[Funding alert] UnoLigo raises $1M in pre-Series A round from EquNev Capital
Angel investor and venture capitalist Kapil Khandelwal-run early-stage investment fund EquNev Capital said it has pumped in $1 million into customer transmigration platform UnoLigo.
UnoLigo Solutions is founded by Jehangir Abdulla, a Carnegie Mellon computational finance specialist and a Wall Street algo expert.
"I have invested $1 million in Series-A funding in UnoLigo," Khandelwal, who has been an early investor in Ola, told PTI on Monday. He also said the investment will get him a board position at UnoLigo.
Khandelwal was instrumental in starting the Bangalore Angels and has invested and exited several startups in the healthcare space and including the leading global hedge fund EquNev-K1t Capital Hedge Fund.
Khandelwal said the fund he invested will go towards augmenting UnoLigo's product offering, expand its data science and sales and marketing teams.
UnoLigo lists IndianOil, Bharat Petroleum, Hindustan Petroleum, Gail, ONGC, IGL and MGL, LIC Mutual Fund, Shopper's Stop, DHL Express and Adani Power, among others, as its key clients which are operating on its platforms.
UnoLigo means one language is the key to manage a client's workloads cheaper, better and faster in 22 different languages in the country. It also claims to be the first omni-channel bot-based customer transmigration platform that uses the artificial intelligence and machine learning to automate manual tasks of disparate mediums for customers to communicate with brands.
Abdulla claimed that his platform has demonstrated an 83 percent reduction in first response time to its clients' customers in 22 different languages with a 50 percent reduction in manpower and human intervention.
Investors and corporates are eyeing to establish a market and technology-based presence in the artificial intelligence segment.
The Renuka Ramnath-led Multiples Alternate Asset Management invested $20 million (Rs 142.12 crore) in big data startup Quantiphi Inc last month.
Again in November, Salesforce Ventures, the investment arm of Salesforce, led a $290 million (around Rs 2,081.35 crore) Series B funding round in Automation Anywhere. The startup focusses on automating entire business processes.
(Disclaimer: Additional background information has been added to this PTI copy for context)