[Funding alert] AI startup Argoid raises $1.7 M led by YourNest Venture Capital
Argoid, a Silicon Valley and Bengaluru-based artificial intelligence (AI) enterprise, has raised $1.7 million in a seed round led by YourNest Venture Capital, an early-stage fund focused on the deep tech and enterprise segments.
Other institutional investors that participated in this funding round included Turbostart and TeamLaunchpad.vc, a venture capital affiliate of Rock Mountain Capital and Catch NYC.
In a statement, the startup said the investment will enable it to further build on its technology to sustain the product leadership positioning and increase its customer base and satisfaction.
“One of the key differentiators of Amazon, Netflix, and TikTok is their ability to predict consumer behaviour through advanced AI and hyper-personalised consumer experiences," said Argoid CEO and Co-founder Gokul Muralidharan. "Hence, they have been able to set the gold standard in terms of conversion and retention rates; most media companies, digital commerce companies, etc. in the world struggle in this area.”
“Argoid’s mission is to enable its customers to achieve the industry’s highest possible conversion and retention rates by empowering them to deliver hyper-personalised consumer experiences at scale and in real time,” said Gokul.
Founded in 2019 by Soundararajan Velu, Gokul and Chackaravarthy E, a team of data experts from Flipkart, Argoid’s AI-driven platform, with its deep proprietary intellectual property (IP), offers differentiated personalisation offerings for several segments including streaming media, user-generated content, ecommerce, edtech enterprises, and media publishers.
“In the current connected world, where customer profile and usage data are easily accessible, mass personalisation of content and relevant delivery channels is de rigueur for enhanced customer experience," said Girish Shivani, Executive Director and Fund Manager at YourNest Venture Capital. "Argoid’s AI-driven, real-time insights are giving its customers an unfair advantage in a highly cluttered and fragmented marketplace.”
YourNest’s first two funds — YourNest Angel Fund and YourNest India VC Fund II — have been deployed to invest in Indian startups with a focus on deep tech (Internet of Things, AI/machine learning, robotics, cloud, automation, etc.) and software-as-a-service (SaaS)-oriented businesses building IP for global markets.
In 2020, YourNest exited its investments in Uniphore and SmartQ from its first fund. Its current portfolio across both funds includes CronAI, Miko, Lavelle Networks, Practically, Orbo, CredRight, Mauna.ai, Dozee, LighspeedAI, Momspresso, Thriwe, and Arya.ai, and it is investing in product startups across domains.
Edited by Lena Saha