[Funding alert] AI platform E42 raises $5.4M in Series A round led by Pavestone Ventures

Pune-based Light Information Systems, which offers artificial intelligence-based solutions under the brand name of E42, on Tuesday said it raised $5.4 million (around Rs 40.4 crore) led by Pavestone Ventures in Series A round.

The startup will use the funds to boost R&D, build its partner ecosystem, and engage businesses globally. The company was founded in 2012 by Animesh Samuel and Sanjeev Menon.

E42 is a natural language processing-based AI platform developed by Light Information System. The platform can be used to create AI coworkers that automate complex people and process-centric functions towards time, energy, resource, and cost optimisation.

The E42 platform is recognised by industry giants like Microsoft, SAP, Oracle, IDC, and Nvidia and has industry associations with Nasscom and SaaSBhoomi.

Animesh Samuel, CEO, Light Information System Private Limited, said,

"We are thrilled to receive the funding as it will help us strengthen our research and partner ecosystems and help us scale and serve enterprises across geographies. Our Cognitive Process Automation platform has benefited organisations, big or small with automating complex and people-centric processes, that too, with a return on investment in as short a time as two weeks.

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"We believe that an AI-driven strategy will be at the core of every business to succeed. We want to help these organisations in mapping out this strategy with the help of our multifunctional cognitive agents/AI Co-worker, which will help these businesses succeed by optimising profits while reducing time-consuming and difficult processes. We want to open up our easy to deploy, maintain, and migrate the no-code platform to enterprises and partners globally to come and try out different automation that can be customised as per their requirements," he added.

Sridhar Rampalli, Managing Partner, Pavestone Ventures, added, "We're happy to be a part of E42's growth story. The need for end-to-end process automation has never been greater as AI-led enablement and automation across enterprises is maximising efficiencies and scalability while minimising complexities and costs. We believe the E42's platform has a combination of both horizontal and vertical capabilities, which exposes significant scope to deliver across enterprise functions at scale and depth."