[Funding alert] yellow.ai raises $78.15M led by WestBridge Capital, Sapphire Ventures, Salesforce Ventures
Customer experience automation platform yellow.ai (formerly known as) on Wednesday announced that it has raised $78.15 million in a Series C round led by WestBridge Capital, along with and . again participated in this round, which brings total funding raised so far to $102.15 million.
With the fresh infusion of capital, yellow.ai will deepen investments in global expansion, hiring top talent across regions, and applied R&D in hyper-automation, the company stated.
Raghu Ravinutala, CEO and Co-founder of yellow.ai, said,
“yellow.ai has broken out of the crowded virtual-assistant market with our automation-first with human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to our enterprise clients.
With our rapid client and revenue expansion in India and across the world, we’re geared to become the global leader in the CX Automation space and are bullish on building our product, partnerships, teams, and community to truly democratise AI in the near future.”
The startup enables enterprises to leverage its proprietary NLP engine and platform to build chatbots and voice bots in 100+ languages, across 35+ channels that automate functions like customer support, customer engagement, conversational commerce, and employee experience. The platform comes pre-integrated with enterprise applications like Salesforce, Shopify, Cisco, Avaya, SharePoint, and 100 more.
Since its prior funding round, yellow.ai claims to have grown 470 percent in recurring revenue and secured hundreds of new customers as the company brings automation to the $1.3 trillion support sector and expands its prowess to automate end-to-end commerce, marketing, HR, and ITSM.
“What impressed us the most is the speed at which customers deployed yellow.ai for support automation and quickly scaled to commerce, HR, and other use-cases. This pattern is a testimony to the platform’s capability of creating an impact across the board thereby becoming a pivotal AI-partner,” added Sumir Chadha, Founder and Managing Partner of WestBridge Capital.
Further adding, Jai Das, Co-founder, President, and Partner at Sapphire Ventures, said,
“During a time when consumers expect personalisation and everything on-demand, yellow.ai is pioneering CX Automation with a platform that not only addresses inbound customer support requests instantaneously but also enables businesses to proactively engage customers across any channel."
"We’ve looked at hundreds of customer service and experience platforms over the years, but what caught our eye about yellow.ai was their impressive technology and growth, achieving 4x year over year growth despite the pandemic. Sapphire is looking forward to this partnership, and to supporting yellow.ai’s mission to revolutionize customer experience with better service,” he added.
Edited by Kanishk Singh