara Labs’ flagship product, Sia, is a fully autonomous phone support agent which can directly field calls with customers and handle their problems just the way a human agent would. It understands everything the customer says, processes it in real-time, and responds to them in natural language.
The company claims to have processed over 250,000 queries so far and is on track to handle more than two million support requests this year.
Kirill Kozhevnikov, Partner of RTP Global, said,
“We are happy to back one of the most tech-savvy teams in India in the Machine Learning vertical. Agara Labs has built a top-tier tech solution, validated by multinational enterprise companies, and a product with significant scalability potential.”
RTP Global is an international venture capital firm investing and supporting technology entrepreneurs in areas such as AI, B2B SaaS, IoT, FoodTech, HealthTech, Mobility, PropTech, and e-Commerce.
RTP Global, which has offices in Moscow, New York, and Bengaluru, had previously backed Indian startups like Practo, Snapdeal and Rebel Foods, that owns and operates Faasos brand of internet kitchens.
Blume Ventures is a seed and pre-series A venture fund that backs technology startups, and includes companies such as Grey Orange Robotics, Unacademy, Servify, Tricog Health, and Locus, among others under its portfolio.