Convin raises $6.5M in Series A funding led by India Quotient
The AI-based conversation intelligence platform will use the funds to scale its core team and expand distribution channels.
AI-based conversation intelligence platform has secured $6.5 million in a Series A funding round spearheaded by , with participation from new investor and existing backers , Titan Capital Winners Fund, , and .
The funds will be used to scale Convin's core team and expand distribution channels, the company stated in a release. Over the past year, the firm has experienced 3x growth, catering to more than 80 clients, including brands such as Reliance Nippon, , Puravankara, Thyrocare, and .
“We've raised funds with two key goals in mind. First, we aim to bring greater predictability in various aspects of our business, particularly in product development and customer acquisition. This will accelerate growth across these areas,” Ashish Santhalia, CEO of Convin, told YourStory.
“Second, we're focused on strengthening our team by recruiting top talent and building a senior leadership team to guide us through the next phase of growth,” he added.
Founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree, and Durgesh Choudary, Convin provides solutions to customer-facing teams in sales, support, and collections with AI-driven tools to monitor and analyse agent-customer interactions and drive efficiency.
“At India Quotient, we are optimistic about the transformative potential of AI-driven copilots for the call center industry with Human-in-the-Loop. Convin's focus on boosting agent productivity and customer retention, backed by a strong team, makes this investment an exciting opportunity,” said Gagan Goyal, General Partner at India Quotient.
The Covin platform is segmented into three main product suites: Real-Time Suite, Post-Interaction Suite, and Convin Insights Suite. These tackle key issues such as agent inefficiencies, misselling, low conversion rates, and subpar customer experiences across sectors such as banking, insurance, finance, e-commerce, edtech, and retail.
The platform is powered by the company's proprietary in-house large language model, Convin LLM, which features 7 billion parameters. The model is specifically designed for Indian contact centres and supports over 35 languages, out of which 23 are Indic, said the company.
Trained on more than 200 billion tokens, Convin LLM outperforms GPT-3.5 by 40% and GPT-4 Turbo by 20% in terms of accuracy, it added.
"Our team has meticulously pre-trained and fine-tuned a large language model, specifically designed to support Indic languages and adapt to the unique demands of Indian contact centers. The distinct accents, specialised terminologies, and cultural nuances in our communication require a model that is deeply embedded in this context, something that off-the-shelf models simply can’t provide," Santhalia said.
"We’re now embarking on the development of a more advanced model even beyond 7 billion parameters. Our goal is to deliver a solution that offers ten times the value, driving significant improvements in how we serve our clients and their customers," he added.
With the additional resources, the company anticipates a 200% increase in customers and a 3x boost in revenue in 2024-25.
“Convin has rapidly scaled their AI-driven products for customer-facing teams, achieving strong market fit. With this investment, they're set to reach new milestones in product development, technology, and sales, positioning them to seize opportunities in the AI-driven contact center space,” said Sachin Tagra Managing Partner at JSW Ventures.
LogiNext CEO invests in Convin
Meanwhile, Dhruvil Sanghvi, CEO, LogiNext, a global player in logistics and delivery automation, has also invested in Convin, LogiNext shared in a statement.
"Investing in Convin represents a technological alignment with my belief in the transformative potential of AI … Convin’s ability to extract deep, actionable insights from customer conversations is precisely the kind of innovation that will define the future of business," said Sanghvi.
Convin was recently recognised in G2’s Best Software Awards 2024, securing top positions in the 'Best AI Products' and 'Top 100 Software Products' categories.
(The copy was updated with additional information.)
Edited by Megha Reddy